PENSIONS Citation, extent and commencement 1 1 These Regulations may be cited as the Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024. 2 These Regulations extend to England and Wales and Scotland. 3 Subject to paragraph (4), these Regulations come into force on the day after the day on which they are made. 4 Regulations 2(b) and 5 (amendments to Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022) come into force on 1st October 2024. Amendments to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 2 The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 are amended in accordance with— a regulations 3 and 4; b regulation 5. Amendment of regulation 17 3 1 Regulation 17 (calculation of benefits) is amended as follows. 2 In paragraph (4)(e), after the first time “that” appears, insert “, except where there is a multi-annual reduction in effect, ” . 3 In paragraph (9), for “The trustees” substitute “Except as provided by paragraph (10), the trustees” . 4 For paragraph (10) substitute— 10 Where there is one or more multi-annual reduction or reductions in effect and a subsequent actuarial valuation results in an increase in the rate or amount of benefits provided under the scheme, the trustees, having obtained the advice of the scheme actuary, must vary one or more multi-annual reduction or reductions then in effect, by applying that increase to offset the planned reduction or reductions under the multi-annual reduction or reductions, which take effect on or after the benefit adjustment date following that valuation. . 5 After paragraph (10) insert— 10A Paragraph (8)(b) does not apply to a multi-annual reduction that has been varied in accordance with paragraph (10). 10B Any offsetting increase pursuant to paragraph (10) must be applied to the remaining years of the multi-annual reduction or reductions so that the total reduction applied in any year of the multi-annual reduction or reductions must not be greater than the total reduction applied in the previous year of the multi-annual reduction or reductions. 10C If an offsetting increase has been applied pursuant to paragraphs (10) and (10B) so that a multi-annual reduction has been offset in full, such multi-annual reduction will cease to have effect and, if all multi-annual reductions cease to have effect, any remaining increase must be applied in accordance with the scheme rules made pursuant to paragraph (4)(e). . Amendment of regulation 19 4 1 Regulation 19 (actuarial valuations) is amended as follows. 2 In paragraph (4)(k), after sub-paragraph (iv) insert— v any variation to the multi-annual reduction as a result of applying an increase to offset the planned reduction under the multi-annual reduction in accordance with regulation 17(10), including the effect of that offsetting increase on the planned reduction in the remaining years of the multi-annual reduction; . 3 After paragraph (4)(k) insert— ka where a multi-annual reduction would have been in effect as at the effective date but has ceased to have effect in accordance with regulation 17(10C), the details of— i when such multi-annual reduction ceased to have effect; ii any remaining increase that has been applied in accordance with regulation 17(10C); . Amendment of Schedule 6 5 1 Schedule 6 (continuity option 1: transfer out and winding up) is amended as follows. 2 In paragraph 1(1)— a after the definition of “default discharge option” insert— “ dependant ” has the meaning given in paragraph 15 of Schedule 28 to the Finance Act 2004 ; “ dependants’ income withdrawal ” has the meaning given in paragraph 21 of Schedule 28 to the Finance Act 2004 ; “ dependant’s flexi-access drawdown fund ” has the meaning given in paragraph 22A of Schedule 28 to the Finance Act 2004 ; ; b after the definition of “member’s flexi-access drawdown fund” insert— “ nominee ” has the meaning given in paragraph 27A of Schedule 28 to the Finance Act 2004 ; “ nominees’ income withdrawal ” has the meaning given in paragraph 27D of Schedule 28 to the Finance Act 2004 ; “ nominee’s flexi-access drawdown fund ” has the meaning given in paragraph 27E of Schedule 28 to the Finance Act 2004 ; ; c after the definition of “quantification” insert— “ successor ” has the meaning given in paragraph 27F of Schedule 28 to the Finance Act 2004 ; “ successors’ income withdrawal ” has the meaning given in paragraph 27J of Schedule 28 to the Finance Act 2004 ; “ successor’s flexi-access drawdown fund ” has the meaning given in paragraph 27K of Schedule 28 to the Finance Act 2004 ; . 3 After paragraph 2(1)(b) insert— c transferring the value of those rights to a dependant’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the dependant to dependants’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc.); d transferring the value of those rights to a nominee’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the nominee to nominees’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc.); e transferring the value of those rights to a successor’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the successor to successors’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc.). . 4 After paragraph 14(2)(c) insert— ca transferring the value of those rights to a dependant’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the dependant to dependants’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc.); cb transferring the value of those rights to a nominee’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the nominee to nominees’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc.); cc transferring the value of those rights to a successor’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the successor to successors’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc.); . Signed by authority of the Secretary of State for Work and Pensions Paul Maynard Parliamentary Under Secretary of State Department for Work and Pensions 7th March 2024