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Part IIIN.I.F1 [F2Schemes that were contracted-out etc.] and Effects on Members’ State Scheme Rights ...

Textual Amendments

F1Words 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)

Modifications etc. (not altering text)

C1Pt. 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 IN.I. [F3Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc.]

Textual Amendments

F3Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 4

[F4 Requirements for certification of occupational pension schemes applying from the principal appointed day]N.I.

Textual Amendments

F4S. 8A cross-heading repealed (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 10 (with savings until 6.4.2019 by S.R. 2016/106, arts. 1(1)(2), 2(1)(2) and with further savings in art. 2(3))

[F58A The statutory standard.N.I.

[F6(1)Subject to the provisions of this Part, the scheme must, in relation to the provision of pensions for earners in employed earner’s employment, and for their [F7widows, widowers or surviving civil partners], satisfy the statutory standard.

(2)Subject to regulations made by virtue of section 5(2B)(c)(ii), in applying this section regard must only be had to—

(a)earners in employed earner’s employment, or

(b)their [F8widows, widowers or surviving civil partners],

collectively, and the pensions to be provided for persons falling within paragraph (a) or (b) must be considered as a whole.

(3)For the purposes of this section, a scheme satisfies the statutory standard if the pensions to be provided for such persons are broadly equivalent to, or better than, the pensions which would be provided for such persons under a reference scheme.

(4)Regulations may provided for the manner of, and criteria for, determining whether the pensions to be provided for such persons under a scheme are broadly equivalent to, or better than, the pensions which would be provided for such persons under a reference scheme.

(5)Regulations made by virtue of subsection (4) may provide for the determination to be made in accordance with guidance prepared by a prescribed body F9....

(6)The pensions to be provided for such persons under a scheme are to be treated as broadly equivalent to or better than the pensions which would be provided for such persons under a reference scheme if and only if an actuary (who, except in prescribed circumstances, must be the actuary appointed for the scheme in pursuance of Article 47 of the Pensions (Northern Ireland) Order 1995) so certifies.]]

Textual Amendments

F5Ss. 8A-8D inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 133(5); S.R. 1996/91, arts. 2(d)(h), Sch. Pt. IV

F6Ss. 8A-8D repealed (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 11 (with savings until 6.4.2019 by S.R. 2016/106, arts. 1(1)(2), 2(1)(2) and with further savings in art. 2(3))