238. The subsisting rights provisions.

The subsisting rights provisions1 apply to any power conferred on any person by an occupational pension scheme2 to modify the scheme, other than a power conferred by: (1) a public service pension scheme3; or (2) a prescribed4 scheme or a scheme of a prescribed description5. Any exercise of such a power to make a regulated modification6 is voidable7 unless the following are satisfied in respect of the modification:

  1.  

    (a)     in the case of each affected member