OpenLegislation

Regulation 2 Disapplication of the transfer value provisionsF1I1

Northern Ireland

(1)

Subject to paragraphs (2) and (3), the transfer value provisions do not apply in relation to the Scheme.

(2)

Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when a member of the Scheme reaches normal minimum pension age and notifies the Trustee of that member’s intention to—

(a)

exercise a right to the entirety of a cash equivalent acquired under F2section 90(2) in one of the ways listed in section 91(2)f1, or

(b)

require the Trustee to use an amount equal to the entirety of the cash equivalent of that member’s F3pension credit rights pursuant to section 97F (power to give transfer notice) for one or more of the authorised purposes listed in section 97F(2)f2.

(3)

Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when the Trustee is satisfied that a member is suffering from incapacity.

Annotations

Textual amendments

F1

Regulations revoked (1.4.2017) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations (Northern Ireland) 2015 (S.R. 2015/164), reg. 13(b) (with reg. 10)

F2

Words in reg. 2(2)(a) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations (Northern Ireland) 2015 (S.R. 2015/164), regs. 1(1)(a), 12(3)(a) (with reg. 10)

F3

Words in reg. 2(2)(b) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations (Northern Ireland) 2015 (S.R. 2015/164), regs. 1(1)(a), 12(3)(b) (with reg. 10)

Commencement

I1

Reg. 2 in operation at 5.7.2010, see reg. 1(1)

Footnotes

f1

Section 91(2) was amended by Article 133 of S.I. 2001/3649

f2

Section 97F(2) was amended by Article 134 of S.I. 2001/3649