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

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Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) RegulationsF3F4F5F6F7F8N.I.

This section has no associated Explanatory Memorandum

73.—(1) The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 are amended in accordance with paragraphs (2) to (8).

F1(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) After regulation 16 (statements of benefits: non money purchase benefits) insert—

Statements of benefits: cash balance benefits

16A.(1) The information mentioned in paragraph (2) (in addition to the information required under regulation 16) must be given to any member in accordance with this regulation where—

(a)the member has rights to cash balance benefits;

(b)the member requests that information, and

(c)information has not been given to that member under this regulation in the 12 months before that request.

(2) The information is that listed in paragraphs 6A, 9 to 14, 16A and 17 of Schedule 6.

(3) The information must be given as soon as practicable but no more than 2 months after the date the request is made..

F2(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In regulation 25 (occupational pension schemes after winding up for individual members) for paragraph (2)(a) substitute—

(a)where the member or beneficiary of the scheme—

(i)has rights to benefits other than money purchase benefits, the information mentioned in Part 2 of Schedule 8, or

(ii)has rights to money purchase benefits, the information mentioned in paragraph 10 of Schedule 8, and.

(6) In Schedule 2—

(a)after paragraph 16 insert—

16A.  Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity..

(b)after paragraph 28 insert—

28A.  Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity..

(7) In the heading to Schedule 6 (statements of benefits: money purchase benefits) after “money purchase benefits” insert “ and cash balance benefits ”.

(8) In Schedule 6—

(a)in paragraph 6 for “An” substitute “ For money purchase benefits, an ”;

(b)after paragraph 6 insert—

6A.  For cash balance benefits, an illustration of the amount of the pension calculated—

(a)in accordance with paragraph 7(1)(a)(ii) and (2);

(b)in accordance with the rules of the scheme, and

(c)where appropriate, in a manner consistent with the relevant guidance,

that is likely to be secured by the member at the member's normal pension age in respect of the member's rights to cash balance benefits that have arisen or may arise under the scheme., and

(c)after paragraph 16 insert—

16A.  A statement that the amount of any pension payable under the scheme to or in respect of the member will depend on considerations (including the cost of buying an annuity at the time the pension becomes payable) which may be different from any assumptions made..

F31993 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

F4S.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

F5S.I. 1999/3147 (N.I. 11); Article 21 was amended by paragraph 108 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

F7S.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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