Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 19964

1

The Occupational Pension Schemes (Contracting-out) Regulations 199610 are amended in accordance with this regulation.

2

In regulation 1(2) (interpretation)11, after the definition of “the 2004 Act” insert—

  • “the 2009 Regulations” means the Registered Pension Schemes (Authorised Payments) Regulations 2009;

3

In regulation 20(1) (payment of a lump sum instead of a pension payable under a relevant scheme)12—

a

immediately before sub-paragraph (a), omit “is permitted either”,

b

in sub-paragraphs (a) and (b), insert at the beginning “is permitted”, and

c

after sub-paragraph (b), insert—

; or

c

is—

i

made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”));

ii

a payment that is described in Part 2 of the 2009 Regulations; and

iii

made to or in respect of a member.

4

In regulation 60(1)(b)(i) (payment of a guaranteed minimum pension as a lump sum)13—

a

omit “qualifies as”,

b

in sub-paragraphs (aa) and (bb), insert at the beginning “qualifies as”, and

c

after sub-paragraph (bb), insert—

cc

is made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”)), is a payment that is described in Part 2 of the 2009 Regulations and is made to or in respect of a member; or