Search Legislation

Local Government Pension Scheme Regulations (Northern Ireland) 2000

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Regulation K20

SCHEDULE K2Mis-sold Pensions

Prescribed persons

1.  For the purposes of regulation K20(2) (prescribed persons to whom information may be provided) the persons are—

(a)a person who is or has been an authorised person within the meaning of the Financial Services Act 1986(1) (“the 1986 Act”)(“an authorised person”);

(b)an appointed representative within the meaning of section 44 of the 1986 Act (“an appointed representative”);

(c)a recognised self-regulating organisation within the meaning of the 1986 Act;

(d)a recognised professional body within the meaning of the 1986 Act;

(e)the Securities and Investments Board;

(f)the Investors Compensation Scheme Limited;

(g)a professional indemnity insurer of an authorised person or an appointed representative;

(h)The Chartered Accountants Compensation Scheme Limited;

(i)The Solicitors Indemnity Fund Limited;

(j)A person or body arbitrating or adjudicating in, or investigating or considering, a complaint brought by such an individual as is mentioned in Article 164 of the Pensions Order against an authorised person or an appointed representative;

(k)A person or body appointed to act on behalf of any of the above.

2.  For the purposes of regulation K20(3) (persons on whom fees may be imposed) the persons are any person listed in sub-paragraphs (a) to (d) and (f) to (i) of paragraph 1 and any person or body appointed to act on behalf of any of those persons.

3.  A restitution payment in relation to an individual shall be an amount equal to the total of:—

(a)the amount that would be necessary to purchase service in the Scheme on the material date equal to the opted out period on the basis of a transfer in from a scheme which is not a club scheme, such amount—

(i)to include the value of any rights under the Pensions (Increase) Act (Northern Ireland) 1971, and

(ii)to be determined by the Committee on such basis as shall be approved from time to time by the Government Actuary, and

(b)the transfer value (if any) previously paid out of the Scheme under regulation K2, or the corresponding provisions of the former regulations, to the personal pension scheme in respect of the transferred out service increased by interest at a rate approved from time to time by the Government Actuary for that purpose over the period from the date on which such a transfer value was paid out of the Scheme to the date on which it is assumed, for the purpose of calculating the restitution payment, that a transfer value will be paid to the Scheme (“the calculation date”).

4.  The amount, if any, calculated by virtue of paragraph 3(b) 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 transferred out service if the Scheme were to pay a cash equivalent transfer value in respect of that service immediately after the calculation date.

5.  In this Schedule—

(a)“material date” means the date on which the Committee receives a request to provide the calculation of the restitution payment;

(b)“opted out period” and “transferred out service” have the same meaning as in regulation K17(7).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Rule

The Whole Rule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Rule as a PDF

The Whole Rule you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Rule

The Whole Rule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources