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Changes over time for: Section 8


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
This version of this provision is prospective.

Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Pension Sharing (Safeguarded Rights) Regulations (Northern Ireland) 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Regulation 8:
Changes and effects yet to be applied to the whole Rule associated Parts and Chapters:
Whole provisions yet to be inserted into this Rule (including any effects on those provisions):
Prospective
Insurance companies that may provide safeguarded rights by way of annuitiesN.I.
8.—(1) A money purchase contracted-out scheme or an appropriate scheme may only discharge its liability in respect of safeguarded rights in accordance with regulation 6(4) if the annuity is provided by an insurance company which satisfies the conditions set out in paragraphs (2) to (4).
(2) The insurance company must be—
(a)authorised under section 3 or 4 of the Insurance Companies Act 1982() (authorisation of insurance business) to carry on long term business (within the meaning of section 1 of that Act() (classification));
(b)in the case of a friendly society, authorised under section 32 of the Friendly Societies Act 1992() (grant of authorisation by Commission: general) to carry out long term business under any of the Classes specified in Head A of Schedule 2 to that Act (the activities of a friendly society: long term business), or
(c)an EC company as defined in section 2(6) of the Insurance Companies Act 1982() (restriction on carrying on insurance business), which—
(i)carries on ordinary long-term insurance business (within the meaning of section 96(1) of that Act()) in the United Kingdom through a branch in respect of which such of the requirements of Part I of Schedule 2F to that Act() (recognition in the United Kingdom of EC and EFTA companies: EC companies carrying on business etc. in the United Kingdom) as are applicable have been complied with, or
(ii)provides ordinary long-term insurance in the United Kingdom and such of the requirements of Part I of Schedule 2F to that Act as are applicable have been complied with in respect of insurance.
(3) The insurance company must offer annuities, with a view to purchase of those annuities by money purchase contracted-out schemes or appropriate schemes in order to give effect to the safeguarded rights of their members, without having regard to the sex of the members either in making the offers or in determining the rates at which the annuities are paid.
(4) Where the annuities are issued by a friendly society as described in paragraph (2)(b), the insurance company must provide that the terms of the annuities are not capable of being amended, revoked or rescinded.
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