C1C3 Part IIIF10F13Schemes that were contracted-out etc. and Effects on Members’ State Scheme Rights ...
Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 3(a)
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 IF17Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc.
Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 4
F12General requirements for certification
S. 5 cross-heading repealed (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 8 (with savings until 6.4.2019 by S.R. 2016/106, arts. 1(1)(2), 2(1)(2))
C25 Requirements for certification of schemes: general.
F141
Subject to subsection (4), an occupational pension scheme can be contracted-out in relation to an earner’s employment only if it satisfies subsection (2) F9....
F12
An occupational pension scheme satisfies this subsection only if—
a
in relation to any earner’s service before the principal appointed day, it satisfies the conditions of subsection (2A); and
b
in relation to any earner’s service on or after that day, it satisfies the conditions of subsection (2B).
2A
The conditions of this subsection are that—
a
the scheme complies in all respects with F15sections 9 to 20E or, in such cases or classes of case as may be prescribed, with those sections as modified by regulations; and
b
the rules of the scheme applying to guaranteed minimum pensions are framed so as to comply with the relevant requirements.
2B
a
the scheme complies with section 8A;
b
restrictions imposed under Article 40 of the Pensions (Northern Ireland) Order 1995 (restriction on employer-related investments) apply to the scheme and the scheme complies with those restrictions;
c
the scheme satisfies such other requirements as may be prescribed (which—
i
must include requirements as to the amount of the resources of the scheme, and
ii
may include a requirement that, if the only members of the scheme were those falling within any prescribed class or description, the scheme would comply with section 8A), and
d
the scheme does not fall within a prescribed class or description;
and F3are satisfied that the rules of the scheme are framed so as to comply with the relevant requirements.
2C
Regulations may modify subsection (2B)(a) and (b) in their application to occupational pension schemes falling within a prescribed class or description.
F63
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Where there are two or more occupational pension schemes in force in relation to an earner’s employment, none of which can by itself be a contracted-out scheme, the F4Inland Revenue may, if they think fit, treat them for contracting-out purposes as a single scheme.
F85
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5A
Regulations about pension schemes made under this Chapter may contain provisions framed by reference to whether or not a scheme F16is a registered pension scheme under section 153 of the Finance Act 2004.
6
In this section “relevant requirements” means—
a
the requirements of any regulations prescribing the form and content of rules of contracted-out F7... schemes; and
Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 3(b)