PART 2Amendments

Amendments to the Occupational Pension Schemes (Modification of Schemes) Regulations 200612

1

The Occupational Pension Schemes (Modification of Schemes) Regulations 200631 are amended as follows—

2

in regulation 1(3) (citation, commencement and interpretation)32, in the appropriate places insert—

  • “collective money purchase scheme” means a scheme or a section of a scheme that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021;

  • “multi-annual reduction” has the meaning given by regulation 2 of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022;

3

in regulation 3 (non-application of the subsisting rights provisions)33—

a

at the end of sub-paragraph (i)(ii), for the second “or” substitute “;”;

b

at the end of sub-paragraph (j)(ii), omit the full-stop and insert—

k

which is or results in an adjustment of the rate or amount of benefits provided under a collective money purchase scheme, provided that such adjustment is made in accordance with—

i

the most recent actuarial valuation or (as the case may be) any multi-annual reduction in effect; and

ii

the scheme rules; or

l

which is made in respect of a collective money purchase scheme that is pursuing continuity option 1 in accordance with—

i

Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022; or

ii

scheme rules made in accordance with the requirements of that Schedule.