SCHEDULES

SCHEDULE 7 Personal Pension Schemes

Part II Schemes Approved Before Passing of This Act

Lump sum to member

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(1)

This paragraph applies as regards arrangements made by a member of apersonal pension scheme approved by the Board before the day on which this Actis passed, if the arrangements are made by the member in accordance with thescheme on or after that day.

(2)

The rules of the scheme shall have effect (notwithstanding anything inthem to the contrary) as if any limitation imposed on the maximum amountpayable to the member by way of lump sum, and imposed by reference to afraction of the total value of the benefits for him provided for by thearrangements, were imposed by reference to the same fraction of the differencebetween—

(a)

the total value, at the time when the lump sum is paid, of the benefitsprovided for by the arrangements, and

(b)

the value, at that time, of such of his rights under the scheme as areprotected rights for the purposes of the F1Pension Schemes Act 1993 or the F2Pension Schemes (Northern Ireland) Act 1993.