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464 | Page 229, line 8, after “include” insert “— |
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| |
465 | Page 229, line 8, at end insert “; |
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| (b) | such other persons as may be prescribed” |
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466 | Page 230, line 39, leave out “to 5” and insert “to 7” |
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467 | Page 231, line 6, leave out “, 8” |
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468 | Page 231, line 14, leave out “, (5) and (6)” and insert “and (5) to (8)” |
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469 | Page 231, line 14, after “200” insert “(other than paragraphs (b) to (d), (f) and (g) of |
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| subsection (4), subsection (6) so far as relating to any of those paragraphs and |
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| subsections (7) and (8))” |
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470 | Page 231, line 14, after “201” insert “, 202(2A) and (2B)” |
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471 | Page 231, line 14, leave out “and 203” and insert “, 203 and (Pension sharing)” |
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472 | Page 231, line 23, at end insert— |
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| “( ) | Part 6 (financial assistance scheme for members of certain pension |
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| |
473 | Page 231, line 26, leave out from “sections” to “and” and insert “286(1) and (2), 287, |
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| |
474 | Page 231, line 26, after “288” insert “, 293” |
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475 | Page 231, line 26, after “288” insert “, (Modification of pensions legislation that refers to |
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| |
476 | Page 231, line 27, leave out “291” and insert “292” |
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477 | Page 231, line 30, after “sections” insert “304(2),” |
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478 | Page 231, line 34, after “304” insert “(1)” |
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479 | Page 232, line 1, after “liabilities” insert “, or modification of a term of a contract of |
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| |
480 | Page 232, line 4, leave out “, (5) and (6)” and insert “and (5) to (8)” |
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481 | Page 234, line 36, leave out sub-paragraph (5) and insert— |
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| “(5) | By virtue of subsection (2) of section 9 (non-executive functions), the |
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| function conferred on the Regulator by sub-paragraph (4)(b), so far as it |
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| relates to the terms and conditions as to remuneration, is exercisable on |
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| its behalf by the committee established under that section.” |
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482 | Page 236, line 32, leave out paragraph (a) and insert— |
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| “(a) | the committee established under section 9 or any of its sub- |
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| |
| |
483 | Page 236, line 38, leave out “Non-Executive Committee” and insert “committee |
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| established under section 9” |
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484 | Page 238, line 3, leave out from “which” to end of line 4 and insert “, by virtue of |
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| subsection (2) of section 9, must be discharged by the committee established under |
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| |
| |
485 | Page 238, line 30, at end insert— |
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| “( ) | the power to issue a clearance statement under section (Section 35 |
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| contribution notices: clearance statements);” |
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486 | Page 238, line 32, at end insert— |
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| “( ) | the power to issue a clearance statement under section (Financial |
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| support directions: clearance statements);” |
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487 | Page 238, line 32, at end insert— |
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| “( ) | the power to make an order under section 145(7A); |
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| ( ) | the power to make an order under section 210(3A);” |
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488 | Page 239, line 13, leave out “Non-Executive Committee” and insert “committee |
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| established under that section” |
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| |
489 | Page 239, line 44, leave out from “for” to end of line 1 on page 240 and insert “— |
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| (a) | the modification of an occupational pension scheme under |
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| section 69 of the Pensions Act 1995 (c. 26) or under any |
