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The Pensions (Northern Ireland) Order 1995

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The Pensions (Northern Ireland) Order 1995, Section 148 is up to date with all changes known to be in force on or before 18 February 2020. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Extension of scope of right to cash equivalentN.I.

148.—(1) Section 89 of the Pension Schemes Act (scope of provisions relating to transfer values) is amended as follows.

(2) For subsection (1)(a) substitute—

(a)to any member of an occupational pension scheme—

(i)whose pensionable service has terminated at least one year before normal pension age, and

(ii)who on the date on which his pensionable service terminated had accrued rights to benefit under the scheme,

except a member of a salary related occupational pension scheme whose pensionable service terminated before 1st January 1986 and in respect of whom prescribed requirements are satisfied; .

(3) After subsection (1) insert—

(1A) For the purposes of this section and the following provisions of this Chapter, an occupational pension scheme is salary related if—

(a)the scheme is not a money purchase scheme, and

(b)the scheme does not fall within a prescribed class.

(1B) Regulations may—

(a)provide for this Chapter not to apply in relation to a person of a prescribed description, or

(b)apply this Chapter with prescribed modifications to occupational pension schemes—

(i)which are not money purchase schemes, but

(ii)where some of the benefits that may be provided are money purchase benefits. .

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