(This note is not part of the Regulations.)
These Regulations make provision for the payment of additional voluntary contributions by teachers who are members of the Teachers' Superannuation Scheme as constituted by the Teacher’s Superannuation Regulations (Northern Ireland) 1977, (“the Principal Regulations”) in order to secure additional benefits financed by investment of those contributions.
The Regulations have effect retrospectively to 1st April 1989 by virtue of Article 14(1) of the Superannuation (Northern Ireland) Order 1972.
The Regulations provide for the making of elections of various kinds. Regulation 3 contains general provisions as to their making and acceptance; regulation 4 provides for elections to pay lump sum and regular contributions so as to secure additional retirement and dependants' pensions and further provides for elections to pay regular contributions so as to secure a lump sum death benefit in the event of death while paying such contributions; regulation 5 permits teachers who have elected to provide a lump sum death benefit to apply that sum, either in whole or part, to the purchase of dependants' pensions; regulation 6 allows elections made under regulation 4 to be varied or cancelled.
When an election has effect a person is a contributor for the purpose of these Regulations but, generally, ceases to be a contributor if he is no longer in employment in reckonable service (regulation 7).
Regulation 8 deals with the payment of contributions and imposes a limit on their total amount.
Regulation 9(1) requires the Department to invest contributions with an insurance company selected by it in one or more of the specified funds in accordance with any wishes expressed by the contributor. Regulation 9(2), referring to an election to provide a lump sum death benefit, requires contributions to be invested so as to secure payment of the amount specified. Regulation 10 requires a transfer value accepted from another additional voluntary contributions scheme also to be invested as appropriate, while regulation 11 sets out the provisions regarding payment of a transfer value (representing the value of the investments) to an insurance company or a superannuation scheme.
On retirement, investments (except those providing for a lump sum death benefit) are to be realised and retirement or dependants' pension, or both, are to be purchased with the proceeds from an authorised provider chosen by the participator to provide the benefits specified in the notice of election. Such pensions are payable for life, and are not able to be commuted or assigned, but provision is made to allow the proceeds of the realisation of investments to be paid as a lump sum in specified circumstances (regulation 12).
Regulation 13 provides for the payment of lump sum death benefits secured by contributions under regulation 4.
Regulation 14, with the Schedule, imposes maximum permitted limits on benefits payable under Regulations.
Regulation 15 provides for the realisable value of investments to be repaid where contributions under the Principal Regulations are repaid.
Regulation 16 provides that the Department is not liable for payments under a pension policy purchased from an authorised provider except in the circumstances specified in regulation 16(2), regulation 16 also makes provision for the payment of lump sums to personal representatives of a deceased participator. Regulation 17 requires the Department to be given information needed for the purposes of its functions under the Regulations. Regulation 18 provides for any payments, up to a maximum of £5,000, payable to the personal representatives of deceased persons, to be made without confirmation or proof of title. Regulation 19 provides for questions to be determined by the Department.
Regulation 20 provides for payments made by employees in anticipation of these Regulations to be treated as contributions made under these Regulations and for benefits to be payable where such payments were invested and a relevant event occurred before the commencement of the Regulations.