Amendment of Schedule 2 to the Additional Voluntary Contributions Regulations
40.—(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.”.