The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Regulations 23(3), 24(2) and 25(2)

SCHEDULE 8 N.I. Information to be given by schemes about winding up

PART 1 N.I. Information to be given by occupational pension schemes during winding up

1.  A statement that the scheme is being wound up. N.I.

Commencement Information

I1 Sch. 8 para. 1 in operation at 6.4.2014, see reg. 1(1)

2.  The reasons why the scheme is being wound up. N.I.

Commencement Information

I2 Sch. 8 para. 2 in operation at 6.4.2014, see reg. 1(1)

3.  Where Article 22(1) of the 1995 Order (circumstances in which following provisions apply) applies, a statement that at least one of the trustees of the scheme is required to be an independent person by Article 23(2) of that Order. N.I.

Commencement Information

I3 Sch. 8 para. 3 in operation at 6.4.2014, see reg. 1(1)

4.  In the case of active members, whether death in service benefits will continue to be payable. N.I.

Commencement Information

I4 Sch. 8 para. 4 in operation at 6.4.2014, see reg. 1(1)

5.  A summary of the action that is being taken, and that has been taken, to— N.I.

(a) establish the scheme’s liabilities, and

(b) recover any assets.

Commencement Information

I5 Sch. 8 para. 5 in operation at 6.4.2014, see reg. 1(1)

6.  An estimate of when— N.I.

(a) the scheme’s liabilities are likely to be established, and

(b) any assets are likely to be recovered.

Commencement Information

I6 Sch. 8 para. 6 in operation at 6.4.2014, see reg. 1(1)

7.   [F1 Except in the case of a collective money purchase scheme, either] —

(a) an indication of the extent to which (if at all) the actuarial value of accrued rights or benefits are likely to be reduced, or

(b) a statement that there is insufficient information to provide such an indication.

Textual Amendments

F1 Words in Sch. 8 para. 7 substituted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022 (S.R. 2022/192), regs. 1(1), 13(18)

Commencement Information

I7 Sch. 8 para. 7 in operation at 6.4.2014, see reg. 1(1)

PART 2 N.I. Information to be given by occupational pension schemes after winding up

8.  Whether the member or beneficiary’s benefits are reduced because the scheme’s resources are not sufficient to meet its liabilities. N.I.

Commencement Information

I8 Sch. 8 para. 8 in operation at 6.4.2014, see reg. 1(1)

9.  The amount of any reduction of the member’s, or beneficiary’s, benefits. N.I.

Commencement Information

I9 Sch. 8 para. 9 in operation at 6.4.2014, see reg. 1(1)

10.  Who has or will become liable for the payment of the member’s, or beneficiary’s, benefits. N.I.

Commencement Information

I10 Sch. 8 para. 10 in operation at 6.4.2014, see reg. 1(1)

PART 3 N.I. Information to be given by personal pension schemes after winding up

11.—(1) The amount of— N.I.

(a) contributions (before the making of any deductions), including a nil amount, credited to the member under the scheme during the period of 12 months preceding a date specified by the managers of the scheme, and

(b) [F2 where the scheme was, at any time before the abolition date, an appropriate scheme, the minimum contributions paid by HMRC in respect of the member in that 12 month period that is attributable to section 41(1) of the 1993 Act identifying separately that part of the contributions that is attributable to tax relief on the employee’s share of minimum contributions, being the difference between that share and the grossed-up equivalent of that share.]

(2) [F3 In sub-paragraph (1)(b) the expressions “employee’s share” and “grossed-up equivalent” have the meanings given to them by section 202(3) and (4) of the Finance Act 2004 (minimum contributions under pensions legislation).]

Textual Amendments

F2 Sch. 8 para. 11(1)(b) ceased to have effect (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (S.R. 2014/79), reg. 1(1)(2)(b)

F3 Sch. 8 para. 11(2) ceased to have effect (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (S.R. 2014/79), reg. 1(1)(2)(b)

Commencement Information

I11 Sch. 8 para. 11 in operation at 6.4.2014, see reg. 1(1)

12.  At a date specified by the managers of the scheme— N.I.

(a) the value of the member’s accrued rights under the scheme, and

(b) if different, the value of the cash equivalent calculated in accordance with regulations 3 and 4 of the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1987 (calculation and verification and increases and reductions of cash equivalents).

Commencement Information

I12 Sch. 8 para. 12 in operation at 6.4.2014, see reg. 1(1)

13.  The options available to a member for preserving, transferring or otherwise disposing of the member’s accrued rights under the scheme. N.I.

Commencement Information

I13 Sch. 8 para. 13 in operation at 6.4.2014, see reg. 1(1)

14.  An account of the amount by which the member’s accrued rights have been reduced and of the action taken by the managers of the scheme, or which is open to the member to take, in order, so far as may be possible, to restore the value of the member’s accrued rights under the scheme. N.I.

Commencement Information

I14 Sch. 8 para. 14 in operation at 6.4.2014, see reg. 1(1)

PART 4 N.I. Report under Article 72A of the 1995 Order

15.  Where a report has been made to the Regulator under Article 72A(3) of the 1995 Order (reports to Authority about winding up), a copy of that report. N.I.

Commencement Information

I15 Sch. 8 para. 15 in operation at 6.4.2014, see reg. 1(1)

PART 5 N.I. Information on expected benefits

16.  An estimate of the amount of the member’s and beneficiary’s benefits that are expected to be payable from normal pension age or death. N.I.

Commencement Information

I16 Sch. 8 para. 16 in operation at 6.4.2014, see reg. 1(1)

(1)

Article 22 was amended by Article 32(2) of, and paragraph 34 of Schedule 10 to, the Pensions (Northern Ireland) Order 2005 and paragraph 158 of Schedule 1 to S.I. 2009/1941

(2)

Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005

(3)

Article 72A was inserted by section 45(1) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 and amended by Schedule 11 to the Pensions (Northern Ireland) Order 2005