The Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996

Modifications of Part III of the 1993 Act on transfers from policies of insurance or annuity contracts

13.  Where a transfer to a salary related contracted-out scheme, or a transfer payment to an overseas scheme, in respect of an earner’s accrued rights to guaranteed minimum pensions has taken place from an appropriate policy in accordance with regulation 3 or 6 (or with regulation 2A of the 1985 Regulations(1)), the 1993 Act shall have effect subject to the following modifications—

(a) where the earner was in employment which was contracted-out by reference to the receiving scheme, the modification of section 10(1) specified in paragraph 2 of Schedule 2;

(b) where the earner was in employment which was not contracted-out by reference to the receiving scheme, the modifications of sections 4(2), 16(6) and 155 specified in paragraphs 5, 6 and 7 of Schedule 2;

(c) in the case of any transfer payment to an overseas scheme, the modification of section 42 specified in paragraph 4 of Schedule 2.

(1)

Regulation 2A was inserted by regulation 4 of S.R. 1987 No. 277 and amended by S.R. 1994 No. 300