Amendment of Schedule 2 to the Additional Voluntary Contributions Regulations40
1
Schedule 2 to the Additional Voluntary Contributions Regulations (pension sharing on divorce or nullity of marriage or, dissolution or nullity of a civil partnership) is amended in accordance with this regulation.
2
In paragraph 4 (pension credit benefit)—
a
at the end of sub-paragraph (1), add “(including, where appropriate, a pension commencement lump sum)”;
b
after sub-paragraph (5)(a), insert—
aa
whether a pension commencement lump sum and a pension payable for life is to be provided;
c
for sub-paragraph (7), substitute—
7
Upon receipt of a notice of election under sub-paragraph (5) the Secretary of State shall, as soon as reasonably practicable, realise the investments made under paragraph 2 and—
a
where sub-paragraph (5)(aa) does not apply, apply the proceeds to the purchase of an annuity from the authorised provider specified in the notice of election;
b
where that sub-paragraph does apply—
i
pay the percentage of the proceeds specified in the notice of election as a pension commencement lump sum, and
ii
apply the balance of those proceeds to the purchase of an annuity from the authorised provider specified in that notice,
and not otherwise.