Regulation 5 Pension attachment: reduction in benefitsI1

Northern Ireland

(1)

This regulation applies where—

(a)

an order under Article 25 or under Article 21^f1 of the 1989 Order has been made by virtue of Article 27B or 27C imposing any requirement on the person responsible for a pension arrangement;

(b)

an event has occurred which is likely to result in a significant reduction in the benefits payable under the arrangement, other than—

(i)

the transfer from the arrangement of all the rights of the party with pension rights in the circumstances set out in Article 27D(1)(a); or

(ii)

a reduction in the value of assets held for the purposes of the arrangement by reason of a change in interest rates or other market conditions.

(2)

Where this regulation applies, the person responsible for the arrangement shall, within 14 days after the occurrence of the event mentioned in paragraph (1)(b), give notice to the other party of—

(a)

that event; and

(b)

the likely extent of the reduction in the benefits payable under the arrangement.

(3)

Where the event mentioned in paragraph (1)(b) consists of a transfer of some but not all of the rights of the party with pension rights from the arrangement, the person responsible for the first arrangement shall, within 14 days of the transfer, give notice to the other party of the name and address of the person responsible for any pension arrangement under which the party with pension rights has acquired rights as a result of that event.

Annotations

Commencement

I1: Reg. 5 in operation at 1.12.2000 with application in accordance with, see reg. 1(2)

Footnotes

f1: Article 21 was substituted by paragraph 2 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999