SCHEDULE 4 MODIFICATIONS SUBJECT TO WHICH SCHEDULE 1A TO THE SOCIAL SECURITY PENSIONS ACT 1975 IS TO HAVE EFFECT IN RELATION TO PERSONAL PENSION SCHEMES

3.  In paragraph 5—

(a) in sub-paragraph (3), the omission of “if the revaluation condition is satisfied,”; and

(b) the substitution, for sub-paragraph (4), of the following sub-paragraph—

“(4) The trustees and managers of a personal pension scheme may, when providing a pension or other retirement benefit under sub-paragraph (3) above, deduct a sum which does not exceed—

(a) the actual administrative expenses of doing so, or, if it is less,

(b) the amount of the administrative expenses which would have been incurred in providing a money purchase benefit for the same member if contributions had not ceased to be paid to the scheme in respect of him.”.