Regulation 76 Contracting-out requirements affecting transfers outF1I1
Northern Ireland
There must be a deduction from the transfer payment to be made in respect of any person—
the amount of any contributions equivalent premium payable pursuant to section 51 of the 1993 Act; or
an amount sufficient to meet the liability in respect of his contracted-out rights.
But the amount mentioned in paragraph (1) may not be deducted where the transfer payment is made to a registered pension scheme which is contracted out.
Where the amount mentioned in paragraph (1)(a) is deducted, the Committee must use that amount to pay the premium.
Where the amount mentioned in paragraph (1)(b) is deducted, the Committee may use the amount in preserving the liability mentioned in that paragraph in the fund or admission agreement fund, unless the member wishes a transfer payment in respect of it to be paid to the trustees or managers of a non-contracted-out registered pension scheme.
Contracted-out rights, in relation to a member, are—
his and his surviving spouse’s, civil partner’s or F2cohabiting partner’s rights to guaranteed minimum pensions; and
his section 5(2B) rights (as defined in regulation 1(2) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996f1).
Annotations
Textual amendments
- F1
Regulations revoked (except reg. 4 for specified purposes, reg. 6 for specified purposes and reg. 11) (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 2(1), Sch. 2 (with regs. 3, 13, 14(1)(d), Sch. 5)
- F2
Word in reg. 76(5)(a) substituted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 14
Commencement
Footnotes
- f1
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S.R. 1996 No. 493; the definition of “section 5(2B) rights” was substituted by S.R. 1997 No. 160 Schedule 1, paragraph 5.