3. After regulation 12 of the Occupational Pension Schemes (Revaluation) Regulations (Northern Ireland) 1991(1) (lump sum in respect of service before 6th April 1975) insert—
12A.—(1) This regulation prescribes a purpose for which the trustees of a trust scheme may by resolution modify the scheme under Article 68 of the Pensions (Northern Ireland) Order 1995.
(2) The purpose is to—
(a)reduce the rate or amount by which the scheme revalues any benefits(2) that accrue after the date of the resolution; or
(b)change the method for determining that rate or amount in order to make such a reduction.
(3) No modification may be made for the purpose in paragraph (2) without the consent of—
(a)where there is one employer in relation to the scheme, that employer; or
(b)where there is more than one employer in relation to the scheme—
(i)all those employers; or
(ii)a person nominated by all those employers, or in accordance with the scheme rules, to act as their representative.”.
Commencement Information
I1Reg. 3 in operation at 6.4.2009, see reg. 1(2)
S.R. 1991 No. 38 to which there are amendments not relevant to these Regulations
See sections 79 and 80 of, and paragraphs 1 and 2 of Schedule 2 to, the Pension Schemes (Northern Ireland) Act 1993. Section 79 was amended by paragraph 20 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999. Section 80 was amended by paragraph 52 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, Article 258 of the Pensions (Northern Ireland) Order 2005 and paragraph 13 of the Schedule to S.R. 2005 No. 434. Schedule 2 was amended by Part 1 of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) and paragraph 20 of the Schedule to S.R. 2005 No. 434