The Occupational and Stakeholder Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013

Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations

4.—(1) The Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996(1) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 1(2) (interpretation) for the definition of ““connected employer transfer” and “connected employer transfer payment””(2) substitute—

““connected employer transfer” and “connected employer transfer payment” mean respectively a transfer of guaranteed minimum pensions from a salary related contracted-out scheme to a salary related contracted-out scheme and a transfer payment in respect of section 5(2B) rights(3) from a salary related contracted-out scheme to a salary related contracted-out scheme where either—

(a)

the transferring scheme and the receiving scheme relate to persons who are or have been in employment with the same employer, or

(b)

the transferring scheme and receiving scheme relate to persons who are or have been in employment with different employers, and the earner or person concerned is one of a group of persons in respect of whom transfers or transfer payments are being made from the transferring scheme to the receiving scheme and either—

(i)

the transfer or transfer payment is a consequence of a financial transaction between the employers, or

(ii)

each of the employers is one of a group of companies consisting of a holding company and one or more subsidiaries within the meaning of section 1159(1) of the Companies Act 2006(4),

and in this definition “salary related contracted-out scheme” includes a scheme which was formerly a salary related contracted-out scheme..”.

(3) In regulations 4 (connected employer transfers of guaranteed minimum pensions), 7(2)(b) (transfers of liability in respect of section 5(2B) rights: general ) and 9 (connected employer transfer payments ) omit “to a salary related contracted-out scheme”.

(1)

S.R. 1996 No. 618; relevant amending provisions are S.R. 1997 No. 160, S.R. 1999 No. 486, S.I. 2006/744, S.R. 2009 No. 115 and S.R. 2012 No. 124

(2)

The definition of ““connected employer transfer” and “connected employer transfer payment”” was amended by Article 29 of S.I. 2006/744 and regulation 5 of S.R. 2009 No. 115

(3)

The definition of “section 5(2B) rights” was substituted by paragraph 10(2)(b) of the Schedule to S.R. 1997 No. 160 and amended by regulation 8 of S.R. 1999 No. 486 and Article 13(2)(b) of S.R. 2012 No. 124

(4)

2006 c. 46