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The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations (Northern Ireland) 1997

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Schemes to which the compensation provisions and these Regulations do not apply

2.—(1) The compensation provisions and these Regulations shall not apply to—

(a)a scheme which has fewer than 2 members and no beneficiaries;

(b)a scheme the only benefits provided by which are death benefits and under the provisions of which no member has accrued rights;

(c)a scheme which provides relevant benefits, but is neither an approved scheme nor a relevant statutory scheme;

(d)a scheme whose members are fewer than 12, all of whom are trustees and under the rules of which all trustee decisions must be made by unanimous agreement, save that the non-participation of a pensioneer trustee in any such decision shall be disregarded;

(e)a public service pension scheme;

(f)a relevant lump sum retirement benefits scheme;

(g)a scheme in respect of which any Minister of the Crown or government department has given a guarantee or made any other arrangements for the purpose of securing that the assets of the scheme are sufficient to meet its liabilities;

(h)a section 615(6) scheme.

(2) In this regulation—

“lump sum benefits” does not include benefits paid by way of commuted retirement pension;

“pensioneer trustee” has the meaning given in regulation 2(1) of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991(1);

“relevant benefits” has the meaning given in section 612(1) of the Taxes Act 1988;

“relevant lump sum retirement benefits scheme” means an approved scheme—

(a)

which has been categorised by the Commissioners of Inland Revenue for the purposes of its approval as a centralised scheme for non-associated employers;

(b)

which is not contracted out; and

(c)

under the provisions of which the only benefits which may be provided on or after retirement (other than money purchase benefits derived from the payment of additional contributions by any person) are lump sum benefits which are not calculated by reference to any member’s salary;

“relevant statutory scheme” has the meaning given in section 611A of the Taxes Act 1988(2);

“section 615(6) scheme” means a scheme with such a superannuation fund as is mentioned in section 615(6) of the Taxes Act 1988 (exemption from tax in respect of certain pensions).

(1)

S.I. 1991/1614; see also regulation 2(4) to (8) of that instrument for the meaning of “connected with” in regulation 2(1)

(2)

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

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