Police Service of Northern Ireland Pensions (Additional Voluntary Contributions) (Amendment) Regulations 2004

Explanatory Note

(This note is not part of the Order.)

These Regulations amend the Royal Ulster Constabulary Pensions (Additional Voluntary Contributions) Regulations 1993, which make provision for the payment of additional voluntary contributions by police officers to secure additional pension benefits.

Regulation 1 provides for the citation, commencement and interpretation of the Regulations. Paragraphs 2 and 3 of Schedule 1 and associated changes in definitions have effect from 1st December 2002. Paragraph 6(b) of Schedule 1 has effect from 1st November 1999.

Regulation 2 introduces Schedule 1 which amends the AVC Regulations. Paragraph 1 amends the definitions in regulation 2 so that the Equitable Life Assurance Society (“the Society”) and The Standard Life Assurance Company are each an “approved additional voluntary contributions provider”. The amendments in paragraphs 2 to 4 enable the contributor to select such a provider for the investment of his contributions instead of the contributions having to be invested with the Society. (The amendments of regulations 12 and 15 made by paragraphs 7 and 8 are consequential on this). Paragraph 5 introduces a new regulation 10A under which contributors may request that their investments be transferred from the approved voluntary contributions provider chosen by them, so that they are held outside the scheme constituted by the Regulations. Paragraph 6 amends regulation 11 so that a participator who retires on or after 1st November 1999 may make an election as to his pension at any time before his 75th birthday, and his retirement annuity may be purchased from any insurance company he specifies under that regulation, instead of from the list of pension providers in Schedule 1 to the Regulations.