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Amendment of Third Schedule to Pensions Act.
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52.—(1) The Third Schedule to the Pensions Act is hereby amended by the substitution for paragraph 1 of the following paragraph:
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“1. The benefits for the purposes of this paragraph shall be all future benefits payable under the rules of the scheme to or in respect of a person who at the effective date of the certificate is receiving benefits or has reached normal pensionable age, excluding future increases in such benefits which are, at the effective date of the certificate, contingent upon the exercise of some person's discretion.”.
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(2) The Third Schedule to the Pensions Act is hereby amended by the substitution for paragraph 2 of the following paragraph:
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“2. The benefits for the purposes of this paragraph shall be any additional benefits secured for or granted to or in respect of a member of a scheme under the scheme by way of additional voluntary contributions or a transfer of rights from another scheme. Such benefits shall be calculated as at the effective date of the certificate and shall be—
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(a) where, at the effective date of the certificate, the member's service in relevant employment has terminated and a transfer payment has not been applied in accordance with section 34 or 35, preserved benefit payable in respect of such additional benefits calculated in accordance with Part III or, if no such preserved benefit is payable, the benefits payable under the rules of the scheme in respect of the additional voluntary contributions or the transfer of rights, and
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(b) where, at the effective date of the certificate, the member is in relevant employment, preserved benefit in respect of such additional benefits calculated in accordance with Part III, as if the member's service in relevant employment had terminated on such date but disregarding any provision requiring the completion of a minimum period of qualifying service.”.
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