Regulation 4 Amendment of the Occupational Pension Schemes (Winding Up) RegulationsI1

The Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996^f1 shall be amended in accordance with paragraphs (2) to (4).

In regulation 1(3) (interpretation), after the definition of “the Order” there shall be inserted—

• ““pension credit” means a credit under Article 26(1)(b) of the Welfare Reform and Pensions (Northern Ireland) Order 1999;

• “transfer credits” has the meaning given by regulation 1(2) of the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000^f2 (interpretation).”.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

In regulation 8 (requirements to be satisfied by transferee schemes, annuities, etc.), for paragraphs (1) to (3) there shall be substituted—

“(1)

For the purpose of Article 74(3)(a) (discharge of liability to or in respect of a member by the acquisition of transfer credits under another occupational pension scheme), the requirements to be satisfied by the other occupational pension scheme are the same as those which would apply by virtue of—

(a)

section 91(2)(a) of the Act (ways of taking right to cash equivalent) if—

(i)

the member were entitled to a cash equivalent under Chapter IV of Part IV of the Act in respect of the rights liability in respect of which is being discharged, and

(ii)

he required his cash equivalent to be used to acquire transfer credits allowed under the rules of the scheme, or

(b)

section 97F(2)(a) of the Act (power to give transfer notice).

(2)

For the purpose of Article 74(3)(b)^f3 (discharge of liability to or in respect of a member by the acquisition of rights under a personal pension scheme), the requirements to be satisfied by the personal pension scheme are the same as those which would apply by virtue of —

(a)

section 91(2)(b) of the Act if the member were so entitled and he required his cash equivalent to be used to acquire rights allowed under the rules of the scheme; or

(b)

section 97F(2)(a) of the Act.

(3)

For the purpose of Article 74(3)(c) (discharge of liability to or in respect of a member by the purchase of one or more annuities) the requirements to be satisfied by the annuities are the same as those which would apply by virtue of—

(a)

section 91(2)(c) of the Act if the member were so entitled and he required his cash equivalent to be used to purchase annuities from such insurance companies as are mentioned in that section, or

(b)

section 97F(2)(b) of the Act, other than the requirement that an insurance company must be chosen by the member.”.