- Latest available (Revised)
- Point in Time (29/09/2018)
- Original (As enacted)
Version Superseded: 24/06/2022
Point in time view as at 29/09/2018. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note 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.
Pensions Act (Northern Ireland) 2015, Section 33 is up to date with all changes known to be in force on or before 04 September 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 and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
33—(1) The Department may by regulations make provision prohibiting a person from offering an incentive to another person with the intention of inducing a member of a salary related occupational pension scheme to—
(a)exercise a right to require a pensions transfer, or
(b)agree to a pensions transfer.
(2) “Pensions transfer” means a transfer of sums or assets representing any of the member's pension rights to be used for one or more of the following—
(a)acquiring rights (whether to present or future benefit) for the member under the rules of another occupational pension scheme or a personal pension scheme;
(b)purchasing one or more annuities for the member;
(c)subscribing to other pension arrangements for the member.
(3) “Pension right” means, at any time—
(a)any right which at that time has accrued to or in respect of the member to future benefits under the scheme rules, or
(b)any entitlement to the present payment of a pension or other benefit which the member has at that time, under the scheme rules;
and for this purpose “right” includes a pension credit right.
(4) Regulations under this section may in particular—
(a)provide for the prohibition to apply whether the incentive offered is to be provided by the person making the offer or another person;
(b)create exceptions to the prohibition;
(c)provide for Article 10 of the 1995 Order (civil penalties) to apply to a person who contravenes the regulations.
(5) Regulations made by virtue of subsection (4)(c) may in particular provide that for the purposes of Article 10 of the 1995 Order the offer of an incentive is to be regarded as a separate act in relation to each member of a scheme to whom the incentive relates.
(6) Nothing in any regulations made under this section affects the validity of a pensions transfer (or of the exercise of a right to require a transfer or of an agreement to a transfer).
(7) In this section—
“incentive” means a financial or other advantage;
“member” has the meaning given by Article 121(1) of the 1995 Order;
“occupational pension scheme” and “personal pension scheme” have the meanings given by section 1 of the Pension Schemes Act;
“pension credit right” has the meaning given by Article 121(1) of the 1995 Order;
“
” has the meaning given by section 96D of the Pension Schemes Act;“scheme rules” has the meaning given by Article 67A(8) of the 1995 Order.
(8) This section binds the Crown.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
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.
Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: