Words in s. 15(4)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 129(2)(a)
Word in s. 15(4)(a)(i) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 129(2)(b)
Words in s. 15(4)(a)(i) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (Northern Ireland) (EU Exit) Regulations 2019 (S.I. 2019/193), regs. 1, 2(3); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 15(5)(a)(i)(ii) substituted (5.12.2005) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), art. 1(3), Sch. 1 para. 6
S. 15(7) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 129(3)
S. 15 modified (1.4.2009) by Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.R. 2009/33), regs. 1, 74(1)
A transaction to which this section applies discharges the trustees or managers of an occupational pension scheme from their liability to provide for or in respect of any person guaranteed minimum pensions—
if it is carried out not earlier than the time when that person’s pensionable service terminates; and
if and to the extent that it results in guaranteed minimum pensions for or in respect of that person being appropriately secured; and
if and to the extent that the requirements set out in paragraph (a), (b) or (c) of subsection (5) are satisfied.
This section applies to the following transactions—
the taking out of a policy of insurance or a number of such policies;
the entry into an annuity contract or a number of such contracts;
the transfer of the benefit of such a policy or policies or such a contract or contracts.
In this section “
A policy of insurance or annuity contract is appropriate for the purposes of this section if—
the
is, or was at the relevant time, carrying on
satisfies, or at the relevant time satisfied, prescribed requirements; and
it may not be assigned or surrendered except on conditions which satisfy such requirements as may be prescribed; and
it contains or is endorsed with terms whose effect is that the amount secured by it may not be commuted except on conditions which satisfy such requirements as may be prescribed; and
it satisfies such other requirements as may be prescribed.
The requirements referred to in subsection (1) are—
that the arrangement for securing the amount by means of the policy or contract was made—
at the written request of the earner or, if the earner has died, of the earner’s
with the consent of the earner or the
that—
the case is one such as is mentioned in section 92(2); and
the policy or contract only secures guaranteed minimum pensions;
that—
the case is not one such as is mentioned in section 92(2); and
such conditions as may be prescribed are satisfied.
In subsection (4)(a), “
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .