Amendment of the Pension Sharing (Safeguarded Rights) Regulations 200013
1
The Pension Sharing (Safeguarded Rights) Regulations 200029 shall be amended in accordance with this regulation.
2
In regulation 5 (valuation of safeguarded rights in money purchase schemes), after “derived” insert—
,
are calculated
3
In regulation 6 (ways of giving effect to safeguarded rights—money purchase schemes)—
a
in paragraph (1)—
i
after “member” insert “either”;
ii
in sub-paragraph (a) delete “either”;
b
in paragraph (8) for the words from “practicable,” to the end of that paragraph substitute the following words—
“practicable, of a lump sum or a pension or annuity, or both a lump sum and a pension or annuity in accordance with the provisions of regulation 6 of the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000 (discharge of liability in respect of a pension credit following the death of the person entitled to the pension credit).”.
4
In regulation 7 (the pension and annuity requirements—money purchase schemes), after paragraph (6) insert the following paragraph—
7
In this regulation “the termination date” has the meaning given by regulation 6(10).
5
In regulation 9 (ways of giving effect to safeguarded rights—salary related schemes)—
a
for paragraph (4) substitute the following paragraph—
4
The circumstances specified in this paragraph are that effect may be given to safeguarded rights by the provision of—
a
a lump sum in accordance with the provisions of regulation 3 or 4 of the Pension Credit Benefit Regulations; or
b
a lump sum or a pension or annuity, or both a lump sum and a pension or annuity, in accordance with the provisions of regulation 6 of the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000.
b
in paragraph (9), in the definition of “serious ill health” for “regulation 3(5)” substitute “regulation 3(4)”.