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The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2009

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Amendment of the Pension Sharing (Pension Credit Benefit) Regulations

14.—(1) The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with paragraphs (2) to (6).

(2) In regulation 1(2) (interpretation)—

(a)omit the definition of “incapacity”;

(b)in the definition of “Regulatory Authority” for “the Occupational Pensions Regulatory Authority” substitute “the Pensions Regulator”.

(3) For regulations 3(2) (commutation of the whole of pension credit benefit) and 4(3) (commutation of part of pension credit benefit) substitute—

Pension credit benefit in lump sum form

3.  For the purposes of section 97C(2) (basic principle as to pension credit benefit), the circumstances in which the trustees or managers of a scheme may provide for payment of pension credit benefit in the form of a lump sum before normal benefit age are those which permit payment of a lump sum in accordance with paragraph (a), (b), (e), (f) or (g) of the lump sum rule in section 166(1) of the Finance Act 2004(4)..

(4) In regulation 7 (early retirement or deferred retirement)—

(a)for paragraphs (2) and (3) substitute—

(2) The benefits referred to in paragraph (1) must include a benefit that is both—

(a)payable to the person entitled to the pension credit benefit, and

(b)not payable before normal benefit age except where the person entitled to the benefit has either—

(i)met the ill-health condition in accordance with paragraph 1 of Schedule 28 to the Finance Act 2004 (registered pension schemes: authorised pensions – defined benefits and money purchase arrangements) immediately before that person became entitled to the benefit, or

(ii)attained normal minimum pension age (as defined in section 279(1) of that Act).;

(b)in paragraph (4)(a) for “incapacity or serious ill health” substitute “physical or mental infirmity”;

(c)omit paragraph (6).

(5) In regulation 13 (conditions on which pension credit benefit secured by insurance policies and annuity contracts may be commuted) for the words from “if it satisfies” to the end substitute “in the circumstances described in regulation 3 (pension credit benefit in lump sum form)”.

(6) In regulation 22(1)(b) (requirements to be met by an eligible scheme)—

(a)omit “any of sub-paragraphs (a) to (e) of”;

(b)after “is made is”, in the second place where it occurs, insert “also”;

(c)for “regulation 21(2)(a), (c) or (e)” substitute “regulation 21(2)”.

(1)

S.R. 2000 No. 146; relevant amending provisions are S.I. 2006/744, S.R. 2006 No. 141and S.R. 2007 No. 338

(2)

Regulation 3 was amended by Article 38(2) of S.I. 2006/744 and regulation 3 of S.R. 2007 No. 338

(3)

Regulation 4 was amended by Article 38(3) of S.I. 2006/744 and regulation 5 of S.R. 2006 No. 141

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