The Pension Sharing (Miscellaneous Amendments) Regulations (Northern Ireland) 2016

Amendment of the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations

8.—(1) The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015(1) are amended in accordance with paragraphs (2) to (7).

(2) In regulation 1(2) (interpretation)—

(a) in the definition of “cash equivalent” after “(right to cash equivalent)” insert “or, as the case may be, a cash equivalent mentioned in sections 97F (power to give transfer notice) and 97H(2) (benefits other than money purchase: statements of entitlement)”;

(b) after the definition of “cash equivalent” insert—

““eligible member” has the meaning given by section 97P(1)(3) of the 1993 Act (interpretation of Chapter II);”;

(c) in the definition of “valuation date”—

(i) in paragraph (a) for “date, or” substitute “date;”;

(ii) after paragraph (a) insert—

“(aa) where an eligible member is, under section 97F of the 1993 Act, exercising the right to take an amount equal to the cash equivalent of the eligible member’s pension credit rights, the date determined in accordance with section 97H(2) of that Act, or”;

(d) after the definition of “writing” add—

““written statement of the amount of the cash equivalent” has the meaning given in section 97H(1) of the 1993 Act.”.

(3) In regulation 2(a) (transitional provisions relating to the coming into force of section 51 of the Pension Schemes Act 2015)—

(a) in head (i) for “2015, or” substitute “2015;”;

(b) after head (i) insert—

“(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”.

(4) In regulation 6(b) (information to be provided to the member or survivor)—

(a) in head (i) for “provided, or” substitute “provided;”;

(b) after head (i) insert—

“(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”.

(5) In regulation 8 (information to be provided on initial enquiry)—

(a) in paragraph (2)—

(i) in sub-paragraph (b) after “statement of entitlement” insert “or a written statement of the amount of the cash equivalent”;

(ii) in sub-paragraph (c) for “entitlement, or” substitute “entitlement or a written statement of the amount of the cash equivalent;”;

(iii) after sub-paragraph (c) insert—

“(ca) by notice in writing, in accordance with section 97F(1) of the 1993 Act, requires the trustees or managers of the scheme to use an amount equal to the cash equivalent of the member’s pension credit rights for an authorised purpose, or”;

(b) in paragraph (4) for sub-paragraph (a) substitute—

“(a) if the circumstances in paragraph (2)(c) or (ca) apply, where the information has already been provided to the member or survivor because the circumstances in, as the case may be, paragraph (2)(a) or (b) previously applied;”.

(6) In regulation 9 (determination of whether exception applies and check that advice received)—

(a) in paragraph (2)—

(i) in sub-paragraph (a) for “entitlement, or” substitute “entitlement or a written statement of the amount of the cash equivalent;”;

(ii) after sub-paragraph (a) insert—

“(aa) have received a notice in writing, in accordance with section 97F of the 1993 Act, requiring an amount equal to the cash equivalent of an eligible member’s pension credit rights to be used for an authorised purpose, or”;

(iii) in sub-paragraph (b) after “statement of entitlement” insert “or a written statement of the amount of the cash equivalent”;

(b) in paragraph (4)(a) after “statement of entitlement” insert “or a written statement of the amount of the cash equivalent”.

(7) In regulation 10 (information to be provided where the value of cash equivalent is increased or reduced) for paragraph (1) substitute—

“(1) Where the cash equivalent has been increased or reduced in accordance with—

(a) regulation 9(5) of the Transfer Values Regulations (increases and reductions of cash equivalents) after the statement of entitlement has been provided, or

(b) regulation 28 of the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000 (increases and reductions of cash equivalents once the written statement has been sent to the eligible member),

the trustees or managers must provide further information to the member in accordance with this regulation, on the day on which written confirmation that the cash equivalent has been increased or reduced as the case may be is provided to the member.”.

(1)

S.R. 2015 No. 165

(2)

Sections 97F and 97H were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999. Section 97F was amended by paragraph 61 of Schedule 4 to the Pension Schemes Act 2015 and Article 134 of S.I. 2001/3649, and section 97H was amended by paragraph 63 of Schedule 4 to the Pension Schemes Act 2015

(3)

Section 97P was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 and amended by paragraph 67 of Schedule 4 to the Pension Schemes Act 2015