Paragraph 8

(1)

If—

(a)

a pension credit derives from an occupational pension scheme,

(b)

the scheme is one to whichF1 Part IV of the Pensions (Northern Ireland) Order 2005 (scheme funding) applies,

(c)

the scheme is underfunded on the valuation day, and

(d)

such circumstances as the Department may prescribe by regulations apply,

paragraph 1(3) shall have effect in relation to the credit as if the reference to the amount of the credit were to such lesser amount as may be determined in accordance with regulations made by the Department.

(2)

Whether a scheme is underfunded for the purposes of sub-paragraph (1)(c) shall be determined in accordance with regulations made by the Department.

(3)

For the purposes of that provision, the valuation day is the day by reference to which the cash equivalent on which the amount of the pension credit depends falls to be calculated.

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 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)