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

Information

7.—(1) The statement given under subsection (2)(a) of section 97AC (notification of right to cash transfer sum or contribution refund) must in addition to the matters specified in subsections (2) and (3) of that section also specify—

(a) if the amount of the cash transfer sum or contribution refund has been reduced in accordance with regulation 4, the reason for the reduction;

(b) details of any reduction required from the cash transfer sum or contribution refund in accordance with regulation 4;

(c) details of any set off of the contribution refund against the refund payment made in accordance with section 97AG(5)(b) (duties of trustees or managers following exercise of right) or 97AH(3)(b) (powers of trustees or managers where right not exercised);

(d) details of any tax liability in respect of the contribution refund;

(e) if an amount is to be deducted from a refund under section 57(2)(1) (deduction of contributions equivalent premium from refund of scheme contributions), details of the amount certified under section 59(2) (further provisions concerning calculations relating to premiums);

(f) how the exercise of the member’s right mentioned in section 97AC(2)(a)(i) will affect his other rights, if any, under the scheme;

(g) that if on a winding up of a scheme the cash transfer sum or contribution refund may be reduced in accordance with regulation 4(7), that the member will be informed that there may be reductions and that if the scheme does begin to be wound up that he will be informed if the cash transfer sum or contribution refund is to be reduced, and

(h) that if the member does not exercise his right on or before the reply date or such later date as the trustees or managers may allow in his case under section 97AI(2) (rights under section 97AB: further provisions), the trustees or managers will be entitled to pay the contribution refund to him.

(2) Where in relation to a member—

(a) a payment is made out of an occupational pension scheme (“scheme A”) to the trustees or managers of another occupational pension scheme (“scheme B”), and

(b) transfer credits have been allowed to the member under scheme B,

the trustees or managers of scheme A shall on the written request of the trustees or managers of scheme B provide the trustees or managers of scheme B within a period of one month beginning with the date of the request, information in writing as to the amount of the employee contributions made to scheme A by or on behalf of the member so far as they relate to the transfer payment.

(1)

Section 57 was amended by paragraph 47 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 6(2) of Schedule 5 to the Child Support, Pensions and Social Security Act 2000 (c. 19) and paragraph 66 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671). Section 57 is also amended by paragraph 8 of Schedule 10 to the Pensions (Northern Ireland) Order 2005

(2)

Section 59 was amended by paragraph 49 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 67 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 and paragraph 6(3) of Schedule 5 to the Child Support, Pensions and Social Security Act 2000