The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008

Amendment of the Personal and Occupational Pension Schemes (Protected Rights) Regulations

2.—(1) The Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with sub-paragraphs (2) and (3).

(2) In regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”(2).

(3) For regulation 2(3) (manner of calculation and verification of protected rights) substitute—

“Manner of calculation and verification of protected rights

2.— (1) For the purposes of section 23(3) (identification and valuation of protected rights), the trustees must calculate and verify the value of a member’s protected rights in accordance with regulation 7C of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(4).

(2) In calculating the rights under paragraph (1), the trustees must treat the references to “initial cash equivalent” in that regulation as if they were references to “protected rights”.

(3) The trustees must adopt methods and assumptions which are consistent with sections 5(3) and (5)(5), 6(6) and 22 to 28(7).”.

(1)

S.R. 1997 No. 56; relevant amending Regulations are S.R. 2007 No. 64

(2)

The definition of “the Board for Actuarial Standards” was inserted by paragraph 7(a) of the Schedule to S.R. 2007 No. 64

(3)

Regulation 2 was amended by paragraph 7(b) of the Schedule to S.R. 2007 No. 64

(4)

S.R. 1996 No. 619

(5)

Section 5 was amended by Article 133(3) and (4) of, and paragraphs 14(a) and 17 of Schedule 3 to, the Pensions (Northern Ireland) Order 1995, paragraph 38 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999, Article 260 of the Pensions (Northern Ireland) Order 2005 and Article 8(2) of S.I. 2006/745

(6)

Section 6 was amended by paragraph 18 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 39 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999, Article 29(2) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 23(2) of Schedule 11 to the Proceeds of Crime Act 2002 (c. 29)

(7)

Section 24 was amended by Articles 139 and 143(2) of, and paragraph 27 of Schedule 3 to, the Pensions (Northern Ireland) Order 1995, paragraph 4 of Schedule 2 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, paragraphs 2(2) and 3 of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)), Article 261(3) to (6) of, and Schedule 11 to, the Pensions (Northern Ireland) Order 2005, paragraph 10 of Schedule 1 to S.R. 2005 No. 433 and Article 8(3) of S.I. 2006/745; section 24A was inserted by Article 140 of the Pensions (Northern Ireland) Order 1995 and amended by paragraph 11 of Schedule 1 to S.R. 2005 No. 433 and Article 8(4) of S.I. 2006/745; section 24B was inserted by Article 140 of the Pensions (Northern Ireland) Order 1995 and amended by paragraph 44 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999; section 25 was amended by Article 141 of, and paragraph 28 of Schedule 3 to, the Pensions (Northern Ireland) Order 1995, Article 261(7) of the Pensions (Northern Ireland) Order 2005, Article 130 of S.I. 2001/3649 and paragraph 12 of Schedule 1 to S.R. 2005 No. 433; section 26 was amended by paragraph 14 of Schedule 3 to the Pensions (Northern Ireland) Order 1995 and paragraph 45 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999; section 27 was amended by paragraph 29 of Schedule 3 to the Pensions (Northern Ireland) Order 1995 and paragraph 46 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999