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4.—(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996(1) are amended in accordance with this regulation.
(2) In regulation 1(2) (interpretation)(2), after the definition of “the 2004 Act” insert—
““the 2009 Regulations” means the Registered Pension Schemes (Authorised Payments) Regulations 2009;”.
(3) In regulation 20(1) (payment of a lump sum instead of a pension payable under a relevant scheme)(3)—
(a)immediately before sub-paragraph (a), omit “is permitted either”,
(b)in sub-paragraphs (a) and (b), insert at the beginning “is permitted”, and
(c)after sub-paragraph (b), insert—
“; or
(c)is—
(i)made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”));
(ii)a payment that is described in Part 2 of the 2009 Regulations; and
(iii)made to or in respect of a member.”.
(4) In regulation 60(1)(b)(i) (payment of a guaranteed minimum pension as a lump sum)(4)—
(a)omit “qualifies as”,
(b)in sub-paragraphs (aa) and (bb), insert at the beginning “qualifies as”, and
(c)after sub-paragraph (bb), insert—
“(cc)is made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”)), is a payment that is described in Part 2 of the 2009 Regulations and is made to or in respect of a member; or”.
Relevant amending instrument is S.I. 2005/3377, which inserted the definition of “the 2004 Act”.
Regulation 20 was substituted by S.I. 2006/744.
Regulation 60 was substituted by S.I. 2006/744 and amended by S.I. 2006/1337.
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