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Section 24 Quality requirement: UK hybrid schemesC2I1I2C1

Northern Ireland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A hybrid scheme that has its main administration in the United Kingdom satisfies the quality requirement in relation to a jobholder if it satisfies the requirements mentioned in whichever of these is the appropriate paragraph—

(a)

the requirements for a money purchase scheme under section 20, subject to any prescribed modifications;

(b)

the requirements for a defined benefits scheme under sections 21 to F123A , subject to any prescribed modifications.

(2)

Which paragraph of subsection (1) is appropriate for any hybrid scheme is to be determined by rules made by the Department.

(3)

The rules may provide for different paragraphs to be appropriate for different provisions of a scheme.

(4)

The rules may provide for the paragraphs to be appropriate as alternatives, for any scheme or any provisions of a scheme.

Annotations

Textual amendments

F1

Word in s. 24(1)(b) substituted (16.7.2015) by Pensions Act (Northern Ireland) 2015 (c. 5), ss. 38(3), 53(1); S.R. 2015/307, art. 2(1)(d)

Modifications

C1

S. 24 applied (with modifications) (1.7.2012) by The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 (S.R. 2010/122), regs. 1(1), 45(5)(6) (as amended (1.7.2012) by S.R. 2012/237, regs. 1(1)(b), 2(2))

C2

Pt. 1 applied (with modifications) (1.7.2012) by The Automatic Enrolment (Offshore Employment) Order 2012 (S.I. 2012/1388), arts. 1(1), 2 (with art. 5)

Commencement

I1

S. 24 partly in force; s. 24 in force for certain purposes at Royal Assent see s. 118(2)

I2

S. 24 in operation at 30.6.2012 in so far as not already in operation by S.R. 2012/266, art. 2, Sch. Pt. 1