[67A The subsisting rights provisions: interpretation]
Pensions Act 1995 (1995 c 26) | Legislation

[67A  The subsisting rights provisions: interpretation]

[(1)     In the subsisting rights provisions, each of the following expressions has the meaning given to it by the following provisions of this section—

“regulated modification”

[“prohibited modification”]

“protected modification”

“detrimental modification”

“affected member”

“subsisting right”

“scheme rules”.

[(1A)     “Prohibited modification” means a modification of an occupational pension scheme which on taking effect would or might result in any subsisting right of—

(a)     a member of the scheme, or

(b)     a survivor of a member of the scheme,

which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to collective money purchase benefits under the scheme rules.]

(2)     “Regulated modification” means a modification which is—

(a)     a protected modification, or

(b)     a detrimental modification,

or is both.

(3)     “Protected modification” means a modification[, other than a prohibited modification,] of an occupational pension scheme which—

[(a)     on taking effect would or might result in a relevant transformation of any subsisting right of a member of the scheme or a survivor of a member of the scheme (see subsection (3A)),]

(b)     would or might result in a reduction

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