29.—(1) During the first transitional period for money purchase and personal pension schemes—
(a)sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “1%”;
(b)sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “2%”.
(2) The first transitional period is a prescribed period of at least one year, beginning with the coming into operation of section 20.
(3) During the second transitional period for money purchase and personal pension schemes—
(a)sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “2%”;
(b)sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “5%”.
(4) The second transitional period is a prescribed period of at least one year, beginning with the end of the first transitional period.