Regulation 55 Scheme rules about guaranteed minimum pensionsI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 55 coming into force by Occupational Pension Schemes (Contracting-out) 1996 reg. 1(1)
reg. 55-63 revoked by Occupational Pension Schemes (Schemes that were Contracted-out) Regulations (Northern Ireland) 2016 Sch. 2
reg. 23(g)and word added by Occupational and Personal Pension Schemes (Contracting-out) 2002 reg. 2(10)(b)
reg. 55(1)(c) words inserted by Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) 2005 Sch. 2 para. 17
reg. 55 words substituted by Personal and Occupational Pension Schemes 1997 Sch. para. 5(11)

(1)

For a scheme to be contracted out in relation to an earner’s employment it must include a rule to the effect that if the earner has a guaranteed minimum under section 10 of the Act (earner’s guaranteed minimum)^f1—

(a)

the weekly rate of his pension under the scheme at pensionable age in respect of his service before the principal appointed day shall not be less than that guaranteed minimum;

(b)

the weekly rate of pension payable to any widow of the earner under the scheme in respect of the earner’s service before the principal appointed day shall be not less than half that guaranteed minimum, and

(c)

the weekly rate of pension payable to any widower of the earner under the scheme in respect of the earner’s service before the principal appointed day shall be not less than half of that part of the earner’s guaranteed minimum which is attributable to earnings factors for the tax year 1988-89 and subsequent tax years up to and including the tax year 1996-97,

that rule to be expressed to override all other provisions of the scheme, except any that are in accordance with the Act.

(2)

In paragraph (1) “weekly rate” means, in cases where the pension is paid otherwise than at weekly intervals, a rate which is equivalent to the earner’s guaranteed minimum having regard to the period in respect of which the pension is paid.

Annotations

Commencement

I1: Reg. 55 in operation at 6.4.1997, see reg. 1(1)

Footnotes

f1: Section 10 is amended by paragraph 20 of Schedule 3 to the Pensions (Northern Ireland) Order 1995