43(1)Section 24 (quality requirement: UK hybrid schemes) is amended as follows.
(2)In subsection (1)—
(a)for “A hybrid scheme” substitute “A shared risk scheme”;
(b)in paragraph (a), for “a money purchase scheme” substitute “an occupational defined contributions scheme”;
(c)in paragraph (b), for “a defined benefits scheme” substitute “an occupational defined benefits scheme”;
(d)after paragraph (b) insert—
“(c)the requirements under section 26 for a personal pension scheme that is a defined contributions scheme, subject to any prescribed modifications.”
(3)In subsection (2), for “hybrid scheme” substitute “shared risk scheme”.
(4)In the heading, for “hybrid schemes” substitute “shared risk schemes”.