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The Hybrid Schemes Quality Requirements (Amendment) Rules (Northern Ireland) 2016

S.R. 2016/315 · Made 31 August 2016

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Pensions

Made 31st August 2016

Coming into operation 1st October 2016

The Department for Communitiesf1 makes the following Rules in exercise of the powers conferred by section 24(2) to (4) of the Pensions (No. 2) Act (Northern Ireland) 2008f2.

Annotations to the whole text

Footnotes

f1

See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.) )

f2

2008 c. 13 (N.I.); section 24 was amended by section 38(3) of the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Hybrid Schemes Quality Requirements Rules
  3. Signature
  4. Explanatory note

1Citation and commencement

These Rules may be cited as the Hybrid Schemes Quality Requirements (Amendment) Rules (Northern Ireland) 2016 and shall come into operation on 1st October 2016.

2Amendment of the Hybrid Schemes Quality Requirements Rules

(1)

The Hybrid Schemes Quality Requirements Rules (Northern Ireland) 2012f1 are amended in accordance with paragraphs (2) to (6).

(2)

In rule 1(2) (interpretation)—

(a)

omit the definition of “contracted-out employment”;

(b)

omit the definition of “contracted-out scheme”;

(c)

in the definition of “the paragraph (b) quality requirements” for “sections 21 to 23” substitute “sections 21 to 23Af2”.

(3)

In rule 2(1) and (3) (application: general) for “rules 3 to 8” substitute “rules 4 to 8”.

(4)

Omit rule 3 (contracted-out hybrid schemes).

(5)

In rule 4(1) (general rule for hybrid schemes) for sub-paragraph (b) substitute—

“(b)

do not include any scheme falling within a description specified in any of rules 5 to 7.”.

(6)

In rule 8(1)(a) and (b) and (2)(b) (schemes where more than one rule applies) for “rules 3 to 7” substitute “rules 4 to 7”.

Signature

Sealed with the Official Seal of the Department for Communities on 31st August 2016

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Rules)

These Rules amend the Hybrid Schemes Quality Requirements Rules (Northern Ireland) 2012, in consequence of the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.)), to reflect the introduction of the alternative tests of scheme quality for defined benefit and hybrid schemes and the abolition of contracting-out for salary related pension schemes.