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19.—(1) In this regulation “hybrid scheme” means a scheme which is a salary related scheme but under which some of the benefits which may be provided are money purchase benefits.
(2) In relation to a hybrid scheme—
(a)section 93A(1) of the 1993 Act shall take effect as if after the word “benefits” there were added the words “other than money purchase benefits”;
(b)section 94(1)(a) of the 1993 Act shall take effect as if the words “other than a salary related scheme” were omitted and as if for the words “any benefits” there were substituted the words “any money purchase benefits”; and
(c)section 96(1)(a) of the 1993 Act (further provisions concerning exercise of option under section 95) shall take effect as if it read “in relation to both the whole of his guaranteed cash equivalent and the whole of any other cash equivalent such as is mentioned in section 94(1)(a);”.
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