PART 3 Amendment of the FAS Regulations

Amendment of Part 5

6.—(1) In regulation 17 (annual payments)—

(a) in paragraph (2)—

(i) after “paragraph (3)” insert “or (3A)”; and

(ii) for “the age of 65” substitute “normal retirement age”;

(b) after paragraph (3) insert—

“(3A) Where a person is regarded as a qualifying member under regulation 15(5)—

(a) that member shall be entitled to an annual payment determined in accordance with Schedule 2 from—

(i) 14^th May 2004; or

(ii) the date on which he became entitled to a present payment from the qualifying pension scheme;

whichever is the later; and

(b) monthly instalments of the annual payment which would have been payable to that member shall cease to be payable from the date on which that member would have ceased to be entitled to the payment referred to in regulation 15(5)(a) in accordance with the rules of the qualifying pension scheme.

(3B) Where the date referred to in paragraph (3A)(b) cannot be determined from the rules of the qualifying pension scheme, the date on which annual payments shall cease to be payable shall be such date as the scheme manager shall determine having regard to the rules of that scheme and to such other information as he considers relevant.”; and

(c) in paragraph (6)(1), for “paragraph (5B)” substitute “paragraphs (3A)(b) and (5B)”.

(2) In regulation 18 (initial payments)(2)—

(a) in paragraph (1)(a)(i), for “the age of 64” substitute “the age which is one year less than normal retirement age”;

(b) at the end of paragraph (1)(a) omit “or”;

(c) after paragraph (1)(a) insert—

“(aa) a person is regarded as a qualifying member under regulation 15(5); or”; and

(d) in paragraph (4)—

(i) at the beginning of sub-paragraph (a) insert “except where sub-paragraph (c) applies, ”;

(ii) in sub-paragraph (a)(ii)(aa), for “the age of 65” substitute “normal retirement age”; and

(iii) after sub-paragraph (b) insert—

“(c) if the qualifying member is regarded as a qualifying member under regulation 15(5), to that member with effect from whichever is the later of—

(i) 14 May 2004; or

(ii) the date on which he became entitled to a present payment from the qualifying pension scheme.”.

(1)

Regulation 17(6) was amended by S.I. 2005/3256.

(2)

Regulation 18 was substituted by S.I. 2005/3256 and paragraph (1) was amended by S.I. 2006/3370.