Pension Schemes (Northern Ireland) Act 1993

Requirements for certification of occupational and personal money purchase schemes N.I.

22 Persons who may establish scheme. N.I.

The Department may prescribe descriptions of persons by whom or bodies by which the scheme may be established and, if the Department does so, the scheme may only be established by a person or body of a prescribed description.

23 Identification and valuation of protected rights. N.I.

(1) Where the rules of the scheme make such provision as is mentioned in section 6(2) or (3), they must also make provision for the identification of the protected rights.

(2) The value of such protected rights as are mentioned in section 6(2) or (3) must be calculated in a manner no less favourable than that in which the value of any other rights of the member to money purchase benefits under the scheme are calculated.

(3) Subject to subsection (2), the value of protected rights must be calculated and verified in such manner as may be prescribed.

24 Ways of giving effect to protected rights. N.I.

(1) The rules of the scheme must provide for effect to be given to the protected rights of a member—

(a) in any case where subsection (3) so requires, by the purchase of such an annuity as is mentioned in that subsection, and

F1 (aa) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in any other case, in such of the ways [F2 provided for] by the following subsections as the rules may specify,

and they must not provide for any part of a member’s protected rights to be discharged otherwise than in accordance with those subsections.

[F3 (1A) Where the scheme is a personal pension scheme which provides for the member to elect to receive payments in accordance with this subsection, and the member so elects, effect shall be given to his protected rights during the interim period by the making of payments under an interim arrangement which—

(a) complies with section 24A, and

(b) satisfies such conditions as may be prescribed;

and in such a case subsections (2) to (4) accordingly apply as regards giving effect to his protected rights as from the end of that period.]

(2) Effect may be given to protected rights—

(a) by the provision by the scheme of a pension which—

(i) complies with the pension requirements (within the meaning of section 25(1)), and

(ii) satisfies such conditions as may be prescribed; or

(b) in such circumstances and subject to such conditions as may be prescribed, by the making of a transfer payment—

(i) in the case of an occupational pension scheme, to another occupational pension scheme [F4 , to a personal pension scheme or to an overseas arrangement], and

(ii) in the case of a personal pension scheme, to another personal pension scheme [F5 , to an occupational pension scheme or to an overseas arrangement],

where the scheme to which the payment is made satisfies such requirements as may be prescribed.

(3) Subject to [F6 subsection (5)], if—

(a) the rules of the scheme do not provide for a pension; or

(b) the member [F7 or, where section 24A(2) applies, the member’s [F8 widow, widower or surviving civil partner]] so elects,

then, except to the extent that effect is given to protected rights in accordance with subsection [F9 (1A)] [F10 or (4)], effect shall be given to them by the purchase by the scheme of an annuity which—

(i) complies with the annuity requirements (within the meaning of section 25(3)), and

(ii) satisfies such conditions as may be prescribed.

(4) Effect may be given to protected rights by the provision of a lump sum[F11 , subject to such restrictions as may be prescribed,] if—

F12 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the circumstances are such as may be prescribed; F14 ...

[F15 (d) the amount of the lump sum is equal to the value on that date of the protected rights to which effect is being given][F16 ; and

(e) such other conditions as may be prescribed are satisfied.]

F17 (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F18 (4B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19 (5) If the member has died without effect being given to protected rights under subsection [F20 (1A),] (2), (3) [F21 or (4)], effect may be given to them in such manner as may be prescribed.

(6) No transaction is to be taken to give effect to protected rights unless it falls within this section.

F22 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F23 [F24 (8) In this section and sections 24A, 24B and 25—

• “the interim period” means the period beginning with (and including) the starting date in relation to the member in question and ending with the termination date;

• “the starting date, means the dateF25 ... by reference to which the member elects to begin to receive payments under the interim arrangement;”

• “the termination date” means the date by reference to which the member (or, where section 24A(2) applies, the member’s [F26 widow, widower or surviving civil partner]) elects to terminate the interim arrangement,F27 ...]

[F28 (9) This section is subject to section 28A.]

