Restrictions on commutation and age at which benefits may be receivedN.I.
261.—(1) For section 17(1) of the Pension Schemes Act (commutation of guaranteed minimum pensions) substitute—
“(1) A scheme may, in such circumstances and subject to such restrictions and conditions as may be prescribed, provide for the payment of a lump sum instead of a pension required to be provided by the scheme in accordance with section 9 or 13.” .
(2) In section 13 of that Act (minimum pensions for widows and widowers), at the end add—
“(8) Where—
(a)a lump sum is paid to an earner under provisions included in a scheme by virtue of section 17(1), and
(b)those provisions are of a prescribed description,
the earner shall be treated for the purposes of this section as having any guaranteed minimum under section 10 that he would have had but for that payment.” .
(3) F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Art. 261(3)-(7) repealed (11.2.2008 with effect as mentioned in s. 19(5) of the amending Act) by Pensions Act (Northern Ireland) 2008 (c. 1), s. 19(2), Sch. 6 Pt. 6 (with savings in Sch. 4 Pt. 3)