SCHEDULE 3 Collective Money Purchase Benefits: Minor and Consequential Amendments

SCHEDULE 3 Collective Money Purchase Benefits: Minor and Consequential Amendments

Section 48

Pension Schemes Act 1993 (c 48)

1

The Pension Schemes Act 1993 is amended as follows.

2

(1)     Section 84 (basis of revaluation of accrued benefits) is amended as follows.

(2)     In subsection (3), after “money purchase benefit†insert “other than a collective money purchase benefitâ€.

(3)     After subsection (3A) insert—

“(3AA)     If any such benefit as is mentioned in section 83(1)(a) is a collective money purchase benefit, the benefit shall be revalued using the cash balance method.â€

3

In section 101AI (right to cash transfer sum and contribution refund: further provisions), in subsection (8)—

(a)     in paragraph (a), at the end insert—

“(xiii)     regulations made under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;

(xiv)     sections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;â€;

(b)     in paragraph (b), at the end insert—

“(xi)     sections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.â€

4

In section 186 (Parliamentary control of orders and regulations), in subsection (3) (statutory instruments

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