Amendment of the Pension Sharing (Safeguarded Rights) Regulations (Northern Ireland) 2000
39.—(1) Amend the Pension Sharing (Safeguarded Rights) Regulations (Northern Ireland) 2000(1) as follows.
(2) In regulation 9 (ways of giving effect to safeguarded rights – salary related schemes) for paragraph (9) substitute—
“(9) For the purposes of paragraph (7)—
(a)the benefits secured for a beneficiary suffering from serious ill-health shall become payable only if the payment is permitted by the lump sum rule in section 166 of the Finance Act 2004, and qualifies as a serious ill-health lump sum for the purposes of paragraph 4 of Part 1 of Schedule 29 to that Act;
(b)“beneficiary” means a member of a salary related contracted-out scheme, in respect of whose safeguarded rights the trustees or managers of that scheme have discharged their liability by entering into an insurance policy or an annuity contract;
(c)“incapacity” means physical or mental deterioration which is sufficiently serious to prevent a person from following his normal employment or which seriously impairs his earning capacity.”.
(3) For regulation 10 (payable age in salary related contracted-out schemes) substitute—
“Payable age in salary related contracted-out schemes
10. In respect of pension credit benefit arising out of safeguarded rights, schemes must provide for pension credit benefit to be paid by reference to an age which is equal for men and women and which, in the case of a scheme which is registered under section 153 of the Finance Act 2004, is permitted under the rules of that scheme in accordance with that registration.”.
S.R. (NI) 2000 No. 147 to which there are amendments not relevant to these Regulations.