Explanatory note

These Regulations amend the Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996 (“the principal Regulations”).

Regulation 1 provides for citation and commencement.

Regulation 2 amends the principal Regulations. In particular—

• paragraph (2) makes provision in relation to interpretation;

• paragraph (3) substitutes regulation 2 to include among the schemes that may give effect to a member’s protected rights by making a transfer payment to an appropriate personal pension scheme or an occupational pension scheme, the money purchase part of a mixed benefit contracted-out scheme and a scheme which has ceased to be the money purchase part of a mixed benefit contracted-out scheme;

• paragraph (4) substitutes regulation 3 so that it no longer applies to transfer payments to money purchase contracted-out schemes. The effect of regulation 3 as substituted is that it applies to transfer payments to appropriate personal pension schemes only;

• paragraph (5) inserts regulations 3B and 3C in order to provide for transfer payments to be made to a money purchase contracted-out scheme or the money purchase part of a mixed benefit contracted-out scheme. Regulation 3B provides for transfers with a member’s consent, while regulation 3C provides for transfers without a member’s consent.

Regulation 3 makes a consequential revocation.

An assessment of the cost to business of these Regulations is detailed in a Regulatory Impact Assessment, copies of which have been laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Assessment are available from the Department for Social Development, Social Security Policy and Legislation Division, Level 1, James House, 2-4 Cromac Avenue, Gasworks Business Park, Ormeau Road, Belfast BT7 2JA