Regulation 14 Annual allowance charge:I1

Northern Ireland

(1)

This regulation applies to a person (P), who—

(a)

is a member of the 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 (final salary link);

(b)

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

(c)

becomes entitled to immediate payment of an ill health pension at Tier 1 or Tier 2 under the new scheme.

(2)

Section 234 of the Finance Act 2004^f1 (defined benefit 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 ill health pension, the element of the ill health pension at Tier 1 that represents pensionable service for the old scheme is not to be counted as being part of the closing value.

Annotations

Commencement

I1: Reg. 14 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 Act 2011 (c.11).