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The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023
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- Northern Ireland Statutory Rules
- 2023 No. 148
- SCHEDULE 5
- Trustees’ power to transfer...
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Changes over time for: Cross Heading: Trustees’ power to transfer otherwise than to a scheme
Version Superseded: 27/03/2024
Alternative versions:
- 29/09/2023- Amendment
- 29/09/2023
Point in time - 27/03/2024- Amendment
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Point in time view as at 29/09/2023.
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Trustees’ power to transfer otherwise than to a scheme N.I.
12.—(1) Where the trustees cannot identify a scheme which they consider appropriate for use as a default scheme in respect of a member of the transferring scheme, the trustees may make arrangements to transfer that member’s accrued rights and benefits to a vehicle which will secure suitable benefits for the member that are comparable to those in the transferring scheme.N.I.
(2) Before making arrangements under sub-paragraph (1), the trustees must notify the members to whom the arrangements relate of their intention to do so.
(3) The arrangements permitted by sub-paragraph (1) are the purchase of one or more policies from one or more insurers authorised by the Financial Conduct Authority for carrying on long-term insurance business in the United Kingdom.
(4) A transfer under sub-paragraph (1) is prescribed for the purposes of section 69(4)(b) of the Pension Schemes Act (form of short service benefit and its alternatives).
Commencement Information
I1Sch. 5 para. 12 in operation at 29.9.2023, see reg. 1
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