Pension Schemes (Northern Ireland) Act 1993

Chapter IV N.I. Transfer Values

Modifications etc. (not altering text)

C1 Pt. 4 Ch. 4 applied (31.5.1994) by S.I. 1994/1432, art. 6(4)

C2 Pt. 4 Ch. 4: power to modify conferred (25.2.2005 for specified purposes, 6.4.2005 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), 20(7)(a) (with art. 285(5)); S.R. 2005/48, art. 2(4)(a)(b), Sch. Pt. 4

C3 Pt. 4 Ch. 4 modified (1.4.2009) by Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.R. 2009/33), regs. 1, 74(1)(3)(7)

[F1 89 Scope of Chapter 1 N.I.

(1) This Chapter applies to a member of a pension scheme if all of the following conditions are met.

(2) Condition 1 is that the member has accrued rights to any category of benefits under the scheme rules.

(3) Condition 2 is that no crystallisation event has occurred in relation to the member's accrued rights to benefits in that category (see subsection (7)).

(4) Condition 3 is that—

(a) the member is no longer accruing rights to benefits in that category (see subsection (8)), and

(b) in the case of benefits that are not flexible benefits, the member stopped accruing those rights at least one year before normal pension age.

(5) But this Chapter does not apply to—

(a) a member of a salary related occupational pension scheme whose pensionable service terminated before 1 January 1986 and in respect of whom prescribed requirements are satisfied;

(b) a member of a personal pension scheme which is comprised in an annuity contract made before 4 January 1988.

(6) In this Chapter a reference to a “category” of benefits is to one of the following three categories—

(a) money purchase benefits;

(b) flexible benefits other than money purchase benefits;

(c) benefits that are not flexible benefits.

(7) For the purposes of Condition 2 a crystallisation event occurs in relation to a member's accrued rights to benefits in a category when—

(a) payment of a pension in respect of any of the benefits has begun,

(b) in the case of money purchase benefits, sums or assets held for the purpose of providing any of the benefits are designated as available for the payment of drawdown pension (as defined by paragraph 4 of Schedule 28 to the Finance Act 2004), or

(c) in the case of a personal pension scheme, sums or assets held for the purpose of providing any of the benefits are applied for purchasing an annuity or insurance policy.

(8) For the purposes of Condition 3 a member stops accruing rights to a category of benefits when there are no longer arrangements in place for the accrual of rights to benefits in that category for or in respect of the member.

(9) In this section a reference to accrued rights does not include pension credit rights.

(10) Regulations may—

(a) provide for this Chapter not to apply in relation to a person of a prescribed description;

(b) provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;

(c) modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.

(11) In the following provisions of this Chapter—

(a) a reference to a “member” of a pension scheme is a reference to a member to whom this Chapter applies, and

(b) a reference to a member's “transferrable rights” are to any rights in relation to a category of benefits by virtue of which this Chapter applies to the member.

Textual Amendments

F1 Ss. 89, 89A, 90 substituted for ss. 89, 90 (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 54 (with s. 87)

89A Right to statement of entitlement: benefits other than money purchase N.I.

(1) The trustees or managers of a pension scheme must, on the application of any member, provide the member with a statement of entitlement in respect of the member's transferrable rights in relation to categories of benefits other than money purchase benefits.

(2) In the case of a member with transferrable rights in relation to two categories of benefits other than money purchase benefits, the application may relate to transferrable rights in relation to either or both of those categories.

(3) For the purposes of this Chapter a member's “statement of entitlement” is a written statement of the amount of the cash equivalent at the guarantee date of the transferrable rights to which the application under subsection (1) relates.

(4) In this Chapter “the guarantee date” means the date by reference to which the value of the cash equivalent is calculated, and must be—

(a) within the prescribed period beginning with the date of the application, and

(b) within the prescribed period ending with the date on which the statement of entitlement is provided to the member.

(5) Regulations may make provision in relation to applications under this section and may, in particular, restrict the making of successive applications.

(6) If the trustees or managers of a pension scheme fail to comply with subsection (1), Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.

