The Local Government Pension Scheme Regulations (Northern Ireland) 2014

Bulk transfer (transfers of undertakings, etc.) N.I.

110.—(1) This regulation applies where—

(a) two or more members' active membership ends on their joining a registered non-local government scheme (“the new scheme”);

(b) it is agreed by—

(i) the Committee;

(ii) the members' employing authorities (if different); and

(iii) the trustees or managers of the new scheme;

that a payment should be made under this regulation; and

(c) the members—

(i) agree in writing that that payment should be made instead of any payment which they otherwise might require to be made under Chapter 4 or 5 of Part 4 of the 1993 Act; and

(ii) waive any rights they might have under those Chapters by virtue of the cessation of their active membership.

(2) The Committee shall not give its agreement under paragraph (1)(b) unless it is satisfied that the rights that each of the members will acquire under the new scheme are at least equivalent to those which they each would have obtained if the transfer value payment had been paid to the same scheme under Chapter 4 or 5 of Part 4 of the 1993 Act, as they apply as modified by these Regulations (assuming in any case where a member would not be entitled to such a payment that the member was so entitled).

(3) The Committee shall provide each member with sufficient information in writing to check that the requirement of paragraph (2) is satisfied before the member agrees as mentioned in paragraph (1)(c).

(4) The Committee shall—

(a) set aside (whether in cash or in assets or both) such part of the pension fund (“the transfer value payment”) as an actuary appointed by it and an actuary appointed by the trustees or managers of the new scheme for the purpose may agree as appropriate for the acquisition of such rights in that new scheme as they may so agree; and

(b) pay or transfer it to the trustees or managers of the new scheme for the benefit of the relevant members.

(5) The Committee shall certify to the new scheme's trustees or managers the amount included in the transfer value payment which represents each member's contributions and interest on them.

(6) Where a transfer value payment is to be or has been made under this regulation, no other payment or transfer of assets shall be made from the pension fund by reason of membership covered by the transfer value payment.

(7) Paragraph (6) overrides anything to the contrary in these Regulations, the Transitional Regulations or the former regulations.