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3. In regulation 5 of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations 1996(1) (conditions upon which appropriate policies of insurance may be commuted)—
(a)in paragraph (1), for “paragraph (2)” substitute “paragraph (2), (2A)”, and
(b)after paragraph (2), insert—
“(2A) This paragraph is satisfied if the lump sum payment is—
(a)made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”));
(b)a payment that is described in Part 2 of the Registered Pension Schemes (Authorised Payments) Regulations 2009; and
(c)made to or in respect of a member.”.
S.I. 1996/775. Relevant amending instrument is S.I. 2006/744, which substituted regulation 5.
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