[F120BThe conversion conditionsN.I.
(1)This section specifies the conditions referred to in sections 9(1A) and 13(1A) (for exemption from the requirement to guarantee a minimum pension).
(2)Condition 1 is that the post-conversion benefits must be actuarially at least equivalent to the pre-conversion benefits.
(3)Condition 2 is that if the earner was entitled immediately before the conversion date to the payment of a pension under the scheme, the converted scheme does not provide for a reduction of, or have the effect of reducing, the amount of that pension immediately after conversion.
(4)Condition 3 is that the post-conversion benefits must not include money purchase benefits, apart from any money purchase benefits provided under the scheme immediately before the conversion date.
(5)Condition 4 is that the converted scheme provides survivors' benefits in accordance with section 20D in such circumstances, and during such periods, as are prescribed by regulations.
(6)Condition 5 is that the procedural requirements of section 20E have been complied with.
(7)In applying these conditions to a scheme in respect of an earner—
(a)it is immaterial whether or not on the conversion date the scheme was also converted in respect of other earners, and
(b)it is immaterial (except for Condition 2) whether or not on the conversion date the earner was entitled to the payment of a pension under the scheme.]
Textual Amendments
F1Ss. 20A-20H inserted (3.3.2009 for specified purposes, 6.4.2009 in so far as not already in force) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 12(3), 21(1); S.R. 2009/75, art. 2(a)(b)