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Amendment to regulation 2
This section has no associated Explanatory Memorandum
8.—(1) In regulation 2(1) (interpretation), after the definition of “transferrable rights” insert—
““unfunded public service defined benefits scheme” has the meaning given in section 95(2C) of the 1993 Act (ways of taking right to cash equivalent)();”.
(2) In regulation 2(2), for sub-paragraph (a) substitute—
“(a)a member has an opportunity to transfer flexible benefits where—
(i)the member—
(aa)has transferrable rights in relation to flexible benefits; or
(bb)would have transferrable rights in relation to flexible benefits if the member stopped accruing rights to some or all of the flexible benefits (see sub-paragraph (b)),
and the making of a transfer or transfer payment in respect of the flexible benefits is not prohibited by section 135(4)(a) of the 2004 Act (restrictions on winding up, discharge of liabilities etc.)(); or
(ii)the member has an opportunity to transfer accrued rights to flexible benefits out of the scheme under the scheme rules;”.
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