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Amendment of the Occupational Pension Schemes (Indexation) Regulations

8.  After regulation 4 of the Occupational Pension Schemes (Indexation) Regulations (Northern Ireland) 1997(1) (indexation of occupational pensions derived from the acceptance of payments from insurance policies and annuity contracts: transfers made on or after 6th April 2005) add—

Purpose for which trustees may modify the scheme

5.(1) This regulation prescribes a purpose for which the trustees of a trust scheme may by resolution modify the scheme under Article 68.

(2) The purpose is to—

(a)reduce the amount of the annual increase in the rate of any pension(2) that accrues after the date of the resolution, or

(b)change the method for determining that amount in order to make such a reduction.

(3) No modification may be made for the purpose in paragraph (2) without the consent of—

(a)where there is one employer in relation to the scheme, that employer, or

(b)where there is more than one employer in relation to the scheme—

(i)all those employers, or

(ii)a person nominated by all those employers, or in accordance with the scheme rules, to act as their representative..

(1)

S.R. 1997 No. 8; regulation 4 was added by regulation 7 of S.R. 2005 No. 170

(2)

See Article 51 of the Pensions (Northern Ireland) Order 1995 as amended by paragraph 40 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, section 47(1) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, Article 255 of the Pensions (Northern Ireland) Order 2005 and Article 11(2) of S.I. 2006/745