Pension Schemes (Northern Ireland) Act 1993 (c. 49)

Part III N.I. Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties

Modifications etc. (not altering text)

C1 Pt. 3: power to modify conferred (1.6.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 146(1); S.R. 1996/91, art. 2(f); S.R. 1997/192, art. 2

Pt. 3: power to transfer functions conferred (1.4.1999) by 1999 c. 2, s. 23(1)(2)(6); S.I. 1999/527, art. 2(b), Sch. 2

Chapter I N.I. Certification

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

[F1 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 widow or widower, throughout the interim period, at intervals not exceeding twelve months.

(2) This subsection applies where the member dies during the interim period and is survived by a widow or widower who at the date of the member’s death has not yet attained the age of 75 years.

(3) The aggregate amount of payments made to a person under an interim arrangement in each successive period of twelve months must not be—

(a) greater than the annual amount of the annuity which would have been purchasable by him on the relevant reference date, or

(b) less than the prescribed percentage of that amount

(4) The percentage prescribed under subsection (3)(b) may be zero.

(5) For the purposes of this section—

(a) the annual amount of the annuity which would have been purchasable by a person on any date shall be calculated in the prescribed manner by reference to—

(i) the value on that date, determined by or on behalf of the trustees or managers of the scheme, of the person’s protected rights, and

(ii) the current published tables of rates of annuities prepared by the Government Actuary for the purposes of section 28A of the Pension Schemes Act 1993, and

(b) the relevant reference date is—

(i) in relation to payments made to the member during the three years beginning with (and including) the member’s starting date, that date, and in relation to such payments made during each succeeding period of three years, the first day of the period of three years in question, or

(ii) where subsection (2) applies, in relation to payments made to the member’s widow or widower during the three years beginning with (and including) the date of the member’s death, that date, and in relation to such payments made during each succeeding period of three years, the first day of the period of three years in question.]

Textual Amendments

F1 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

Modifications etc. (not altering text)

C2 S. 24A(1)(3)(4)(5) modified (1.12.2000) by S.R. 2000/147, reg. 6(2)(a)