Regulation 2 Amendment of the Occupational Pension Schemes (Contracting-out) Regulations

(1)

The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996^f1 are amended in accordance with paragraphs (2) and (3).

(2)

In regulation 23 (requirements for meeting the statutory standard)—

(a)

for paragraph (a)^f2 substitute—

“(a)
must comply with any standards adopted or prepared, and from time to time revised, by the Board for Actuarial Standards^f3 which are relevant to the matters specified in section 8A(4) of the Act;”;

(b)

in paragraph (f)^f4 after “payment of a lump sum” insert “but may not have regard to any payment of a lump sum made as a result of the death of an earner”;

(c)

at the end of paragraph (f) omit “and”;

(d)

after paragraph (g) add—

“(h)
must not have regard to any discretionary benefits, and

(i)
must comply with the further requirements set out in Schedule 3.”.

(3)

After Schedule 2 (revocations) add Schedule 3 as set out in the Schedule to these Regulations.

Annotations

Footnotes

f1: S.R. 1996 No. 493; relevant amending provisions are S.R. 2002 No. 109, S.R. 2007 No. 64 and S.R. 2008 No. 365
f2: Paragraph (a) was substituted by paragraph 3(b) of the Schedule to S.R. 2007 No. 64 and amended by paragraph 2 of the Schedule to S.R. 2008 No. 365
f3: The definition of “the Board for Actuarial Standards” was inserted by paragraph 3(a) of the Schedule to S.R. 2007 No. 64
f4: Paragraph (f) was amended, and paragraph (g) was added, by regulation 2(10)(b) of S.R. 2002 No. 109