3. In paragraph 12 of Schedule 1A to the Pensions Order—
(a)in sub-paragraph (2), in the definition of “the relevant date”, after “means” insert “, subject to regulations under sub-paragraph (2C),”; and
(b)after sub-paragraph (2B) insert the following sub-paragraph—
“(2C) Regulations—
(a)may provide that a right at the relevant date to the cash equivalent of any part of the benefits specified in sub-paragraph (1) which but for regulations under the foregoing provisions of this paragraph a member would have on the termination of his pensionable service in an employment to which a scheme applies shall, if his employment terminates at least one year before normal pension age, accrue to him on the date when it terminates and be valued accordingly; and
(b)may substitute, in relation to any case to which the regulations apply—
(i)a new definition of “the relevant date” for the definition in sub-paragraph (2), and
(ii)a new definition of “the last option date” for the definition in paragraph 15(2).”.