Textual Amendments

F1 S. 24(1)(aa) omitted (1.12.1999 for certain purposes and otherwise 1.1.2002) by virtue of S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(2)(a) and repealed (1.1.2002) by S.I. 1999/3147 (N.I. 11), art. 76, Sch. 10 Pt. I (with transitional provisions in art. 75(1)(2)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F2 Words in s. 24(1)(b) substituted (1.12.1999 for certain purposes and otherwise 1.1.2002) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(2)(b) (with transitional provisions in art. 75(1)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F3 S. 24(1A) substituted (1.12.1999 for certain purposes and otherwise 1.1.2002) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(3) (with transitional provisions in art. 75(1)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F4 Words in s. 24(2)(b)(i) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 2(2)(a) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F5 Words in s. 24(2)(b)(ii) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 2(2)(b) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F6 Words in s. 24(3) substituted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 27(a); S.R. 1997/192, art. 2(b)

F7 Words in s. 24(3)(b) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(4)(a); S.R. 1996/91, art. 2(b), Sch. Pt. II

F8 Words in s. 24(3)(b) substituted (10.11.2005 for specified purposes, 5.12.2005 in so far as not already in force) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), art. 1(2)(b)(3), Sch. 1 para. 10(a)

F9 Words in s. 24(3) substituted (1.12.1999 for certain purposes and otherwise 1.1.2002) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 4(4) (with transitional provisions in art. 75(1)); S.R. 2001/438, art. 2(a), Sch. Pt. I

F10 Words in s. 24(3) substituted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(5) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F11 Words in s. 24(4) inserted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(a) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F12 S. 24(4)(a) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(b), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F13 S. 24(4)(b) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(b), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F14 Word in s. 24(4)(c) repealed (6.4.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), art. 1(2), Sch. 11; S.R. 2005/321, art. 2(13)

F15 S. 24(4)(d) substituted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 para. 3(2) (with s. 66(6)); S.R. 2000/374, art. 2(c), Sch. Pt. II

F16 S. 24(4)(e) and word added (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(3)(c) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F17 S. 24(4A) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(4), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F18 S. 24(4B) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(4), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F19 Words in s. 24(5) substituted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(5) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F20 Words in s. 24(5) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(6); S.R. 1996/91, art. 2(b), Sch. Pt. II

F21 Words in s. 24(5) substituted (1.7.2005 for specified purposes) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1), arts. 1(2), 261(5) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F22 S. 24(7) repealed (6.4.1997) by S.I. 1995/3213 (N.I. 22), arts. 147, 168, Sch. 3 para. 27(c), Sch. 5 Pt. III; S.R. 1997/192, art. 2(b)

F23 Words in s. 24(8) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 261(6), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F24 S. 24(8) added (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 139(7); S.R. 1996/91, art. 2(b), Sch. Pt. II

F25 Words in s. 24(8) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 261(6), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F26 Words in s. 24(8) substituted (10.11.2005 for specified purposes, 5.12.2005 in so far as not already in force) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), art. 1(2)(b)(3), Sch. 1 para. 10(c)(i)

F27 Words in s. 24(8) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(3)

F28 S. 24(9) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 143(2); S.R. 1996/91, art. 2(b), Sch.

[F29 24A Requirements for interim arrangements. N.I.

(1) An interim arrangement must provide for payments to be made to the member, and, where subsection (2) applies, to the member’s [F30 widow, widower or surviving civil partner], throughout the interim period, at intervals not exceeding twelve months [F31 but the member, widow, widower or surviving civil partner may forbear to receive such payments].

(2) This subsection applies where the member dies during the interim period and is survived by a [F30 widow, widower or surviving civil partner] F32 ....

(3) The aggregate amount of payments made to a person under an interim arrangement in each successive period of twelve months [F33 (“the aggregate payment”) must not be greater than—

(a) the amount specified by pension rule 5 in subsection (1) of section 165 of the Finance Act 2004 (pension rules) for the unsecured pension year which ends in that period of twelve months, where the member has not reached the age of 75,

(b) the amount specified by pension rule 7 in that subsection for the alternatively secured pension year which ends in that period of twelve months, where the member has reached the age of 75,

(c) the amount specified by pension death benefit rule 4 in subsection (1) of section 167 of the Finance Act 2004 (pension death benefit rules) for the unsecured pension year which ends in that period of twelve months, where subsection (2) applies and the member’s widow, widower or surviving civil partner has not reached the age of 75, or

(d) the amount specified by pension death benefit rule 6 in that subsection for the alternatively secured pension year, where subsection (2) applies and the member’s widow, widower or surviving civil partner has reached the age of 75.

