The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016

Amendment of the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996

10.  In regulation 10(2) (disapplication of section 75) (interpretation) of the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996(1)—

(a) in the definition of “relevant lump sum retirement benefits scheme”, in paragraph (b), for “is not contracted-out” substitute “was not contracted-out at any time before the second abolition date”;

(b) after the definition of “approved scheme” insert—

““contracted-out” is to be construed in accordance with section 7B(2) (meaning of “contracted-out scheme” etc.) of the Pension Schemes Act 1993(2);”; and

(c) after the definition of “relevant statutory scheme” insert—

““the second abolition date” has the meaning given in section 181(1) (general interpretation) of the Pension Schemes Act 1993;”.

(1)

S.I. 1996/3128.

(2)

Section 7B was inserted by paragraph 6 of Schedule 13 to the 2014 Act.