3.—(1) In the heading to regulation 2 of the principal Regulations (transfers of accrued rights to and liability for payment of guaranteed minimum pensions from contracted-out schemes) for “contracted-out schemes” there shall be substituted “contracted-out salary related schemes and section 49 salary related schemes”.
(2) Regulation 2 of the principal Regulations shall be amended as follows—
(a)in paragraph (1)—
(i)for “contracted-out scheme” there shall be substituted “contracted-out salary related scheme or a section 49 salary related scheme”, and
(ii)for “in paragraphs (2) to (5)” there shall be substituted “in paragraphs (2) to (5A)”;
(b)in paragraphs (2), (4) and (5), for “another contracted-out scheme” there shall be substituted “a contracted-out salary related scheme or to a section 49 salary related scheme”;
(c)in paragraph (3)—
(i)for “to a scheme which is not a contracted-out scheme” there shall be substituted “to an overseas scheme”, and
(ii)there shall be omitted “in either of the paragraphs”;
and
(d)after paragraph (5) there shall be inserted the following paragraph—
“(5A) A transfer to a section 49 salary related scheme may be made where it is approved by the Board whether or not subject to conditions;”.