C1C2 Part IIIF3F9Schemes that were contracted-out etc. and Effects on Members’ State Scheme Rights ...

Annotations:
Amendments (Textual)
F3

Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 3(b)

F9

Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 3(a)

Modifications etc. (not altering text)
C1

Pt. 3: power to modify conferred (1.6.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 146(1); S.R. 1996/91, art. 2(f); S.R. 1997/192, art. 2

Pt. 3: power to transfer functions conferred (1.4.1999) by 1999 c. 2, s. 23(1)(2)(6); S.I. 1999/527, art. 2(b), Sch. 2

Chapter IF10Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc.

Annotations:
Amendments (Textual)
F10

Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 4

F8Guaranteed minimum pensions

Annotations:
Amendments (Textual)
F8

S. 9 cross-heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 12

20BF4The conversion conditions

1

This section specifies the conditions referred to in sections 9(1A) and 13(1A) (for exemption from the requirement to guarantee a minimum pension).

2

Condition 1 is that the post-conversion benefits F11(disregarding money purchase benefits) must be actuarially at least equivalent to the pre-conversion benefits F11(disregarding money purchase benefits) .

3

Condition 2 is that if F1the earnerF1P was entitled immediately before the conversion date to the payment of a pension under the scheme, the converted scheme does not provide for a reduction of, or have the effect of reducing, the amount of that pension immediately after conversion.

4

Condition 3 is that the post-conversion benefits must not include money purchase benefits, apart from any money purchase benefits provided under the scheme immediately before the conversion date.

5

F7Condition 4 is that the converted scheme provides survivors' benefits in accordance with section 20D in such circumstances, and during such periods, as are prescribed by regulations.

F7Condition 4 is that, in the case of a GMP conversion within section 20A(1)(b)(i) (GMP conversion in relation to earner)—

a

the converted scheme provides benefits to or in respect of any widow, widower or surviving civil partner of P, and

b

such conditions as may be prescribed are met in relation to those benefits.

6

Condition 5 is that the procedural requirements of section 20E have been complied with.

7

In applying these conditions to a scheme F2in respect of an earner—

a

it is immaterial whether or not on the conversion date the scheme was also converted F5in respect of other earnersF5in relation to persons other than P , and

b

it is immaterial (except for Condition 2) whether or not on the conversion dateF6 the earner F6P was entitled to the payment of a pension under the scheme.