Textual Amendments

F1 Ss. 89, 89A, 90 substituted for ss. 89, 90 (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 54 (with s. 87)

90 Right to cash equivalent N.I.

(1) A member of a pension scheme who has received a statement of entitlement under section 89A acquires a right to take the cash equivalent shown in that statement in accordance with this Chapter.

(2) A member of a pension scheme who has transferrable rights in relation to money purchase benefits acquires a right to take their cash equivalent in accordance with this Chapter.]

Textual Amendments

F1 Ss. 89, 89A, 90 substituted for ss. 89, 90 (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 54 (with s. 87)

91 Ways of taking right to cash equivalent. N.I.

(1) A member of an occupational pension scheme or a personal pension scheme who acquires a right to a cash equivalent under [F2 paragraph (a), (aa) or (b) of section 90(1)] may only take it by making an application in writing to the trustees or managers of the scheme requiring them to use the cash equivalent to which he has acquired a right in whichever of the ways specified in subsection (2) or, as the case may be, subsection (3) he chooses.

(2) In the case of a member of an occupational pension scheme, the ways referred to in subsection (1) are—

(a) for acquiring transfer credits allowed under the rules of another occupational pension scheme—

(i) the trustees or managers of which are able and willing to accept payment in respect of the member’s accrued rights, and

(ii) which satisfies prescribed requirements;

(b) for acquiring rights allowed under the rules of a personal pension scheme—

(i) the trustees or managers of which are able and willing to accept payment in respect of the member’s accrued rights, and

(ii) which satisfies prescribed requirements;

(c) for purchasing from one or more [F3 insurer] such as are mentioned in section 15(4)(a), chosen by the member and willing to accept payment on account of the member from the trustees or managers, one or more annuities which satisfy prescribed requirements;

(d) for subscribing to other pension arrangements which satisfy prescribed requirements.

[F4 (2A) In the case of a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, the ways referred to in subsection (1) are—

(a) for acquiring transfer credits allowed under the rules of another occupational pension scheme if—

(i) the benefits that may be provided under the other scheme by virtue of the transfer credits are not flexible benefits,

(ii) the trustees or managers of the other scheme are able and willing to accept payment in respect of the member's transferrable rights, and

(iii) the other scheme satisfies requirements prescribed in regulations made by the Department or the Department of Finance and Personnel;

(b) for acquiring rights allowed under the rules of a personal pension scheme if—

(i) the benefits that may be provided under the personal pension scheme by virtue of the acquired rights are not flexible benefits,

(ii) the trustees or managers of the personal pension scheme are able and willing to accept payment in respect of the member's transferrable rights, and

(iii) the personal pension scheme satisfies requirements prescribed in regulations made by the Department or the Department of Finance and Personnel;

(c) for purchasing from one or more insurers such as are mentioned in section 15(4)(a), chosen by the member and willing to accept payment on account of the member from the trustees or managers, one or more annuities which satisfy requirements prescribed in regulations made by the Department or the Department of Finance and Personnel;

(d) for subscribing to other pension arrangements which satisfy requirements prescribed in regulations made by the Department or the Department of Finance and Personnel.

(2B) The Department of Finance and Personnel may by regulations provide for sub-paragraph (i) of subsection (2A)(a) or (b) not to apply in specified circumstances or in relation to specified schemes or schemes of a specified description.

(2C) In subsections (2) and (2A) “unfunded public service defined benefits scheme” means a public service pension scheme that—

(a) is a defined benefits scheme within the meaning given by section 34 of the Public Service Pensions Act (Northern Ireland) 2014, and

(b) meets some or all of its liabilities otherwise than out of a fund accumulated for the purpose during the life of the scheme.]

(3) In the case of a member of a personal pension scheme, the ways referred to in subsection (1) are—

(a) for acquiring transfer credits allowed under the rules of an occupational pension scheme—

(i) the trustees or managers of which are able and willing to accept payment in respect of the member’s accrued rights, and

(ii) which satisfies prescribed requirements;

(b) for acquiring rights allowed under the rules of another personal pension scheme—

(i) the trustees or managers of which are able and willing to accept payment in respect of the member’s accrued rights, and

(ii) which satisfies prescribed requirements;

(c) for subscribing to other pension arrangements which satisfy prescribed requirements.

