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The Occupational Pension Schemes (Contracting-out) (Amendment) Regulations (Northern Ireland) 2006 No. 223
URL: http://www.bailii.org/nie/legis/num_reg/2006/20060223.html
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STATUTORY RULES OF NORTHERN IRELAND
2006 No. 223
PENSIONS
The Occupational Pension Schemes (Contracting-out) (Amendment) Regulations (Northern Ireland) 2006
|
Made |
17th May 2006 | |
|
Coming into operation |
14th June 2006 | |
The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 17(1) and 177(2) to (4) of the Pension Schemes (Northern Ireland) Act 1993[
1] and now vested in it[
2].
Citation and commencement
1.
These Regulations may be cited as the Occupational Pension Schemes (Contracting-out) (Amendment) Regulations (Northern Ireland) 2006 and shall come into operation on 14th June 2006.
Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996
2.
In regulation 60 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996[
3] (payment of a guaranteed minimum pension as a lump sum)—
(a) in paragraph (1)(b)(i)(aa) for "of that Part" there shall be substituted "of Part 1 of Schedule 29 to that Act", and
(b) after paragraph (2) there shall be added the following paragraphs—
"
(3) Subject to paragraph (4), for the purposes of section 17(1) of the Act further circumstances are where the payment of a lump sum—
(a) is authorised under section 164 of the 2004 Act[4];
(b) is permitted by the lump sum rule in section 166 of that Act, and
(c) qualifies as a serious ill-health lump sum for the purposes of paragraph 4 of Part 1 of Schedule 29 to that Act.
(4) Where—
(a) under the scheme, an earner qualifies for a lump sum payment on the ground of serious ill-health, and
(b) the scheme also provides for the payment of a guaranteed minimum pension to the widow, widower or surviving civil partner of the earner ("a survivor's pension"),
the scheme shall continue to include provision for a survivor's pension notwithstanding the payment of a lump sum to the earner.".
Sealed with the Official Seal of the Department for Social Development on
17th May 2006.
L.S.
John O'Neill
A senior officer of the Department for Social Development
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 ("the principal Regulations").
Regulation 1 provides for citation and commencement.
Regulation 2 amends regulation 60 of the principal Regulations to provide for the payment of a lump sum instead of a guaranteed minimum pension where the payment qualifies as a serious ill-health lump sum payment under the Finance Act 2004 (c. 12).
Notes:
[1]
1993 c. 49; section 17(1) was substituted by Article 261(1) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))back
[2]
See Article 8(b) of S.R. 1999 No. 481back
[3]
S.R. 1996 No.493; regulation 60 was substituted by Article 28(10) of S.I. 2006/744back
[4]
The definition of "2004 Act" was inserted by Article 28(2)(c) of S.I. 2006/744back
ISBN
0 337 96513 7
| © Crown copyright 2006 |
Prepared
23 May 2006
|