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Pension Schemes (Northern Ireland) Act 1993

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Changes over time for: Section 155

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Version Superseded: 06/04/1997

Status:

Point in time view as at 07/02/1994. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pension Schemes (Northern Ireland) Act 1993, Section 155 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. Help about Changes to Legislation

155 Inalienability of guaranteed minimum pension and protected rights payments.N.I.

(1)Where—

(a)a person is entitled or prospectively entitled to a guaranteed minimum pension under an occupational pension scheme or to payments giving effect to protected rights under such a scheme; and

(b)his entitlement is in respect of his or another person’s service in employment which was contracted-out by reference to that scheme;

then—

(i)every assignment of or charge on that pension or those payments, and

(ii)every agreement to assign or charge that pension or those payments,

shall be void.

(2)In subsection (1), the references to assignments of and agreements to assign a guaranteed minimum pension do not include references to any assignment of or agreement to assign a policy of insurance or annuity contract in accordance with conditions prescribed by regulations under section 15(4)(b).

(3)Subsection (1) has effect whether or not the assignment, charge or agreement was made at a time when the employment was contracted-out employment or the scheme was a contracted-out scheme in relation to the employment.

(4)Every assignment of or charge on and every agreement to assign or charge protected rights under a personal pension scheme or payments giving effect to such protected rights shall be void.

(5)On the bankruptcy of a person who—

(a)is entitled or prospectively entitled as is mentioned in subsection (1), or

(b)is entitled to such rights or to such a payment as is mentioned in subsection (4),

nothing shall pass to any trustee or other person acting on behalf of his creditors the assignment of which is or would be made void by either of those subsections.

Modifications etc. (not altering text)

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