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Pension Schemes (Northern Ireland) Act 1993, Section 140 is up to date with all changes known to be in force on or before 29 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)If, in the case of an occupational pension scheme which is not a money purchase scheme, the value at the applicable time of the scheme’s liabilities exceeds the value of its assets, then an amount equal to the excess shall be treated as a debt due from the employer to the trustees of the scheme.
(2)If—
(a)a relevant insolvency event occurs in relation to the employer; and
(b)the debt mentioned in subsection (1) has not been discharged at the time that event occurs,
then, for the purposes of the law relating to winding up, bankruptcy as it applies in relation to the employer, that debt shall be taken to arise immediately before that time.
(3)In this section—
“the applicable time” means—
if the scheme is being wound up before a relevant insolvency event occurs in relation to the employer, any time when it is being wound up before such an event occurs; and
otherwise, immediately before the relevant insolvency event occurs; and
“the employer” means the employer of persons in the description or category of employment to which the scheme relates.
(4)For the purposes of this section a relevant insolvency event occurs in relation to the employer—
(a)where the employer is a company, when it goes into liquidation, within the meaning of Article 6(2) of the M1Insolvency (Northern Ireland) Order 1989; or
(b)where the employer is an individual, at the commencement of his bankruptcy, within the meaning of Article 252 of that Order.
(5)The value of a scheme’s assets and liabilities for the purposes of subsection (1) shall be determined in accordance with regulations and such regulations may provide that, in calculating the value of the scheme’s liabilities, any provision of the scheme which limits the amount of its liabilities by reference to the amount of its assets is to be disregarded.
(6)This section is without prejudice to any other right or remedy which the trustees may have in respect of the deficiency in the scheme’s assets.
(7)A debt due by virtue only of this section shall not be regarded as a preferential debt for the purposes of the Insolvency (Northern Ireland) Order 1989.
(8)The provisions of this section and of any regulations made under section 149(5) modifying this section override any provision of a scheme to the extent that it conflicts with this section or those regulations.
Modifications etc. (not altering text)
C1S. 140 modified (19.4.1994) by S.R. 1994/107, regs. 3, 4
S. 140 modified (28.3.1997) by S.R. 1997/192, art. 11(3) (with art. 9)
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