SCHEDULES

SCHEDULE 5 N.I.PENSION CREDITS: MODE OF DISCHARGE

Modifications etc. (not altering text)

C1 Sch. 5 modified (1.8.2006) by Pension Protection Fund (Pension Sharing) Regulations (Northern Ireland) 2006 (S.R. 2006/282), reg. 2(2)(d)

Disqualification as destination for pension credit N.I.

7.—(1) If a pension credit derives from a pension arrangement which is [F1 a registered pension scheme under section 153 of the Finance Act 2004,] an arrangement is disqualified as a destination for the credit unless— N.I.

(a) it is also [F2 registered] for those purposes, or

(b) it satisfies such requirements as the Department may prescribe by regulations.

(2) F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) An occupational pension scheme is disqualified as a destination for a pension credit unless the rights to be acquired under the arrangement by the person entitled to the credit are rights whose value, when calculated in accordance with regulations made by the Department, equals the credit.

(4) An annuity contract or insurance policy is disqualified as a destination for a pension credit in such circumstances as the Department may prescribe by regulations.

(5) The requirements which may be prescribed under sub-paragraph (1)(b) include, in particular, requirements of the Inland Revenue.

(6) F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 Words in Sch. 5 para. 7(1) substituted (6.4.2006) by Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), art. 16(5)(a)

F2 Word in Sch. 5 para. 7(1)(a) substituted (6.4.2006) by Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), art. 16(5)(b)

F3 Sch. 5 para. 7(2) repealed (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 116, 118(1), Sch. 10 Pt. 2; S.R. 2009/22, art. 2(2)(d)

F4 Sch. 5 para. 7(6) repealed (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 116, 118(1), Sch. 10 Pt. 2; S.R. 2009/22, art. 2(2)(d)