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55.—(1) The Health and Personal Social Services (Superannuation) (Additional Voluntary Contributions) Regulations (Northern Ireland) 1999(1) shall be amended as provided by paragraphs (2) to (6).
(2) At the end of paragraph (1) of regulation 3 (Making and acceptance of elections), insert (as full out words) “Paragraph (1)(a) is subject to regulation 11(1A).”.
(3) In paragraph (1) of regulation 9 (Inward transfers: mis-sold pensions)—
(a)after “opting into”, insert “this Section of”;
(b)after “or rejoin”, insert this Section of”.
(4) In regulation 11 (Retirement and dependants’ pensions)—
(a)in paragraph (1), after “Subject to paragraph” insert “(1A) and”;
(b)after paragraph (1), insert—
“(1A) Paragraphs (1B) to (1E) apply where the proceeds of any investment made under regulation 7(1), 8(2) or 9(4) are insufficient for the authorised fund to provide benefits in accordance with paragraph (1) and the participator is unwilling, or unable, to secure benefits in accordance with that paragraph from another insurer.
(1B) In the case of a single authorised fund, that fund may discharge its liability for the payment of the benefits described in paragraph (1) by the payment of a lump sum that complies with the conditions in paragraph (1E).
(1C) In the case of more than one authorised fund, each such fund may discharge its liability for the payment of the benefits described in paragraph (1), by the payment of a lump sum.
(1D) Where paragraph (1C) applies the lump sums referred to in that paragraph must (in aggregate) comply with the conditions in paragraph (1E).
(1E) Those conditions are that the lump sum or sums—
(a)represent the capital value of the benefits referred to in paragraph (1), and
(b)meet the requirements of regulation 12 of the Registered Pension Schemes (Authorised Payments) Regulations 2009(2) (payments by larger pension schemes).”;
(c)at the end of paragraph (3), insert (as full out words) “This paragraph is subject to paragraph (1A).”;
(d)at the end of paragraph (5), insert (as full out words) “This paragraph is subject to paragraph (1A).”;
(e)in paragraph (7), omit “and paragraph 15 of the Schedule.”.
(5) In regulation 15 (Payments by the Department)—
(a)for paragraph (1), substitute—
“(1) Subject to paragraph (2), where an authorised provider fails to pay any amount due by way of—
(a)an annuity;
(b)a pension commencement lump sum;
(c)a lump sum death benefit; or
(d)a lump sum payment referred to in regulation 11(1B) or (1C),
the Department shall be liable to pay that amount.”;
(b)in paragraph (3), for “11(4)” substitute “11(1B), 11(1C) or 11(4),”;
(c)in paragraph (4), before “11(8)” insert “11(1B), 11(1C),”.
(6) After paragraph 4(8) of Schedule 2 (Pension sharing on divorce or nullity of marriage) add—
“(9) This paragraph is subject to regulation 11(1A).”.
S.R. 1999 No.294 as amended by S.R. 2002 No.129; S.R. 2004 No.104; S.R. 2005 Nos.154 and 533; S.R. 2006 No.410; S.R. 2008 Nos.130 and 350; S.R. 2010 No.22
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