Section 24 — Pensions Act 2008: Quality requirement: UK hybrid schemes

Quality requirement: UK hybrid schemes 24 1 A hybrid scheme that has its main administration in the United Kingdom satisfies the quality requirement in relation to a jobholder if it satisfies the requirements mentioned in whichever of these is the appropriate paragraph—

a the requirements for a money purchase scheme under section 20, subject to any prescribed modifications;

b the requirements for a defined benefits scheme under sections 21 to 23A , subject to any prescribed modifications.

2 Which paragraph of subsection (1) is appropriate for any hybrid scheme is to be determined by rules made by the Secretary of State.

3 The rules may provide for different paragraphs to be appropriate for different provisions of a scheme.

4 The rules may provide for the paragraphs to be appropriate as alternatives, for any scheme or any provisions of a scheme.