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The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014

S.R. 2014/204 · Made 3 July 2014 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 31 December 2020.

Pensions

Made 3rd July 2014

Coming into operation in accordance with regulation 1(1)

The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 70(5), 93(1), (2)(b) and (3)(c), 97AF(1), (3)(b) and (4)(b), 97I, 97L(1) and (2)(b), 109, 149(1) and (2)(c), 177(2) to (4) and 178(1) of the Pension Schemes (Northern Ireland) Act 1993 M1, Articles 10(3), 37(4)(a) to (c) and (e) and (8), 47(5)(a), 64(3)(b), 73(6), (7) and (8)(a), 75(5) and (10) and 166(2) and (3) of the Pensions (Northern Ireland) Order 1995 M2, Articles 21(1)(b), 27(1) and 73(4) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 M3, and now vested in it M4, Articles 103, 110(1)(b) and (5), 119(4), 122(10)(a), 130(1), 145(3)(b), 162(1)(a) and (3), 171(11)(b), 172(1), 189, 211 and 287(2) and (3) of, and paragraphs 12(3A)(b), 17(3A)(b), 20(7) and 33 of Schedule 6 to, the Pensions (Northern Ireland) Order 2005 M5 and sections 28(1) and (2), 29(1) and 31(1)(a), (b) and (d) of the Pensions Act (Northern Ireland) 2012 M6.

Annotations to the whole text

Marginal citations

M1

1993 c. 49; section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and paragraph 5(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)); section 97AF was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); sections 97I and 97L were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)); section 109 was amended by section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 13 of Schedule 10 to the Pensions (Northern Ireland) Order 2005, paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)) and paragraph 15 of the Schedule to S.R. 2005 No. 434; section 149(1) was amended by Part 1 of Schedule 5 to the Pensions (Northern Ireland) Order 1995; section 178(1) was amended by Parts 3 and 4 of Schedule 5 to that Order

M2

S.I. 1995/3213 (N.I. 22); Article 37 was substituted by Article 227 of the Pensions (Northern Ireland) Order 2005; Article 73 was substituted by Article 247 of that Order; Article 75(5) was amended by Article 248(3) of that Order

M3

S.I. 1999/3147 (N.I. 11); Article 21 was amended by paragraph 108 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

M4

See Article 8(b) of S.R. 1999 No. 481

M5

S.I. 2005/255 (N.I. 1); Part 3 is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32 and S.R. 2013 No. 95), 84 (as amended by S.I. 2013/472) and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 Nos. 1 and 270); paragraph 12(3A) was inserted by paragraph 5(3) of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)); paragraph 17(3A) was inserted by paragraph 6(3) of Schedule 1 to that Act

M6

2012 c. 3 (N.I.)

Contents

  1. Part 1
  2. 1Citation, commencement and interpretation
  3. 2Meaning of “cash balance benefit”
  4. Part 2: Money purchase underpin benefits and top-up benefits
  5. 3Interpretation and application of this Part
  6. 4Money purchase underpin benefits
  7. 5Top-up benefits
  8. Part 3: Protected rights
  9. 6Schemes which provided protected rights as cash balance benefits etc
  10. Part 4: Modification of schemes
  11. 7The subsisting rights provisions
  12. 8Money purchase underpin benefits and top-up benefits
  13. Part 5: Winding Up
  14. 9Application of this Part in relation to multi-employer schemes
  15. 10Schemes treated as money purchase schemes: winding up commencing before 6th April 2005
  16. 11Non-money purchase schemes providing benefits treated as money purchase benefits: winding up commencing before 6th April 2005
  17. 12Schemes treated as money purchase schemes: winding up commencing on or after 6th April 2005 but before the appointed day
  18. 13Non-money purchase schemes including benefits treated as money purchase benefits: winding up commencing on or after 6th April 2005 but before the appointed day
  19. 14Schemes winding up after an assessment period
  20. 15Closed schemes: further assessment periods
  21. 16Discharge of pensions in payment derived from voluntary contributions treated as money purchase benefits: scheme commencing winding up on or after the appointed day
  22. Part 6: Deficiencies in the assets
  23. 17Interpretation
  24. 18Application to multi-employer schemes
  25. 19Application of Article 75 of the 1995 Order to schemes treated as money purchase schemes: periods before the appointed day
  26. 20Application of Article 75 of the 1995 Order to non-money purchase schemes including benefits treated as money purchase benefits: periods before the appointed day
  27. 21Non-money purchase schemes which are multi-employer schemes: arrangements before the appointed day
  28. 22Schemes or benefits treated as money purchase falling outside regulations 19 to 21
  29. 23Schemes or benefits treated as money purchase falling outside regulations 19 to 21: insolvent employer
  30. Part 7: Revaluation, indexation and preservation of benefits
  31. 24Revaluation of cash balance benefits etc: pensionable service before the appointed day
  32. 25Indexation of cash balance benefits etc: pensions in payment before the appointed day
  33. 26Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations
  34. 27Amendment of the Occupational Pension Schemes (Revaluation) Regulations
  35. Part 8: Transfers
  36. 28Interpretation
  37. 29Cash equivalent of cash balance benefits etc treated as money purchase benefits: transitional arrangements
  38. 30Statement of entitlement in relation to cash balance benefits etc treated as money purchase benefits: periods before the appointed day
  39. 31Amendment of the Transfer Values Regulations
  40. Part 9: Early leavers: Cash Transfer Sums and Contribution Refunds
  41. 32Regulation 32
  42. 33Cash transfer sum: cash balance benefits etc treated as money purchase benefits
  43. 34Amendment of the Early Leavers Regulations
  44. Part 10: Payment of surplus funds to employer
  45. 35Interpretation
  46. 36Failure to comply with the requirements of Article 37 or 76 of the 1995 Order: periods before the appointed day
  47. 37Non-money-purchase schemes providing cash balance benefits etc
  48. 38Amendment of the Payments to Employer Regulations
  49. Part 11: Scheme Administration
  50. 39Modification of the Occupational Pension Schemes (Scheme Administration) Regulations
  51. 40Scheme accounts
  52. Part 12: The Pension Protection Fund
  53. 41Interpretation
  54. 42Eligibility: schemes treated as money purchase schemes
  55. 43Validity of valuations etc, determinations, transfer notices and discharge of benefits before the appointed day
  56. 44Schemes which become eligible schemes: provision of valuations to determine scheme underfunding
  57. 45Provision of information: schemes and benefits treated as money purchase
  58. 46Eligible schemes including benefits treated as money purchase benefits: initial levy and pension protection levy
  59. 47Schemes which become eligible schemes: administration levy and pension protection levies: periods after the appointed day
  60. 48Eligible schemes including benefits which become non-money purchase: power to direct out-of-cycle valuations
  61. 49Waiver of fraud compensation levy: periods before the appointed day
  62. 50Discharge of cash equivalent of benefits treated as money purchase
  63. 51Schemes continuing as closed schemes after an assessment period
  64. 52Discharge as money purchase liabilities: periods before the appointed day
  65. 53Discharge as money purchase liabilities: periods after the appointed day
  66. 54Closed schemes: Board's assumption of responsibility after the appointed day
  67. 55Discharge as money purchase benefits: scheme right to transfer payment or contribution refund
  68. 56Discharge of pensions in payment derived from voluntary contributions treated as money purchase benefits: periods after the appointed day
  69. 57Modification of the Pension Protection Fund (Entry Rules) Regulations
  70. 58Modification of the Pension Protection Fund (Compensation) Regulations where there is no provision for a survivor's pension
  71. 59Amendment of the Pension Protection Fund (Compensation) Regulations
  72. 60Amendment of the Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations
  73. Part 13: Scheme Funding
  74. 61Interpretation of this Part
  75. 62Application of Part 4 of the 2005 Order to schemes treated as money purchase: periods before the appointed day
  76. 63Application of Part 4 of the 2005 Order to schemes including benefits treated as money purchase benefits: periods before the appointed day
  77. 64Actuarial valuations and reports for schemes treated as money purchase schemes: periods on and after the appointed day
  78. 65Modification of the Scheme Funding Regulations for schemes treated as money purchase schemes: periods on and after the appointed day
  79. 66Provision of summary funding statement in relation to schemes treated as money purchase: periods on and after the appointed day
  80. 67Schedule of payments in relation to schemes treated as money purchase: periods on and after the appointed day
  81. 68Application of Part 4 of the 2005 Order to schemes including benefits treated as money purchase: periods on or after the appointed day
  82. Part 14: Equality
  83. 69Modification of the Occupational Pension Schemes (Equal Treatment) Regulations
  84. Part 15: Pension Sharing
  85. 70Valuations for the purposes of pension sharing etc: transitional arrangements
  86. Part 16: Cross-border Schemes Repealed
  87. 71Cross-border schemes treated as money purchase schemes Repealed
  88. Part 17: Disclosure
  89. 72Benefits and schemes treated as money purchase before the appointed day
  90. 73Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations
  91. Signature
  92. Explanatory note