Regulation 26 Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations

The Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 1991 M1 are amended in accordance with paragraphs (2) to (4).

In regulation 10(2) (money purchase benefits) for the words from “the money purchase benefits” to the end substitute—

“(a)

the money purchase benefits, when they become payable, in accordance with the terms of an insurance policy or annuity contract in which the amount allocated to provide the benefits is invested; or

(b)

a pension under the scheme derived from the money purchase benefits, on the basis of actuarial advice.”.

Omit regulation 14 M2 (computation of benefit – money purchase schemes).

For regulation 14A M3 (circumstances in which uniform accrual does not apply – money purchase benefits) substitute—

“Benefits to which section 70(6) does not apply – money purchase benefits

14A

Section 70(6) of the Act (computation of short service benefit) does not apply to money purchase benefits.”.