PART IIOccupational Pensions
Modification of schemes
F1The subsisting rights provisions67
1
The subsisting rights provisions apply to any power conferred on any person by an occupational pension scheme to modify the scheme other than a power conferred by—
a
a public service pension scheme, or
b
a prescribed scheme or a scheme of a prescribed description.
F21A
Any exercise of such a power to make a prohibited modification is void.
2
Any exercise of such a power to make a regulated modification is voidable in accordance with Article 67G unless the following are satisfied in respect of the modification—
a
in the case of each affected member—
i
if the modification is a protected modification, F5or the scheme is a collective money purchase scheme within the meaning of Part 2 of the Pension Schemes Act 2021, the consent requirements (see Article 67B),
b
the trustee approval requirement (see Article 67E), and
c
the reporting requirement (see Article 67F).
3
The subsisting rights provisions do not apply in relation to the exercise of a power—
a
for a purpose connected with debits under Article 26(1) of the Welfare Reform and Pensions (Northern Ireland) Order 1999, F4or
b
F4in a prescribed manner.
F33A
Regulations may provide for cases in which the subsisting rights provisions do not apply.
4
References in this Article and Articles 67A to 67I to “the subsisting rights provisions” are to this Article and those Articles.
5
Paragraph (6) applies in relation to the exercise of a power to which the subsisting rights provisions apply to make a regulated modification where a member of the scheme dies before the requirements mentioned in paragraph (2), so far as they apply in his case, have been complied with in respect of the modification if—
a
before he died he had given his consent to the modification in accordance with Article 67B(4)(b), or
b
before he died, or before the trustees of the scheme had become aware that he had died, the trustees had complied with Article 67C(4)(a), (b) and (d) in respect of the modification in his case.
6
Any of the requirements mentioned in paragraph (2), as it applies in respect of the modification—
a
which is satisfied in the case of the member, or
b
which would have been satisfied in his case had he not died before it was satisfied,
is to be taken to be satisfied in the case of any survivor of the member in respect of the modification.