The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 1993

Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1984

2.  In the Occupational Pension Schemes (Contracting-out) Regulations 1984(1), in regulation 22 (alternative to limited revaluation premium)—

(a) in paragraph (3)—

(i) the words “Subject to paragraph (3A)” shall be deleted;

(ii) for the words “8½ per cent. compound” there shall be substituted the words “the appropriate percentage”;

(b) paragraph (3A) shall be deleted;

(c) in paragraph (7)—

(i) the words “Subject to paragraph (7A)” shall be deleted;

(ii) for the words “8½ per cent. compound” there shall be substituted the words “the appropriate percentage”;

(d) paragraph (7A) shall be deleted;

(e) the following paragraph shall be inserted after paragraph (7)—

“(8) In this regulation “the appropriate percentage” in relation to each period of service in respect of which accrued rights to guaranteed minimum pension have been acquired under, or transferred to, the scheme means—

(a) where that period of service terminated before 6th April 1988, 8½ per cent. compound;

(b) where that period of service terminated on or after 6th April 1988 but before 6th April 1993, 7½ per cent. compound;

(c) where that period of service terminates on or after 6th April 1993, 7 per cent. compound.”.

(1)

S.I. 1984/380; paragraphs (3A) and (7A) of regulation 22 were inserted by S.I. 1988/475: they have been amended by the Social Security Act 1989 (c. 24), Schedule 6, paragraph 21.