Amendment to regulation 53 of the principal Regulations

4.—(1) In regulation 53(1) (Member’s right to transfer or buy out) the words “with a preserved pension before reaching age 60” shall be omitted.

(2) After regulation 53(1) there shall be inserted the following paragraph –

“(1A) Paragraph (1) only applies if the member –

(a) leaves superannuable employment with a preserved pension before reaching age 60, or

(b) leaves superannuable employment on the transfer of his employment to a new employer as a result of a transfer of an undertaking to that employer.”.