F2PART 4ZATRANSFERS AND CONTRIBUTION REFUNDS

Annotations:
Amendments (Textual)
F2

Pts. 4, 5 renumbered as Pt. 4ZA Chs. 1, 2 and Pt. 4ZA heading inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(a) (with s. 87)

C1C5C2C12C8C4C3C9C11C6C7C10F3CHAPTER 1TRANSFER RIGHTS: GENERAL

Annotations:
Amendments (Textual)
F3

Pt. 4ZA Ch. 1 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(b) (with s. 87)

Modifications etc. (not altering text)
C1

Pt. 4 Ch. 4 applied (31.5.1994) by S.I. 1994/1432, art. 6(4)

C5

Pt. 4 Ch. 4: power to modify conferred (25.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 20(7)(a) (with art. 285(5)); S.R. 2005/48, art. 2(4)(a)(b), Sch. Pt. 4

C7

Pt. 4ZA Ch. 1: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 5 para. 1(6)(a); S.R. 2022/197, art. 3(a)

93AC7C10F1Designation of funded public service defined benefits schemes

1

The relevant Department may designate a funded public service defined benefits scheme as a scheme to which regulations under section 93B are to apply for a specified period of no more than 2 years.

2

The power under subsection (1) may be exercised only if the relevant Department considers that—

a

there is an increased likelihood of payments out of public funds, or increased payments out of public funds, having to be made into the scheme so that it can meet its liabilities, and

b

the increased likelihood is connected with the exercise or expected future exercise of rights to take a cash equivalent acquired under section 90.

3

The power under subsection (1) may be exercised in relation to the whole or any part of a scheme.

4

In the application of subsection (2) to part of a scheme, paragraph (a) is to be read as if it referred to the scheme's liabilities relating to that part.

5

A designation under subsection (1)—

a

may be extended (on more than one occasion) for a period of no more than 2 years;

b

may be revoked.

6

The relevant Department must give notice in writing of a designation or its extension or revocation to the trustees or managers of the scheme (except in a case where the relevant Department is the trustees or managers).

7

If the trustees or managers of a funded public service defined benefits scheme, or part of such a scheme, that is not designated under this section consider that the conditions in paragraphs (a) and (b) of subsection (2) are met in relation to the scheme or part they must notify—

a

the Department of Finance and Personnel, and

b

(where relevant) each Northern Ireland department by whom, or with whose approval, the scheme was established.

8

If the trustees or managers of a scheme, or part of a scheme, that is designated under this section consider that the conditions in paragraphs (a) and (b) of subsection (2) are no longer met in relation to the scheme or part they must notify—

a

the Department of Finance and Personnel, and

b

(where relevant) each Northern Ireland department by whom, or with whose approval, the scheme was established.

9

In this section—

  • “funded public service defined benefits scheme” means a public service pension scheme that—

    1. a

      is a defined benefits scheme within the meaning given by section 34 of the Public Service Pensions Act (Northern Ireland) 2014, and

    2. b

      meets its liabilities out of a fund accumulated for the purpose during the life of the scheme;

  • “local authority” means a district council constituted under section 1 of the Local Government Act (Northern Ireland) 1972;

  • “payment out of public funds” means a payment provided directly or indirectly—

    1. a

      out of the Northern Ireland Consolidated Fund, or

    2. b

      by a local authority;

  • “the relevant Department”, in relation to a funded public service defined benefits scheme, means either of the following—

    1. a

      the Department of Finance and Personnel, or

    2. b

      any Northern Ireland department by whom, or with whose approval, the scheme was established.

10

The Department of Finance and Personnel may by regulations make modifications of the definition of “the relevant Department” in subsection (9).