The Personal and Occupational Pension Schemes (Preservation of Benefit and Perpetuities) (Amendment) Regulations (Northern Ireland) 1996

Explanatory Note

(This note is not part of the Regulations.)

These Regulations further amend the Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 1991 (“the Preservation Regulations”) and the Personal and Occupational Pension Schemes (Perpetuities) Regulations (Northern Ireland) 1990 (“the Perpetuities Regulations”).

• Regulation 2 amends the Preservation Regulations—

• paragraphs (3) to (5), (8), (9), (11) and (12) to (17) provide for the removal of the provision for the Occupational Pensions Board (“OPB”), which is being dissolved, to exercise discretion in certain cases;

• paragraph (6) provides for the transfer of rights to an overseas arrangement to be an alternative to short service benefit;

• paragraph (10) introduces a test to determine whether uniform accrual is to be applied to money purchase benefits;

• paragraphs (7) and (18) insert requirements (formerly in the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1986 (S.R. 1986 No. 225)) for members to be furnished with information in relation to any transfer of accrued rights without consent or in relation to rights on termination of pensionable service. Paragraph (18) also imposes a civil penalty for failure to comply with the requirements to provide such information.

Regulation 3 amends regulation 4 of the Perpetuities Regulations in relation to the extension of the time limit under that regulation, by substituting a reference to the Department for the reference to the OPB.

Regulation 4 is a transitional provision relating to cases where the OPB have given their approval under regulation 14(4) of the Preservation Regulations for uniform accrual not to be applied in relation to the computation of money purchase benefits.

Regulation 5 makes consequential revocations.