Modification of Rules of Existing Schemes - Announcement

We are today publishing a further draft of the modification of rules of existing schemes (PDF 34K) regulations . These regulations have been extensively revised following representations from the pensions industry. This version remains subject to any further representations and any further legal advice we receive.

We are in discussion with DWP colleagues about the interaction of these regulations with Pensions Act 1995 as amended by Pensions Act 2004. In particular, subject to the final draft of the modification regulations, DWP envisage being able to:

- make regulations under section 68 Pensions Act 1995 to enable schemes without the necessary modification powers to incorporate the effect of the transitional provisions into scheme rules on a permanent basis;

- make regulations to exempt from section 67 Pensions Act 1995 any modifications undertaken by schemes in order to incorporate the transitional effects of regulations 3, 4, 5 and 6 into the rules of the scheme.