Explanatory note

These Regulations make amendments to secondary legislation concerning pension sharing orders in consequence of the Taxation of Pensions Act 2014 (c. 30) (“the 2014 Act”) and the Pension Schemes Act 2015 (“the 2015 Act”). These Acts contain provisions designed to provide greater flexibility for pension scheme members in accessing their pension rights. The Regulations also make technical amendments that concern valuation of rights under an occupational pension scheme for the purpose of making a pension sharing order and exclusion of some rights from the scope of a pension sharing order.

Regulation 2 makes amendments to the Pensions on Divorce etc (Provision of Information) Regulations (Northern Ireland) 2000 that are consequential to amendments to the Pension Schemes (Northern Ireland) Act 1993 (“the 1993 Act”) made by the 2015 Act and to the introduction of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (“the 2014 Regulations”). This regulation also makes amendments to the provisions governing the valuation of pension rights.

Regulation 3 makes amendments to the Pensions on Divorce etc. (Charging) Regulations (Northern Ireland) 2000 that are consequential to amendments to the 1993 Act made by the 2015 Act and to the introduction of the 2014 Regulations.

Regulation 4 makes amendments to the Pension Sharing (Valuation) Regulations (Northern Ireland) 2000 that are consequential both to the 2014 Act and to amendments to the 1993 Act made by the 2015 Act. This regulation also makes amendments to the provisions governing the valuation of pension rights for the purpose of pension sharing. This regulation excludes the right of an early leaver to a return of contributions or a cash transfer sum from the rights that can be included under a pension sharing order.

Regulation 5 makes amendments to the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000 that are consequential to amendments to section 166 of the Finance Act 2004 (c.12) made by the 2014 Act and to amendments to the 1993 Act made by the 2015 Act. This regulation also makes a consequential amendment following the introduction of the Pensions (No. 2) Act (Northern Ireland) 2008.

Regulation 6 makes minor amendments to the Divorce etc. (Pensions) Regulations (Northern Ireland) 2000 that are consequential to amendments to the 1993 Act made by the 2015 Act.

Regulation 7 makes minor amendments to the Dissolution etc. (Pensions) Regulations (Northern Ireland) 2005 that are consequential to amendments to the 1993 Act made by the 2015 Act.

Regulation 8 amends the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015 so that those regulations apply appropriately in relation to the transfer or conversion of pension credit rights that are safeguarded benefits for the purposes of section 51 of the 2015 Act.

As these Regulations, in so far as they are made under Part 5 of the Welfare Reform and Pensions (Northern Ireland) Order 1999, make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement for consultation does not apply by virtue of Article 73(9) of that Order.