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| corresponding provision in force in Northern Ireland, or |
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| (b) | the issuing of a clearance statement under section (Section 35 |
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| contribution notices: clearance statements) or (Financial support |
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| directions: clearance statements) or under any corresponding |
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| provision in force in Northern Ireland.” |
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490 | Page 242, line 44, leave out “Non-Executive Committee” and insert “committee |
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| established under section 9“ |
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| |
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491 | Page 244, line 34, at end insert— |
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| “ | The power to make or extend a restraining order under section (Pension |
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| liberation: restraining orders).” |
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492 | Page 244, line 34, at end insert— |
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| “ | The power to make an order under section (Pension liberation: restraining |
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| orders)(10) permitting payments out of an account that is subject to a |
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| |
493 | Page 244, line 34, at end insert— |
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| “ | The power to make a repatriation order under section (Pension liberation: |
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| |
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494 | Page 245, line 9, at end insert— |
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| “ | The power to issue a revised contribution notice under section 38(6C).” |
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495 | Page 245, line 13, at end insert— |
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| “ | The power to issue a revised contribution notice under section 45(9).” |
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496 | Page 245, line 23, at end insert— |
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| | “The power to issue a ring-fencing notice under section (Power of |
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| Regulator to require ring-fencing of assets).” |
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|
497 | Page 253, line 24, after “State” insert “and the Department for Social Development |
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| |
498 | Page 254, line 29, at end insert— |
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| “ | In Schedule 15D to that Act (permitted disclosures of information) (as |
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| inserted by Schedule 2 to the Companies (Audit, Investigations and |
|
| Community Enterprise) Act 2004), after paragraph 44 insert— |
|
| “44A | A disclosure for the purposes of proceedings before the |
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| Pensions Regulator Tribunal.”” |
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|
499 | Page 257, line 15, leave out sub-paragraph (6) and insert— |
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| “(6) | By virtue of subsection (4) of section 106 (non-executive functions), the |
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| function conferred on the Board by sub-paragraph (5)(a) is exercisable |
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| on its behalf by the committee established under that section.” |
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500 | Page 257, line 30, leave out sub-paragraph (4) and insert— |
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| “(4) | By virtue of subsection (4) of section 106 (non-executive functions), the |
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| functions conferred on the Board by sub-paragraph (3)(a) and (b) are |
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| exercisable on its behalf by the committee established under that |
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| |
501 | Page 258, line 5, leave out “Non-Executive Committee” and insert “committee |
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| established under section 106” |
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| |
502 | Page 258, line 7, leave out sub-paragraph (6) |
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| |
503 | Page 258, line 19, leave out “Non-Executive Committee” and insert “committee |
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| established under section 106” |
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| |
504 | Page 258, line 24, leave out from “which” to end of line 25 and insert “must, by |
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| virtue of subsection (4) of section 106, be discharged by the committee established |
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| |
| |
505 | Page 259, line 14, leave out “(4)” and insert “18A(1)” |
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506 | Page 259, line 14, leave out “sub-paragraph (1)” and insert “paragraph 18(1)” |
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507 | Page 259, line 16, at end insert “any delegable review function. |
