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Pension Schemes (Northern Ireland) Act 1993

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Changes over time for: Section 24

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Version Superseded: 06/04/2006

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Point in time view as at 05/12/2005. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pension Schemes (Northern Ireland) Act 1993, Section 24 is up to date with all changes known to be in force on or before 13 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

24 Ways of giving effect to protected rights.N.I.

(1)The rules of the scheme must provide for effect to be given to the protected rights of a member—

(a)in any case where subsection (3) so requires, by the purchase of such an annuity as is mentioned in that subsection, and

F1(aa). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)in any other case, in such of the ways [F2provided for] by the following subsections as the rules may specify,

and they must not provide for any part of a member’s protected rights to be discharged otherwise than in accordance with those subsections.

[F3(1A)Where the scheme is a personal pension scheme which provides for the member to elect to receive payments in accordance with this subsection, and the member so elects, effect shall be given to his protected rights during the interim period by the making of payments under an interim arrangement which—

(a)complies with section 24A, and

(b)satisfies such conditions as may be prescribed;

and in such a case subsections (2) to (4) accordingly apply as regards giving effect to his protected rights as from the end of that period.]

(2)Effect may be given to protected rights—

(a)by the provision by the scheme of a pension which—

(i)complies with the pension requirements (within the meaning of section 25(1)), and

(ii)satisfies such conditions as may be prescribed; or

(b)in such circumstances and subject to such conditions as may be prescribed, by the making of a transfer payment—

(i)in the case of an occupational pension scheme, to another occupational pension scheme [F4, to a personal pension scheme or to an overseas arrangement], and

(ii)in the case of a personal pension scheme, to another personal pension scheme [F5, to an occupational pension scheme or to an overseas arrangement],

where the scheme to which the payment is made satisfies such requirements as may be prescribed.

(3)Subject to [F6subsection (5)], if—

(a)the rules of the scheme do not provide for a pension; or

(b)the member [F7or, where section 24A(2) applies, the member’s [F8widow, widower or surviving civil partner]] so elects,

then, except to the extent that effect is given to protected rights in accordance with subsection [F9(1A)] [F10[F11, (4) or (4A)]][F11or (4)] , effect shall be given to them by the purchase by the scheme of an annuity which—

(i)complies with the annuity requirements (within the meaning of section 25(3)), and

(ii)satisfies such conditions as may be prescribed.

(4)Effect may be given to protected rights by the provision of a lump sum [F12 , subject to such restrictions as may be prescribed, ] if—

(a)[F13the lump sum is payable on a date which is—

(i)in the case of an occupational pension scheme, a date not earlier than that on which the member attains the age of 60 nor later than that on which he attains the age of

[F1465 or such later date as has been agreed by him, or

(ii)

in the case of a personal pension scheme, where the member has elected to receive payments under an interim arrangement, the date by reference to which the member elects to terminate that arrangement, and otherwise such date as has been agreed by him and is not earlier than his 60th birthday nor later than his 75th birthday.]]

(b)the annual rate of a pension under subsection (2) or an annuity under subsection (3) giving effect to the protected rights and commencing on the date on which the lump sum is payable would not exceed the prescribed amount;

(c)the circumstances are such as may be prescribed; and

[F15(d)the amount of the lump sum is equal to the value on that date of the protected rights to which effect is being given.][F16; and

(e)such other conditions as may be prescribed are satisfied.]

[F17(4A)[F18Subject to subsection (4B), in the case of an occupational pension scheme, effect may be given to protected rights by the provision of a lump sum if—

(a)the trustees or managers of the scheme are satisfied that the member is terminally ill and likely to die within the period of twelve months beginning with the date on which the lump sum becomes payable; and

(b)the amount of the lump sum is equal to the value on that date of the protected rights to which effect is being given.]

(4B)[F19The value of the protected rights to which effect may be given under subsection (4A) in a case in which the member is [F20married or a civil partner] on the date on which the lump sum becomes payable shall not exceed one half of the value on that date of all the member’s protected rights.]]

(5)If the member has died without effect being given to protected rights under subsection [F21(1A),] (2), (3) [F22[F23, (4) or (4A)]][F23 or (4) ], effect may be given to them in such manner as may be prescribed.

(6)No transaction is to be taken to give effect to protected rights unless it falls within this section.

F24(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F25(8)In this section and sections 24A, 24B and 25—

  • “the interim period” means the period beginning with (and including) the starting date in relation to the member in question and ending with the termination date;

  • “the starting date, means the date [F26, which must not be earlier than the member’s 60th birthday,]by reference to which the member elects to begin to receive payments under the interim arrangement;”

  • “the termination date” means the date by reference to which the member (or, where section 24A(2) applies, the member’s [F27widow, widower or surviving civil partner]) elects to terminate the interim arrangement, and that date must be not later than—

    (a)

    the member’s 75th birthday, or

    (b)

    where section 24A(2) applies, the earlier of the member’s [F28widow's, widower’s or surviving civil partner's] 75th birthday and the 75th anniversary of the member’s birth.]

[F29(9)This section is subject to section 28A.]

Textual Amendments

F1S. 24(1)(aa) omitted (1.12.1999 for certain purposes and otherwise 1.1.2002) by virtue of S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(2)(a) and repealed (1.1.2002) by S.I. 1999/3147 (N.I. 11), art. 76, Sch. 10 Pt. I (with transitional provisions in art. 75(1)(2)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F2Words in s. 24(1)(b) substituted (1.12.1999 for certain purposes and otherwise 1.1.2002) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(2)(b) (with transitional provisions in art. 75(1)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F3S. 24(1A) substituted (1.12.1999 for certain purposes and otherwise 1.1.2002) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(3) (with transitional provisions in art. 75(1)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F4Words in s. 24(2)(b)(i) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 2(2)(a) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F5Words in s. 24(2)(b)(ii) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 2(2)(b) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F6Words in s. 24(3) substituted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 27(a); S.R. 1997/192, art. 2(b)

F7Words in s. 24(3)(b) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(4)(a); S.R. 1996/91, art. 2(b), Sch. Pt. II

F9Words in s. 24(3) substituted (1.12.1999 for certain purposes and otherwise 1.1.2002) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(4) (with transitional provisions in art. 75(1)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F10Words in s. 24(3) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 3(4) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F11Words in s. 24(3) substituted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(5) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F12Words in s. 24(4) inserted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(a) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F13S. 24(4)(a) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(b), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F14Words in s. 24(4)(a) substituted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(5); S.R. 1996/91, art. 2(b), Sch. Pt. II

F15S. 24(4)(d) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 3(2) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F16S. 24(4)(e) and word added (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(c) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F17 S. 24(4A)(4B) inserted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 3(3) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F21Words in s. 24(5) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(6); S.R. 1996/91, art. 2(b), Sch. Pt. II

F22Words in s. 24(5) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 3(4) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F25S. 24(8) added (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(7); S.R. 1996/91, art. 2(b), Sch. Pt. II

F29S. 24(9) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 143(2); S.R. 1996/91, art. 2(b), Sch.

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