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The Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000 and shall come into operation on 1st December 2000.

(2) In these Regulations—

“the 1995 Order” means the Pensions (Northern Ireland) Order 1995;

“the Safeguarded Rights Regulations” means the Pension Sharing (Safeguarded Rights) Regulations (Northern Ireland) 2000(1);

“the Transfer and Transfer Payment Regulations” means the Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996(2);

“base rate” means the base rate for the time being quoted by the reference banks, or where there is for the time being more than one such base rate, the base rate which, when the base rate quoted by each bank is ranked in a descending sequence of seven, is fourth in the sequence;

“implementation period” has the meaning given by Article 31 of the 1999 Order;

“normal benefit age” has the meaning given by section 97B(3);

“occupational pension scheme” has the meaning given by section 1;

“pension arrangement” has the meaning given by Article 43(1) of the 1999 Order;

“pension credit” means a credit under Article 26(1)(b) of the 1999 Order;

“pension sharing order” means an order which is mentioned in Article 25(1);

“person responsible for a pension arrangement” has the meaning given to that expression in Article 43(2) of the 1999 Order;

“personal pension scheme” has the meaning given by section 1(4);

“reference banks” means the seven largest institutions for the time being which—

(a)

are authorised by the Bank of England under the Banking Act 1987(5);

(b)

are incorporated in and carrying on within the United Kingdom a deposit-taking business (as defined in section 6 of that Act, but subject to any order under section 7 of that Act(6)), and

(c)

quote a base rate in sterling,

and for the purpose of this definition the size of an institution at any time is to be determined by reference to the gross assets denominated in sterling of that institution, together with any subsidiary (as defined in Article 4 of the Companies (Northern Ireland) Order 1986)(7)), as shown in the audited end of year accounts last published before that time;

Regulatory Authority” means the Occupational Pensions Regulatory Authority;

“safeguarded rights” has the meaning given by section 64A(8);

“scheme actuary”, in relation to a scheme to which Article 47(1)(b) of the 1995 Order applies, means the actuary mentioned in Article 47(1)(b) of that Order;

“section 5(2B) rights” has the meaning given by regulation 1(2) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(9);

“transferee” and “transferor” have the meanings given by Article 31(5);

“trustees or managers” has the meaning given by Article 43(1);

“valuation day” has the meaning given by Article 26(7).

(3) For the purposes of these Regulations and notwithstanding section 39(2) of the Interpretation Act (Northern Ireland) 1954(10), where a period of time is expressed to begin on, or to be reckoned from, a particular day, that day shall be included in the period.

(4) In these Regulations—

(a)any reference to a numbered section is a reference to the section of the Pension Schemes Act bearing that number, and

(b)any reference to a numbered Article or Schedule is a reference to the Article of, or Schedule to, the Welfare Reform and Pensions (Northern Ireland) Order 1999 bearing that number.

(2)

S.R. 1996 No. 618; relevant amending regulations are S. R. 1997 No.160

(3)

Section 97B is inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999

(4)

The definition of “personal pension scheme” was amended by paragraph 2(1)(a) of Schedule 2 to the Welfare Reform and Pensions (Northern Ireland) Order 1999

(6)

Section 7 was amended by section 23(1) of, and paragraphs 1 and 4 of Schedule 5 to, the Bank of England Act 1998 (c. 11)

(7)

S.I. 1986/1032 (N.I. 6); Articles 4 and 4A were substituted for Article 4 by Article 62(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))

(8)

Section 64A is inserted by Article 33 of the Welfare Reform and Pensions (Northern Ireland) Order 1999

(9)

S.R. 1996 No. 493; the definition of “section 5(2B) rights” was substituted by paragraph 5(2) of the Schedule to S.R. 1997 No. 160, and amended by regulation 4(2)(b) of S.R. 1999 No. 486

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