Pension Schemes (Northern Ireland) Act 1993

Requirements for certification of occupational and personal money purchase schemes N.I.

F1 22 Persons who may establish scheme. N.I.

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Textual Amendments

F1 S. 22 repealed (6.4.2012) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 85(3)(b), 118(1), Sch. 10 Pt. 3 (with s. 73); S.R. 2012/119, art. 2(a)(c)

F2 23 Identification and valuation of protected rights. N.I.

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Textual Amendments

F2 S. 23 repealed (6.4.2012) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 85(3)(c), 118(1), Sch. 10 Pt. 3 (with s. 73); S.R. 2012/119, art. 2(a)(c)

F3 24 Ways of giving effect to protected rights. N.I.

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Textual Amendments

F3 Ss. 24-25 repealed (6.4.2012) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 13(4), 21(1), Sch. 4 para. 11, Sch. 6 Pt. 6 (with Sch. 4 Pt. 3); S.R. 2012/115, art. 2

F3 24A Requirements for interim arrangements. N.I.

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Textual Amendments

F3 Ss. 24-25 repealed (6.4.2012) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 13(4), 21(1), Sch. 4 para. 11, Sch. 6 Pt. 6 (with Sch. 4 Pt. 3); S.R. 2012/115, art. 2

F3 24B Information about interim arrangements. N.I.

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Textual Amendments

F3 Ss. 24-25 repealed (6.4.2012) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 13(4), 21(1), Sch. 4 para. 11, Sch. 6 Pt. 6 (with Sch. 4 Pt. 3); S.R. 2012/115, art. 2

F3 25 The pension and annuity requirements. N.I.

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Textual Amendments

F3 Ss. 24-25 repealed (6.4.2012) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 13(4), 21(1), Sch. 4 para. 11, Sch. 6 Pt. 6 (with Sch. 4 Pt. 3); S.R. 2012/115, art. 2

F4 26 Securing of liability for protected rights. N.I.

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Textual Amendments

F4 S. 26 repealed (6.4.2012) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 85(3)(d), 118(1), Sch. 10 Pt. 3 (with s. 73); S.R. 2012/119, art. 2(a)(c)

27 Investment and resources of schemes. N.I.

F5 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) [F6 A scheme which was an appropriate scheme or a money purchase contracted-out scheme immediately before the abolition date] must comply with such requirements as may be prescribed as regards the part—

(a) of any payment that is made to the scheme by or on behalf of a member of the scheme;

(b) of any income or capital gain arising from the investment of such a payment; or

(c) of the value of rights under the scheme,

that may be used—

(i) to defray the administrative expenses of the scheme;

(ii) to pay commission; or

(iii) in any other way which does not result in the provision of benefits for or in respect of members.

(3) Subject to subsection (4)—

(a) in the case of an occupational pension scheme, all minimum payments [F7 and payments under section 38A(3)] and any payments made by the [F8 Inland Revenue] under Article 9 of the M1 Social Security (Northern Ireland) Order 1986, and

(b) in the case of a personal pension scheme, all minimum contributions,

which are paid to a scheme in respect of one of its members must be applied so as to provide money purchase benefits for or in respect of that member, except so far as they are used—

(i) to defray the administrative expenses of the scheme; or

(ii) to pay commission.

(4) If regulations are made under subsection (2), the payments mentioned in paragraph (a) of subsection (3) and the contributions mentioned in paragraph (b) of that subsection may be used in any way which the regulations permit, but not in any way not so permitted except to provide money purchase benefits for or in respect of the member.

[F9 (5) Any minimum contributions required by reason of this section to be applied so as to provide money purchase benefits for or in respect of a member of a scheme must be so applied in the prescribed manner and within the prescribed period.]

Textual Amendments

F5 S. 27(1) repealed (23.7.1996 for certain purposes and otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), arts. 147, 168, Sch. 3 para. 29(a), Sch. 5 Pt. III; S.R. 1996/307, art. 2(a), Sch. Pt. I; S.I. 1997/192, art. 2(b)

F6 Words in s. 27(2) substituted (6.4.2012) by The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(3)

F7 Words in s. 27(3)(a) inserted (23.7.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 29(b); S.R. 1996/307, art. 2(a), Sch. Pt. I; S.I. 1997/192, art. 2(b)

F8 Words in s. 27(3)(a) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 46; S.R. 1999/149, art. 2(c), Sch. 2

F9 S. 27(5) added (23.7.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 29(c); S.R. 1996/307, art. 2(a), Sch. Pt. I; S.I. 1997/192, art. 2(b)

Marginal Citations

M1 S.I. 1986/1888 (N.I. 18).

F10 28 Suspension or forfeiture. N.I.

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Textual Amendments

F10 S. 28 repealed (6.4.2012) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 85(3)(e), 118(1), Sch. 10 Pt. 3 (with s. 73); S.R. 2012/119, art. 2(a)(c)

F11 28A Discharge of protected rights on winding up: insurance policies. N.I.

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Textual Amendments

F11 S. 28A repealed (6.4.2012) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 85(2)(b), 118(1), Sch. 10 Pt. 3 (with s. 73); S.R. 2012/119, art. 2(a)(c)

29 Tax requirements to prevail over [F12 requirements of section 27]. N.I.

Nothing in [F13 section 27] shall be taken to prejudice any requirements with which [F14 a registered pension scheme must comply under Part 4 of the Finance Act 2004].

Textual Amendments

F12 Words in s. 29 substituted (6.4.2012) by The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(4)(a)

F13 Words in s. 29 substituted (6.4.2012) by The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(4)(b)

F14 Words in s. 29 heading substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments) Order 2006 (S.I. 2006/745), arts. 1, 8(5)

F15 29A Appropriate schemes: “Blowing the whistle”. N.I.

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Textual Amendments

F15 S. 29A repealed (6.4.2012) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 85(3)(f), 118(1), Sch. 10 Pt. 3 (with s. 73); S.R. 2012/119, art. 2(a)(c)