This is subject to subsection (3A).]

[F34 (3A) The proportion of the aggregate payment which gives effect to a person’s protected rights must not be greater than the proportion of the value of the rights to money purchase benefits under the scheme that is attributable to the protected rights.]

F35 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F35 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F29 Ss. 24A, 24B inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 140; S.R. 1996/91, art. (b), Sch. Pt. II

F30 Words in s. 24A(1)(2) substituted (10.11.2005 for specified purposes, 5.12.2005 in so far as not already in force) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), art. 1(2)(c)(3), Sch. 1 para. 11

F31 Words in s. 24A(1) inserted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(4)(a)

F32 Words in s. 24A(2) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(4)(b)

F33 Words in s. 24A(3) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(4)(c)

F34 S. 24A(3A) inserted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(4)(d)

F35 S. 24A(4)(5) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(4)(e)

Modifications etc. (not altering text)

C1 S. 24A(1)(3)(4)(5) modified (1.12.2000) by S.R. 2000/147, reg. 6(2)(a)

[F36 24B Information about interim arrangements. N.I.

(1) The trustees or managers of a personal pension scheme must, if required to do so by the [F37 Inland Revenue], produce any document relevant to—

(a) the level of payments made under any interim arrangement, or

(b) the value of protected rights to which such an arrangement gives effect,

or otherwise connected with the making of payments under such an arrangement.

(2) In this section, “document” includes information recorded in any form, and the reference to the production of a document, in relation to information recorded otherwise than in legible form, is a reference to producing a copy of the information in legible form.]

Textual Amendments

F36 Ss. 24A, 24B inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 140; S.R. 1996/91, art. 2(b), Sch. Pt. II

F37 Words in s. 24B(1) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 44; S.R. 1999/149, art. 2(c), Sch. 2

Modifications etc. (not altering text)

C2 S. 24B modified (1.12.2000) by S.R. 2000/147, reg. 6(2)(a)

25 The pension and annuity requirements. N.I.

(1) For the purposes of section 24 a pension complies with the pension requirements if—

F38 [(a) in the case of an occupational pension scheme it commences on a [F39 date that is not later than the member’s 65th birthday, or on] such later date as has been agreed by him, and continues until the date of his death, or

(aa) in the case of a personal pension scheme—

(i) where the member has elected under section 24(1A) to receive payments under an interim arrangement, it commences on the termination date, and continues until the date of the member’s death or, where section 24A(2) applies, until the death of the member’s widow or widower, or

(ii) otherwise, it commences on such a date as had been agreed by the member F40 ... and continues until the date of his death;]

(b) in a case where the member dies while it is payable to him and is survived by a [F41 widow, widower or surviving civil partner] —

(i) it is payable to the [F41 widow, widower or surviving civil partner] in prescribed circumstances and for the prescribed period at an annual rate which at any given time is one-half of the rate at which it would have been payable to the member if the member had been living at that time; or

(ii) where that annual rate would not exceed a prescribed amount and the circumstances are such as may be prescribed, a lump sum calculated in [F42 the prescribed manner] is provided in lieu of it.

(2) As respects the period of 5 years beginning with the commencement of the pension referred to in subsection (1), that subsection shall have effect in relation to that pension as if the words “at least” were inserted immediately before the words “one-half” in paragraph (b)(i).

(3) For the purposes of section 24 an annuity complies with the annuity requirements if—

(a) it satisfies the requirements mentioned in subsections (1) and (2) (taking the references in those subsections to pensions as references to annuities); and

(b) it is provided by an [F43 insurer] which—

(i) satisfies prescribed conditions;

(ii) complies with such conditions as may be prescribed as to the calculation of annuities provided by it and as to the description of persons by or for whom they may be purchased; and

(iii) subject to subsection (4), has been chosen by the member [F44 or, where section 24A(2) applies, the member’s [F45 widow, widower or surviving civil partner] .]

