12. In regulation 12—
(a)for paragraphs (1) and (1A), substitute—
“(1) In this regulation “the relevant date”, in relation to a contributor or participator, means—
(a)in the case of a person who applies for benefits in pensionable service under the 1998 Regulations, the date the person attains the age of 55;
(b)in the case of a person who applies for benefits in pensionable service under the 2014 Regulations, the date the person attains normal minimum pension age as defined in regulation 3 of the 2014 Regulations;
unless the circumstance in regulation 12(10) occurs before that date.
(1A) The benefits that may be provided at any time after the relevant date in accordance with paragraph (7) are—
(a)one or more retirement pensions;
(b)one or more dependants’ pensions;
(c)one or more pension commencement lump sums;
(d)on and from 6th April 2015 onwards, one or more uncrystallised fund pension lump sums.”;
(b)in paragraph (2), after “is payable to the” insert “contributor or”;
(c)in paragraph (3)—
(i)for “his retirement” substitute “payment of benefits has commenced as provided in paragraph (1A)”;
(ii)for “who is a child” substitute “who is an eligible child as defined in regulation E22(5)(6) and (7) of the 1998 Regulations or regulation 137 of the 2014 Regulations”;
(d)in paragraph (5)—
(i)for “A participator may” substitute “A contributor or participator may in respect of some or all of the investments made under regulation 9(1) or 10(2)”;
(ii)in sub-paragraph (a) for “a” substitute “any”;
(iii)after sub-paragraph (f) add—
“and
(g)whether an uncrystallised fund pension lump sum is to be paid and, if so, the amount of such payment.”;
(e)in paragraph (6), for “the period of 5 years” substitute “a period specified in the notice, of a duration permitted by Schedule 28 to the 2004 Act”;
(f)in paragraph (7)—
(i)before “the investments” insert “some or all of”;
(ii)after “regulation 9(1) or 10(2) and” insert “either”;
(iii)for sub-paragraph (a) substitute—
“(a)(i)out of the amount obtained make any payment of a pension commencement lump sum in accordance with the election; and
(ii)apply the balance of the amount obtained to the purchase of a pension policy from an authorised provider chosen by the contributor or participator to provide the benefits specified in the election; or”;
(iv)for sub-paragraph (b) substitute—
“(b)pay an uncrystallised fund pension lump sum;”;
(g)omit paragraph (8);
(h)for paragraph (9) substitute—
“(9) The remaining investments shall be realised and become payable as a lump sum to the personal representative of the participator if that participator dies—
(a)before the relevant date; or
(b)after the relevant date and before all the investments made under regulation 9(1) and 10(2) have been realised in accordance with one or more elections under paragraph (5) or applications under regulation 11(1).”;
(i)in paragraph (11), for “a trivial commutation lump sum as defined in paragraph 7 of Schedule 29 to the 2004 Act” substitute “a small pension lump sum as defined in regulations 11, 11A and 12 of the Registered Pension Schemes (Authorised Payments) Regulations 2009(1)”.
S.I. 2009 No. 1171; regulation 11 was amended by S.I. 2011 No. 1751 and the Finance Act 2014 (c.26) section 42(6)(a) and (c); regulation 11A was inserted by S.I. 2012 No. 522 and amended by the Finance Act 2014, section 42(6)(a) and (d); regulation 12 was amended by S.I. 2011 No. 1751 and the Finance Act 2014, section 42(6)(a) and (e)