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

Members' rights

75  Rules about modifying schemes

(1)     The Pensions (Northern Ireland) Order 1995 (SI 1995/3213 (NI 22)) is amended as follows.

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

(a)     after paragraph (1) insert—

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

(b)     in paragraph (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 2 of the Pension Schemes Act 2021,”;

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

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

(e)     after paragraph (3) insert—

“(3A)     Regulations may provide for cases in which the subsisting rights provisions do not apply.”

(3)

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