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The Hybrid Schemes Quality Requirements Rules (Northern Ireland) 2012
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Combination hybrid schemes
7.—(1) The hybrid schemes specified by this rule are schemes under which members accrue both defined benefits and money purchase benefits in respect of the same period of service.
(2) In the application of section 24(1) to a relevant scheme, treat the provisions of the scheme relating to defined benefits and the provisions of the scheme relating to money purchase benefits as if they provided for benefits under separate schemes and determine which requirements are to apply to the scheme in accordance with paragraphs (3) and (4).
(3) The first step is to apply the general rule set out in rule 4(2) and, if either the paragraph (a) quality requirements or the paragraph (b) quality requirements are satisfied—
(a)it is irrelevant whether the other paragraph’s requirements are satisfied, and
(b)there is no need to take the second step.
(4) The second step is to determine whether the paragraph (a) quality requirements and the paragraph (b) quality requirements may nevertheless be regarded as being satisfied in accordance with the modifications set out in regulation 43 of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010(1) (modification allowing different quality requirements to be satisfied in aggregate).
(1)
S.R. 2010 No. 122; regulation 43 is amended by regulation 2(20) of S.R. 2012 No. 232
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