25.—(1) Article 51 M1 of the 1995 Order (annual increase in rate of pension) does not apply to a pension or part of a pension payable under an occupational pension scheme which meets the conditions specified in paragraph (2).
(2) The conditions specified in this paragraph are that—
(a)the pension or part of a pension—
(i)is derived from any of the benefits specified in paragraph (3) which were attributable to a member's pensionable service on or after 6th April 1997, and
(ii)first came into payment on or after 6th April 2005 but before the appointed day;
(b)the trustees or managers of the scheme before the appointed day treated those benefits as if they were money purchase benefits, and
(c)the pension or part of a pension is not, under the scheme, required to be increased each year or is to be increased at a rate below that required by Article 51 of the 1995 Order.
(3) The benefits specified in this paragraph are—
(a)cash balance benefits;
(b)a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits), and
(c)top-up benefits.
Marginal Citations
M1Article 51 was amended by paragraph 40 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, section 47 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, Article 255 of the Pensions (Northern Ireland) Order 2005, sections 20 and 21 of the Pensions Act (Northern Ireland) 2012 and Article 11 of S.I 2006/745