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Pension Schemes (Northern Ireland) Act 1993

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Changes over time for: Section 93B

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Pension Schemes (Northern Ireland) Act 1993, Section 93B is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects yet to be applied to Section 93B:

  • specified provision(s) amendment to savings in S.R. 2016/106 for effects of 2015 c. 5 (N.I.), Sch. 13 by S.R. 2016/162 art. 5
  • specified provision(s) savings for effects of 2015 c. 5 (N.I.), Sch. 13 by S.R. 2016/106 art. 2

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Whole provisions yet to be inserted into this Act (including any effects on those provisions):

[F193BReduction of cash equivalents in case of section 93A designated schemesN.I.

(1)The Department of Finance and Personnel may by regulations provide that where, under section 91(1), a member of a designated scheme requires the trustees or managers to use a cash equivalent for acquiring a right or entitlement to flexible benefits under the rules of another pension scheme the cash equivalent must be reduced by an amount determined in accordance with the regulations.

(2)Regulations under subsection (1) may not require a reduction in cases where a scheme ceases to be a designated scheme before the date on which the trustees or managers do what is needed to carry out what the member requires.

(3)Regulations under subsection (1) may produce the result (alone or in conjunction with regulations under section 93) that the amount by which a cash equivalent is to be reduced is such an amount that a member has no right to receive anything.

(4)In subsection (1), “designated scheme” means a funded public service defined benefits scheme, or part of such a scheme, that (on the date of the application under section 91(1)) is designated under section 93A.]

Textual Amendments

F1S. 93B inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 72(4), 89(3)(b) (with s. 87)

Modifications etc. (not altering text)

C1Pt. 4ZA Ch. 1: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 5 para. 1(6)(a); S.R. 2022/197, art. 3(a)

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