Article 35 Treatment in winding up

Para. (1) rep. by 2005 NI 1

(2)

In the case of an occupational pension scheme which is not a scheme to whichF1 this Article applies, rights attributable (directly or indirectly) to a pension credit are to be accorded in a winding up the same treatment—

(a)

if they have come into payment, as the rights of a pensioner member, and

(b)

if they have not come into payment, as the rights of a deferred member.

(2A)

This Article applies to an occupational pension scheme other than—

(a)

a money purchase scheme, or

(b)

a prescribed scheme or a scheme of a prescribed description.

(3)

Paragraph (2) overrides the provisions of a scheme to the extent that it conflicts with them, and the scheme has effect with such modifications as may be required in consequence.

(4)

In paragraph (2)—

(a)

“deferred member” and “pensioner member” have the same meanings as in Part II of the Pensions Order;

(b)

“pension credit” includes a credit under section 29(1)(b) of the Welfare Reform Act;

(c)

references to rights attributable to a pension credit having come into payment are to the person to whom the rights belong having become entitled by virtue of the rights to the present payment of pension or other benefits.

Annotations

Textual amendments

F1: 2005 NI 1

Notes on the whole Order

Textual amendments

F1: functions transf. by SR 1999/481
F2: functions transf. by 2005 NI 1

Notes on Part V

Modifications

C1: Pt. V (arts. 24-48) power to modify conferred (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 294(d); S.R. 2006/95, art. 2(c), Sch. Pt. 3
C2: Pt. V (arts. 24-48) power to modify conferred (15.12.2008) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 115(2)(c), 118(2)(g)

Notes on Chapter I

Modifications

C1: Pt. V Ch. I (arts. 24-43) modified (1.8.2006) by Pension Protection Fund (Pension Sharing) Regulations (Northern Ireland) 2006 (S.R. 2006/282), reg. 2(2)(a)-(c)