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The Pensions (Northern Ireland) Order 1995
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Changes over time for: Section 51A
Version Superseded: 06/04/2012
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- 01/01/2006- Amendment
- 01/01/2006
Point in time - 06/04/2012- Amendment
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The Pensions (Northern Ireland) Order 1995, Section 51A is up to date with all changes known to be in force on or before 24 April 2024. 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.
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[F1Restriction on increase where annuity tied to investmentsN.I.
51A.—(1) No increase under Article 51 is required to be made, at any time on or after the relevant date, of so much of any pension under a money purchase scheme as—
(a)is payable by way of an annuity the amount of which for any year after the first year of payment is determined (whether under the terms of the scheme or under the terms of the annuity contract in pursuance of which it is payable) by reference to fluctuations in the value of, or the return from, particular investments,
(b)does not represent benefits payable in respect of the protected rights of any member of the scheme, and
(c)satisfies such other conditions (if any) as may be prescribed.
(2) For the purposes of this Article it shall be immaterial whether the annuity in question is payable out of the funds of the scheme in question or under an annuity contract entered into for the purposes of the scheme.
(3) In this Article “the relevant date” means the date appointed for the coming into operation of section 47 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000.]
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