The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015

Transitional provisions relating to the coming into force of section 51 of the ActN.I.

This section has no associated Explanatory Memorandum

2.  Section 51 of the Act (independent advice in respect of conversions and transfers: Northern Ireland) does not apply to—

(a)a transfer payment as described in section 51(1) of the Act which is made on or after 6th April 2015 where—

(i)the payment is a result of a member exercising that member's right to a cash equivalent under section 90 of the 1993 Act (right to cash equivalent), and where the member's application for a statement of entitlement which gave rise to that right was made before 6th April [F12015;]

[F2(ia)an eligible member, before 6th April 2015 and in accordance with section 97F of the 1993 Act, required the trustees or managers to use an amount equal to the cash equivalent of the member’s pension credit rights for an authorised purpose;

(ib)an eligible member made an application for a written statement of the amount of the cash equivalent before 6th April 2015, or]

(ii)before 6th April 2015—

(aa)the trustees or managers have confirmed in writing to the member that they agree in principle to carry out the transfer payment (subject to any relevant statutory requirements and the requirements of the scheme rules being met), or

(bb)the trustees or managers have made an offer in writing to the member of a transfer payment;

(b)a conversion of benefits as described in section 51(1) of the Act which takes place on or after 6th April 2015, where the trustees or managers have provided written confirmation to the member before 6th April 2015 that they will convert the benefits.

Textual Amendments