F5 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Except in such circumstances as may be prescribed—

(a) subsection (2) is to be construed as if paragraph (d) were omitted; and

(b) subsection (3) is to be construed as if paragraph (c) were omitted.

[F6 (5A) Except in such circumstances as may be prescribed in regulations made by the Department or the Department of Finance and Personnel, subsection (2A) is to be construed as if paragraph (d) were omitted.]

(6) Without prejudice to the generality of subsections (2) and (3), the powers conferred by those subsections include power to provide that a scheme or pension arrangement or, in the case of subsection (2), an annuity must satisfy requirements of the Inland Revenue.

[F7 (6A) Regulations may extend the period specified in subsection (1A)(a) in prescribed circumstances.]

(7) A member of an occupational pension scheme may only exercise the right conferred by this section on or before the last option date.

(8) In subsection (7) “the last option date” means, subject to regulations under section 94, the date which falls—

(a) one year before the date on which the member attains normal pension age; or

(b) six months after the termination date,

whichever is the later.

(9) An application to the trustees or managers of the scheme under subsection (1) is to be taken to have been made if it is delivered to them personally, or sent by post in a registered letter or by the recorded delivery service.

Textual Amendments

F2 Words in s. 91(1) substituted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 5; S.R. 1997/192, art. 2(b)

F3 Words in s. 91(2)(c) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 133

F4 S. 91(2A)-(2C) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), ss. 71(3), 89(1)(b)(3)(b) (with s. 87)

F5 S. 91(4) repealed (1.1.2001) by 2000 c. 4 (N.I.), ss. 52, 67, Sch. 5 Pt. I para. 4, Sch. 9 Pt. III(6) (with s. 66(6)); S.R. 2000/374, art. 2(e), Sch. Pt. II

F6 S. 91(5A) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), ss. 71(4), 89(1)(b)(3)(b) (with s. 71(8)(9), 87)

F7 S. 91(6A) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 55(4) (with s. 87)

92 Further provisions concerning exercise of option under s. 91. N.I.

(1) A member may exercise the option conferred by subsection (1) of section 91 in different ways in relation to different portions of his cash equivalent, but a member who exercises that option must do so—

(a) in relation to the whole of his cash equivalent; or

(b) if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).

(2) This subsection applies where—

(a) the trustees or managers—

(i) of an occupational pension scheme which is not a contracted-out scheme, or

(ii) of a personal pension scheme F8 ..., F9 ...

F9 (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

are able or willing to accept a transfer payment only in respect of a member’s rights other than his accrued rights to guaranteed minimum pensions [F10 his accrued rights so far as attributable to service in contracted-out employment on or after the principal appointed day] F11 ...; and

(b) the member has not required the trustees or managers of the scheme from which he is being transferred to use the portion of his cash equivalent which represents those accrued F12 ... rights in any of the ways specified in subsection (2) or, as the case may be, subsection (3) of section 91.

(3) Where subsection (2) applies this section and sections 90, 91 and 93 are to be construed as conferring on the member an option only in respect of the balance of the cash equivalent to which the member would otherwise be entitled, after deduction of an amount sufficient for the trustees or managers of the scheme from which he is being transferred to meet their liability—

(a) in the case of a transfer from an occupational pension scheme, in respect of the member’s and the member’s [F13 widow's, widower’s or surviving civil partner’s (as the case may be)] [F14 pensions, being guaranteed minimum pensions or pensions so far as attributable to service in contracted-out employment on or after the principal appointed day] F15 ... ; F16 ...

F17 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F18 (4) Where a member of an occupational pension scheme or a personal pension scheme—

(a) is entitled to give a notice under section 97F(1) to the trustees or managers of the scheme, or

(b) would be entitled to do so, but for section 97G(1),

he may not, if the scheme so provides, make an application to them under section 91 unless he also gives them a notice under section 97F(1).]

