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