The Occupational Pension Schemes (Contracting-out) (Amendment) Regulations (Northern Ireland) 2011

Amendment of the Occupational Pension Schemes (Contracting-out) Regulations

2.—(1) The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(1) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 23 (requirements for meeting the statutory standard)—

(a) for paragraph (a)(2) substitute—

“(a) must comply with any standards adopted or prepared, and from time to time revised, by the Board for Actuarial Standards(3) which are relevant to the matters specified in section 8A(4) of the Act;”;

(b) in paragraph (f)(4) after “payment of a lump sum” insert “but may not have regard to any payment of a lump sum made as a result of the death of an earner”;

(c) at the end of paragraph (f) omit “and”;

(d) after paragraph (g) add—

“(h) must not have regard to any discretionary benefits, and

(i) must comply with the further requirements set out in Schedule 3.”.

(3) After Schedule 2 (revocations) add Schedule 3 as set out in the Schedule to these Regulations.

(1)

S.R. 1996 No. 493; relevant amending provisions are S.R. 2002 No. 109, S.R. 2007 No. 64 and S.R. 2008 No. 365

(2)

Paragraph (a) was substituted by paragraph 3(b) of the Schedule to S.R. 2007 No. 64 and amended by paragraph 2 of the Schedule to S.R. 2008 No. 365

(3)

The definition of “the Board for Actuarial Standards” was inserted by paragraph 3(a) of the Schedule to S.R. 2007 No. 64

(4)

Paragraph (f) was amended, and paragraph (g) was added, by regulation 2(10)(b) of S.R. 2002 No. 109