Amendment of 1995 Regulations
7. In regulation 12–
(a)in paragraph (5) for the word “shall” there shall be substituted “may”;
(b)in paragraph (5)(d)(iii) after the word “question” there shall be inserted–
“, or
(iv)is to be an Investment Linked Pension”; and
(c)for paragraph (8) there shall be substituted the following paragraph–
“(8) Subject to paragraphs (9) and (10), if the participator has not made an election under paragraph (5) before he attains the age of 75, the Scottish Ministers may on or after his attaining that age realise the investments made under regulation 9(1) and 10(2) and apply the amount obtained to the purchase of a pension policy from the insurance company referred to in regulation 9 to provide such benefits as appear to them to be suitable.”.