The Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997

Explanatory Note

(This note is not part of the Regulations.)

These Regulations consolidate (with amendments) the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1985. In addition to minor and drafting amendments, they make provision in respect of the discharge of liability in respect of pensions and accrued rights under a scheme contracted out by virtue of section 5(2B) of the Pension Schemes (Northern Ireland) Act 1993 (“a relevant scheme”) so far as is attributable to an earner’s service on or after 6th April 1997.

Regulations 2 and 5 prescribe requirements which apply to policies of insurance and annuity contracts for the purposes of discharging liability.

Regulations 3 and 4 prescribe conditions on which policies of insurance and annuity contracts may be assigned, surrendered or commuted.

Regulation 6 prescribes further conditions on which liability may be discharged.

Regulation 7 and Schedule 1 set out the form of consent to the arrangements for securing benefits.

Regulations 8, 9 and 11 provide the circumstances in which and conditions on which the discharge of liability to provide pensions under a relevant scheme may occur.

Regulation 10 defines the meaning of “transaction” for the purposes of regulation 9.

Regulation 12 and Schedule 2 provide for revocations.

Section 8C of the Act, one of the enabling provisions under which these Regulations are made, was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995 (“the Order”). The Pensions (1995 Order) (Commencement No. 2) Order (Northern Ireland) 1996 (S.R. 1996 No. 91 (C. 4)) provides for the coming into operation of Article 133(5) of the Order, for the purpose only of authorising the making of regulations, on 6th April 1996 and, in so far as it is not already in operation, on 6th April 1997.