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The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2009

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Amendment of the Pension Protection Fund (General and Miscellaneous Amendments) Regulations

5.—(1) The Pension Protection Fund (General and Miscellaneous Amendments) Regulations (Northern Ireland) 2006(1) shall be amended in accordance paragraphs (2) to (4).

(2) For regulation 3 (power to treat death in service lump sum benefits as having become payable before the assessment date) substitute—

Power to treat benefits as having become payable before the assessment date

3.(1) Where this regulation applies, the benefits referred to in paragraph (3) shall be treated, for the purposes of Article 147(2) of the Order (adjustments to be made where the Board assumes responsibility for a scheme), as having become payable before the assessment date.

(2) This regulation applies where—

(a)a member of an eligible scheme died before the commencement of the assessment period in relation to the scheme, and

(b)during the period mentioned in Article 147(2)(a) of the Order, a person became entitled under the scheme rules to a benefit referred to in paragraph (3) in respect of that member.

(3) The benefits referred to in this paragraph are—

(a)a death benefit which is calculated and paid by the trustees or managers of the eligible scheme on or after the assessment date but before the date the trustees or managers receive the transfer notice in respect of that scheme, and

(b)a contribution refund within the meaning of section 97AB(4) of the Pension Schemes Act (right to cash transfer sum and contribution refund)..

(3) In regulation 4 (power to pay death in service lump sum benefits)—

(a)for the heading substitute “Power to treat benefits as having arisen before the assessment date”;

(b)in paragraph (b) for “death in service lump sum benefit” substitute “death benefit or a contribution refund (within the meaning of section 97AB(4) of the Pension Schemes Act)”.

(4) After regulation 4 insert—

Power to pay certain transfer payments and contribution refunds

4A.(1) The Board must pay 90% of the rights described in paragraph (2) in the circumstances prescribed in paragraph (3).

(2) The rights are—

(a)any transfer payment, and

(b)any payment in respect of a refund of contributions,

to which a member of the scheme was entitled immediately before the commencement of the assessment period.

(3) The circumstances are that—

(a)the Board assumes responsibility for a scheme in accordance with Chapter 3 of Part III of the Order;

(b)the circumstances and conditions prescribed in—

(i)regulation 16(1)(2) of the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 (restrictions on winding up, discharge of liabilities etc.), or

(ii)regulation 2 of the Pension Protection Fund (Hybrid Schemes) (Modification) Regulations (Northern Ireland) 2005(3) (discharge of liabilities in respect of money purchase benefits during the assessment period),

were met in respect of the rights;

(c)the rights remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme, and

(d)the member sends the Board a written request to make a payment in respect of the rights..

(1)

S.R. 2006 No. 155 to which there are amendments not relevant to these Regulations

(2)

Regulation 16(1) was amended by regulation 3(5)(a) of S.R. 2005 No. 194 and regulation 5 of S.R. 2005 No. 387

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