The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1999

Amendment of the Occupational Pension Schemes (Discharge of Liability) Regulations

14.—(1) The Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with paragraphs (2) and (3).

(2) In regulation 4(1)(b) (conditions on which policies of insurance and annuity contracts may be commuted) for the words from “, and the earner—” to the end there shall be substituted—

“, and the earner—

(i) has attained the age of 50, or

(ii) is suffering from an incapacity or serious ill-health prior to normal pension age,

and the commutation would not prevent approval of the scheme under section 591 of the Income and Corporation Taxes Act 1988(2) (discretionary approval), or continuing approval of the scheme under section 590 (conditions for approval of retirement benefit schemes) or 591 of that Act.”.

(3) For paragraph (5) of regulation 11 there shall be substituted the following paragraph—

“(5) For the purposes of paragraph 3(d)—

“incapacity” means physical or mental deterioration which is sufficiently serious to prevent a person from following his normal employment or which seriously impairs his earning capacity;

“serious ill-health” has the same meaning as in regulation 4(4).”.

(1)

S.R. 1997 No. 159

(2)

1988 c. 1