Textual Amendments

F8 Words in s. 92(2)(a)(ii) repealed (6.4.2012) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 13(4), 21(1), Sch. 4 para. 29, Sch. 6 Pt. 6 (with Sch. 4 Pt. 3); S.R. 2012/115, art. 2

F9 S. 92(2)(a)(iii) and the preceding word “or” ceased to have effect (1.12.1999 for certain purposes only) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 2(2)(b) (with transitional provisions in art. 75(1)(2)) and repealed (25.4.2000) by S. I. 1999/3147, art. 17, Sch. 10 Pt. I; S.R. 2000/133, art. 2(3), Sch. Pt. II

F10 Words in s. 92(2)(a) inserted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 53(a); S.R. 1997/192, art. 2(b)

F11 Words in s. 92(2)(a) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(a)(i)

F12 Words in s. 92(2)(b) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(a)(ii)

F13 Words in s. 92(3)(a) substituted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order (Northern Ireland) 2005 (S.R. 2005/434), art. 1(3), Sch. para. 14

F14 Words in s. 92(3)(a) substituted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 53(b); S.R. 1997/192, art. 2(b)

F15 Words in s. 92(3)(a) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(b)(i)

F16 Word in s. 92(3)(a) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(b)(ii)

F17 S. 92(3)(b) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(b)(iii)

F18 S. 92(4) added (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 25; S.R. 2000/133, art. 2(3), Sch. Pt. IV

93 Calculation of cash equivalents. N.I.

(1) Cash equivalents are to be calculated and verified in the prescribed manner.

(2) Regulations may provide—

(a) that in calculating cash equivalents [F19 except guaranteed cash equivalents (as defined in section 90 (1A))] account shall be taken—

(i) of any surrender, commutation or forfeiture of the whole or part of a member’s pension which occurs before the trustees or managers of the scheme of which he is a member do what is needed to comply with what he requires under section 91;

(ii) in a case where subsection (2) of section 92 applies, of the need to deduct an appropriate amount to provide for the liabilities mentioned in subsection (3) of that section;

[F20 (aa) for a cash equivalent, including a guaranteed cash equivalent, to be reduced so as to take account of the extent (if any) to which an entitlement has arisen under the scheme to the present payment of the whole or any part of—

(i) any pension; or

(ii) any benefit in lieu of pension; and]

(b) that in prescribed circumstances a cash equivalent shall be increased or reduced.

(3) Without prejudice to the generality of subsection (2), the circumstances that may be specified by virtue of paragraph (b) of that subsection include—

(a) in the case of an occupational pension scheme, the length of time which elapses between the termination of a member’s pensionable service and his exercise of the option conferred by this Chapter or regulations made under it;

(b) failure by the trustees or managers of the scheme to do what is needed to carry out what a member of the scheme requires within 6 months of [F21 the appropriate date]

(c) the state of the funding of the scheme.

[F22 (3A) For the purposes of subsection (3), the “appropriate date” —

(a) in the case of a salary related occupational pension scheme, is the guarantee date (within the meaning of section 89A), and

(b) in any other case, is the date on which the trustees receive an application from the member under section 91.]

(4) Regulations under subsection (2) may specify as the amount by which a cash equivalent is to be reduced such an amount that a member has no right to receive anything.

Textual Amendments

F19 Words in s. 93(2)(a) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 6(a); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F20 Word in s. 93(2)(a) substituted (20.11.2000) for s. 93(2)(aa) by 2000 c. 4 (N.I.), s. 52, Sch. 5 Pt. I para. 5(1) (with s. 66(6))

F21 Words in s. 93(3)(b) substituted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 6(b); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F22 S. 93(3A) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 6(c); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

[F23 93A Designation of funded public service defined benefits schemes N.I.

(1) The relevant Department may designate a funded public service defined benefits scheme as a scheme to which regulations under section 93B are to apply for a specified period of no more than 2 years.

