Section 29 Transitional periods for money purchase and personal pension schemesI1 I2

Northern Ireland

(1)

During the first transitional period F1...—

(a)

sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “ 1% ”;

(b)

sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “ 2% ”.

(2)

The first transitional period is a prescribed period of at least one year, beginning with the coming into operation of section 20.

(3)

During the second transitional period F2...—

(a)

sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “ 2% ”;

(b)

sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “ 5% ”.

(4)

The second transitional period is a prescribed period of at least one year, beginning with the end of the first transitional period.

Annotations

F1: Words in s. 29(1) omitted (16.7.2015) by virtue of Pensions Act (Northern Ireland) 2015 (c. 5), ss. 38(5), 53(1); S.R. 2015/307, art. 2(1)(d)
F2: Words in s. 29(3) omitted (16.7.2015) by virtue of Pensions Act (Northern Ireland) 2015 (c. 5), ss. 38(5), 53(1); S.R. 2015/307, art. 2(1)(d)

I1: S. 29 partly in force; s. 29 in force for certain purposes at Royal Assent see s. 118(2)
I2: S. 29 in operation at 30.6.2012 in so far as not already in operation by S.R. 2012/266, art. 2, Sch. Pt. 1

C1: 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)

C1: 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)