The Occupational Pensions Schemes (Preservation of Benefit) Regulations 1991
3.—(1) The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991(1) shall have effect with the following amendments.
(2) In regulations 6(2)(b) and 9(4)(a) for the words “regulation 2 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1985” substitute the words “regulation 3 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997”.
(3) In regulation 12(3)—
(a)in sub-paragraph (a) after the word “favourable” insert the words “and, if that scheme were wound up immediately after the transfer, would not be likely to be materially less secure than they would be if the transferring scheme were wound up immediately before the transfer”; and
(b)after the sub-paragraph insert—
“(aa)no beneficiary or contingent beneficiary under the transferring scheme will receive materially inferior benefits in the receiving scheme; and”.