(2) The power under subsection (1) may be exercised only if the relevant Department considers that—

(a) there is an increased likelihood of payments out of public funds, or increased payments out of public funds, having to be made into the scheme so that it can meet its liabilities, and

(b) the increased likelihood is connected with the exercise or expected future exercise of rights to take a cash equivalent acquired under section 90.

(3) The power under subsection (1) may be exercised in relation to the whole or any part of a scheme.

(4) In the application of subsection (2) to part of a scheme, paragraph (a) is to be read as if it referred to the scheme's liabilities relating to that part.

(5) A designation under subsection (1)—

(a) may be extended (on more than one occasion) for a period of no more than 2 years;

(b) may be revoked.

(6) The relevant Department must give notice in writing of a designation or its extension or revocation to the trustees or managers of the scheme (except in a case where the relevant Department is the trustees or managers).

(7) If the trustees or managers of a funded public service defined benefits scheme, or part of such a scheme, that is not designated under this section consider that the conditions in paragraphs (a) and (b) of subsection (2) are met in relation to the scheme or part they must notify—

(a) the Department of Finance and Personnel, and

(b) (where relevant) each Northern Ireland department by whom, or with whose approval, the scheme was established.

(8) If the trustees or managers of a scheme, or part of a scheme, that is designated under this section consider that the conditions in paragraphs (a) and (b) of subsection (2) are no longer met in relation to the scheme or part they must notify—

(a) the Department of Finance and Personnel, and

(b) (where relevant) each Northern Ireland department by whom, or with whose approval, the scheme was established.

(9) In this section—

• “funded public service defined benefits scheme” means a public service pension scheme that—

  (a)

  is a defined benefits scheme within the meaning given by section 34 of the Public Service Pensions Act (Northern Ireland) 2014, and

  (b)

  meets its liabilities out of a fund accumulated for the purpose during the life of the scheme;

• “local authority” means a district council constituted under section 1 of the Local Government Act (Northern Ireland) 1972;

• “payment out of public funds” means a payment provided directly or indirectly—

  (a)

  out of the Northern Ireland Consolidated Fund, or

  (b)

  by a local authority;

• “the relevant Department”, in relation to a funded public service defined benefits scheme, means either of the following—

  (a)

  the Department of Finance and Personnel, or

  (b)

  any Northern Ireland department by whom, or with whose approval, the scheme was established.

(10) The Department of Finance and Personnel may by regulations make modifications of the definition of “the relevant Department” in subsection (9).]

Textual Amendments

F23 S. 93A inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), ss. 72(3), 89(1)(b)(3)(b) (with s. 87)

94 Variation and loss of rights under s. 90. N.I.

(1) Regulations may provide that a member of an occupational pension scheme [F24 other than a salary related scheme] who continues in employment to which the scheme applies after his pensionable service in that employment terminates—

(a) only acquires a right to the cash equivalent of such part of the benefits specified in section 90(1) as may be prescribed; or

(b) acquires no right to a cash equivalent.

[F25 (1A) Regulations may provide that a member of a salary related occupational pension scheme who continues in employment to which the scheme applies after his pensionable service in that employment terminates—

(a) acquires a right to only part of his guaranteed cash equivalent, or

(b) acquires no right to his guaranteed cash equivalent;]

(2) Regulations may provide for the purposes of subsection (1) [F26 or (1A)]that in prescribed circumstances a number of employments (whether or not consecutive) shall be treated as a single employment.

(3) Regulations may provide that where—

(a) by virtue of regulations under subsection (1) or (2), a member of an occupational pension scheme [F27 other than a salary related scheme] does not, on the termination of his pensionable service in an employment to which a scheme applies, acquire a right at the relevant date to the cash equivalent of the whole or a part of the benefits specified in section 90(1);

[F28 or

(aa) by virtue of regulations under subsection (1A) or (2), a member of a salary related occupational pension scheme does not, on such termination, acquire a right to the whole or any part of his guaranteed cash equivalent,

and his employment terminates at least one year before normal pension age] that right shall accrue to him on the date when that employment terminates and be valued accordingly.