(4) A member [F46 (or a member’s [F47 widow, widower or surviving civil partner])] is only to be taken to have chosen an [F48 insurer] if he gives notice of his choice to the trustees or managers of the scheme within the prescribed period and in such manner and form as may be prescribed, and with any such supporting evidence as may be prescribed; and, if he does not do so, the trustees or managers may themselves choose the [F48 insurer] instead.

Textual Amendments

F38 S. 25(1)(a)(aa) substituted (14.3.1996 for certain purposes otherwise 6.4.1996) for s. 25(1)(a) by S.I. 1995/3213 (N.I. 22), art. 141(2); S.R. 1996/91, art. 2(b), Sch. Pt. II

F39 Words in s. 25(1)(a) substituted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1) ), arts. 1(2), 261(7)(a) (with art. 285(5)); S.R. 2005/321, art. 2(15), Sch. Pt. 2

F40 Words in s. 25(1)(aa)(ii) repealed (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 261(7)(b), Sch. 11 (with art. 285(5)); S.R. 2005/321, art. 2(13)(15), Sch. Pt. 2

F41 Words in s. 25(1)(b) substituted (5.12.2005) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), art. 1(3), Sch. 1 para. 12

F42 Words in s. 25(1)(b)(ii) substituted (6.4.1996 for specified purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 28; S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F43 Word in s. 25(3)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 130(2)

F44 Words in s. 25(3)(b)(iii) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 141(3); S.R. 1996/91, art. 2(b), Sch. Pt. II

F45 Words in s. 25(3)(b) substituted (5.12.2005) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), art. 1(3), Sch. 1 para. 12

F46 Words in s. 25(4) inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22), art. 141(4); S.R. 1996/91, art. 2(b), Sch. Pt. II

F47 Words in s. 25(4) substituted (5.12.2005) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order (Northern Ireland) 2005 (S.R. 2005/433), Sch. 1 para. 12

F48 Word in s. 25(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 130(3)

26 Securing of liability for protected rights. N.I.

(1) The [F49 Inland Revenue] must be satisfied that the scheme complies with any such requirements as may be prescribed for meeting the whole or a prescribed part of any liability in respect of protected rights under the scheme which the scheme is unable to meet from its own resources—

(a) by reason of the commission by any person of a criminal offence;

(b) in such other circumstances as may be prescribed.

(2) Subsection (1) does not apply to a public service pension scheme.

Textual Amendments

F49 Words in s. 26(1) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 45; S.R. 1999/149, art. 2(c), Sch. 2

27 Investment and resources of schemes. N.I.

F50 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) The scheme must comply with such requirements as may be prescribed as regards the part—

(a) of any payment that is made to the scheme by or on behalf of a member of the scheme;

(b) of any income or capital gain arising from the investment of such a payment; or

(c) of the value of rights under the scheme,

that may be used—

(i) to defray the administrative expenses of the scheme;

(ii) to pay commission; or

(iii) in any other way which does not result in the provision of benefits for or in respect of members.

(3) Subject to subsection (4)—

(a) in the case of an occupational pension scheme, all minimum payments [F51 and payments under section 38A(3)] and any payments made by the [F52 Inland Revenue] under Article 9 of the M1 Social Security (Northern Ireland) Order 1986, and

(b) in the case of a personal pension scheme, all minimum contributions,

which are paid to a scheme in respect of one of its members must be applied so as to provide money purchase benefits for or in respect of that member, except so far as they are used—

(i) to defray the administrative expenses of the scheme; or

(ii) to pay commission.

(4) If regulations are made under subsection (2), the payments mentioned in paragraph (a) of subsection (3) and the contributions mentioned in paragraph (b) of that subsection may be used in any way which the regulations permit, but not in any way not so permitted except to provide money purchase benefits for or in respect of the member.

[F53 (5) Any minimum contributions required by reason of this section to be applied so as to provide money purchase benefits for or in respect of a member of a scheme must be so applied in the prescribed manner and within the prescribed period.]

