Regulation 13 Annual allowance chargeI1

Northern Ireland

(1)

This regulation applies to a person (P) who—

(a)

is a member of an old scheme whether by virtue of pensionable service for that scheme or deemed transfer scheme service under paragraph 2 of Schedule 7 to the 2014 Act;

(b)

is a member of the new scheme by virtue of pensionable service for the new scheme; and

(c)

becomes entitled to payment of a lower tier ill-health pension under the new scheme.

(2)

Section 234 of the Finance Act 2004^f1(defined benefits arrangements) is modified in its application to P as specified in paragraph (3).

(3)

When calculating the closing value of P’s rights under the new scheme for the pension input period during which P becomes entitled to payment of the lower tier ill-health pension, the element of the lower tier ill-health pension that represents pensionable service for the old scheme is not to be counted as being part of the closing value.

Annotations

Commencement

I1: Reg. 13 in operation at 1.4.2015, see reg. 1

Footnotes

f1: Section 234 was amended by section 66 of, and paragraphs 1, 10 and 27 of Schedule 17 to, the Finance Act2011 (c.11).