Made | 5th April 2005 | ||
Coming into operation | 27th April 2005 |
Modification of references to "transfer" in the Pension Schemes Act
2.
- (1) In their application to cases where an order is made under Article 15(6) (pension liberation: Court's power to order restitution) or 17(2)(b) (pension liberation: repatriation orders), the provisions referred to in this regulation and regulation 3 shall have effect with the modifications there specified.
(2) The references to "a transfer payment" in sections 6[2], 64A[3] and 67[4] (protected rights and money purchase benefits; safeguarded rights; basic principle as to short service benefit), and any regulations made under any of those sections, shall be modified so as to have effect as if those references included a reference to -
(3) Paragraph (5) shall cease to have effect from the coming into operation of paragraph 26 of Schedule 10 to the Order (minor and consequential amendments).
(4) Paragraph (6) shall have effect from the coming into operation of paragraph 26 of Schedule 10 to the Order.
(5) In relation to the references to "transfer credits" in sections 52[5], 69[6] and 71 (provisions supplementary to section 51; form of short service benefit and its alternatives; credits), and any regulations made under any of those sections, the definition of "transfer credits" in section 176(1) (general interpretation) shall be modified so as to apply as if at the end there were added -
(6) In relation to the references to "transfer credits" in sections 52, 69 and 71, and any regulations made under any of those sections, the definition of "transfer credits" in section 176(1) shall be modified so as to apply as if at the end there were added -
(7) The references in section 174(1)(a)(i) and (b) and (3) (linked qualifying service), and any regulations made under that section, to a transfer of rights accrued under one scheme to a second scheme shall be modified so as to have effect as if they included a transfer or payment made by virtue of an order under Article 15(4) or 17(2)(a) which the trustees or managers of the second scheme have been directed to apply, pro rata, as if it were a transfer of accrued rights from the first scheme.
(8) From the coming into operation of paragraph 25 of Schedule 10 to the Order, the modification of section 174, and any regulations made under that section, made in paragraph (7) shall also apply to references in subsection (1)(a)(i) and (iii) and (b) of that section, and in any such regulations, to a transfer payment made in respect of accrued rights to the second scheme or to the trustees or managers of that scheme, and to a cash equivalent or cash transfer sum paid in respect of the member to the trustees or managers of the second scheme.
Modification of statutory discharges in the Pension Schemes Act
3.
- (1) Section 95(1) (trustees' duties after exercise of option) shall be modified so as to have effect as if after paragraph (b) there were inserted -
(2) Section 97M[7] (effect of transfer on trustees' duties) shall be modified so as to have effect as if the reference to compliance with a transfer notice included a duty to take all reasonable steps to ensure that where such compliance involved making a payment to an eligible scheme as defined in section 97F(6)[8] (power to give transfer notice - meaning of "eligible scheme"), that scheme is a scheme whose trustees or managers are acting in good faith in relation to the scheme.
(3) From the coming into operation of Article 241[9] (early leavers: cash transfer sums and contribution refunds), section 97AG(3) (duties of trustees or managers following exercise of right) shall be modified so as to have effect as if after "carry out that requirement" there were inserted "and have taken all reasonable steps to ensure that where the member has opted for one of the permitted ways of using the cash transfer sum set out in section 97AE(2)(a) or (b) (permitted ways of using cash transfer sum), that scheme to whose trustees or managers the payment is made is a scheme whose trustees or managers are acting in good faith in relation to the scheme".
Sealed with the Official Seal of the Department for Social Development on
5th April 2005.
L.S.
John O'Neill
A senior officer of the Department for Social Development
[2] Section 6 was amended by paragraph 18 of Schedule 3 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)), paragraph 39 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671) and Article 29(2) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11))back
[3] Section 64A was inserted by Article 33 of the Welfare Reform and Pensions (Northern Ireland) Order 1999back
[4] Section 67 is amended by Article 240 of the Pensions (Northern Ireland) Order 2005back
[5] Section 52 is amended by paragraph 43 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 64 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 and Part III (11) of Schedule 9 to the Child Support, Pensions and Social Security Act 2000 (c. 19)back
[6] Section 69 is amended by Part I of Schedule 10 to the Welfare Reform and Pensions (Northern Ireland) Order 1999back
[7] Section 97M was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999back
[8] Section 97F was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999back
[9] Article 241 of the Pensions (Northern Ireland) Order 2005 inserts sections 97AA to 97AI in the Pension Schemes (Northern Ireland) Act 1993 (c. 49)back