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Status:
Point in time view as at 16/12/1995. This version of this provision is not valid for this point in time.
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Changes to legislation:
Pension Schemes (Northern Ireland) Act 1993, Section 11A is up to date with all changes known to be in force on or before 24 November 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.
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Valid from 01/12/1999
[11A Reduction of guaranteed minimum in consequence of pension debit.N.I.
(1)Where—
(a)an earner has a guaranteed minimum in relation to the pension provided by a scheme, and
(b)his right to the pension becomes subject to a pension debit,
his guaranteed minimum in relation to the scheme is, subject to subsection (2), reduced by the appropriate percentage.
(2)Where the earner is in pensionable service under the scheme on the day on which the order or provision on which the pension debit depends takes effect, his guaranteed minimum in relation to the scheme is reduced by an amount equal to the appropriate percentage of the corresponding qualifying benefit.
(3)For the purposes of subsection (2), the corresponding qualifying benefit is the guaranteed minimum taken for the purpose of calculating the cash equivalent by reference to which the amount of the pension debit is determined.
(4)For the purposes of this section, the appropriate percentage is—
(a)if the order or provision on which the pension debit depends specifies the percentage value to be transferred, that percentage;
(b)if the order or provision on which the pension debit depends specifies an amount to be transferred, the percentage which the appropriate amount for the purposes of paragraph (1) of Article 26 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (lesser of specified amount and cash equivalent of transferor’s benefits) represents of the amount mentioned in paragraph (3)(b) of that Article (cash equivalent of transferor’s benefits).]
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