The Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997

Options under section 6(2) and (3) for schemes to designate which rights are protected rights

3.  For the purposes of section 6(2) and (3) (scheme rules may provide that a member’s protected rights are rights specified in section 6(2) and (3) and such other rights as may be prescribed), the prescribed rights are rights to money purchase benefits which derive from—

(a) guaranteed minimum pensions under an occupational pension scheme, or guaranteed minimum pensions appropriately secured by virtue of section 15, which have been the subject of a transfer payment to the trustees or managers of the scheme;

(b) section 5(2B) rights under an occupational pension scheme, or section 5(2B) rights secured in the circumstances and subject to the conditions prescribed in regulations made under section 8C(1)(b)(1), which have been the subject of a transfer payment to the trustees or managers of the scheme;

(c) in the case of a personal pension scheme, a payment made to the trustees or managers of the scheme in accordance with Article 9 of the Social Security (Northern Ireland) Order 1986(2) and regulation 3(10) of the Personal and Occupational Pension Schemes (Incentive Payments) Regulations (Northern Ireland) 1987(3);

(d) in the case of a personal pension scheme, a payment under section 38A(3)(4) made to the trustees or managers of the scheme in accordance with regulation 37(6) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(5);

(e) in the case of an occupational pension scheme, a payment of minimum contributions made to the trustees or managers of the scheme in accordance with regulation 14(3) of the Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1988(6); and

(f) in the case of a personal pension scheme, a payment attributable to tax relief on the employee’s share of minimum contributions, being the difference between that share and the grossed-up equivalent of that share; the expressions “employee’s share” and “grossed-up equivalent” having the meanings given to them by section 649(2) of the Income and Corporation Taxes Act 1988(7).

(1)

Section 8C was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995

(2)

S.I. 1986/1888 (N.I. 18); Article 9 was repealed by Part I of Schedule 4 to the Pension Schemes (Northern Ireland) Act 1993. See also paragraph 21 of Schedule 5 to that Act

(3)

S.R. 1987 No. 293; to which there are amendments not relevant to these regulations

(4)

Section 38A was inserted by Article 134(4) of the Pensions (Northern Ireland) Order 1995

(5)

S.R. 1996 No. 493

(6)

S.R. 1988 No. 34; regulation 14 was substituted by regulation 3(3) of S.R. 1996 No. 508

(7)

1988 c. 1; section 649 was amended by paragraph 20(3) to (5) of Schedule 8 to the Pension Schemes Act 1993 (c. 48) and paragraph 22(3) of Schedule 7 to the Pension Schemes (Northern Ireland) Act 1993 and is amended by paragraph 12(1) of Schedule 5 to the Pensions Act 1995 (c. 26) and paragraph 8 of Schedule 3 to the Pensions (Northern Ireland) Order 1995. See paragraph 73 of Schedule 3 to that Order which extends the amendment by paragraph 12(1) of Schedule 5 to the Pensions Act 1995 to Northern Ireland