Amendment of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations N.I.

3.  In regulation 5 of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations (Northern Ireland) 1996(1) (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.”.

Commencement Information

I1 Reg. 3 in operation at 1.12.2009, see reg. 1(1)

(1)

S.R. 1996 No. 94; regulation 5 was substituted by Article 27(2) of S.I. 2006/744