Reduction of Benefits

(1) An amendment to a pension plan by virtue of any amendment referred to in section 8(1) is void if the amendment purports to reduce– (a) the amount or the actuarial equivalent of a pension benefit accrued under the pension plan with respect to employment before the effective date of the amendment; (b) the amount or the actuarial equivalent of a pension or deferred pension accrued under the pension plan; or (c) the amount or the actuarial equivalent of an ancillary benefit for which a member or former member has met all eligibility requirements under the pension plan necessary to exercise the right to receive payment of the (2) The Supervisor may approve an amendment which would otherwise be void under sub-section (1), subject to any conditions specified by the Supervisor and prescribed by regulations, if the amendment is in the best interests of the members, former members and beneficiaries of the pension plan.