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The Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001

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Waiver or modification as respects particular persons

5.—(1) This article applies where—

(a)immediately before commencement a waiver or modification of a pensions review provision is in operation as respects a person;

(b)the pensions review provision to which the waiver or modification relates is designated in accordance with article 3; and

(c)the person to whom the waiver or modification has been granted would, but for this article, be subject to the resultant designated provision.

(2) In a case where this article applies, the waiver or modification has effect after commencement as if it were a direction under subsection (2) of section 148 (modification or waiver of rules) (as applied by article 7(1))—

(a)that the designated provision is not to apply to the person; or

(b)as the case may be, that the designated provision is to apply to him with the modification in question.

(3) Any condition subject to which the waiver or modification was granted has effect after commencement as if imposed under section 148(5).

(4) Subsection (6) of section 148 does not apply to a direction having effect by virtue of this article but subsection (9) of that section applies to such a direction as it applies to a direction given after commencement.

(5) In this article, references to a waiver or modification—

(a)are to a waiver or modification granted in writing;

(b)include references to any partial disapplication of a pensions review provision, however described.

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