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SCHEDULES

SCHEDULE 6N.I.Collective money purchase benefits: minor and consequential amendments for Northern Ireland

Pension Schemes (Northern Ireland) Act 1993 (c. 49)N.I.

1N.I.The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.

Commencement Information

I1Sch. 6 para. 1 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2Sch. 6 para. 1 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)

2(1)Section 80 (basis of revaluation of accrued benefits) is amended as follows.N.I.

(2)In subsection (3), after “money purchase benefit” insert “ other than a collective money purchase benefit ”.

(3)After subsection (3A) insert—

(3AA)If any such benefit as is mentioned in section 79(1)(a) is a collective money purchase benefit, the benefit shall be revalued using the cash balance method.

Commencement Information

I3Sch. 6 para. 2 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I4Sch. 6 para. 2 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)

3N.I.In section 97AI (right to cash transfer sum and contribution refund: further provisions), in subsection (7)—

(a)in paragraph (a), at the end insert—

(xii)regulations made under section 69(4) of or paragraph 1(6) of Schedule 5 to the Pension Schemes Act 2021;

(xiii)sections 85, 90, 92, 93 and 96 of the Pension Schemes Act 2021;;

(b)in paragraph (b), at the end insert—

(x)sections 69(7)(b), 85(5), 90(6), 92(6), 93(2) and 96(5) of and paragraph 1(7) of Schedule 5 to the Pension Schemes Act 2021.

Commencement Information

I5Sch. 6 para. 3 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I6Sch. 6 para. 3 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)

4N.I.In section 181 (Assembly, etc. control of regulations and orders), in subsection (2) (regulations and orders subject to confirmatory procedure), after “20B(5)” insert “ , 95(2)(c), 95A(2)(b) ”.

Commencement Information

I7Sch. 6 para. 4 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I8Sch. 6 para. 4 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)

5N.I.In Schedule 2 (methods of revaluing accrued pension benefits), in paragraph 3A (the cash balance method), for “cash balance benefit” substitute “ benefit ”.

Commencement Information

I9Sch. 6 para. 5 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I10Sch. 6 para. 5 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)