http://www.legislation.gov.uk/nisr/2024/15/schedule/6/paragraph/14/madeThe Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024enGovernment Printer for Northern Ireland2024-06-13PENSIONSThese Regulations revoke and re-enact the Occupational Pension Schemes (Collective Money Purchase Schemes) (No. 2) Regulations (Northern Ireland) 2023 (“the Collective Money Purchase Schemes Regulations”) which would otherwise cease to have effect by virtue of section 112(3)(b) of the Pensions (No. 2) Act (Northern Ireland) 2008, section 51(3)(b) of the Pensions Act (Northern Ireland) 2015 and section 102(5)(b) of the Pension Schemes Act 2021 (“the 2021 Act”). Like the Collective Money Purchase Schemes Regulations, the Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 2 of the 2021 Act. They also make provision for amendments to subordinate legislation in relation to schemes providing collective money purchase benefits.SCHEDULE 6Continuity option 1: transfer out and winding upBeneficiaries’ response to trustees141

A beneficiary who has received notice from the trustees under paragraph 13 may give notice to the trustees requiring them to discharge the scheme’s liability to the beneficiary in respect of the value of the beneficiary’s accrued rights to benefits under the scheme—

a

in the way set out in the default discharge option, or

b

in an alternative way specified by the beneficiary.

2

The alternative ways which may be specified by the beneficiary are—

a

transferring the value of the beneficiaries’ accrued rights to benefits under the scheme to an authorised collective money purchase scheme or an authorised Master Trust scheme;

b

transferring the value of those rights to a personal pension scheme or an occupational pension scheme which is registered under Chapter 2 of Part 4 of the Finance Act 2004 (registration of pension schemes);

c

transferring the value of those rights to a member’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the beneficiary to income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004 (pension schemes etc);

d

securing the payment of benefits by the purchase of one or more policies from one or more insurers authorised by the Financial Conduct Authority for carrying on long-term insurance business in the United Kingdom.

3

Where the alternative way specified by the beneficiary is that the value of the beneficiary’s accrued rights to benefits should be transferred to an alternative pension scheme, the scheme must be one which is able and willing to accept the transfer.

4

A notice under this paragraph—

a

must be sent before the end of the period of 3 months beginning with the day when the beneficiary received notice from the trustees under paragraph 13, and

b

must contain sufficient information about the alternative way specified by the beneficiary, including bank account details, to enable the trustees to comply with paragraph 15.

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<p>A beneficiary who has received notice from the trustees under paragraph 13 may give notice to the trustees requiring them to discharge the scheme’s liability to the beneficiary in respect of the value of the beneficiary’s accrued rights to benefits under the scheme—</p>
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