The Health and Personal Social Services (Superannuation) (Amendment) Regulations (Northern Ireland) 1997

Amendment of regulation 60(3) of the principal Regulations

6.  (1)  At the beginning of regulation 60(3) of the principal Regulations the word “The” shall be deleted and there shall be substituted the following words:—

  • Except in the case of a person to whom regulation 9A applies, the.

(2) In regulation 60(4) of the principal Regulations the words from “and 62” to the end shall be deleted and there shall be substituted the following words:—

  • , 62 (transfers that are not made under the Public Sector Transfer Arrangements) and 62A (transfers in respect of members to whom regulation 9A applies who elect to join or rejoin the scheme) is applicable..

(3) After regulation 62 of the principal Regulations there shall be inserted the following regulation:—

Transfers in respect of members to whom regulation 9A applies who elect to join or rejoin the scheme

62A.  (1)  In the case of a member to whom regulation 9A applies, this regulation shall apply for the purpose of calculating the amount of the transfer payment by reference to which an additional period of superannuable service may be credited by the Department to that member.

(2) Subject to paragraphs (3) and (4) the transfer payment in respect of which an additional period of superannuable service may be credited by the Department to a member referred to in paragraph (1) shall be calculated in a manner that is consistent with the actuarial methods and assumptions used by the Department to calculate cash equivalents under regulation 55 (amount of member’s cash equivalent) in the case of transfers that are not made under the Public Sector Transfer Arrangements shall be of an amount equal to the total amount of:—

(i)an amount which would enable the member to be credited by the scheme with an additional period of superannuable service as the Department may approve in respect of the period during which he made contributions to a personal pension scheme (“the relevant scheme”);

(ii)the amount of the cash equivalent, if any, which the member transferred to the relevant scheme by exercising a right under regulation 54 (exercising a right to transfer or buy-out) (“the transferred rights”); and

(iii)an amount, to be determined from time to time by the Government Actuary, which represents the income which would have been received on the amount referred to in sub-paragraph (ii) had that amount been invested during the period commencing at the end of the month in which it was paid by the scheme to the relevant scheme and ending at the end of the month in which the transfer payment was paid to the scheme by the relevant scheme.

(3) The amount, if any, payable by virtue of paragraphs (2)(ii) and (iii) shall be at least equal to the amount of the cash equivalent transfer value which would be payable by the scheme in respect of the period of transferred-out service which the transferred rights represent if the scheme were to pay a cash equivalent transfer value in respect of that service immediately after the time at which the transfer payment is paid to the scheme by the relevant scheme.

(4) In the case of a member to whom regulation 9A applies who has been credited with an additional period of superannuable service calculated as specified in regulation 62 (transfers that are not made under the Public Sector Transfer Arrangements) the Department may adjust the amount of the transfer referred to in paragraph (2) on account of the payment by reference to which that superannuable service was credited.

(5) In this regulation:—

  • “personal pension scheme” has the same meaning as in regulation 9A(4);

  • “transfer payment” means the payment payable to the scheme by the relevant scheme in respect of a member to whom regulation 9A applies who elects to join or rejoin the scheme; and

  • “transferred-out service” means the period of superannuable service which the member transferred-out of the scheme by exercising a right under regulation 54 (exercising a right to transfer or buy-out).