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Protected modification
Practical Law UK Glossary 9-205-9956 (Approx. 3 pages)
Glossary
Protected modification
In relation to an occupational pension scheme, a modification to the terms of the scheme is a protected modification under section 67 of the Pensions Act 1995 if it would or might:
- Change a member's subsisting rights from a defined benefit nature to a money purchase nature or replace the defined benefits with money purchase benefits.
- Reduce the rate of a member's pension in payment.