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Child Support, Pensions and Social Security Act (Northern Ireland) 2000

Changes over time for: Section 47

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Child Support, Pensions and Social Security Act (Northern Ireland) 2000, Section 47 is up to date with all changes known to be in force on or before 19 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

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Restriction on index-linking where annuity tied to investmentsN.I.

47.—(1) In Article 51(2) of the Pensions Order (annual increase in rate of pension), for Subject to Article 52 there shall be substituted “Subject to Articles 51A and 52”.

(2) After Article 51 of that Order there shall be inserted—

“Restriction on increase where annuity tied to investments

51A.—(1) No increase under Article 51 is required to be made, at any time on or after the relevant date, of so much of any pension under a money purchase scheme as—

(a)is payable by way of an annuity the amount of which for any year after the first year of payment is determined (whether under the terms of the scheme or under the terms of the annuity contract in pursuance of which it is payable) by reference to fluctuations in the value of, or the return from, particular investments,

(b)does not represent benefits payable in respect of the protected rights of any member of the scheme, and

(c)satisfies such other conditions (if any) as may be prescribed.

(2) For the purposes of this Article it shall be immaterial whether the annuity in question is payable out of the funds of the scheme in question or under an annuity contract entered into for the purposes of the scheme.

(3) In this Article the relevant date means the date appointed for the coming into operation of section 47 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000.”.

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