The Personal and Occupational Pension Schemes (Indexation and Disclosure of Information) (Miscellaneous Amendments) Regulations (Northern Ireland) 2005

Protected Rights Regulations

Meaning of “specified pension or annuity”

8.  In regulation 1(2) of the Protected Rights Regulations (interpretation), after the definition of “section 5(2B) rights” there shall be inserted the following definition –

““specified pension or annuity” means any pension or annuity which became a pension or annuity in payment before 6th April 2005.”.

Indexation requirement limited to specified pensions or annuities

9.  In regulation 4 of the Protected Rights Regulations(1) (conditions applying to pensions and annuities which give effect to protected rights) –

(a) in paragraph (1)(b) for head (i) there shall be substituted the following heads –

“(i) is necessary to establish what the initial rate and the method of payment of the pension or annuity are to be;

(ia) is necessary to establish that, throughout the lifetime of the member, the pension or annuity shall continue to be paid at a rate which is at least equal to (but may be more than) the initial rate and which, in the case of a specified pension or annuity falling within paragraph (3) or (6) or within Article 51 or 158(2), is the rate determined in accordance with that paragraph or Article;”;

(b) in paragraph (3) after “In the case of” there shall be inserted “a specified pension or annuity which gives effect to”;

(c) in paragraph (6) after “In the case of” there shall be inserted “a specified pension or annuity which gives effect to”.

Removal of indexation: interim arrangements

10.  In regulation 7 of the Protected Rights Regulations (payments made under interim arrangements) for paragraph (2)(3) there shall be substituted the following paragraph –

“(2) For the purposes of section 24A(5)(a)(4) (calculating the annual amount of the annuity which would have been purchasable by a person), the prescribed manner is by reference to the current published tables prepared by the Government Actuary in accordance with regulation 7(3) of the Protected Rights Regulations(5).”.

Removal of indexation: death of member before payment

11.  In regulation 12 of the Protected Rights Regulations(6) (death of scheme member before effect given to his protected rights) –

(a) in paragraph (4)(b) for head (i) there shall be substituted the following heads –

“(i) is necessary to establish what the initial rate and the method of payment of the pension or annuity are to be;

(ia) is necessary to establish that, throughout the period described in paragraph (5), the pension or annuity shall continue to be paid to the widow or widower at a rate which is at least equal to (but may be more than) the initial rate and which, in the case of a specified pension or annuity falling within paragraph (6) or (8) or within Article 51 or 158, is the rate determined in accordance with that paragraph or Article,”;

(b) in paragraph (6), after “In the case of” there shall be inserted “a specified pension or annuity which gives effect to”.

(1)

Regulation 4 was amended by regulation 5(2) of S.R. 2002 No. 109

(2)

Article 158 is amended by Article 256(2) of the Pensions (Northern Ireland) Order 2005

(3)

Paragraph (2) was substituted by regulation 5(4) of S.R. 2002 No. 109

(4)

Section 24A was inserted by Article 140 of the Pensions (Northern Ireland) Order 1995

(5)

Regulation 7(3) is substituted by regulation 5 of S.I. 2005/704

(6)

Regulation 12 was amended by regulation 5(6) of S.R. 2002 No. 109