The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013

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

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

(2) In regulation 1(2) (interpretation) after the definition of “PPF compensation” insert—

““PPF money purchase lump sum” means a payment of a lump sum which is made by the Board in respect of entitlement or accrued rights under the scheme rules to money purchase benefits;”.

(3) In regulation 7(1)(2) (manner of discharge of liabilities in respect of money purchase benefits)—

(a) in sub-paragraph (d) for “policies, or” substitute “policies;”;

(b) in sub-paragraph (e) for “payment.” substitute “payment, or”;

(c) after sub-paragraph (e) add—

“(f) in the circumstances described in regulation 9A, a PPF money purchase lump sum.”.

(4) In regulation 8(3) (further provision for discharge of liabilities in respect of money purchase benefits) after “trivial commutation” insert “and regulation 9A in relation to PPF money purchase lump sums”.

(5) After regulation 9 (trivial commutation) insert—

“PPF money purchase lump sums

9A.— (1) The Board may discharge its liabilities in respect of money purchase benefits transferred to it under Article 145 of the Order (effect of Board assuming responsibility for a scheme) by way of a PPF money purchase lump sum where the conditions in the following paragraphs are met.

(2) The first condition is that the member is aged 60 or over.

(3) The second condition is that the value of the member’s entitlements to money purchase benefits under the pension scheme does not exceed £2,000.

(4) The third condition is that the payment extinguishes the member’s entitlement to money purchase benefits under the pension scheme.

(5) The fourth condition is that the payment is made within a reasonable time from the date the Board notifies the member under regulation 8(1).”.

(1)

S.R. 2006 No. 155; relevant amending Order is S.R. 2012 No. 124

(2)

Regulation 7(1) was amended by Article 24(3)(a) of S.R. 2012 No. 124