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

Part IV N.I. Protection for Early Leavers

Chapter I N.I. Preservation of Benefit Under Occupational Schemes

77 Discharge of liability where short service or alternative benefits secured by insurance policies or annuity contracts. N.I.

A transaction to which section 15 applies discharges the trustees or managers of an occupational pension scheme from their liability to provide for or in respect of any person short service benefit or any alternative to short service benefit—

(a) if it is carried out not earlier than the time when that person’s pensionable service terminates; and

(b) if and to the extent that it results in short service benefit or any alternative to short service benefit for or in respect of that person being appropriately secured (within the meaning of that section); and

(c) if and to the extent that the requirements set out in paragraph (a) or (c) of section 15(5) are satisfied.