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The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014
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- Northern Ireland Statutory Rules
- 2014 No. 204
- PART 12
- Regulation 49
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Waiver of fraud compensation levy: periods before the appointed dayN.I.
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49.—(1) Where the conditions specified in paragraph (2) are met, a waiver by the Board of payment of an amount due in relation to any fraud compensation levy imposed under Article 171 of the 2005 Order (fraud compensation levy), in accordance with regulation 7 of the Fraud Compensation Levy Regulations (waiver), applies as if the scheme had been a money purchase scheme at the time of the waiver.
(2) The conditions specified in this paragraph are that—
(a)the fraud compensation levy payment was due in respect of a period before the appointed day;
(b)the trustees or managers of the scheme confirmed in writing to the Board that the conditions specified in regulation 7(1) of the Fraud Compensation Levy Regulations were met during that period, and
(c)the Board is satisfied that during that period—
(i)the scheme included cash balance benefits or pensions derived from money purchase or cash balance benefits;
(ii)the scheme included no benefits other than benefits falling within paragraph (i), money purchase benefits or death benefits, and
(d)the trustees or managers of the scheme treated the scheme as if it were a money purchase scheme.
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