Paragraph 79 Revaluation of guaranteed minimumI1

Northern Ireland

(1)

This article applies where a person—

(a)

has ceased to serve as a regular firefighter; or

(b)

has elected under article 59 not to pay pension contributions,

and has taken a right to a cash equivalent by exercising the option conferred by section 91(1) of the Pension Schemes (Northern Ireland) Act 1993^f1 (“the 1993 Act”) wholly or partly in the way specified in section 91(2)(c) of that Act (purchase of annuity).

(2)

Where this article applies, to the extent that the person’s guaranteed minimum is otherwise appropriately secured within the meaning of section 15(3) of the 1993 Act—

(a)

for the purposes of section 10(2) of that Act (amount of guaranteed minimum) his earnings factors shall be determined by reference to the last order under section 130 of the Social Security Administration (Northern Ireland) Act 1992^f2 to come into force before the end of the tax year in which he ceased to serve as a regular firefighter or, as the case may be, in which his election under article 59 took effect and without reference to any subsequent order; and

(b)

the weekly equivalent mentioned in section 10(2) of the 1993 Act shall be increased—

(i)

by at least the prescribed percentage for each relevant year after the end of the tax year in which he ceased to serve as a regular firefighter or, as the case may be, in which his election under article 59 took effect, and

(ii)

in accordance with such additional requirements as may be prescribed for the purposes of section 12(3) of the 1993 Act^f3.

(3)

In this article—

“relevant year” has the meaning given in section 10(8) of the 1993 Act^f4;
“prescribed percentage” has the meaning given in regulation 62 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996^f5.

Annotations

Commencement

I1: ANNEX Scheme Pt. K art. 79 in operation at 1.4.2006, see art. 1(2)

Footnotes

f1: 1993 c.49
f2: 1992 c.8
f3: Section 12(3) was amended by the Pensions (Northern Ireland) Order 1995, Schedule 3, paragraph 21
f4: Section 10(8) was amended by the Pensions (Northern Ireland) Order 1995, Schedule 3, paragraph 20
f5: S.R. 1996 No. 493