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The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998
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- Northern Ireland Statutory Rules
- 1998 No. 208
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations.)
These Regulations, which are made in consequence of the Pensions (Northern Ireland) Order 1995 (“the Order”), relate to the restoration of member’s State scheme rights in cases where an occupational pension scheme winds up insolvent.
Regulation 1 provides for citation, commencement and interpretation.
Regulations 2 to 4 provide for the determination by the Department of Health and Social Services of the amount required for restoring a member’s State scheme rights. Regulation 2 provides for this to be the amount of a contributions equivalent premium, where such a premium is payable. Regulations 3 and 4 provide the method of calculation in other cases. This requires the application of actuarial tables to weekly amounts representing the State benefits which the member would have foregone by reason of being contracted-out and adjustment of the amount obtained to reflect prevailing market conditions.
Regulation 5 amends the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 by providing for persons with a right to a widow’s or widower’s pension under an occupational pension scheme to be regarded as members for the purposes of the provisions relating to restoration of State scheme rights.
Schedule 1 sets out the actuarial factors to be applied for the purposes of regulation 3.
Schedule 2 sets out a table for deriving an index number for the purposes of the market value adjustment in regulation 4.
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