109.—(1) Regulation 12 (retirement and dependants' pensions) is amended as follows.
(2) For paragraph (1) substitute–
“(1) In this regulation “the relevant date”, in relation to a contributor or participator, means–
(a)the date on which he attains the age of 55; or
(b)the date on which he or she becomes entitled to payment of retirement benefits under regulation E6 of the Superannuation Regulations,
whichever is the earlier.
(1A) The benefits that may be provided at any time after the relevant date in accordance with this regulation under a pension policy purchased as described in paragraph (7) are a retirement pension, one or more dependants' pensions or a lump sum which is a pension commencement lump sum for the purposes of Part 1 of Schedule 29 to the 2004 Act.”.
(3) In paragraph (2) for “the date of retirement” substitute “the relevant date”.
(4) In paragraph (5) for “Not earlier than one month before retirement, a contributor by giving written notice to the Scottish Ministers, may” substitute “A contributor may, at any time but not earlier than one month before the relevant date, by giving written notice to the Scottish Ministers”.
(5) For paragraph (6) substitute–
“(6) In the case of a retirement pension, the notice may also specify that, if the participator dies within the period of 5 years beginning when the retirement pension commences, the pension shall continue to be paid during the remainder of that period to such person as the authorised provider or the Scottish Ministers, where they are liable to make payments of the pension pursuant to regulation 16(2), determine.”.
(6) In paragraph (9) for “retirement” in both places where the word occurs substitute “the relevant date”.