The Registered Pension Schemes (Modification of Scheme Rules) Regulations 2011

• Citation: S.I. 2011/1791
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Registered Pension Schemes (Modification of Scheme Rules) Regulations 2011 and come into force on 11th August 2011.

Section 2 Modification of scheme rules

(1) This regulation applies where a scheme administrator of a registered pension scheme (“the scheme”) satisfies all or part of a member’s liability to the annual allowance charge, either on a voluntary basis or pursuant to a liability under section 237B of the Finance Act 2004 .

(2) The rules of the scheme shall be modified so as to allow for a consequential adjustment to be made to the entitlement of the member to benefits under the scheme on a basis that is just and reasonable having regard to normal actuarial practice. This paragraph is subject to paragraph (3).

(3) Any modification to the scheme’s rules made by virtue of paragraph (2) is subject to section 159 of the Pension Schemes Act 1993 or section 155 of the Pension Schemes (Northern Ireland) Act 1993 (inalienability of guaranteed minimum pension etc ).