(4) In relation to any case to which regulations under subsection (3) apply, they may substitute—

(a) a new definition of “the relevant date” for the definition in section 90(2); and

(b) a new definition of “the last option date” for the definition in section 91(8).

(5) Where the whole or any part of the [F29 relevant] benefits payable to a member of a personal pension scheme under the scheme have become payable on or before the relevant date, the right which he acquires under section 90 is only to the cash equivalent of [F30 benefits] which have not become payable.

(6) A member of an occupational pension scheme or a personal pension scheme loses the right to any cash equivalent under this Chapter if the scheme is wound up.

(7) A member of an occupational pension scheme also loses that right [F31 if]—

F32 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) he fails to exercise the option conferred by section 91 on or before the last option date (within the meaning of subsection (7) of that section).

(8) In this section—

• [F33 “relevant benefits” means any benefits not attributable (directly or indirectly) to a pension credit; and]

• “the relevant date” has the same meaning as in section 90(2).

Textual Amendments

F24 Words in s. 94(1) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 7(a); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F25 S. 94(1A) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 7(b); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F26 Words in s. 94(2) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 7(c); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F27 Words in s. 94(3)(a) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 7(d)(i); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F28 S. 94(3)(aa) and the word “or” immediately preceding it substituted (6.4.1996 for certain purposes otherwise 6.4.1997) for s. 94(3)(b) and the word “and” immediately preceding it by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 7(d)(ii); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F29 Word in s. 94(5) inserted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 26(2)(a); S.R. 2000/133, art. 2(3), Sch. Pt. IV

F30 Word in s. 94(5) inserted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 26(2)(b); S.R. 2000/133, art. 2(3), Sch. Pt. IV

F31 Word in s. 94(7) inserted (1.1.2001) by 2000 c. 4 (N.I.), s. 52, Sch. 5 Pt. I para. 5(2)(a) (with s. 66(6)); S.R. 2000/374, art. 2, Sch. Pt. II

F32 S. 94(7)(a) repealed (1.1.2001 with effect as mentioned in Sch. 5 Pt. I para. 5(4) of the amending Act) by 2000 c. 4 (N.I.), ss. 52, 67, Sch. 5 Pt. I para. 5(2)(b), Sch. 9 Pt. III (with s. 66(6)); S.R. 2000/374, art. 2, Sch. Pt. II

F33 S. 94(8): Definition of “relevant benefits” inserted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 26(3); S.R. 2000/133, art. 2(3), Sch. Pt. IV

95 Trustees’ duties after exercise of option. N.I.

(1) Where—

(a) a member has exercised the option conferred by section 91; and

(b) the trustees or managers of the scheme have done what is needed to carry out what the member requires,

the trustees or managers shall be discharged from any obligation to provide benefits to which the cash equivalent related except, in such cases as are mentioned in section 92(2), to the extent that an obligation to provide such guaranteed minimum pensions F34 ... continues to subsist.

(2) Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 91, they shall do what is needed to carry out what the member requires—

[F35 (a) in the case of a member of a salary related occupational pension scheme, within 6 months of the guarantee date, or (if earlier) by the date on which the member attains normal pension age,

(b) in the case of a member of any other occupational pension scheme, within 6 months of the date on which they receive the application, or (if earlier) by the date on which the member attains normal pension age, or

(c) in the case of a member of a personal pension scheme, within 6 months of the date on which they receive the application.]

(3) If—

(a) disciplinary proceedings or proceedings before a court have been begun against a member of an occupational pension scheme at any time before the expiry of the period of 12 months beginning with the termination date; and

(b) it appears to the trustees or managers of the scheme that the proceedings may lead to the whole or part of the pension or benefit in lieu of a pension payable to the member or his widow being forfeited; and

(c) the date before which they would (apart from this subsection) be obliged under subsection (2) to carry out what the member requires is earlier than the end of the period of 3 months after the conclusion of the disciplinary or court proceedings (including any proceedings on appeal),

then, subject to the following provisions of this section, they must instead do so before the end of that period of 3 months.

[F36 (3A) In this section, “guarantee date” has the same meaning as in section 89A.]

