The Health and Personal Social Services (Superannuation Scheme, Injury Benefits and Additional Voluntary Contributions) (Amendment) Regulations (Northern Ireland) 2006

Amendment of Schedule 2 to the AVC Regulations

34.—(1) Schedule 2(1) to the AVC Regulations (Pension Sharing on Divorce or Nullity of Marriage) is amended in accordance with this regulation.

(2) In paragraph 4 (Pension credit benefit)—

(a) at the end of sub-paragraph (1), insert “(including, where appropriate, a pension commencement lump sum)”.

(b) after sub-paragraph (5)(a), insert—

“(aa) whether a pension commencement lump sum and a pension payable for life is to be provided,”.

(c) for sub-paragraph (7), substitute—

“(7) Upon receipt of a notice of election under sub-paragraph (5) the Department shall, as soon as reasonably practicable, realise the investments made under paragraph 2 and—

(a) where sub-paragraph (5)(aa) does not apply, apply the proceeds to the purchase of an annuity from the authorised provider specified in the notice of election;

(b) where that sub-paragraph does apply—

(i) pay the percentage of the proceeds specified in the notice of election as a pension commencement lump sum, and

(ii) apply the balance of those proceeds to the purchase of an annuity from the authorised provider specified in that notice,

and not otherwise.”.

(1)

Schedule 2 was inserted by S.R. 2004 No. 104