48. In sub-paragraph (c) of paragraph (9) of regulation 3.D.18 (guaranteed minimum pensions etc), for “regulation 60 of the Occupational Pension Schemes (Contracting-out) Regulations 1996” substitute “regulation 25 of the Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 2015”(1).
S.I. 2015/1677. Regulation 25 is concerned with the payment of a lump sum instead of a pension.