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| (2) | Where the Regulator is required to or may exercise any function on |
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| behalf of the Board by virtue of— |
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| (a) | section 172(4) or 180(6B) (administrative functions relating to |
|
| |
| (b) | section 172(7)(b) or 180(8)(b) (recovery of levies), or |
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| (c) | regulations under section 172(8) or 180(9) (collection, recovery |
|
| |
| | the Board may also require the Regulator to exercise on behalf of the |
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| Board any delegable review function. |
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| (3) | In this paragraph, “delegable review function”, in relation to a delegated |
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| |
508 | Page 259, line 17, after “198(1)(a)” insert “or (3)(a)” |
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509 | Page 259, line 18, leave out “that” and insert “the delegated” |
|
510 | Page 259, line 26, after “(4)” insert— |
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| | ““delegated function” means a function which is exercisable on |
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| behalf of the Board as mentioned in sub-paragraph (1) or (2);” |
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511 | Page 260, line 18, after “qualifications” insert “or experience, or a person approved |
|
| by the Secretary of State,” |
|
512 | Page 262, line 5, leave out “Non-Executive Committee” and insert “committee |
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| established under section 106” |
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| |
|
513 | Page 264, line 18, leave out “under the scheme or another scheme” |
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514 | Page 264, line 24, leave out “under the scheme or another scheme” |
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515 | Page 264, line 39, leave out “under the scheme” |
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516 | Page 264, line 43, at beginning insert “Subject to sub-paragraph (3A),” |
|
517 | Page 264, line 49, at end insert— |
|
| “(3A) | The pensioner’s widow or widower is not entitled to periodic |
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| compensation under this paragraph in such circumstances as may be |
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| |
518 | Page 265, line 30, after first “the” insert “postponed” |
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519 | Page 265, line 30, leave out “under the scheme or another scheme” |
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520 | Page 265, line 32, after “the” insert “postponed” |
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521 | Page 265, line 42, leave out “under the scheme or another scheme” |
|
522 | Page 266, line 1, at beginning insert “Subject to sub-paragraph (3A),” |
|
523 | Page 266, line 8, at end insert— |
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|
|
|
|
|
| “(3A) | The postponed pensioner’s widow or widower is not entitled to periodic |
|
| compensation under this paragraph in such circumstances as may be |
|
| |
524 | Page 267, line 24, leave out “scheme” |
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525 | Page 267, line 26, at end insert— |
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| | “paragraph 19A (compensation in respect of scheme right to |
|
| transfer payment or contribution refund),” |
|
526 | Page 267, line 32, at beginning insert “Subject to sub-paragraph (3A),” |
|
527 | Page 267, line 39, at end insert— |
|
| “(3A) | The active member’s widow or widower is not entitled to periodic |
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| compensation under this paragraph in such circumstances as may be |
|
| |
528 | Page 268, line 34, leave out second “paragraph” and insert “— |
|
| | paragraph 19A (compensation in respect of scheme right to |
|
| transfer payment or contribution refund), and |
|
| |
529 | Page 269, line 33, at end insert— |
|
| | “paragraph 19A (compensation in respect of scheme right to |
|
| transfer payment or contribution refund),” |
|
530 | Page 270, line 20, at beginning insert “Subject to sub-paragraph (3A),” |
|
531 | Page 270, line 35, at end insert— |
|
| “(3A) | The active member’s widow or widower is not entitled to periodic |
|
| compensation under this paragraph in such circumstances as may be |
|
| |
532 | Page 271, line 30, at end insert— |
|
| | “paragraph 19A (compensation in respect of scheme right to |
|
| transfer payment or contribution refund),” |
|
533 | Page 272, line 21, leave out “under the scheme” |
|
534 | Page 273, line 12, leave out “under the scheme or another scheme” |
|
535 | Page 273, line 13, at beginning insert “Subject to sub-paragraph (3A),” |
|
536 | Page 273, line 29, at end insert— |
|
| “(3A) | The deferred member’s widow or widower is not entitled to periodic |
|
| compensation under this paragraph in such circumstances as may be |
|
| |
537 | Page 274, line 10, at end insert— |
|
| “Compensation in respect of scheme right to transfer payment or contribution refund |
|
| 19A (1) | Compensation is payable in accordance with this paragraph where— |
|
| (a) | a person’s pensionable service terminates on the commencement |
|
| of the assessment period, |
|
