Amendment of regulation 97
This section has no associated Explanatory Memorandum
30.—(1) Regulation 97 (Ways in which transfer value payments may be applied) is amended as provided by paragraphs (2) and (3).
(2) In paragraph (1), for “A member” substitute “If Chapter IV of Part IV of the 1993 Act applies to a member, that member”.
(3) For paragraph (2), substitute—
“(2) In any other case, a member may only require the Department to apply the guaranteed equivalent transfer value payment in one or more of the ways permitted under section 97AE of the 1993 Act(1).”.
(1)
Section 97AE was inserted by Article 241 of the Pension (Northern Ireland) Order 2005 (S.I. 2005 No.255 (N.I. 1))