Source: http://www.legislation.gov.uk/nisi/2005/255/article/137
Timestamp: 2013-05-24 18:45:35
Document Index: 580951450

Matched Legal Cases: ['art. 2', 'art. 86', 'art. 2', 'art. 3', 'art. 96', 'art. 127', 'art. 268', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'Art. 137', 'art. 137', 'art. 1', 'Art. 137', 'art. 2', 'art. 137', 'art. 2']

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Article 137Table of ContentsContentMore ResourcesPrevious: ProvisionNext: ProvisionPlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Pensions (Northern Ireland) Order 2005. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to :Changes and effectsThis section lists the changes and effects yet to be applied to the specific provision you are viewing.specified purposes Appointed Day(s) by S.R. 2009/250 art. 2 (Day appointed for purposes for art. 86(7))specified provision(s) Appointed Day(s) by S.R. 2009/374 art. 2Changes and effects yet to be applied to the whole Order, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Order, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Order. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Order modified by S.I. 2009/317 art. 3 Sch.Order power to modify conferred by 2008 c. 13 (N.I.) s. 115(1) s. 115(2)(e)Whole provisions yet to be inserted into this Order (including any effects on those provisions):art. 96A and cross-heading inserted by 2010 c. 4 (N.I.) Sch. 1 para. 17art. 127A inserted by 2012 c. 3 (N.I.) Sch. 4 para. 6art. 268A inserted by 2012 c. 3 (N.I.) s. 19Commencement Orders yet to be applied to the The Pensions (Northern Ireland) Order 2005:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Order. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Order you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Order into force:S.R. 2009/62 art. 2 commences (S.I. 2005/255 (N.I.))S.R. 2009/242 art. 2 commences (S.I. 2005/255 (N.I.))S.R. 2010/100 art. 2 commences (S.I. 2005/255 (N.I.))Commencement Orders bringing legislation that affects this Order into force:S.R. 2009/22 art. 2 commences (2008 c. 13 (N.I.))S.R. 2009/75 art. 2 commences (2008 c. 1 (N.I.))S.R. 2009/147 art. 2 commences (2008 c. 13 (N.I.))S.R. 2009/249 art. 2 commences (2008 c. 13 (N.I.))S.R. 2010/50 art. 2 commences (2008 c. 13 (N.I.))S.R. 2010/101 art. 2 commences (2010 c. 4 (N.I.))S.R. 2011/108 art. 2 commences (2008 c. 13 (N.I.))S.R. 2012/233 arts. 2 commences (2012 c. 3 (N.I.))S.R. 2012/265 art. 2 commences (2012 c. 3 (N.I.))S.R. 2012/266 art. 2 Sch. Pt. 1 2 commences (2008 c. 13 (N.I.))Closed schemesN.I. 137.—(1 )F1 This Article applies where Article 135(2) or (3) (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to an eligible scheme.
(2 )F1 If the trustees or managers of the scheme are unable to obtain a full buy-out quotation, they must, within the authorised period, apply to the Board for authority to continue as a closed scheme.
(3 )F2 For the purposes of determining whether they must make an application under paragraph (2), the trustees or managers of the scheme must take all reasonable steps to obtain a full buy-out quotation in respect of the scheme.
(5 )F1 Where the Board receives an application under paragraph (2), if it is satisfied that the trustees or managers have complied with the obligation under paragraph (3) but were unable to obtain a full buy-out quotation, it must authorise the scheme to continue as a closed scheme.
F1(7 )F2 F1In this Article—
“full buy-out quotation”, in relation to a scheme, means a quotation for one or more annuities from one or more insurers (being companies willing to accept payment in respect of the members from the trustees or managers of the scheme) which would provide in respect of each member of the scheme, from a relevant date, benefits in accordance with the member's entitlement or accrued rights, including pension credit rights, under the scheme rules (other than his entitlement or rights in respect of money purchase benefits);
mod. by SR 2005/91
mod. by SR 2005/55
Commencement InformationI1
Art. 137 wholly in operation at 6.4.2007; art. 137 not in operation at date of making see art. 1(2); Art. 137(4)(7) in operation for certain purposes at 1.11.2006 and wholly in operation at 6.4.2007 by S.R. 2006/352, art. 2(3), Sch. Pt. 1; art. 137 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2 Previous: ProvisionNext: ProvisionBack to topOptions/HelpPrint OptionsPrint The Whole OrderPDF The Whole OrderWeb page The Whole OrderPrint The Whole PartPDF The Whole PartWeb page The Whole PartPrint The Whole ChapterPDF The Whole ChapterWeb page The Whole ChapterPrint The Whole Cross HeadingPDF The Whole Cross HeadingWeb page The Whole Cross HeadingPrint This Section onlyPDF This Section onlyWeb page This Section onlyYou have chosen to open The Whole OrderThe Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Order as a PDFThe Whole Order you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open The Whole Order without SchedulesThe Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Order without Schedules as a PDFThe Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole OrderThe Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open the Whole Order without Schedules