Regulation 5 Amendment of the Pension Sharing (Pension Credit Benefit) Regulations

(1)

The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000^f1 are amended in accordance with paragraphs (2) to (10).

(2)

In regulation 1(2) (interpretation)—

(a)

after the definition of “base rate” insert—

““categories of benefits” refers to the categories listed in paragraphs (a) to (c) of section 97F(6B)^f2;”;

(b)

for the definition of “pension credit benefit” substitute—

“pension credit benefit” has the meaning given by section 97B insofar as that expression is used in Part II;”;

(c)

omit the definition of “statement of entitlement”.

(3)

In regulation 3(a)^f3 (pension credit benefit in lump sum form) after “(a), (b),” insert “(ba),”.

(4)

In regulation 21(1)^f4 (requirements of other pension arrangements) for “pension credit benefit” substitute “pension credit rights”.

(5)

In regulation 23 (statements of entitlement)—

(a)

for the heading substitute “Written statement of the amount of the cash equivalent of the member’s pension credit rights”;

(b)

in paragraph (1)—

(i)

for “salary related schemes: statements of entitlement” substitute “benefits other than money purchase; statements of entitlement”;

(ii)

for “a statement of entitlement” substitute “a written statement of the amount of the cash equivalent of the member’s pension credit rights”;

(c)

after paragraph (1) insert—

“(1A)
Where an eligible member has transferrable rights under Part IVA of the Act in relation to two categories of benefits other than money purchase benefits, the trustees or managers must provide the member with a written statement setting out a separate cash equivalent in relation to each of the categories of benefits, unless the member’s application relates to one of the categories of benefits only.”;

(d)

in paragraphs (3) and (4) for “statement of entitlement” substitute “written statement”.

(6)

In regulation 24(2)(f)^f5 (manner of calculation and verification of cash equivalents) for “paragraphs 7 and 9” substitute “paragraph 7”.

(7)

In regulation 26 (extension of time limits for payment of cash equivalents)—

(a)

after “section 97J(1)(a)”, in both places where it occurs insert “or (b)”;

(b)

in paragraph (a)(vi)—

(i)

for “statement of entitlement” substitute “written statement”;

(ii)

for “regulation 27 or 28” substitute “regulation 28”.

(8)

In regulation 28 (increases and reductions of cash equivalents once the statement of entitlement has been sent to the eligible member)—

(a)

in the heading for “statement of entitlement” substitute “written statement”;

(b)

in paragraph (1)—

(i)

for “statement of entitlement” substitute “written statement”;

(ii)

for “of a salary related scheme by the trustees or managers of that scheme” substitute “by the trustees or managers of a scheme”;

(c)

in paragraph (3)^f6 for “the winding up provisions (as defined in regulation 27(13))” substitute “Articles 73 to 74”.

(9)

In regulation 29 (increases of cash equivalents on late payment), in both places where it occurs omit “, 27”.

(10)

In regulation 30(1) (personal pension schemes: increases and reductions of cash equivalents) for “pension credit benefit” substitute “pension credit rights”.

Annotations

Footnotes

f1: S.R. 2000 No. 146; relevant amending provisions are S.R. 2005 No. 171, S.I. 2006/744, S.R. 2008 No. 370 and S.R. 2009 Nos. 113 and 365
f2: Section 97F(6B) was substituted by paragraph 61(5) of Schedule 4 to the Pension Schemes Act 2015
f3: Regulation 3 was substituted by regulation 9 of S.R. 2009 No. 365
f4: Regulation 21(1) was amended by Article 38(4)(a) of S.I. 2006/744 and Article 8(5)(a) of S.R. 2009 No. 113
f5: Regulation 24 was substituted by paragraph 7(4) of Schedule 2 to S.R. 2008 No. 370
f6: Paragraph (3) was amended by regulation 18(10) of S.R. 2005 No. 171