Moved by
Lord Young of Cookham
9: Clause 25, page 17, line 26, at end insert—
“( ) If the trustees receive an application under section 95 relating to money purchase benefits that are collective money purchase benefits, the trustees must check that the member or survivor has received appropriate independent advice before—
(a) converting any of the benefits into different benefits that are flexible benefits under the scheme;
(b) making a transfer payment in respect of any of the benefits with a view to acquiring a right or entitlement to flexible benefits for the member or survivor under another pension scheme;
(c) paying a lump sum that would be an uncrystallised funds pension lump sum in respect of any of the benefits.
( ) The Secretary of State may by regulations make provision about—
(a) what the trustees or managers must do to check that a member or survivor has received appropriate independent advice for the purposes of this section, and
(b) when the check must be carried out.”