Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 19963
1
The Occupational Pension Schemes (Contracting-out) Regulations 19963 are amended in accordance with this article.
2
In regulation 1(2) (interpretation)4, omit the definition of “safeguarded rights”.
3
In regulation 23(d) (requirements for meeting the statutory standard)5, omit sub-paragraph (ii) and the word “or” immediately preceding it.
4
In regulation 39 (circumstances in which schemes may change mode of contracting-out)6—
a
in paragraph (1), omit “and any safeguarded rights”, and
b
in paragraph (2), for “, section 9(2B) rights and any safeguarded rights” substitute “and section 9(2B) rights”.
5
In regulation 63(2)(aa) (provision of information about guaranteed minimum pensions)7, for “, protected rights or safeguarded rights” substitute “or protected rights”.
6
In regulation 73(b) (transitional arrangements and savings for salary-related schemes which have begun winding up before the principal appointed day)8, omit “and any liabilities in respect of safeguarded rights under section 68A of that Act”.
7
In regulation 76A (transitional arrangements for schemes contracted-out under section 9(2) of the 1993 Act to become contracted-out under section 9(3) of that Act)9, for paragraph (3) substitute—
3
Where this regulation applies, sections 50, 52 and 53 of that Act (approval of arrangements for, and supervision of, schemes which cease to be contracted-out) as they apply in relation to the guaranteed minimum pensions provided under the scheme shall be modified so as to have effect as if those pensions were provided under a separate scheme which had ceased to be certified as a contracted-out scheme immediately before the principal appointed day.