The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015 and shall come into operation on 6th April 2015.

(2) In these Regulations—

“the Act” means the Pension Schemes Act 2015;

“the 1993 Act” means the Pension Schemes (Northern Ireland) Act 1993(1);

“the 2000 Act” means the Financial Services and Markets Act 2000(2);

“active member” has the meaning given in section 78 of the Pensions (No. 2) Act (Northern Ireland) 2008(3);

“cash equivalent” means a cash equivalent mentioned in sections 89A(4) (right to statement of entitlement – benefits others than money purchase) and 90 (right to cash equivalent) of the 1993 Act;

“FCA” means the Financial Conduct Authority(5);

“the guarantee date” has the meaning given in section 89A(4) of the 1993 Act;

“member” means a member of a pension scheme who has subsisting rights in respect of any safeguarded benefits;

“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(6);

“relevant transaction” means a transfer payment, conversion of benefits or payment of a lump sum to which section 51(1) of the Act (independent advice in respect of conversions and transfers) applies;

“statement of entitlement” means a statement of entitlement within the meaning of section 89A of the 1993 Act;

“survivor” means a member’s survivor who has subsisting rights in respect of any safeguarded benefits;

“the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(7);

“valuation date” means—

(a)

where the member is exercising the member’s right to take a cash equivalent under Chapter 1 of Part 4ZA(8) of the 1993 Act (transfers and contribution refunds), the guarantee date, or

(b)

in any other case, the date chosen by the trustees or managers which must be a date within the period of 2 months which begins on the first day of the one month period which ends on the date the decision by the trustees or managers referred to in regulation 9(2)(b) is made;

“writing” includes electronic communication and “electronic communication” has the meaning given in section 4(1) of the Electronic Communications Act (Northern Ireland) 2001(9).

(1)

1993 c. 49

(2)

2000 c. 8

(3)

2008 c. 13 (N.I.)

(4)

Sections 89A and 90 are substituted by paragraph 54 of Schedule 4 to the Pension Schemes Act 2015

(5)

The Financial Conduct Authority can be contacted at 25 The North Colonnade, London E14 5HS and at www.fca.org.uk

(6)

S.I. 2001/544

(7)

S.R. 1996 No. 619

(8)

See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015

(9)

2001 c. 9 (N.I.); the definition of “electronic communication” in section 4(1) was amended by paragraph 170 of Schedule 17 to the Communications Act 2003 (c. 21)