Explanatory note

These Regulations prevent transfers under section 91 of the Pension Schemes (Northern Ireland) Act 1993 (‘the 1993 Act’) from an unfunded public service defined benefits scheme to a qualifying recognised overseas pension scheme which can provide flexible benefits as a result of the transfer.

Section 71 of the Pension Schemes Act 2015 (‘the 2015 Act’) restricted, by means of amendments to section 91 of the 1993 Act, transfers out of unfunded public service defined benefits schemes. The restriction does not apply if the scheme to which the transfer is to be made satisfies requirements prescribed in regulations. Section 71(9) of the 2015 Act provides that regulations made under section 91(2)(d) and 91(5)(a) of the 1993 Act apply for the purposes of section 91(2A)(d) and 91(5A) of the 1993 Act respectively, until the coming into operation of the first regulations made under the latter provisions. With the coming into operation of these Regulations, the first made under section 91(2A)(d) and 91(5A) of the 1993 Act, regulations 12(4) and 12(5) of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 (S.R. 1996 No.619) will no longer apply for the purposes of those provisions.