Search Legislation

The Occupational and Personal Pension Schemes (Pension Liberation) Regulations (Northern Ireland) 2005

What Version

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

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made).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

Modification of statutory discharges in the Pension Schemes Act

3.—(1) Section 95(1) (trustees' duties after exercise of option) shall be modified so as to have effect as if after paragraph (b) there were inserted –

and

(c)the trustees or managers of the scheme have taken all reasonable steps to ensure that, where the member requires them to use the cash equivalent in one of the ways specified in section 91(2)(a) or (b) or, as the case may be, 91(3)(a) or (b) (ways of taking right to cash equivalent), the occupational pension scheme or, as the case may be, the personal pension scheme to which the payment is to be made is a scheme whose trustees or managers are acting in good faith in relation to the scheme,.

(2) Section 97M(1) (effect of transfer on trustees' duties) shall be modified so as to have effect as if the reference to compliance with a transfer notice included a duty to take all reasonable steps to ensure that where such compliance involved making a payment to an eligible scheme as defined in section 97F(6)(2) (power to give transfer notice – meaning of “eligible scheme”), that scheme is a scheme whose trustees or managers are acting in good faith in relation to the scheme.

(3) From the coming into operation of Article 241(3) (early leavers: cash transfer sums and contribution refunds), section 97AG(3) (duties of trustees or managers following exercise of right) shall be modified so as to have effect as if after “carry out that requirement” there were inserted “and have taken all reasonable steps to ensure that where the member has opted for one of the permitted ways of using the cash transfer sum set out in section 97AE(2)(a) or (b) (permitted ways of using cash transfer sum), that scheme to whose trustees or managers the payment is made is a scheme whose trustees or managers are acting in good faith in relation to the scheme”.

(1)

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

(2)

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

(3)

Article 241 of the Pensions (Northern Ireland) Order 2005 inserts sections 97AA to 97AI in the Pension Schemes (Northern Ireland) Act 1993 (c. 49)

Back to top

Options/Help

Print Options

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