Pension Schemes (Northern Ireland) Act 1993

Alteration of scheme rules after certification N.I.

[F1 33 Alteration of rules of contracted-out schemes. N.I.

(1) Except in prescribed circumstances, the rules of a contracted-out scheme cannot be altered unless the alteration is of a prescribed description.

(2) Regulations made by virtue of subsection (1) may operate so as to validate with retrospective effect any alteration of the rules which would otherwise be void under this section.

(3) References in this section to a contracted-out scheme include a scheme which has ceased to be contracted-out so long as any person is entitled to receive, or has accrued rights to, any benefits under the scheme attributable to a period when the scheme was contracted-out.

(4) The reference in subsection (3) to a person entitled to receive benefits under a scheme includes a person so entitled by virtue of being the widower of an earner only in such cases as may be prescribed.]

Textual Amendments

F1 S. 33 substituted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 32; S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

34 Alteration of rules of appropriate schemes. N.I.

(1) Where an appropriate scheme certificate has been issued, no alteration of the rules of the relevant scheme shall be made so as—

(a) to affect any of the matters dealt with in sections 22 to 29; or

(b) to cause the scheme to take a different permitted form from that previously taken,

F2 . . .

(2) Subsection (1) does not apply to an alteration of a prescribed description.

(3) Subject to subsection (4), any alteration to which subsection (1) applies shall be void F3 . . ..

(4) [F4 Regulations made by virtue of subsection (2) may], operate so as to validate with retrospective effect any alteration of the rules which would otherwise be void under this section.

(5) This section shall continue in force in relation to a scheme after it has ceased to be an appropriate scheme so long as any person has protected rights under the scheme.

(6) The reference in subsection (1)(b) to a permitted form is to one of the following forms, namely—

(a) an arrangement for the issue of insurance policies or annuity contracts;

(b) a unit trust scheme of a kind mentioned in Part I of Schedule 1 to the Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1988 which has been authorised under section 78(1) of or by virtue of paragraph 9 of Schedule 15 to the Financial Services Act 1986;

(c) an arrangement for the investment of contributions in an interest-bearing account (including shares in or deposits with a building society (within the meaning of the M1 Building Societies Act 1986)).

[F5 (d) an investment company with variable capital within the meaning of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997.]

F6 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Words in s. 34(1) repealed (6.4.1997) by S.I. 1995/3213 (NI 22), arts. 1(2), 147, 168, Sch. 3 para. 33(a), Sch. 5 Pt. III; S.R. 1997/192, art. 2(b)

F3 Words in s. 34(3) repealed (6.4.1997) by S.I. 1995/3213 (NI 22), arts. 1(2), 147, 168, Sch. 3 para. 33(b), Sch. 5 Pt. III; S.R. 1997/192, art. 2(b)

F4 Words in s. 34(4) substituted (6.4.1997) by S.I. 1995/3213 (NI 22), arts. 147, Sch. 3 para. 33(c); S.R. 1997/192, art. 2(b)

F5 S. 34(6)(d) inserted (7.7.1997) by S.R. 1997/251, reg. 75, Sch. 8 Pt. I para. 17

F6 S. 34(7) repealed (6.4.1997) by S.I. 1995/3213 (NI 22), arts. 1(2), 147, Sch. 3 para. 33(d), Sch. 5 Pt. III; S.R. 1997/192, art. 2(b)

Marginal Citations

M1 1986 c. 53.