Pension Schemes (Northern Ireland) Act 1993

[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 [F2(disregarding money purchase benefits)] must be actuarially at least equivalent to the pre-conversion benefits [F2(disregarding money purchase benefits)] .

(3)Condition 2 is that if [F3the earner] [F3P] 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)[F4Condition 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.]

[F4Condition 4 is that, in the case of a GMP conversion within section 20A(1)(b)(i) (GMP conversion in relation to earner)—

(a)the converted scheme provides benefits to or in respect of any widow, widower or surviving civil partner of P, and

(b)such conditions as may be prescribed are met in relation to those benefits.]

(6)Condition 5 is that the procedural requirements of section 20E have been complied with.

(7)In applying these conditions to a scheme [F5in respect of an earner]—

(a)it is immaterial whether or not on the conversion date the scheme was also converted [F6in respect of other earners] [F6in relation to persons other than P] , and

(b)it is immaterial (except for Condition 2) whether or not on the conversion date[F7 the earner ] [F7P] 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)