24 Rules about modifying schemes
Pension Schemes Act 2021 (2021 c 1) | Legislation

Members' rights

24  Rules about modifying schemes

(1)     The Pensions Act 1995 is amended as follows.

(2)     In section 67 (the subsisting rights provisions)—

(a)     after subsection (1) insert—

“(1A)     Any exercise of such a power to make a prohibited modification is void.”;

(b)     in subsection (2)(a)(i), after “if the modification is a protected modification,” insert “or the scheme is a collective money purchase scheme within the meaning of Part 1 of the Pension Schemes Act 2021,”;

(c)     in subsection (2)(a)(ii), for “if it is not” substitute “if sub-paragraph (i) does not apply”;

(d)     in subsection (3) omit paragraph (b) and the “or” before it;

(e)     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

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