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3. (1) The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with paragraphs (2) and (3).
(2) In regulation 5(2) (amount of compensation) –
(a)in paragraph (2) for the words from “The amount” to “Article 81(3)(a) and (b)” there shall be substituted “The amount or, as the case may be, the aggregate, shall not exceed the aggregate specified in Article 81(3)(3)”;
(b)paragraph (5) shall be omitted;
(c)in paragraph (6) for “Article 81(3)(a)” there shall be substituted “Article 81(3)(b)”.
(3) Regulations 3A(4) (protected liabilities – prescribed class of members), 6(5)(d)(5) (payments made in anticipation not to exceed the amount of the protected liabilities), 7(6) (mixed benefit schemes) and 10 (modifications for money purchase schemes) shall be omitted.
Regulation 5 was amended by regulation 2(3) of S.R. 2001 No. 138
Article 81 was amended by Article 16(3) to (6) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)) and is amended by Article 254(4) of the Pensions (Northern Ireland) Order 2005
Regulation 3A was inserted by regulation 2(2) of S.R. 2001 No. 138
Regulation 6(5)(d) was substituted by regulation 2(4) of S.R. 2001 No. 138
Regulation 10 was amended by regulation 2(5) of S.R. 2001 No. 138
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