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The Pensions (Northern Ireland) Order 2005
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- Northern Ireland Orders in Council
- 2005 No. 255 (N.I. 1)
- PART III
- CHAPTER 3
- Discharge of Board's liabilities
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The Pensions (Northern Ireland) Order 2005, Cross Heading: Discharge of Board's liabilities is up to date with all changes known to be in force on or before 12 November 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.
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Changes and effects yet to be applied to the whole Order associated Parts and Chapters:
Whole provisions yet to be inserted into this Order (including any effects on those provisions):
- Sch. 6 para. 21(2)(c)-(cc) substituted for (b)(c) by 2008 c. 13 (N.I.) Sch. 6 para. 11
- art. 2(4)(b)(viii)-(x) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 21(3)(b)
- art. 19(1A) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 24(3)
- art. 19(10A) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 24(5)
- art. 34(1)-(1B) substituted for art. 34(1) by 2016 c. 1 (N.I.) Sch. 2 para. 25
- art. 34(7)(da) inserted by 2021 c. 1 Sch. 8 para. 3(2)
- art. 39(1)-(1B) substituted for art. 39(1) by 2016 c. 1 (N.I.) Sch. 2 para. 26(2)
- art. 48(1)-(1B) substituted for art. 48(1) by 2016 c. 1 (N.I.) Sch. 2 para. 27
- art. 75(1)(a)(iib) inserted by 2021 c. 1 Sch. 8 para. 8(2)
- art. 110(1)-(1B) substituted for art. 110(1) by 2016 c. 1 (N.I.) Sch. 2 para. 29
- art. 191(5) added by 2008 c. 13 (N.I.) Sch. 9 para. 6
- art. 267(4)(f) and word inserted by 2021 c. 1 Sch. 6 para. 20(b)
Discharge of Board's liabilitiesN.I.
Discharge of liabilities in respect of compensationN.I.
153.—(1 )F1 This Article applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.
(2) The Board may provide for the discharge of any liability imposed by this Chapter to provide compensation—
(a)by the taking out of a policy of insurance or a number of such policies;
(b)by the entry into an annuity contract or a number of such contracts;
(c)by the transfer of the benefit of such a policy or policies or such a contract or contracts;
(d)in prescribed circumstances, by the payment of a cash sum calculated in the prescribed manner.
F1mod. by SR 2005/55
Commencement Information
I1Art. 153 partly in operation; art. 153 not in operation at date of making see art. 1(2); art. 153(1)(2)(a)-(c) in operation at 6.4.2006 by S.R. 2006/95, art. 2(c), Sch. Pt. 3
Discharge of liabilities in respect of money purchase benefitsN.I.
154.—(1 )F2 This paragraph applies where—
(a)the Board assumes responsibility for an eligible scheme in accordance with this Chapter, and
(b)one or more members are entitled, or have accrued rights, under the scheme rules to money purchase benefits.
(2) Regulations must make provision in respect of cases to which paragraph (1) applies requiring the Board to secure that liabilities in respect of such benefits transferred to the Board under Article 145 are discharged by it in the prescribed manner.
F3(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) In this Article—
“accrued rights”, under the scheme rules, include pension credit rights within the meaning of Article 121(1) of the 1995 Order;
F4...
F2mod. by SR 2005/55
F3Art. 154(3) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 6(a)
F4Words in art. 154(4) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 6(b)
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