Quality requirement: UK hybrid schemesN.I.
24—(1) A hybrid scheme that has its main administration in the United Kingdom satisfies the quality requirement in relation to a jobholder if it satisfies the requirements mentioned in whichever of these is the appropriate paragraph—
(a)the requirements for a money purchase scheme under section 20, subject to any prescribed modifications;
(b)the requirements for a defined benefits scheme under sections 21 to [F123A ] , subject to any prescribed modifications.
(2) Which paragraph of subsection (1) is appropriate for any hybrid scheme is to be determined by rules made by the Department.
(3) The rules may provide for different paragraphs to be appropriate for different provisions of a scheme.
(4) The rules may provide for the paragraphs to be appropriate as alternatives, for any scheme or any provisions of a scheme.
Textual Amendments
F1Word in s. 24(1)(b) substituted (16.7.2015) by Pensions Act (Northern Ireland) 2015 (c. 5), ss. 38(3), 53(1); S.R. 2015/307, art. 2(1)(d)
Modifications etc. (not altering text)
C1Pt. 1 applied (with modifications) (1.7.2012) by The Automatic Enrolment (Offshore Employment) Order 2012 (S.I. 2012/1388), arts. 1(1), 2 (with art. 5)
C2S. 24 applied (with modifications) (1.7.2012) by The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 (S.R. 2010/122), regs. 1(1), 45(5)(6) (as amended (1.7.2012) by S.R. 2012/237, regs. 1(1)(b), 2(2))
Commencement Information
I1S. 24 partly in force; s. 24 in force for certain purposes at Royal Assent see s. 118(2)
I2S. 24 in operation at 30.6.2012 in so far as not already in operation by S.R. 2012/266, art. 2, Sch. Pt. 1