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30In Part II of Schedule 1A (transfer values)—
(a)the following sub-paragraphs shall be inserted after paragraph 12(2)—
“(2A)Where a member continues in employment to which a scheme applies after his pensionable service in that employment terminates—
(a)if regulations so provide, he only acquires a right to the cash equivalent of such part of the benefits specified in sub-paragraph (1) above as may be prescribed ; and
(b)if regulations so provide, he acquires no right to a cash equivalent.
(2B)Regulations may provide for the purposes of sub-paragraph (2A) above that in prescribed circumstances a number of employments (whether or not consecutive) shall be treated as a single employment.”;
(b)paragraph 12(4) and the reference to it in paragraph 12(3) shall be omitted and shall be deemed never to have been included;
(c)in paragraph 13—
(i)in paragraph (c) of sub-paragraph (2), for the words " such other type or types of pension arrangements as may be prescribed " there shall be substituted the words "other pension arrangements which satisfy prescribed requirements "; and
(ii)the following sub-paragraph shall be inserted after that sub-paragraph—
“(2A)Without prejudice to the generality of sub-paragraph (2) above, the powers conferred by that sub-paragraph include power to provide that a scheme, an annuity or pension arrangements must satisfy requirements of the Inland Revenue.”;
(iii)in sub-paragraph (5)(b), for the word " them " there shall be substituted the words "the trustees or managers of the scheme from which he is being transferred "; and
(d)in paragraph 14—
(i)in sub-paragraph (1), for the words "The cash equivalents mentioned in paragraph 12(1) above " there shall be substituted the words "Gash equivalents ";
(ii)at the end of sub-paragraph (2), there shall be added (but not as part of paragraph (c)) the words "and power to provide that they shall be calculated and verified in accordance with guidance prepared by a prescribed body, "; and
(iii)the following paragraph shall be substituted for sub-paragraph (3)(b)—
“(b)that in prescribed circumstances a cash equivalent shall be increased or reduced.”.
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