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The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations (Northern Ireland) 2015

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations (Northern Ireland) 2015 and shall come into operation—

(a)for the purposes of this regulation and regulations 2 to 12 and 13(a), on 6th April 2015, and

(b)for the purposes of regulation 13(b), on 1st April 2017.

(2) In these Regulations “the 1996 Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1).

(3) The Interpretation Act (Northern Ireland) 1954(2) shall apply to these Regulations as it applies to an Act of the Assembly.

Amendment of Part 1 of the 1996 Regulations

2.  In Part 1 of the 1996 Regulations (general) in regulation 1(2) (interpretation)—

(a)in the definition of “cash balance benefit”(3) for “by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014” substitute “in section 75 of the Pension Schemes Act 2015”;

(b)in the definition of “cash equivalent” for “or guaranteed cash equivalent mentioned in section 89A(1) or 90(1)” substitute “mentioned in section 90(1) or (2)(4)”;

(c)after the definition of “cash equivalent” insert—

“categories of benefits” refers to the categories listed in paragraphs (a) to (c) of section 89(6);;

(d)in the definition of “the guarantee date” for “section 89A(2)” substitute “section 89A(4)”;

(e)omit the definition of “the relevant date”;

(f)in the definition of “statement of entitlement”(5) for “section 89A(1)” substitute “section 89A(3)”.

Amendment of Part 2 of the 1996 Regulations

3.  In Part 2 of the 1996 Regulations (restrictions on right to cash equivalent) in regulation 2(1)(6) (pre-1986 leavers) for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA(7)”.

Amendment of Part 3 of the 1996 Regulations

4.—(1) Part 3 of the 1996 Regulations (guaranteed statements of entitlement and calculation of transfer values) is amended in accordance with paragraphs (2) to (9).

(2) In the heading to that Part omit “GUARANTEED”.

(3) In the heading to regulation 6 (guaranteed statements of entitlement) for “Guaranteed statements” substitute “Statements”.

(4) In regulation 6—

(a)in paragraph (1)(a)(8) omit “under section 89A (salary related schemes: right to statement of entitlement)”;

(b)in paragraph (1B)(9) omit the definition of “application”;

(c)after paragraph (1B) insert—

(1C) Where a member has transferrable rights in relation to two categories of benefits other than money purchase benefits, the trustees or managers must provide the member with a statement of entitlement setting out a separate cash equivalent in relation to each of the categories of benefits, unless the member’s application relates to one of the categories of benefits only.;

(d)in paragraph (3) omit “under section 89A(1)”;

(e)omit paragraph (4);

(f)at the end add—

(5) In this regulation “application” means an application for a statement of entitlement made under section 89A(1)..

(5) In regulation 7C(3)(b)(ii)(10) (manner of calculation of initial cash equivalents for money purchase benefits and cash balance benefits not calculated by reference to final salary) for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”.

(6) In regulation 7D(3)(11) (reductions to initial cash equivalents) for “paragraphs 7 to 11” substitute “paragraphs 7, 10, 11”.

(7) In the heading to regulation 9 (increases and reductions of guaranteed cash equivalents) for “guaranteed cash equivalents” substitute “cash equivalents shown in the statement of entitlement”.

(8) In regulation 9—

(a)for paragraph (1) substitute—

(1) This regulation applies to a cash equivalent in respect of transferrable rights in relation to categories of benefits other than money purchase benefits where a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.;

(b)in paragraphs (2), (3)(12), (5) and (6) for “guaranteed cash equivalent”, in each place where it appears, substitute “cash equivalent shown in the statement of entitlement”;

(c)in paragraph (5) for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”.

(9) In regulation 11 (disclosure)—

(a)for paragraph (1)(13) substitute—

(1) Subject to paragraphs (1A) and (1B), a member to whom paragraph (1C) applies is entitled to receive from the trustees, on request, the information mentioned in Schedule 1 in writing.;

(b)after paragraph (1B) insert—

(1C) This paragraph applies—

(a)to a member who is currently accruing rights to one of the categories of benefits;

(b)to a member who is no longer accruing rights to money purchase benefits unless, in respect of those benefits, a crystallisation event under section 89(7) has occurred.;

(c)in paragraph (4)(14)—

(i)for “to a guaranteed cash equivalent” substitute “provided under section 89A”;

(ii)in sub-paragraph (b)(ii) after “cash equivalent”, in the first place it appears, insert “in relation to each of the categories of benefits”;

(iii)after sub-paragraph (b)(ii) insert—

(iia)indicating the amount of the cash equivalent which is attributable to each of the categories of benefits included in the statement of entitlement;;

(d)in paragraphs (4)(b)(ii), (iv), (v) and (vi) and (5) for “guaranteed cash equivalent”, in each place where it appears, substitute “cash equivalent shown in the statement of entitlement”.

Amendment of Part 5 of the 1996 Regulations

5.  In Part 5 of the 1996 Regulations (time limits for payment of cash equivalents) in regulation 13(a)(vi) (extension of time limits for payment of cash equivalents) for “guaranteed cash equivalent” substitute “cash equivalent shown in the statement of entitlement”.

Amendment of Part 6 of the 1996 Regulations

6.—(1) Part 6 of the 1996 Regulations (modification of the Act) is amended in accordance with paragraphs (2) to (5).

(2) For regulation 14 (extension of time within which member may exercise option to take a guaranteed cash equivalent) substitute—

Extension of time within which member may exercise option to take a cash equivalent shown in the statement of entitlement

14.(1) This regulation applies where—

(a)the member disputes the amount of the cash equivalent shown in the statement of entitlement within 3 months beginning with the guarantee date; or

(b)the member’s cash equivalent shown in the statement of entitlement has been reduced or increased under regulation 9, including where the member disputes the basis or amount of the increase or reduction within 3 months beginning with the date that the member is informed in writing that the cash equivalent has been reduced or increased.

