Paragraph 6

Northern Ireland

(1)

The following are qualifying arrangements for the purposes of this Schedule—

(a)

an occupational pension scheme,

(b)

a personal pension scheme,

(c)

an appropriate annuity contract,

(d)

an appropriate policy of insurance, and

(e)

an overseas arrangement within the meaning of the Contracting-out (Transfer and Transfer Payment) Regulations (Northern S.R. 1996/618. Ireland) 1996.

(2)

An annuity contract or policy of insurance is appropriate for the purposes of sub-paragraph (1) if, at the time it is entered into or taken out, theF1 insurer with which it is entered into or taken out—

(a)

is carrying on. . . long-term insurance business in the United Kingdom F2..., and

(b)

satisfies such requirements as the Department may prescribe by regulations.

(3)

"Insurer" and "long-term insurance business" have the meaning given in section 175A of the Pension Schemes Act.

Annotations

Textual amendments

F1: SI 2001/3649
F2: Words in Sch. 5 para. 6(2)(a) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (Northern Ireland) (EU Exit) Regulations 2019 (S.I. 2019/193), regs. 1, 4(2); 2020 c. 1, Sch. 5 para. 1(1)

Notes on the whole Order

Textual amendments

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

Notes on Schedule 5

Modifications

C1: Sch. 5 modified (1.8.2006) by Pension Protection Fund (Pension Sharing) Regulations (Northern Ireland) 2006 (S.R. 2006/282), reg. 2(2)(d)