Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

2.—(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996(1) are amended as follows.

(2) In Regulation 60(1)(b)(payment of a guaranteed minimum pension as a lump sum)(2)—

(a) omit “permitted either”,

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

(c) in sub-paragraph (i), omit (cc), and

(d) at the end insert—

“; or

(iii) 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.”

(1)

S.I. 1996/1172.

(2)

Regulation 60 was substituted by S.I. 2006/744 and amended by S.I. 2006/1337 and S.I. 2009/2930.