Section 29 — Pensions Act 2008: Transitional periods for money purchase and personal pension schemes

Transitional periods for money purchase and personal pension schemes 29 1 During the first transitional period ...—

a sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “ 1% ” ;

b sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “ 2% ” .

2 The first transitional period is a prescribed period of at least one year, beginning with the coming into force of section 20.

3 During the second transitional period ...—

a sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “ 2% ” ;

b sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “ 5% ” .

4 The second transitional period is a prescribed period of at least one year, beginning with the end of the first transitional period.