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26(1)Section 23 (freezing orders) is amended as follows.E+W+S
(2)In subsection (1), for “which is not a money purchase scheme” substitute “ unless it is excluded by subsection (1A) ”.
(3)After that subsection insert—
“(1A)A scheme is excluded if—
(a)all the benefits that may be provided under the scheme are money purchase benefits, and
(b)the scheme does not provide for there to be a third party promise about the rate or amount of any benefit at a time before the benefit comes into payment (see subsection (10A)).”
(4)In subsection (2), for “such a scheme” substitute “ a scheme to which this section applies ”.
(5)After subsection (10) insert—
“(10A)For the purposes of subsection (1A)(b), a scheme provides for there to be a third party promise if the scheme—
(a)requires the promise to be obtained from a third party, or
(b)provides for the member to be given the option of requiring a promise to be obtained from a third party (whether or not the option is subject to conditions).”
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