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11.—(1) The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006(1) are amended as follows.
(2) In regulation 10 (listed changes: exclusions)—
(a)in paragraph (1), after sub-paragraph (ab) insert—
“(ac)which is or results in an adjustment of the rate or amount of benefits provided under a collective money purchase scheme, provided that such adjustment is made in accordance with—
(i)the most recent actuarial valuation or (as the case may be) any multi-annual reduction in effect, and
(ii)the scheme rules,
(ad)which is made in respect of a collective money purchase scheme that is pursuing continuity option 1 in accordance with—
(i)Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022, or
(ii)scheme rules made in accordance with that Schedule,”;
(b)after paragraph (4) insert—
“(5) In this regulation—
“collective money purchase scheme” means a scheme or a section of a scheme which is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021;
“multi-annual reduction” has the meaning given by regulation 2 of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022.”.
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