Amendment of the Pension Schemes (Northern Ireland) Act 1993
This section has no associated Explanatory Memorandum
8.—(1) The Pension Schemes (Northern Ireland) Act 1993() is amended as follows.
(2) In section 5(5A) (requirements for certification of schemes: general)() for paragraphs (a) and (b) substitute “is a registered pension scheme under section 153 of the Finance Act 2004”.
(3) In section 24(8) (ways of giving effect to protected rights)() in the definition of “the termination date” omit the words after “arrangement,”.
(4) In section 24A (requirements for interim arrangements)()—
(a)in subsection (1) at the end insert “but the member, widow, widower or surviving civil partner may forbear to receive such payments”;
(b)in subsection (2) omit the words after “partner”;
(c)in subsection (3) for the words after “months” substitute
(d)after subsection (3) insert—
“(3A) The proportion of the aggregate payment which gives effect to a person’s protected rights must not be greater than the proportion of the value of the rights to money purchase benefits under the scheme that is attributable to the protected rights.”; and
(e)omit subsections (4) and (5).
(5) In section 29 (tax requirements to prevail over certification requirements) for “a scheme must comply if it is to qualify for tax-exemption or tax-approval” substitute “a registered pension scheme must comply under Part 4 of the Finance Act 2004”.
(6) In section 159 (exemption of certain schemes from rule against perpetuities)—
(a)for subsection (4)(b) substitute—
“(b)to be a registered pension scheme under section 153 of the Finance Act 2004 or to be a scheme that may be expected to satisfy the conditions for registration.”; and
(b)omit subsection (5).
(7) In section 176(1) (general interpretation) omit the definitions of “tax-exemption” and “tax-approval”.