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5In section 98 (variation and loss of rights to cash equivalents)—
(a)in subsection (1), after “occupational pension scheme” there is inserted “other than a salary related scheme”,
(b)after that subsection there is inserted—
“(1A)Regulations may provide that a member of a salary related occupational pension scheme who continues in employment to which the scheme applies after his pensionable service in that employment terminates—
(a)acquires a right to only part of his guaranteed cash equivalent, or
(b)acquires no right to his guaranteed cash equivalent.”,
(c)in subsection (2), after “(1)” there is inserted “or (1A)”, and
(d)in subsection (3)—
(i)in paragraph (a), after “occupational pension scheme” there is inserted “other than a salary related scheme”, and
(ii)for paragraph (b) and the “and” immediately preceding it there is substituted— “or
(aa)by virtue of regulations under subsection (1A) or (2), a member of a salary related occupational pension scheme does not, on such a termination, acquire a right to the whole or any part of his guaranteed cash equivalent,
and his employment terminates at least one year before normal pension age”.
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