The Occupational Pension Schemes (Payments to Employers) Regulations (Northern Ireland) 1997

Requirement to increase benefits — maximum limits

10.—(1) For the purposes of Article 77 (which provides, where a scheme prohibits the distribution of assets to the employer, for excess assets to be distributed after benefits have been increased, subject to prescribed limits) the prescribed limits referred to in Article 77(4)(a) are the maximum benefits that may be provided by the scheme as an exempt approved scheme within the meaning of section 592(1) of the Taxes Act 1988.

(2) For the purposes of calculating the maximum benefits referred to in paragraph (1), final remuneration may, if the trustees so determine, be taken to be any one of the following amounts—

(a) the amount of annual remuneration on which the scheme benefits are calculated;

(b) the highest amount of annual remuneration on which, under the rules of the scheme, benefits could be calculated; or

(c) the amount referred to in regulation 5(4)(f)(iii) of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993(1) (which is an amount based on the average of the total emoluments paid to an employee during the last 3 years of assessment).

(1)

S.I. 1993/3016