The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000

Contents

1Citation and commencement#

(1)These Regulations may be cited as the Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000 and shall come into operation on 1st December 2000.

(2)The Interpretation Act (Northern Ireland) 1954 shall apply to these Regulations as it applies to an Act of the Assembly.

2Amendment of the Personal Pension Schemes (Disclosure of Information) Regulations#

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3Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations#

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4Amendment of the Occupational Pension Schemes (Winding Up) Regulations#

(1)The Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 shall be amended in accordance with paragraphs (2) to (4).

(2)In regulation 1(3) (interpretation), after the definition of “the Order” there shall be inserted—“• “pension credit” means a credit under Article 26(1)(b) of the Welfare Reform and Pensions (Northern Ireland) Order 1999;• “transfer credits” has the meaning given by regulation 1(2) of the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000 (interpretation).”

(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In regulation 8 (requirements to be satisfied by transferee schemes, annuities, etc.), for paragraphs (1) to (3) there shall be substituted—“1 For the purpose of Article 74(3)(a) (discharge of liability to or in respect of a member by the acquisition of transfer credits under another occupational pension scheme), the requirements to be satisfied by the other occupational pension scheme are the same as those which would apply by virtue of—a section 91(2)(a) of the Act (ways of taking right to cash equivalent) if—i the member were entitled to a cash equivalent under Chapter IV of Part IV of the Act in respect of the rights liability in respect of which is being discharged, andii he required his cash equivalent to be used to acquire transfer credits allowed under the rules of the scheme, orb section 97F(2)(a) of the Act (power to give transfer notice).2 For the purpose of Article 74(3)(b) (discharge of liability to or in respect of a member by the acquisition of rights under a personal pension scheme), the requirements to be satisfied by the personal pension scheme are the same as those which would apply by virtue of —a section 91(2)(b) of the Act if the member were so entitled and he required his cash equivalent to be used to acquire rights allowed under the rules of the scheme; orb section 97F(2)(a) of the Act.3 For the purpose of Article 74(3)(c) (discharge of liability to or in respect of a member by the purchase of one or more annuities) the requirements to be satisfied by the annuities are the same as those which would apply by virtue of—a section 91(2)(c) of the Act if the member were so entitled and he required his cash equivalent to be used to purchase annuities from such insurance companies as are mentioned in that section, orb section 97F(2)(b) of the Act, other than the requirement that an insurance company must be chosen by the member.”

5Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations#

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6Amendment of the Register of Occupational and Personal Pension Schemes Regulations#

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7Amendment of the Occupational and Personal Pension Schemes (Levy) Regulations#

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8Amendment of the Pensions on Divorce etc. (Provision of Information) Regulations#

(1)The Pensions on Divorce etc. (Provision of Information) Regulations (Northern Ireland) 2000 shall be amended in accordance with paragraphs (2) and (3).

(2)In regulation 4 (provision of information in response to a notification that a pension sharing order or provision may be made), in paragraph (2) there shall be omitted sub-paragraph (j).

(3)In regulation 6 (provision of information after the death of the person entitled to the pension credit before liability in respect of the pension credit has been discharged), for paragraph (1) there shall be substituted—“1 Where the person entitled to the pension credit dies before the person responsible for the pension arrangement has discharged his liability in respect of the pension credit, the person responsible for the pension arrangement shall, within 21 days of the date of receipt of the notification of the death of the person entitled to the pension credit, notify in writing any person whom the person responsible for the pension arrangement considers should be notified of the matters specified in paragraph (2).”

9Amendment of the Pensions on Divorce etc. (Charging) Regulations#

(1)The Pensions on Divorce etc. (Charging) Regulations (Northern Ireland) 2000 shall be amended in accordance with paragraphs (2) and (3).

(2)In regulation 1(2) (interpretation), after the definition of “implementation period” there shall be inserted—“• “normal pension age” has the meaning given by section 175;”

(3)In regulation 2 (general requirements as to charges), for paragraph (8) there shall be substituted—“8 The information specified in regulation 2(2) and (3) of the Provision of Information Regulations shall be provided to the member or his spouse without charge unless—a the person responsible for the pension arrangement has furnished the information to the member, his spouse or the court within a period of 12 months immediately prior to the date of the request or the court order for the provision of that information;b the member has reached normal pension age on or before the date of the request or the court order for the provision of the information;c the request or the court order for the provision of the information is made within 12 months prior to the member’s reaching normal pension age, ord the circumstances referred to in regulation 3(2)(b)(i) apply.”

10Amendment of the Pension Sharing (Valuation) Regulations#

(1)The Pension Sharing (Valuation) Regulations (Northern Ireland) 2000 shall be amended in accordance with paragraphs (2) to (5).

(2)In regulation 1(2) (interpretation), after the definition of “transfer credits”, there shall be inserted—“• “transfer day” has the meaning given by Article 26(8) of the 1999 Order;”

(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11Amendment of the Pension Sharing (Implementation and Discharge of Liability) Regulations#

(1)The Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000 shall be amended in accordance paragraphs (2) to (5).

(2)In regulation 1(2) (interpretation)—

(a)after the definition of “implementation period” there shall be inserted—“• “the Inland Revenue” means the Commissioners of Inland Revenue;”

(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)For regulation 6 (discharge of liability in respect of a pension credit following the death of the person entitled to the pension credit), there shall be substituted—“6 1 The person responsible for the pension arrangement shall, following the death of the person entitled to the pension credit, discharge his liability in respect of a pension credit in accordance with this regulation.2 Where the rules or provisions of a pension arrangement so provide and provided that any requirements of the Inland Revenue under Part XIV of the Income and Corporation Taxes Act 1988 are satisfied, the person responsible for the pension arrangement shall discharge his liability in respect of a pension credit by undertaking to—a make—i a payment of a lump sum;ii payments of a pension, oriii payments of both a lump sum and a pension,to one or more persons, orb enter into an annuity contract or take out a policy of insurance with an insurance company for the benefit of one or more persons, orc make a payment or, as the case may be, payments under sub-paragraph (a) and enter into an annuity contract or take out an insurance policy under sub-paragraph (b).3 Where paragraph (2)(b) or (c) applies, the annuity contract entered into or insurance policy taken out must satisfy the requirements of paragraph 6(2) of Schedule 5 (qualifying arrangements) and regulation 11.4 Where the provisions of paragraph (2) do not apply, liability in respect of a pension credit shall be discharged by retaining the value of the pension credit in the pension arrangement from which that pension credit was derived.5 Where—a liability in respect of a pension credit has been discharged in accordance with paragraph (2), andb the value of the payment or payments made, the annuity contract entered into or the insurance policy taken out, as the case may be, is less than the value of the pension credit,the value of an amount equal to the difference between the value of the pension credit and the value of that payment or those payments, that contract or policy, as the case may be, shall be retained in the pension arrangement from which that pension credit was derived.”

(4)In regulation 7(2) (discharge of liability in respect of a pension credit—funded pension schemes)—

(a)in sub-paragraph (a) for “paragraph 1(2)(a)” there shall be substituted “paragraph 1(3)(c)”;

(b)for sub-paragraph (b) there shall be substituted—“b either—i the person entitled to the pension credit has failed to provide his consent in accordance with paragraph 1(2)(a) and (4) of that Schedule, orii the trustees or managers of the scheme have not discharged their liability in accordance with paragraph (1).”

(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12Amendment of the Pension Sharing (Pension Credit Benefit) Regulations#

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13Amendment of the Pension Sharing (Safeguarded Rights) Regulations#

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Contains public sector information licensed under the Open Government Licence v3.0.