37. In regulation 43 (modification allowing different quality requirements to be satisfied in aggregate)—
(a)in paragraph (1) for “Paragraphs (2) to (5)” substitute “Paragraphs (2) to (4)”;
(b)for paragraph (3)(b) substitute—
“(b)all of the paragraph (b) quality requirements are met apart from the relevant benefit requirement (“requirement Y”); and”;
(c)for paragraph (4)(b) substitute—
“(b)the extent to which requirement Y is met as a proportion of—
(i)where the requirement in subsection (4) of section 23 of the Act applies, the annual rate of pension specified in that subsection; or
(ii)where a requirement in paragraph (4), (6) or (7) of regulation 39A applies, the sum of money to be made available for the provision of benefits as specified in the relevant paragraph.”; and
(d)for paragraphs (5) and (6) substitute—
“(5) Where paragraphs (2) to (4) have effect in relation to a hybrid scheme of the relevant description, regulation 39 is to be read as if, for paragraph (5), there were substituted—
“(5) A scheme actuary or employer may not certify that a scheme satisfies the test scheme standard if the aggregate percentage referred to in regulation 43(3)(c) is less than 100 in relation to more than 10% of relevant members.”.
(6) In this regulation, “the relevant benefit requirement” means—
(a)the requirements in subsection (4) of section 23 of the Act where that subsection applies; or
(b)one of the requirements specified in regulation 39A where that regulation applies.”.