150.—(1) In paragraph (a) of section 90(1) of the Pension Schemes Act—
(a)after “occupational pension scheme” insert “other than a salary related scheme”, and
(b)after “terminates” insert “(whether before or after 1st January 1986)”.
(2) After that paragraph insert—
“(aa)a member of a salary related occupational pension scheme who has received a statement of entitlement and has made a relevant application within three months beginning with the guarantee date in respect of that statement acquires a right to his guaranteed cash equivalent;” .
(3) After that subsection insert—
“(1A) For the purposes of subsection (1)(aa), a person's “guaranteed cash equivalent” is the amount stated in the statement of entitlement mentioned in that subsection.” .
(4) In subsection (2) of that section, after the definition of “the applicable rules” insert—
““the guarantee date” has the same meaning as in section 89A(2);” .
(5) After that subsection insert—
“(3) Regulations may provide that, in prescribed circumstances, subsection (1)(aa) does not apply to members of salary related occupational pension schemes or applies to them with prescribed modifications.” .