| (b) | as a result, he has rights, under the admissible rules, to— |
|
|
|
|
|
|
| (i) | a transfer payment calculated by reference to the value of |
|
| benefits which have accrued to him under the scheme |
|
| (“the protected transfer payment”), or |
|
| (ii) | a cash payment calculated by reference to the amount of |
|
| contributions made by him or on his behalf to the scheme |
|
| (“the protected contribution repayment”), |
|
| (c) | Chapter 5 of Part 4 of the Pension Schemes Act 1993 (c. 48) (early |
|
| leavers: cash transfer sums and contribution refunds) does not |
|
| |
| (d) | he does not have relevant accrued rights to benefit (within the |
|
| meaning of section 101AA(4) of that Act). |
|
| (2) | That person is entitled to compensation in the form of a lump sum in |
|
| respect of the protected transfer payment or protected contribution |
|
| |
| (3) | The amount of the compensation is 90% of the amount of the protected |
|
| transfer payment or protected contribution repayment (whichever is the |
|
| |
| (4) | For the purposes of sub-paragraph (3), the amount of the protected |
|
| transfer payment or protected contribution repayment is to be calculated |
|
| in accordance with the admissible rules, which are to be applied for this |
|
| purpose subject to any prescribed modifications. |
|
| (5) | The compensation is payable immediately after the transfer notice given |
|
| under section 151 is received by the trustees or managers of the scheme. |
|
| (6) | This paragraph is subject to paragraph 29 (power of Secretary of State to |
|
| change percentage rates by order). |
|
| (7) | Regulations may modify any provision of paragraph 8, 10, 11 or 14 |
|
| (compensation for persons who were active members immediately |
|
| before assessment date) as it applies in the case of a person who is |
|
| entitled to compensation under this paragraph. |
|
| (8) | Regulations may modify any provision of sub-paragraphs (1) to (6) as it |
|
| applies in the case of a person who is entitled to compensation under |
|
| paragraph 8, 10, 11 or 14.” |
|
538 | Page 274, line 16, at end insert— |
|
| “( ) | in paragraph 15(1) and (2) the references to normal pension age |
|
| are to be read as references to normal benefit age,” |
|
539 | Page 274, line 22, leave out “of the scheme” |
|
540 | Page 274, line 30, leave out “, (2) and (5)” and insert “and (2)” |
|
541 | Page 274, line 31, after “age,” insert— |
|
| “( ) | in paragraph 19(4) for the words from “the aggregate of” to the |
|
| end substitute “the accrued amount”, |
|
| ( ) | for paragraph 19(5) substitute— |
|
| “(5) | In sub-paragraph (4) “the accrued |
|
| amount” means an amount equal to the |
|
| amount of the scheme lump sum which, |
|
| under the admissible rules, the deferred |
|
| member is entitled to receive at normal |
|
| benefit age by virtue of his pension credit |
|
| |
542 | Page 275, line 12, leave out from “of” to end of line 16 and insert “— |
|
|
|
|
|
|
| (a) | partners of prescribed descriptions of persons of prescribed |
|
| descriptions who were members of the scheme immediately |
|
| before the assessment date, |
|
| (b) | dependants of prescribed descriptions of persons of prescribed |
|
| |
| (i) | were members of the scheme, or had rights to benefits |
|
| payable under the scheme rules in respect of a member, |
|
| immediately before the assessment date; |
|
| (ii) | became entitled to benefits under the scheme rules in |
|
| respect of a member on or after the assessment date but |
|
| before the time the trustees or managers of the scheme |
|
| received a transfer notice under section 151, or |
|
| (iii) | have become entitled to compensation under paragraph |
|
| 21 (survivors who do not meet conditions for scheme |
|
| benefits at assessment date), in relation to the scheme.” |
|
543 | Page 275, line 43, after “scheme” insert “rules” |
|
544 | Page 278, line 38, leave out “under the scheme or another scheme” |
|
545 | Page 280, leave out lines 19 to 27 and insert— |
|
| | ““post-1997 service” means— |
|
| (a) | pensionable service which is within paragraph 33(4)(a) |
|
| and occurs on or after 6th April 1997, or |
|
| (b) | pensionable service which is within paragraph 33(4)(b) |
|
| and meets such requirements as may be prescribed; |
|
| | “pre-1997 service” means— |
|
| (a) | pensionable service which is within paragraph 33(4)(a) |
|
| and occurred before 6th April 1997, or |
|
| (b) | pensionable service which is within paragraph 33(4)(b) |
|
| and meets such requirements as may be prescribed;” |
|
546 | Page 280, line 30, at end insert— |
|
| “(6A) | But in this paragraph, in relation to any relevant pension credit amount, |
|
| “post-1997 service” and “pre-1997 service” have such meanings as may |
|
| |
| (6B) | In sub-paragraph (6A), “relevant pension credit amount” means an |
|
| amount mentioned in sub-paragraph (3)(a) of— |
|
| |
| |
| (c) | paragraph 15 as it applies by virtue of paragraph 20, |
|
| | which is attributable (directly or indirectly) to a pension credit.” |
|
547 | Page 281, line 18, after “19(3)” insert “, 19A(3)” |
|
548 | Page 281, line 28, leave out “or 19(3)” and insert “, 19(3) or 19A(3)” |
|
549 | Page 282, line 7, leave out from beginning to first “is” in line 8 and insert “the effect |
|
| of disregarding rules within paragraphs (a) and (b) of paragraph 32(3)” |
|
550 | Page 282, line 26, at end insert— |
|
| “Short periods of service which terminate on commencement of assessment period |
|
| 30A (1) | This paragraph applies to a member of the scheme if— |
|
|