Search Legislation

The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 2006

 Help about what version

What Version

 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made).

Reduction of cash transfer sums and contribution refunds

4.—(1) In the case of a scheme to which Part IV of the 2005 Order applies (scheme funding), the cash transfer sum in respect of a member may be reduced by the trustees or managers of the scheme if the GN11 insufficiency conditions are met.

(2) The GN11 insufficiency conditions are that the actuary’s last relevant GN11 report shows that at the effective date of the report—

(a)the scheme had assets that were insufficient to pay the full amount of cash equivalents under Chapter IV of Part IV of the Act in respect of all the members, and

(b)the assets were insufficient to pay in full any category of liabilities that is a category of liabilities for the benefits in respect of which the member’s cash equivalent is being calculated.

(3) If the GN11 insufficiency conditions are met the trustees or managers may reduce any part of the member’s cash transfer sum that is payable in respect of such a category of liabilities as are mentioned in paragraph (2)(b) by a percentage not exceeding the GN11 deficiency percentage.

(4) The GN11 deficiency percentage is the same as the percentage by which a member’s cash equivalent for such a category of liabilities is being reduced.

(5) The references in this regulation to the actuary’s last relevant GN11 report is to his last report, in accordance with “Retirement Benefit Schemes - Transfer Values (GN11)” published by the Institute of Actuaries and the Faculty of Actuaries, before the cash transfer sum is calculated.

(6) If by virtue of regulations made under Article 211 of the 2005 Order (power to modify provisions of Part IV) Part IV of that Order applies to a section of a scheme as if that section were a separate scheme, paragraphs (1) and (2) shall apply to a section as if that section were a separate scheme, and as if the reference to a scheme were accordingly a reference to that section.

(7) Where a scheme begins to wind up after the member’s pensionable service terminates but before the trustees or managers have used the cash transfer sum or paid the contribution refund to the member, the cash transfer sum or contribution refund may be reduced to the extent necessary for the scheme to comply with the winding up provisions (as defined in Article 73B(10)(a) of the 1995 Order(1)) and regulations made under those provisions.

(8) If, by virtue of regulations made under Article 73B(4)(b)(i) of the 1995 Order by virtue of Article 73B(5) of that Order, the winding up provisions (as so defined) apply to a section of a scheme as if that section were a separate scheme, paragraph (7) shall apply as if that section were a separate scheme and as if the references in that paragraph to a scheme were accordingly references to that section.

(9) A member’s cash transfer sum or contribution refund under the scheme may be reduced if the member has incurred some monetary obligation due to the employer or to the scheme and arising out of a criminal, negligent or fraudulent act or omission by that member.

(10) A member’s cash transfer sum or contribution refund under the scheme may be reduced by reason of paragraph (9) to the extent only that the reduction does not exceed the amount of the monetary obligation in question.

(11) A reduction under paragraph (9) must not take effect where there is a dispute as to the amount of the monetary obligation in question, unless the obligation has become enforceable under an order of a competent court or in consequence of an award of an arbitrator.

(12) In a case where two or more paragraphs of this regulation fall to be applied to a cash transfer sum or paragraphs (7) and (9) fall to be applied to a contribution refund, they shall be applied in the order in which they occur in this regulation.

(1)

Articles 73 to 73B were substituted for Article 73 by Article 247(1) of the Pensions (Northern Ireland) Order 2005

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