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The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014

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Schemes which provided protected rights as cash balance benefits etcF4F5F6F7F8F9N.I.

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6.—(1) This regulation applies to an occupational pension scheme—

(a)which was contracted-out in relation to an earner's employment under section 5(3) F1 of the 1993 Act (requirements for certification of schemes: general) in relation to a period before the appointed day, and

(b)which provided protected rights in the form of—

(i)cash balance benefits;

(ii)a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits), or

(iii)top-up benefits,

in relation to the earner's pensionable service under the scheme.

(2) Where this regulation applies, Part 3 of the 1993 Act (certification of pension schemes and effects on members' state scheme rights and duties) has effect (in relation to periods before, including or after 6th April 2012) as if—

(a)references in Part 3 of that Act and regulations made under that Part to—

(i)“money purchase benefits” included cash balance benefits, a defined benefit minimum or top-up benefits (as the case may be);

(ii)“money purchase scheme” included a scheme which included cash balance benefits, top-up benefits or defined benefit minima (as the case may be), and

(iii)“money purchase contracted-out scheme” included a scheme which was contracted-out on a money purchase basis (whether or not the scheme included only money purchase benefits), and

(b)in section 27 F2 of that Act (investment and resources of schemes) the reference in subsection (2) to “income or capital gain” were a reference to “notional income or capital gain”.

(3) In this regulation “protected rights” has the meaning given by section 6(1) F3 of the 1993 Act (protected rights and money purchase benefits) as that section stood immediately before 6th April 2012, subject to the modifications specified in paragraph (2).

F1Section 5(3) was repealed by Part 6 of Schedule 6 to the Pensions Act (Northern Ireland) 2008 with effect from 6th April 2012

F2Section 27 was amended by paragraph 29 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 46 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671) and Article 4(3) of S.R. 2012 No. 124, and is repealed from 6th April 2015 by Part 7 of Schedule 6 to the Pensions Act (Northern Ireland) 2008

F3Section 6 was repealed by Part 3 of Schedule 10 to the Pensions (No. 2) Act (Northern Ireland) 2008 with effect from 6th April 2012

F41993 c. 49; section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and paragraph 5(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)); section 97AF was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); sections 97I and 97L were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)); section 109 was amended by section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 13 of Schedule 10 to the Pensions (Northern Ireland) Order 2005, paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)) and paragraph 15 of the Schedule to S.R. 2005 No. 434; section 149(1) was amended by Part 1 of Schedule 5 to the Pensions (Northern Ireland) Order 1995; section 178(1) was amended by Parts 3 and 4 of Schedule 5 to that Order

F5S.I. 1995/3213 (N.I. 22); Article 37 was substituted by Article 227 of the Pensions (Northern Ireland) Order 2005; Article 73 was substituted by Article 247 of that Order; Article 75(5) was amended by Article 248(3) of that Order

F6S.I. 1999/3147 (N.I. 11); Article 21 was amended by paragraph 108 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

F8S.I. 2005/255 (N.I. 1); Part 3 is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32 and S.R. 2013 No. 95), 84 (as amended by S.I. 2013/472) and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 Nos. 1 and 270); paragraph 12(3A) was inserted by paragraph 5(3) of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)); paragraph 17(3A) was inserted by paragraph 6(3) of Schedule 1 to that Act

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