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The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015
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- Northern Ireland Statutory Rules
- 2015 No. 165
- Regulation 6
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There are currently no known outstanding effects for the The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015, Section 6.
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Information to be provided to the member or survivorN.I.
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6. The information to be provided to the member or survivor in accordance with regulations 8, 9 and 10(2) is a written explanation that—
(a)unless the exception in regulation 5(1) applies, the trustees or managers are required to check that appropriate independent advice has been received by the member or survivor, before the trustees or managers are able to carry out a relevant transaction;
(b)confirmation that appropriate independent advice has been received by the member or survivor should be in the form set out in regulation 7, and be provided to the trustees or managers before the end of a period of 3 months beginning with—
(i)the day on which a statement of entitlement is [F1provided;]
[F2(ia)in the case of a pension credit member, the day on which a written statement of the amount of the cash equivalent is provided, or]
(ii)where a statement of entitlement is not provided, the day—
(aa)on which the trustees or managers provide written confirmation that they agree in principle to carry out the relevant transaction requested, or, if later,
(bb)on which the trustees or managers provide the member or survivor with a valuation of the member's or survivor's, as the case may be, safeguarded benefits for the purposes of the relevant transaction requested, and
(c)unless the member or survivor confirms otherwise, the trustees or managers will assume that the purpose of any transfer of the member's or survivor's subsisting rights in respect of safeguarded benefits under the scheme is to provide flexible benefits under another pension scheme.
Textual Amendments
F1Words in reg. 6(b)(i) substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(4)(a)
F2Reg. 6(b)(ia) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(4)(b)
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