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2.—(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996(1) are amended as follows.
(2) In regulation 23 (requirements for meeting the statutory standard)(2)—
(a)for paragraph (a), substitute—
“(a)must comply with any standards adopted or prepared, and from time to time revised, by the Board for Actuarial Standards which are relevant to the matters specified in section 12A(4) of the 1993 Act;”,
(b)in paragraph (f), after “payment of a lump sum” insert “but may not have regard to any payment of a lump sum made as a result of the death of an earner”, and
(c)after paragraph (g), add—
“(h)must not have regard to any discretionary benefits; and
(i)must comply with the further requirements set out in Schedule 3.”.
(3) After Schedule 2 (revocations), add as Schedule 3 the Schedule specified in the Schedule to these Regulations.
Regulation 23(a) was substituted by S.I. 2007/60 and amended by S.I. 2008/2301 and regulation 23(g) was added by S.I. 2002/681.
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