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

Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations

3.—(1) The Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 1991(1) shall be amended in accordance with sub-paragraphs (2) and (3).

(2) In regulations 6(2)(b) and 9(4)(a) for “regulation 2 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1985” there shall be substituted “regulation 3 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997(2)”.

(3) In regulation 12(3)(3)—

(a) in sub-paragraph (a) after “favourable” there shall be inserted “and, if that scheme were wound up immediately after the transfer, would not be likely to be materially less secure than they would be if the transferring scheme were wound up immediately before the transfer”; and

(b) after sub-paragraph (a) there shall be inserted the following sub-paragraph—

“(aa) no beneficiary or contingent beneficiary under the transferring scheme will receive materially inferior benefits in the receiving scheme; and”.

(1)

S.R. 1991 No. 37; relevant amending regulations are S.R. 1993 No. 324

(2)

S.R. 1997 No. 159

(3)

Regulation 12(3) was substituted by regulation 2(a) of S.R. 1993 No. 324