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35. In Paragraph 4 of Schedule 2 to the Additional Voluntary Contributions Regulations (pension credit benefit)(1)–
(a)at the end of sub-paragraph (1), insert “(including, where appropriate, a pension commencement lump sum)”;
(b)after sub-paragraph (5)(a), insert–
“(aa)whether a pension commencement lump sum and a pension payable for life is to be provided;”;
(c)for sub-paragraph (7), substitute–
“(7) Upon receipt of a notice of election under sub-paragraph (5) the Scottish Ministers shall, as soon as reasonably practicable, realise the investments made under paragraph 2 and–
(a)where paragraph 5(aa) does not apply, apply the proceeds to the purchase of an annuity from the authorised provider specified in the notice of election;
(b)where paragraph 5(aa) does apply–
(i)pay the percentage of the proceeds specified in the notice of election as a pension commencement lump sum; and
(ii)apply the balance of those proceeds to the purchase of an annuity from the authorised provider specified in that notice,
and not otherwise.”.
Schedule 2 was inserted by S.S.I. 2001/465, Schedule 2, paragraph 6.
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