Regulation 73 Transitional arrangements and savings for salary related schemes which have begun winding up before the principal appointed dayI1

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. 73 coming into force by Occupational Pension Schemes (Contracting-out) 1996 reg. 1(1)
reg. 23(g)and word added by Occupational and Personal Pension Schemes (Contracting-out) 2002 reg. 2(10)(b)
reg. 73(b) words inserted by Pension Sharing (Contracting-out) 2000 reg. 2(6)
reg. 73(b) words omitted by Pensions (2008 Acts) (Consequential Provisions) 2009 art. 3(6)

Notwithstanding the revocations in Schedule 2, in the case of a scheme to which section 19(2) and (3) of the Act^f1 applies (securing of benefits on winding up)—

(a)

regulation 37 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1985^f2 (priorities on the winding-up of a scheme) shall continue to have effect, and

(b)

the resources of the scheme must be sufficient to meet the liabilities specified in section 20(1)(c) of the Act, such resources and liabilities being calculated, determined and verified in a manner approved by the Department.

Annotations

Commencement

I1: Reg. 73 in operation at 6.4.1997, see reg. 1(1)

Footnotes

f1: See paragraph 24 of Schedule 3 to the Pensions (Northern Ireland) Order 1995
f2: S.R. 1985 No. 259; regulation 37 was amended by S.R. 1994 No. 300