Source: http://www.legislation.gov.uk/ukpga/2015/8/schedule/4/part/2/crossheading/pension-schemes-northern-ireland-act-1993-c-49
Timestamp: 2019-12-16 12:43:58
Document Index: 416553820

Matched Legal Cases: ['art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 2', 'art 4', 'art 4', 'art 4', 'art 4']

Changes over time for: Cross Heading: Pension Schemes (Northern Ireland) Act 1993 (c. 49)
There are currently no known outstanding effects for the Pension Schemes Act 2015, Cross Heading: Pension Schemes (Northern Ireland) Act 1993 (c. 49).
Pension Schemes (Northern Ireland) Act 1993 (c. 49)E+W+S
52E+W+SIn section 52 (payment of state scheme premiums on termination of certified status: supplementary), in subsection (4)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
53E+W+SIn section 69 (form of short service benefit and its alternatives), in subsection (3), for “Chapter IV of this Part” substitute “ Chapter 1 of Part 4ZA ”.
I2Sch. 4 para. 55 wholly in force; Sch. 4 para. 55 in force at Royal Assent for specified purposes; Sch. 4 para. 55 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
56(1)Section 92 (further provisions concerning exercise of option under section 91) is amended as follows.E+W+S
“(1)A member who has acquired a right to take a cash equivalent under section 90(1) or (2) may exercise the option conferred by section 91(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—
(a)in relation to the whole of that cash equivalent, or
(b)if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).”
(3)In subsection (2), in paragraphs (a) and (b), for each “accrued rights” substitute “ transferrable rights ”.
“(4)Where a member of a pension scheme—
(a)is entitled to make an application under section 91(1) in relation to any category of benefits, and
(b)is also entitled to give a transfer notice under section 97F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 97G(2)),
the member may not, if the scheme so provides, make an application under section 91(1) in relation to that category of benefits without also giving a transfer notice under section 97F(1) in relation to that category of benefits.”
57(1)Section 93 (calculation of cash equivalents) is amended as follows.E+W+S
“(1A)Where a member applies under section 91 to take a cash equivalent that relates to money purchase benefits, the cash equivalent is to be calculated by reference to the date of the application.”
(a)in paragraph (a), in the opening words, for “except guaranteed cash equivalents (as defined in section 90(1A))” substitute “ that relate to money purchase benefits ”;
(b)in paragraph (aa), for “, including a guaranteed cash equivalent,” substitute “ that relates to any category of benefits ”.
(4)In subsection (3), omit paragraph (a).
(5)For subsection (3A) substitute—
“(3A)For the purposes of subsection (3), the “appropriate date”—
(a)in relation to a cash equivalent that relates to benefits other than money purchase benefits, means the guarantee date for the purposes of the relevant statement of entitlement under section 89A, and
(b)in relation to a cash equivalent that relates to money purchase benefits, means the date on which the trustees or managers receive an application from the member under section 91.
(3B)Where regulations under subsection (2)(b) provide for the cash equivalent shown in a statement of entitlement to be increased or reduced after the member has made an application under section 91, the regulations may provide for the application under section 91 to lapse (but this does not prevent the member making a fresh application in respect of the increased or reduced cash equivalent).”
58E+W+SFor section 94 substitute—
“94Loss of right to cash equivalent
(1)A member of a pension scheme who acquires the right to take a cash equivalent under section 90(1) loses that right if no application to take the cash equivalent is made within the period required by section 91(1A) or (6A).
(2)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if, after the member makes an application under section 91, the duty of the trustees or managers to do what is needed to carry out what the member requires is extinguished by section 95(2A).
(3)Nothing in subsection (1) or (2) prevents the member from later acquiring a new right to take a cash equivalent in relation to the same benefits.
(4)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if the scheme is wound up.”
I3Sch. 4 para. 59 wholly in force; Sch. 4 para. 59 in force at Royal Assent for specified purposes; Sch. 4 para. 59 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
60E+W+SAfter section 96 insert—
“96AProhibition on excluding future accruals etc
Except as mentioned in sections 92(4) and 97G(4), a pension scheme may not contain rules that would have the effect of—
96BMeaning of “scheme rules”: occupational pension schemes
(c)any provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of Part 4.
(i)Schedule 5 to the Social Security (Northern Ireland) Order 1989;
(ii)Chapter 2 or 3 of Part 4 or regulations made under either of those Chapters;
(iii)this Part or regulations made under this Part;
(iv)Part 4A or regulations made under that Part;
(v)section 106(1);
(vi)Part 2 of the Pensions (Northern Ireland) Order 1995 or orders or regulations made or having effect as if made under that Part;
(vii)Article 28 of the Welfare Reform and Pensions (Northern Ireland) Order 1999;
(viii)any provision mentioned in Article 279(2) of the Pensions (Northern Ireland) Order 2005;
(ix)section 61 of the Pension Schemes Act 2015;
(x)regulations made under section 62 or 63 of the Pension Schemes Act 2015;
(v)Article 279(1) of the Pensions (Northern Ireland) Order 2005;
(vi)section 61(3) of the Pension Schemes Act 2015;
(vii)regulations made under section 62(4) or 63(4) of the Pension Schemes Act 2015.
96CMeaning of “normal pension age” in this Chapter
96DInterpretation of Chapter
“category”, in relation to benefits, has the meaning given by section 89(6);
“guarantee date”, in relation to a member who has received a statement of entitlement, has the meaning given by section 89A;
“member” is to be read in accordance with section 89(11);
“normal pension age” has the meaning given by section 96C;
“scheme rules”, in relation to a pension scheme, has the meaning given by section 96B;
“statement of entitlement” has the meaning given by section 89A;
“transferrable rights” is to be read in accordance with section 89(11).”
I4Sch. 4 para. 61 wholly in force; Sch. 4 para. 61 in force at Royal Assent for specified purposes; Sch. 4 para. 61 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
I5Sch. 4 para. 62 wholly in force; Sch. 4 para. 62 in force at Royal Assent for specified purposes; Sch. 4 para. 62 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
63(1)Section 97H (salary related schemes: statements of entitlement) is amended as follows.E+W+S
64(1)Section 97J (time for compliance with transfer notice) is amended as follows.E+W+S
“(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the valuation date, and
(b)in the case of an application that relates to money purchase benefits, within 6 months of the date on which the notice is given.”
“(2A)Regulations may extend the period for complying with the notice in prescribed circumstances.”
“(7)In subsection (1)(a), “valuation date” means the date by reference to which the amount shown in the relevant statement under section 97H is determined.”
I6Sch. 4 para. 64 wholly in force; Sch. 4 para. 64 in force at Royal Assent for specified purposes; Sch. 4 para. 64 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
66E+W+SAfter section 97N insert—
“97NAProhibition on excluding transfers of some rights without others etc
69E+W+SIn section 125 (overriding requirements), in subsection (1), for “Chapters II, III, IV and V of Part IV” substitute “ Chapters 2 and 3 of Part 4, Chapters 1 and 2 of Part 4ZA ”.
70E+W+SIn section 126 (extra-statutory benefits), in paragraph (b), for “Chapter II, IV or V of Part IV” substitute “ Chapter 2 of Part 4 or Chapter 1 or 2 of Part 4ZA ”.