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(1)The Pensions Act 1995 is amended as follows.
(2)In section 67 (the subsisting rights provisions)—
(a)in subsection (3), omit paragraph (b) and the “or” before it;
(b)after subsection (3) insert—
“(3A)Regulations may provide for cases in which the subsisting rights provisions do not apply.”
(3)In section 67A (the subsisting rights provisions: interpretation), in subsection (3) (meaning of “protected modification”), after paragraph (a) insert—
“(aa)on taking effect would or might result in any subsisting right of a member of the scheme which is a right to benefits in respect of which there is a pensions promise becoming, or being replaced with, a right to benefits under the scheme rules in respect of which there is no pensions promise,
(ab)on taking effect would or might result in any subsisting right of a member of the scheme which is a right to retirement income in respect of which there is a pensions promise becoming, or being replaced with, a right to benefits other than retirement income,
(ac)on taking effect would or might result in any subsisting right of—
(i)a member of the scheme, or
(ii)a survivor of a member of the scheme,
which is not a right or entitlement to collective benefits becoming, or being replaced with, a right or entitlement to collective benefits under the scheme rules,”.
(4)In subsection (3)(b) of that section, after “rules” insert “, other than a pension that is a collective benefit”.
(5)In subsection (5)(a) of that section, after “paragraph (a)” insert “, (aa), (ab), (ac)”.
(6)In subsection (9) of that section—
(a)in paragraph (a), after sub-paragraph (vii) insert—
“(viii)regulations made under Schedule 17 to the Pensions Act 2014;
(ix)regulations made under Schedule 18 to the Pensions Act 2014;
(x)regulations made under Part 2 of the Pension Schemes Act 2015;”;
(b)in paragraph (b), after sub-paragraph (v) insert—
“(vi)regulations made under paragraph 17 of Schedule 17 to the Pensions Act 2014;
(vii)regulations made under paragraph 6 of Schedule 18 to the Pensions Act 2014;
(viii)regulations made under section 34 of the Pension Schemes Act 2015;”.
(7)In section 124 (interpretation), in subsection (1), at the appropriate places insert—
““pensions promise” has the meaning given by section 5 of the Pension Schemes Act 2015;”;
““retirement income” has the meaning given by section 7 of the Pension Schemes Act 2015;”.
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