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SCHEDULES

SCHEDULE 4ABOLITION OF CONTRACTING-OUT FOR DEFINED CONTRIBUTION PENSION SCHEMES

PART 1AMENDMENTS HAVING EFFECT AS FROM ABOLITION DATE

The Welfare Reform and Pensions (Northern Ireland) Order 1999 (NI 11)

37.  In Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (meaning of “stakeholder pension scheme”)—

(a)in paragraph (1) in sub-paragraph (a) for “to (10)” substitute “to (9)”;

(b)omit paragraph (10) (stakeholder pension scheme must be contracted-out).

38.  In Article 4 of that Order (registration of stakeholder pension schemes) in paragraph (2) (when Authority to register schemes) in sub-paragraph (b)(i), for “to (10)” substitute “to (9)”.

39.  In Schedule 5 to that Order (pension credits: mode of discharge) in paragraph 7(6) (disqualification as destination for pension credit) in the definition of “contracted-out rights”—

(a)in paragraph (a) omit “or (3)”;

(b)after paragraph (a) insert—

(ab)an occupational pension scheme constituting a money purchase contracted-out scheme for the purposes of that Act, or;

(c)in paragraph (b) for “which is” substitute “constituting”.