The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024

Prospective

Amendment of Schedule 6 N.I.

5.—(1) Schedule 6 (continuity option 1: transfer out and winding up) is amended in accordance with paragraphs (2) to (4).

(2) In paragraph 1(1) (definitions)—

(a) after the definition of “default discharge option” insert—

““dependant” has the meaning given in paragraph 15 of Schedule 28 to the Finance Act 2004(1);

“dependants’ income withdrawal” has the meaning given in paragraph 21(2) of Schedule 28 to the Finance Act 2004;

“dependant’s flexi-access drawdown fund” has the meaning given in paragraph 22A(3) of Schedule 28 to the Finance Act 2004;”;

(b) after the definition of “member’s flexi-access drawdown fund” insert—

““nominee” has the meaning given in paragraph 27A(4) of Schedule 28 to the Finance Act 2004;

“nominees’ income withdrawal” has the meaning given in paragraph 27D of Schedule 28 to the Finance Act 2004;

“nominee’s flexi-access drawdown fund” has the meaning given in paragraph 27E(5) of Schedule 28 to the Finance Act 2004;”;

(c) after the definition of “quantification” insert—

““successor” has the meaning given in paragraph 27F of Schedule 28 to the Finance Act 2004;

“successors’ income withdrawal” has the meaning given in paragraph 27J of Schedule 28 to the Finance Act 2004;

“successor’s flexi-access drawdown fund” has the meaning given in paragraph 27K(6) of Schedule 28 to the Finance Act 2004;”.

(3) In paragraph 2(1) (alternative ways of discharging the scheme’s liability)—

(a) in head (b) for “etc.).” substitute “etc);”;

(b) after head (b) add—

“(c) transferring the value of those rights to a dependant’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the dependant to dependants’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;

(d) transferring the value of those rights to a nominee’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the nominee to nominees’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;

(e) transferring the value of those rights to a successor’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the successor to successors’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004.”.

(4) In paragraph 14(2) (beneficiaries’ response to trustees)—

(a) in head (c) for “etc).” substitute “etc);”;

(b) after head (c) insert—

“(ca) transferring the value of those rights to a dependant’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the dependant to dependants’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;

(cb) transferring the value of those rights to a nominee’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the nominee to nominees’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;

(cc) transferring the value of those rights to a successor’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the successor to successors’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;”.

Commencement Information

I1 Reg. 5 in operation at 1.10.2024, see reg. 1(2)

(1)

2004 c. 12; paragraph 15 was amended by paragraph 26 of Schedule 10 to the Finance Act 2005 (c. 7), paragraph 6(2) of Schedule 5 to the Finance Act 2016 (c. 24) and regulation 180 of S.I. 2005/3229

(2)

Paragraph 21 was substituted by paragraph 15 of Schedule 16 to the Finance Act 2011 (c. 11) and amended by paragraph 20 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30)

(3)

Paragraph 22A was inserted by paragraph 4(1) of Schedule 1 to the Taxation of Pensions Act 2014

(4)

Paragraphs 27A to 27K were inserted by paragraph 3(1) of Schedule 2 to the Taxation of Pensions Act 2014

(5)

Paragraph 27E was amended by paragraph 13(4) and (5) of Schedule 4 to the Finance Act 2015 (c. 11)

(6)

Paragraph 27K was amended by paragraph 13(6) of Schedule 4 to the Finance Act 2015