Sch. 6 para. 17 in operation at 26.1.2024, see reg. 1

http://www.legislation.gov.uk/nisr/2024/15/schedule/6/paragraph/17The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024enPENSIONSStatute Law Database2024-07-22Expert Participation2024-06-20These 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 upTrustees’ duty to transfer171

If the trustees of a collective money purchase scheme that is pursuing continuity option 1 receive notice from a beneficiary in accordance with paragraph 14, they must arrange for the scheme’s liability to the beneficiary in respect of the beneficiary’s accrued rights to benefits under the scheme to be discharged as specified in the notice.

2

If the trustees do not receive notice from a beneficiary in accordance with paragraph 14, they must arrange for the scheme’s liability to the beneficiary in respect of the beneficiary’s accrued rights to benefits under the scheme to be discharged in accordance with the default discharge option.

3

When the trustees have arranged for the scheme’s liability to a beneficiary to be discharged in accordance with sub-paragraph (1) or (2) they must notify the beneficiary of—

a

the value of the beneficiary’s accrued rights to benefits under the scheme;

b

any reductions made in accordance with paragraph 5(3), and

c

who has or will become liable for the payment of benefits to the beneficiary when the scheme’s liability to the beneficiary in respect of the value of the beneficiary’s accrued rights to benefits under the scheme is discharged.

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Sch. 6 para. 17 in operation at 26.1.2024, see
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<p>If the trustees of a collective money purchase scheme that is pursuing continuity option 1 receive notice from a beneficiary in accordance with paragraph 14, they must arrange for the scheme’s liability to the beneficiary in respect of the beneficiary’s accrued rights to benefits under the scheme to be discharged as specified in the notice.</p>
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