Amendment of the Occupational Pension Schemes (Indexation) Regulations8
After regulation 4 of the Occupational Pension Schemes (Indexation) Regulations (Northern Ireland) 199716 (indexation of occupational pensions derived from the acceptance of payments from insurance policies and annuity contracts: transfers made on or after 6th April 2005) add—
Purpose for which trustees may modify the scheme5
1
This regulation prescribes a purpose for which the trustees of a trust scheme may by resolution modify the scheme under Article 68.
2
The purpose is to—
a
reduce the amount of the annual increase in the rate of any pension17 that accrues after the date of the resolution, or
b
change the method for determining that 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.