Explanatory note
Northern Ireland
F1(This note is not part of the Regulations)
These Regulations disapply Chapter IV of Part IV, and Chapter II of Part IVA, of the Pension Schemes (Northern Ireland) Act 1993 (“the transfer value provisions”) which entitle members of occupational or personal pension schemes to acquire a right to a cash equivalent of any benefits which have accrued to or in respect of them. Those Chapters allow transfers out from pension funds.
Regulation 2(1) disapplies the transfer value provisions in respect of the pension scheme established by the Secretary of State under section 67(1) of the Pensions Act 2008 (“the Scheme”).
Regulation 2(2) provides that the transfer value provisions apply in relation to the Scheme when a member reaches normal minimum pension age and notifies the trustee corporation of their intention to take a right to a cash equivalent in certain ways.
Regulation 2(3) provides that the transfer value provisions also apply in relation to the Scheme when the trustee corporation is satisfied that a member is suffering from incapacity.