Search Legislation

The Local Government Pension Scheme Regulations (Northern Ireland) 2014

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Status:

Point in time view as at 01/04/2015. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the The Local Government Pension Scheme Regulations (Northern Ireland) 2014, Section 109. Help about Changes to Legislation

Contracting-out requirements affecting transfers outN.I.

This section has no associated Explanatory Memorandum

109.—(1) There shall be deducted from the transfer value payment to be made in respect of any person to a contracted-in defined benefit registered pension scheme—

(a)the amount of any contributions equivalent premium payable pursuant to section 51 (payment of state scheme premiums on terminations of certified status) of the 1993 Act; or

(b)an amount sufficient to meet the liability in respect of the person's contracted-out rights.

(2) Where the amount mentioned in paragraph (1)(a) is deducted, the Committee shall use that amount to pay the premium.

(3) Where the amount mentioned in paragraph (1)(b) is deducted, the Committee may use the amount in preserving the liability mentioned in that paragraph in the pension fund unless the member wishes a transfer value payment in respect of it to be paid to the trustees or managers of a contracted-out defined benefit or contracted-in defined contribution registered pension scheme.

(4) Contracted-out rights, in relation to a member, are—

(a)the member's, and the member's surviving spouse's, civil partner's or nominated co-habiting partner's rights to guaranteed minimum pensions; and

(b)the member's section 5(2B) rights as defined in regulation 1(2) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996.

Back to top

Options/Help