(2) Where this regulation applies—

(a)if the member has made an application to take the cash equivalent under section 91(1)(15), that application lapses;

(b)the time for making a fresh application to take the cash equivalent under section 91(1) is extended so that the time is 3 months beginning with the date on which the member is informed in writing of—

(i)the reduced or increased cash equivalent; or, if later,

(ii)where the cash equivalent shown in the statement of entitlement has been disputed, the finally determined cash equivalent following the dispute, even where the cash equivalent has not changed; and

(c)the time specified in section 95(2)(a)(16) is extended so that the time is 6 months beginning with the date on which the member is informed in writing of—

(i)the reduced or increased cash equivalent; or, if later,

(ii)where the cash equivalent shown in the statement of entitlement has been disputed, the finally determined cash equivalent following the dispute, even where the cash equivalent has not changed..

(3) In regulation 15 (cases where normal pension age is earlier than 60)—

(a)for “section 89(1)(a)(i)” substitute “section 89(4)(b)”;

(b)for “Chapter IV” substitute “Chapter 1 of Part 4ZA”;

(c)for “sections 91(8)(a) (ways of taking right to cash equivalent), 94(7)(a) (variation and loss of rights under section 90) and 95(2)(a) and (b) (trustees’ duties after exercise of option)” substitute “section 91(1A)(b)(17) (ways of taking right to cash equivalent)”.

(4) In regulation 16(2) (accrued rights, or liabilities in respect of accrued rights, transferred without consent) for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”.

(5) In regulation 17(2) (schemes with an overseas element) for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”.

Amendment of Part 7 of the 1996 Regulations

7.  In Part 7 of the 1996 Regulations (penalties) in regulation 20 (maximum penalty under Article 10) for “section 89A(4)” substitute “section 89A(6)”.

Amendment of Schedule 1 to the 1996 Regulations

8.—(1) Schedule 1 to the 1996 Regulations (information to be made available to members) is amended in accordance with paragraphs (2) to (4).

(2) In paragraph 1—

(a)for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”;

(b)for “the member’s pensionable service were to terminate” substitute “the conditions specified in section 89(2) to (4) were met”;

(c)in sub-paragraph (a)(18) for “the member’s pensionable service terminated or will terminate on a particular date” substitute “the conditions specified in section 89(2) to (4) are met or were to be met on a particular date”.

(3) In paragraph 2—

(a)for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”;

(b)in sub-paragraph (d) after “estimated amount of the transfer value” insert “in relation to the member’s rights to benefits other than money purchase benefits”.

(4) In paragraph 3(c)(19) at the beginning insert “except where section 51 of the Pension Schemes Act 2015 applies,”.

Amendment of Schedule 1A to the 1996 Regulations

9.—(1) Schedule 1A(20) to the 1996 Regulations (reductions in initial cash equivalents) is amended in accordance with paragraphs (2) and (3).

(2) In paragraph 2—

(a)at the end of sub-paragraph (a) omit “and”;

(b)in sub-paragraph (b) for “and reports).” substitute “and reports); and”;

(c)after sub-paragraph (b) add—

(c)the guarantee date shown in the statement of entitlement is at least one year before the member attains normal pension age in relation to the rights to benefits covered by the statement of entitlement.;

(3) For paragraph 8 substitute—

8.  Where—

(a)the cash equivalent shown in a member’s statement of entitlement—

(i)relates to safeguarded benefits as defined in section 51(8) of the Pension Schemes Act 2015; and

(ii)is to be used for acquiring transfer credits in relation to safeguarded benefits under the rules of another scheme; and

(b)the receiving scheme has undertaken to provide benefits at least equal in value to the benefits represented by that cash equivalent on payment of a lesser sum (including nil),

the initial cash equivalent may be reduced so that the cash equivalent is that lesser sum..

Transitional provision

10.  The effect of paragraph 3 of Schedule 1 to the 1996 Regulations (information to be made available to members) as it was in operation immediately before 6th April 2015 is preserved in respect of a member who has made an application under section 89A(1) of the Pension Schemes (Northern Ireland) Act 1993(21) (salary related schemes: right to a statement of entitlement) before 6th April 2015.

Amendment of the Personal Pension Schemes (Transfer Values) Regulations

11.—(1) The Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1987(22) are amended in accordance with paragraphs (2) and (3).

(2) In regulations 1(2)(23) (interpretation) and 3(3)(b)(ii)(24) (manner of calculation and verification of cash equivalents) for “Chapter IV of Part IV”, in each place where it appears, substitute “Chapter 1 of Part 4ZA”.

(3) In regulation 4(2)(25) (increases and reductions of cash equivalents) for “section 90(1)(b)” substitute “section 90”.

Amendment of the Transfer Values (Disapplication) Regulations

12.—(1) The Transfer Values (Disapplication) Regulations (Northern Ireland) 2010(26) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 1(2) (interpretation) in the definition of “the transfer value provisions” for “Chapter IV of Part IV (protection for early leavers)” substitute “Chapter 1 of Part 4ZA (transfers and contribution refunds)”.

(3) In regulation 2(2) (disapplication of the transfer value provisions)—

(a)in sub-paragraph (a) for “section 90(1)” substitute “section 90(2)”;

(b)in sub-paragraph (b) for “pension credit benefit” substitute “pension credit rights”.

Revocations

13.  The following provisions are revoked—

(a)regulations 3, 4, 5, 18 and 19 and Part 8 of, and Schedules 2 and 3 to, the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(27);

(b)the Transfer Values (Disapplication) Regulations (Northern Ireland) 2010.

Sealed with the Official Seal of the Department for Social Development on 16th March 2015

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

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