1

Section 2

In the definition of "contract of employment" (inserted by the Pensions (Amendment) Act 2002) substitute the following for paragraph (a):

"(a) a contract of service or apprenticeship, or".

2

Section 34

Substitute the following for the proviso to subsection (2) (as amended by the Pension (Amendment) Act 2002):

"Provided that, in the case of a defined benefit scheme, if the actuary advises the trustees that he is reasonably satisfied that, if he were to prepare an actuarial funding certificate under section 42 having an effective date of the day upon which the amount of the transfer payment is expected to be made, he would not certify that the scheme satisfies the funding standard provided for in section 44, the amount of the transfer payment applied by the trustees after 2 April 2003 may be reduced by the trustees, on the advice of the actuary, having regard to the provisions of section 48.".

3

Section 43

(a) Substitute the following for subsection (2):

"(2) Subject to subsections (3) and (4), an actuarial funding certificate shall be submitted to the Board by the trustees of the scheme within 9 months (or such other period as may be prescribed) of the effective date of the certificate.".

(b) Insert the following after subsection (3):