The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1997

Amendment of the Occupational Pension Schemes (Transfer Values) Regulations

11.—(1) The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with sub-paragraphs (2) to (5).

(2) In regulation 1(2) for the definition of “salary related scheme” there shall be substituted the following definition—

• ““salary related scheme” has the meaning given in regulation 1A;”.

(3) After regulation 1 there shall be inserted the following regulation—

“Salary related schemes

1A. For the purposes of Chapter IV of Part IV of the Act and these Regulations an occupational pension scheme is salary related if it is not a money purchase scheme and it is not a scheme—

(a) the only benefits provided by which (other than money purchase benefits) are death benefits; and

(b) under the provisions of which no member has accrued rights (other than rights to money purchase benefits).”.

(4) In regulation 7(3)(b)—

(a) the words “as being” shall be omitted;

(b) in heads (i), (ii) and (iii) before “consistent” there shall be inserted “as being”;

(c) in head (iv)—

(i) after “applies,” there shall be inserted “as providing as a minimum an amount”; and

(ii) for the words from “subject only” to the end there shall be substituted “subject, in any case where the cash equivalent calculation is made on an individual and not a collective basis, to any adjustments which are appropriate to take account of that fact.”.

(5) In regulation 12(2)(a) for “and 4 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1985” there shall be substituted “, 4 and 5 or, in the case of a pension or accrued benefit under a relevant scheme, regulation 11 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997(2)”.

(1)

S.R. 1996 No. 619

(2)

S.R. 1997 No. 159