- Latest available (Revised)
- Original (As made)
The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024
You are here:
- Northern Ireland Statutory Rules
- 2024 No. 136
- Regulation 5
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Status:
This version of this provision is prospective.
Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Changes to legislation:
The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024, Section 5 is up to date with all changes known to be in force on or before 09 July 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Regulation 5:
- reg. 5 coming into force by S.R. 2024/136 reg. 1(2)
- reg. 5 coming into force by S.R. 2024/136 reg. 1(2)
Prospective
Amendment of Schedule 6N.I.
This section has no associated Explanatory Memorandum
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
I1Reg. 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
Options/Help
Print Options
PrintThe Whole Rule
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.