The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022

Amendment of the Occupational Pension Schemes (Modification of Schemes) Regulations N.I.

12.—(1) The Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 2006(1) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 1(2) (interpretation) after the definition of “the 2015 Act”(2) insert—

““actuarial valuation”, in relation to a collective money purchase scheme, has the meaning given by section 71(2) of the Pension Schemes Act 2021;

“collective money purchase scheme” means a scheme or a section of a scheme that is a collective money purchase scheme for the purposes of Part 2 of the Pension Schemes Act 2021 (collective money purchase benefits: Northern Ireland);

“multi-annual reduction” has the meaning given by regulation 2 of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022;”;

(3) In regulation 3(3) (non-application of the subsisting rights provisions)—

(a) in paragraph (i)(ii) for “spouse, or” substitute “ spouse;”;

(b) in paragraph (j)(ii) for “spouse.” substitute “ spouse;”;

(c) after paragraph (j)(ii) add—

“(k) which is or results in an adjustment of the rate or amount of benefits provided under a collective money purchase scheme, provided that such adjustment is made in accordance with—

(i) the most recent actuarial valuation or (as the case may be) any multi-annual reduction in effect, and

(ii) the scheme rules, or

(l) which is made in respect of a collective money purchase scheme that is pursuing continuity option 1 in accordance with—

(i) Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022 (continuity option 1: transfer out and winding up), or

(ii) scheme rules made in accordance with the requirements of that Schedule.”.

Commencement Information

I1 Reg. 12 in operation at 1.8.2022, see reg. 1(1)

(1)

S.R. 2006 No. 149; relevant amending provisions are S.R. 2012 No. 124, S.R. 2013 No. 72, S.R. 2015 No. 155 and S.I. 2019/1514

(2)

The definition of “the 2015 Act” was inserted by regulation 5(2) of S.R. 2015 No. 155

(3)

Regulation 3 was amended by Article 23(3) of S.R. 2012 No. 124, regulation 9 of S.R. 2013 No. 72, regulation 5(3) of S.R. 2015 No. 155 and regulation 106(2) of S.I. 2019/1514