C1C2C3Part I Occupational pensions
Pt. I applied (with modifications) (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 2
Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1
Modification of schemes
67BF1The consent requirements
1
References in the subsisting rights provisions to the consent requirements, in respect of a regulated modification, are to be read in accordance with this section.
2
The consent requirements apply in the case of an affected member—
a
if the modification is a protected modification;
b
if it is not a protected modification, unless the actuarial equivalence requirements apply in his case.
3
The consent requirements consist of—
a
the informed consent requirement (see subsection (4)), and
b
the timing requirement (see subsection (6)).
4
The informed consent requirement is satisfied in the case of an affected member if before the modification is made—
a
the trustees have—
i
given him information in writing adequate to explain the nature of the modification and its effect on him,
ii
notified him in writing that he may make representations to the trustees about the modification,
iii
afforded him a reasonable opportunity to make such representations, and
iv
notified him in writing that the consent requirements apply in his case in respect of the modification, and
b
after the trustees have complied with paragraph (a)(i), (ii) and (iv), the affected member has given his consent in writing to the modification.
5
If—
a
the modification is not a protected modification, and
b
before the modification is made the trustees notify an affected member in writing that—
i
if he gives his consent to the modification for the purposes of the consent requirements, those requirements apply in his case in respect of the modification, but
ii
otherwise, the actuarial equivalence requirements apply in his case in respect of the modification,
the trustees are to be taken to have complied with subsection (4)(a)(iv) in respect of him.
6
The timing requirement is satisfied in the case of an affected member if the modification takes effect within a reasonable period after the member has given his consent to the modification in accordance with subsection (4)(b).
Pt. I modified (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), regs. 1, 2