The Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations (Northern Ireland) 2005

Amendment of the Occupational Pension Schemes (Transfer Values) Regulations

4.—(1) The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with the following paragraphs.

(2) In regulation 6 (guaranteed statements of entitlement) –

(a) at the beginning of paragraph (1) there shall be inserted “Subject to paragraph (1A),”, and

(b) after paragraph (1) there shall be inserted –

“(1A) Where a relevant scheme has received an application, the guarantee date must be either –

(a) within the period, or, where applicable, the longer period, set out in paragraph (1); or

(b) within a period of 3 months beginning on the date on which the relevant direction ceases to have effect,

whichever ends later.

(1B) In paragraph (1A) –

“application” means an application for a statement of entitlement made under section 89A(1) (salary related schemes: right to statement of entitlement);

“relevant scheme” means a scheme which either –

(a)

is the subject of a freezing order made under Article 19 of the Pensions (Northern Ireland) Order 2005 containing a relevant direction on the date it receives the application; or

(b)

becomes the subject of such a freezing order during the period, or, where applicable, the longer period set out in paragraph (1); and

“relevant direction” means a direction under Article 19(4)(g) of the Pensions (Northern Ireland) Order 2005.”.

(3) In regulation 13 (extension of time limits for payment of cash equivalents) –

(a) the word “or” at the end of paragraph (b) shall be omitted;

(b) after paragraph (b) there shall be inserted –

“(ba) the scheme is or has been within the 3 months immediately before the end of that period the subject of a freezing order under Article 19 of the Pensions (Northern Ireland) Order 2005 which contains a direction under Article 19(4)(f) of that Order; or”, and

(c) in paragraph (c) for “paragraph (a) or (b)” there shall be substituted “paragraph (a), (b) or (ba)”.

(1)

S.R. 1996 No. 619, to which there are amendments not relevant to these Regulations