Amendment of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) RegulationsI13

In regulation 5 of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations (Northern Ireland) 19969 (conditions upon which appropriate policies of insurance may be commuted)—

a

in paragraph (1) for “paragraph (2)” substitute “paragraph (2), (2A)”;

b

after paragraph (2) insert—

2A

This paragraph is satisfied if the lump sum payment is—

a

made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004);

b

a payment that is described in Part 2 of the Registered Pension Schemes (Authorised Payments) Regulations 2009 (commutation payments), and

c

made to or in respect of a member.