The Occupational and Personal Pension Schemes (Bankruptcy) Regulations (Northern Ireland) 2002

Unapproved pension arrangements

3.—(1) For the purposes of Article 13 of the 1999 Order (effect of bankruptcy on pension rights: unapproved arrangements), a pension arrangement—

(a) falling within Article 12(4) of the 1999 Order (which deals with a scheme which, at the date of the bankruptcy order, was being considered for approval under Chapter I of Part XIV of the Taxes Act but which was not subsequently approved);

(b) falling within Article 12(6) of the 1999 Order (which deals with a scheme which, after the date of the bankruptcy order, has its approval under Chapter I or, as the case may be, Chapter IV of Part XIV of the Taxes Act withdrawn from a date not later than the date of that order), or

(c) under—

(i) a funded unapproved retirement benefits scheme, or

(ii) an unfunded unapproved retirement benefits scheme,

shall be an “unapproved pension arrangement” if it satisfies the conditions specified in paragraph (2).

(2) The conditions referred to in paragraph (1) are that the pension arrangement—

(a) is established under—

(i) an irrevocable trust, or

(ii) a contract, agreement or arrangement made with the bankrupt;

(b) has as its primary purpose the provision of relevant benefits, and

(c) is the bankrupt’s sole pension arrangement or his main means of pension provision (other than a pension under Part II of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (contributory benefits) or Part II of the Social Security Contributions and Benefits Act 1992(1) (contributory benefits)).

(3) For the purposes of Article 13(2)(c) of the 1999 Order, the prescribed person shall be the responsible person.

(1)

1992 c. 4