[F37 (4) The Regulatory Authority may, in prescribed circumstances, [F38 by direction,] grant an extension of the period within which the trustees or managers of the scheme are obliged to do what is needed to carry out what a member of the scheme requires.

(4A) Regulations may make provision [F39 requiring applications for extensions under subsection (4) to meet prescribed requirements] .]

[F40 (4B) Regulations may extend the period for compliance under subsection (2) or (3) in prescribed circumstances.]

F41 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F42 (7) Where the trustees or managers of an occupational pension scheme have not done what is needed to carry out what a member of the scheme requires within 6 months of the date mentioned in paragraph (a) or (b) of subsection (2)—

(a) they must, except in prescribed cases, notify the Regulatory Authority of that fact within the prescribed period, and

(b) Article 10 of the Pensions (Northern Ireland) Order 1995 (power of the Regulatory Authority to impose civil penalties) shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that it was so done.

(8) Regulations may provide that in prescribed circumstances subsection (7) shall not apply in relation to an occupational pension scheme.]

Textual Amendments

F34 Words in s. 95(1) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(15)

F35 S. 95(2)(a)-(c) substituted (6.4.1997) for s. 95(a)(b) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 8(a); S.R. 1997/192, art. 2(b)

F36 S. 95(3A) inserted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 8(b); S.R. 1997/192, art. 2(b)

F37 S. 95(4)(4A) substituted (6.4.1996 for certain purposes otherwise 6.4.1997) for s. 95(4)(5) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 8(c); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

F38 Words in s. 95(4) inserted (6.4.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), art. 1(2), Sch. 10 para. 10(a); S.R. 2006/95, art. 2(c), Sch. Pt. 3

F39 Words in s. 95(4A) substituted (6.4.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), art. 1(2), Sch. 10 para. 10(b); S.R. 2006/95, art. 2(c), Sch. Pt. 3

F40 S. 95(4B) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 59(5) (with s. 87)

F41 S. 95(6) repealed (6.4.2005) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), art. 1(2), Sch. 11; S.R. 2005/166, art. 2(6), Sch. 1

F42 S. 95(7)(8) added (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 165, Sch. 4 para. 8(e); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

Modifications etc. (not altering text)

C4 S. 95 modified (28.3.1997) by S.R. 1997/192, art. 5 (with art. 9)

C5 S. 95 modified (27.4.2005) by The Occupational and Personal Pension Schemes (Pension Liberation) Regulations (Northern Ireland) 2005 (S.R. 2005/193), regs. 1(1), 3(1)

C6 S. 95(2) modified (6.4.2005) by The Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations (Northern Ireland) 2005 (S.R. 2005/114), regs. 1(1), 3

96 Withdrawal of applications. N.I.

(1) Subject to [F43 subsections (2) and (2A)], a member of a scheme may withdraw an application under section 91 by giving the trustees or managers of the scheme notice in writing that he no longer wishes them to do what is needed to carry out what he previously required.

(2) Such a notice shall be of no effect if it is given to the trustees or managers at a time when, in order to comply with what the member previously required, they have already entered into an agreement with a third party to use the whole or part of the member’s cash equivalent in a way specified in subsection (2) or, as the case may be, subsection (3) of section 91.

[F44 (2A) If the making of the application depended on the giving of a notice under section 97F(1), the application may only be withdrawn if the notice is also withdrawn.]

(3) A member who withdraws an application may make another.

(4) A notice to the trustees or managers of a scheme under this section is to be taken to have been given if it is delivered to them personally, or sent by post in a registered letter or by recorded delivery service.

Textual Amendments

F43 Words in s. 96(1) substituted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 27(2); S.R. 2000/133, art. 2(3), Sch. Pt. IV

F44 S. 96(2A) inserted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 27(3); S.R. 2000/133, art. 2(3), Sch. Pt. IV

97 Supplementary provisions. N.I.

In making any calculation for the purposes of this Chapter—

(a) any charge or lien on, and

(b) any set-off against,

the whole or part of a pension shall be disregarded.