139.—(1) Section 24 of the Pension Schemes Act (ways of giving effect to protected rights) is amended as follows.
Paras. (2)(3) rep. by 1999 NI 11
(4) In subsection (3)—
(a)in paragraph (b), after “the member” insert “or, where section 24A(2) applies, the member's widow or widower”,F1. . .
Sub‐para. (b) rep. by 1999 NI 11
F2(5) In subsection (4)(a), for the words from “65” to the end substitute—
“65 or such later date as has been agreed by him, or
(ii)in the case of a personal pension scheme, where the member has elected to receive payments under an interim arrangement, the date by reference to which the member elects to terminate that arrangement, and otherwise such date as has been agreed by him and is not earlier than his 60th birthday nor later than his 75th birthday.”
(6) In subsection (5), after “subsection” insert “(1A),”.
(7) After subsection (7) add—
“(8) In this section and sections 24A, 24B and 25—
“the interim period” means the period beginning with (and including) the starting date in relation to the member in question and ending with the termination date;
“the starting date,” means the date, which must not be earlier than the member's 60th birthday, by reference to which the member elects to begin to receive payments under the interim arrangement;
“the termination date” means the date by reference to which the member (or, where section 24A(2) applies, the member's widow or widower) elects to terminate the interim arrangement, and that date must be not later than—
(a)the member's 75th birthday, or
(b)where section 24A(2) applies, the earlier of the member's widow or widower's 75th birthday and the 75th anniversary of the member's birth.”