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

Qualifying agreements

6.—(1) A qualifying agreement shall be made within a period of 9 weeks beginning with the later of the following—

(a) the date on which the bankrupt’s estate vests in the trustee in bankruptcy in accordance with the provisions of Article 279 of the 1989 Order, and

(b) in the case of a scheme referred to in regulation 3(1)(a) or (b), the date, if later than that referred to in sub-paragraph (a), on which any rights of the bankrupt vest in the trustee in bankruptcy in accordance with Article 12(5) or, as the case may be, (7) of the 1999 Order.

(2) A qualifying agreement made between the bankrupt and the trustee in bankruptcy shall be by deed and incorporate all the terms which they have expressly agreed.

(3) Where—

(a) the bankrupt has failed to make full disclosure of all material facts in respect of any pension arrangement which is the subject of a qualifying agreement, and

(b) has failed to do so for the purpose of enabling his rights under such an arrangement to be excluded from his estate for the purposes of Article 9 and Parts VIII to X of the 1989 Order where they would not have otherwise been excluded,

the trustee in bankruptcy may revoke that qualifying agreement by giving the bankrupt notice of revocation.

(4) A notice of revocation shall—

(a) be dated;

(b) be in writing;

(c) specify the reasons for revocation of the qualifying agreement;

(d) specify the date on which the qualifying agreement shall be revoked, such date not being a date falling within a period of 30 days beginning with the date of the notice, and

(e) inform the bankrupt that he has the right to apply for an exclusion order within a period of 30 days beginning with the date referred to in sub-paragraph (d).

(5) Where a qualifying agreement has been made or revoked in accordance with the provisions of this regulation, the trustee in bankruptcy shall, within a period of 30 days beginning with the date on which that qualifying agreement was made or, in the case of a notice of revocation, the date required under paragraph (4)(a), notify the responsible person in writing of that fact.