The Divorce etc. (Pensions) Regulations (Northern Ireland) 1996

Notices

7.—(1) This regulations applies where—

(a) an order under Article 25 has been made by virtue of Article 27B or 27C imposing any requirement on the trustees or managers of a pension scheme;

(b) an event has occurred which is likely to result in a significant reduction in the benefits payable under the scheme, other than—

(i) the transfer from the scheme of all the accrued rights of the party with pension rights in the circumstances set out in Article 27D(1)(a), or

(ii) a reduction in the value of assets held for the purposes of the scheme by reason of a change in interest rates or other market conditions.

(2) Without prejudice to the generality of the foregoing, this regulation applies where some but not all of the accrued rights of the party with pension rights have been transferred from the scheme.

(3) Where this regulation applies, the trustees or managers of the scheme within 14 days after the date of the occurrence of the event mentioned in paragraph (1)(b) shall give notice to the other party of—

(a) that event;

(b) the likely extent of the reduction in the benefits payable under the scheme;

(c) where the event mentioned in paragraph (2) has occurred, the name and address of the trustees or managers of any pension scheme under which the party with pension rights has acquired transfer credits as a result of that event.