Amendment of regulation 524

For paragraph (3)(c) of regulation 5 (allocation of lump sum death benefit to provide dependants’ pensions), substitute—

c

in respect of every pension to be provided, whether the annual rate of the pension—

i

is to be fixed;

ii

is to vary in accordance with the Index;

iii

is to increase yearly by a specified percentage;

iv

where the authorised provider offers pensions which vary in accordance with an index of prices other than the Index, is to vary in accordance with the index specified in the notice; or

v

is to be an Investment Linked Pension.