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You are here: BAILII >> Databases >> Northern Irish Legislation >> SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975 |
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42.(1) For an occupational pension scheme to be contracted-out the resources of the scheme must be derived in whole or in part from (a)payments made or to be made by one or more employers of earners to whom the scheme applies, being payments either (i)under an actual or contingent legal obligation; or (ii)in the exercise of a power conferred, or the discharge of a duty imposed, on a Minister of the Crown, government department or any other person, being a power or duty which extends to the disbursement or allocation of public money; or (b)such other payments by the earner or his employer, or both, as may be prescribed for different categories of scheme. (2) For an occupational pension scheme, other than a public service pension scheme, to be contracted-out the Occupational Pensions Board must be satisfied that the scheme complies with (a)regulations prescribing the means by which guaranteed minimum pensions under contracted-out schemes are to be secured (whether irrevocable trust, policy of insurance, annuity contract or other means); and (b)the conditions which are required by the regulations to be satisfied in relation to any means adopted; (3) For an occupational pension scheme to be contracted-out it must contain a rule whereby any liabilities of the scheme in respect of (a)guaranteed minimum pensions and accrued rights to guaranteed minimum pensions; (b)any such benefits as are excluded by Article 35(5) from earners' guaranteed minimum pensions; (c)pensions and other benefits (whether or not within sub-paragraph (a) or (b)) in respect of which entitlement to payment has already arisen; and (d)state scheme premiums, This does not apply to public service pension schemes, nor to schemes falling within any category or description prescribed as being exempt from the requirements of this paragraph. (4) For an occupational pension scheme to be contracted-out it must, if it provides for the payment out of any sum representing the surrender value of a policy of insurance taken out for the purposes of the scheme, so provide that there shall be no payment out in relation to guaranteed minimum pensions except in such circumstances as may be prescribed.
© 1975 Crown Copyright
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