Textual Amendments

F50 S. 27(1) repealed (23.7.1996 for certain purposes and otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), arts. 147, 168, Sch. 3 para. 29(a), Sch. 5 Pt. III; S.R. 1996/307, art. 2(a), Sch. Pt. I; S.I. 1997/192, art. 2(b)

F51 Words in s. 27(3)(a) inserted (23.7.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 29(b); S.R. 1996/307, art. 2(a), Sch. Pt. I; S.I. 1997/192, art. 2(b)

F52 Words in s. 27(3)(a) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 46; S.R. 1999/149, art. 2(c), Sch. 2

F53 S. 27(5) added (23.7.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 29(c); S.R. 1996/307, art. 2(a), Sch. Pt. I; S.I. 1997/192, art. 2(b)

Marginal Citations

M1 S.I. 1986/1888 (N.I. 18).

28 Suspension or forfeiture. N.I.

Except in such circumstances as may be prescribed, the rules of the scheme must not permit the suspension or forfeiture of a member’s protected rights or of payments giving effect to them.

[F54 28A Discharge of protected rights on winding up: insurance policies. N.I.

(1) Where an occupational pension scheme is being wound up and such conditions as may be prescribed are satisfied, effect may be given to the protected rights of a member of the scheme (in spite of section 24) by—

(a) taking out an appropriate policy of insurance, or a number of such policies, under which the member is the beneficiary, or

(b) assuring the benefits of a policy of insurance, or a number of such policies, to the member, where the policy assured is an appropriate policy.

(2) A policy of insurance is appropriate for the purposes of this section if—

(a) the [F55 insurer] with which it is or was taken out or entered into—

(i) is, or was at the time when the policy was taken out or (as the case may be) the benefit of it was assured, carrying on F56 . . . long-term insurance business F57 . . . in the United Kingdom or any other [F58 EEA state], and

(ii) satisfies, or at that time satisfied, prescribed requirements, and

(b) it may not be assigned or surrendered except on conditions which satisfy such requirements as may be prescribed,

(c) it contains or is endorsed with terms whose effect is that the amount secured by it may not be commuted except on conditions which satisfy such requirements as may be prescribed, and

(d) it satisfies such other requirements as may be prescribed.]

Textual Amendments

F54 S. 28A inserted (14.3.1996 for certain purposes otherwise 6.4.1996) by S.I. 1995/3213 (N.I. 22) art. 143(1); S.R. 1996/91, art. 2(b)(i)(ii), Sch. Pt. II

F55 Words in s. 28A(2)(a) substituted (3.7.2002) by Financial services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), {art. 19 (2)(a)}

F56 Words in s. 28A(2)(b)(i) repealed (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2002/1555), art. 19(2)

F57 Words in s. 28A (2)(b)(i) repealed (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2002 (S.I. 2002/1555), art. 19(2)

F58 Words in s. 28A(2)(a)(i) substituted (26.11.2007) by The Occupational Pension Schemes (EEA States) Regulations (Northern Ireland) 2007 (S.R. 2007/457), regs. 1(1), 2(4)

29 Tax requirements to prevail over certification requirements. N.I.

Nothing in sections 22 to 28 shall be taken to prejudice any requirements with which [F59 a registered pension scheme must comply under Part 4 of the Finance Act 2004] .

Textual Amendments

F59 Words in s. 29 heading substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(5)

[F60 29A Appropriate schemes: “Blowing the whistle”. N.I.

(1) If any person acting as an auditor or actuary of an appropriate scheme has reasonable cause to believe that—

(a) any requirement which, in the case of the scheme, is required by section 5(5)(a) to be satisfied is not satisfied, and

(b) the failure to satisfy the requirement is likely to be of material significance in the exercise by the [F61 Inland Revenue] of any of [F62 their] functions relating to appropriate schemes,

that person must immediately give a written report of the matter to the [F61 Inland Revenue].

(2) No duty to which a person acting as auditor or actuary of an appropriate scheme is subject shall be regarded as contravened merely because of any information or opinion contained in a written report under this section.]

Textual Amendments

F60 S. 29A inserted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 144; S.R. 1997/192, art. 2(b)

F61 Words in s. 29A(1) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 47(a); S.R. 1999/149, art. 2(c), Sch. 2

F62 Word in s. 29A(1) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 47(b); S.R. 1999/149, art. 2(c), Sch. 2