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The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996

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Lump sum benefits and salary related contracted-out schemes

19.  A salary related contracted-out scheme may not provide for the payment of a lump sum instead of a pension except in accordance with regulation 20 (trivial commutation of section 5(2B) rights) and, as the case may be, regulation 60 (trivial commutation of guaranteed minimum pensions) or—

(a)in the case of a scheme which is exempt approved within the meaning of section 592(1) of the Taxes Act or a scheme which has applied for such approval which has not yet been determined, to the extent permitted under the rules of that scheme in accordance with that approval, or

(b)in the case of a relevant statutory scheme within the meaning of section 611A of the Taxes Act(1), to the extent permitted under the regulations or rules governing the scheme as a relevant statutory scheme.


Section 611A was inserted by paragraph 15 of Schedule 6 to the Finance Act 1989 (c. 26)

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