The Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2014

Amendment of the Occupational Pension Schemes (Discharge of Liability) Regulations

3.  In regulation 4 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997(1) (conditions on which policies of insurance and annuity contracts may be commuted)—

(a) in paragraph (1)(b)(2) for “that Act.” substitute “that Act, or”;

(b) after paragraph (1)(b) add—

“(c) subject to paragraph (2A)—

(i) the benefits secured by the policy of insurance or annuity contract have become payable;

(ii) the earner requests or consents to the amount secured by the policy of insurance or annuity contract being paid as a lump sum, and

(iii) that payment does not exceed the amount for the time being permitted for a lump sum payment by the lump sum rule in section 166 of that Act and qualifies as a pension commencement lump sum for the purposes of paragraph 1 of Part 1 of Schedule 29 to that Act.”;

(c) after paragraph (2) insert—

“(2A) The commutation referred to in paragraph (1)(c) does not apply to that part of the benefits which consist of the earner’s and the earner’s widow’s, widower’s or surviving civil partner’s guaranteed minimum pensions.”.

(1)

S.R. 1997 No. 159; relevant amending provision is S.I. 2006/744

(2)

Paragraph (1) was substituted by Article 34(2)(a) of S.I. 2006/744