The Occupational Pension Schemes (Mixed Benefit Contracted-out Schemes) Regulations (Northern Ireland) 1997

Transfer of guaranteed minimum pensions, section 5(2B) rights and protected rights between parts of a relevant scheme

4.—(1) The following Regulations are to be modified in relation to the separate parts of a relevant scheme in accordance with paragraph (2)—

(a) the Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996(1);

(b) the Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996(2).

(2) In a case where a transfer payment in respect of an earner’s protected rights, accrued rights to a guaranteed minimum pension or accrued section 5(2B) rights is between the separate parts of the relevant scheme, there is to be added to any requirements which, by virtue of the Regulations specified in paragraph (1), must be satisfied before a transfer payment may be made, the following further requirements—

(a) that the cash equivalent of—

(i) those rights; or

(ii) where the transfer payment forms part of a larger payment giving effect to those and other rights, all the rights to which the payment is to give effect,

has been calculated in a manner consistent with section 93(3), as at a date which is not more than 3 months before the date on which the payment is made;

(b) the earner has been notified in writing of the amount of that cash equivalent; and

(c) in a case where the transfer payment is in respect of guaranteed minimum pensions or section 5(2B) rights, that amount has not been reduced since he was so notified.

(1)

S.R. 1996 No. 509

(2)

S.R. 1996 No. 618

(3)

Section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995