The Pensions Regulator (Contribution Notices) (Sum Specified Following Transfer) Regulations (Northern Ireland) 2010

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Pensions Regulator (Contribution Notices) (Sum Specified Following Transfer) Regulations (Northern Ireland) 2010 and shall come into operation on 29th July 2010.

(2) In these Regulations—

“baseline sum” means the sum which the Regulator estimates to be the amount of the liabilities of the initial scheme, were those liabilities to be determined, calculated and verified in accordance with Article 75(5)(1) of the 1995 Order (deficiencies in the assets);

“earner” is to be construed in accordance with sections 3(2) (“earnings” and “earner”), 4(3) (payments treated as remuneration and earnings) and 112(4) (certain sums to be earnings) of the Contributions and Benefits Act;

“the relevant time” has the meaning given by Article 35(4)(5) (the sum specified in an Article 34 contribution notice);

“rights acquired” means rights allowed to an earner under the rules of a work-based pension scheme, which is not an occupational pension scheme, by reference to a transfer to the scheme of, or a transfer payment to the trustees or managers of the scheme in respect of, any of the earner’s rights (including transfer credits allowed) under an occupational pension scheme;

“transfer credits” has the meaning given by section 176(1)(6) of the Pension Schemes Act;

“work-based pension scheme” has the meaning given by Article 4(3).

(3) In these Regulations any reference to a numbered Article is a reference to the Article of the Pensions (Northern Ireland) Order 2005 bearing that number.

(1)

Article 75 was amended by Article 248 of the Pensions (Northern Ireland) Order 2005 and is modified by S.R. 2005 No. 168

(2)

Section 3 was amended by Articles 45 and 46 of the Social Security (Northern Ireland) Order 1998 (S.I. 1998/1506 (N.I. 10)) and paragraph 4 of Schedule 3 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671)

(3)

Section 4 was amended by Schedule 2 to the Social Security (Incapacity for Work) (Northern Ireland) Order 1994 (S.I. 1994/1898 (N.I. 12)), Article 47(1) of the Social Security (Northern Ireland) Order 1998, paragraph 5 of Schedule 3 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999, section 78(3) of the Child Support, Pensions and Social Security Act 2000 (c. 19), paragraph 1(1) of Schedule 2 to the Employment (Northern Ireland) Order 2002 (S.I. 2002/2836 (N.I. 2)) and paragraph 193 of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 (c. 1)

(4)

Section 112 was amended by Schedule 1 to the Employment Rights (Northern Ireland) Order 1996 (S.I. 1996/1919 (N.I. 16)) and paragraph 21 of Schedule 3 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999

(5)

Article 35 was amended by paragraph 8(2) of Schedule 8 to the Pensions (No. 2) Act (Northern Ireland) 2008

(6)

The definition of “transfer credits” was amended by paragraph 26 of Schedule 10 to the Pensions (Northern Ireland) Order 2005