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

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Amendment of Part 1 of the 1996 Regulations

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

(a)in the definition of “cash balance benefit”(1) 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)(2)”;

(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”(3) for “section 89A(1)” substitute “section 89A(3)”.

(1)

The definition of “cash balance benefit” was inserted by regulation 31(2)(a) of S.R. 2014 No. 204

(2)

Section 90 is substituted by paragraph 54 of Schedule 4 to the Pension Schemes Act 2015

(3)

The definition of “statement of entitlement” was inserted by regulation 2(j) of S.R. 2008 No. 370

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