The Firefighters’ Pension Scheme Regulations (Northern Ireland) 2015

CHAPTER 1 Preliminary

Application of Part

139.  This Part—

(a) supplements the rights conferred by or under chapter 4 of Part 4 of the Pension Schemes Act (transfer values); and

(b) supplements the rights conferred by or under Chapter 5 of that Part (early leavers: cash transfer sums and contribution refunds)(1) and is without prejudice to that Chapter.

Interpretation in relation to Part

140.  In this Part—

“another authority” means a fire authority in England, Wales or Scotland;

“cash equivalent” means an amount calculated in accordance with regulations made under section 93 of the Pension Schemes Act;

“club transfer value” means, in relation to an amount of accrued earned pension under this scheme or under another club scheme, an amount calculated by the scheme manager—

(a)

in accordance with the club transfer arrangements; and

(b)

by reference to the guidance and tables provided by the Government Actuary for this purpose that are in use on the date used for the calculation;

“guarantee date” has the meaning given in regulation 143 (statement of entitlement);

“guaranteed cash equivalent” means, in relation to calculating the transfer value of accrued rights to benefits under this scheme, the cash equivalent of those benefits as at the guarantee date, as specified in a statement of entitlement;

“statement of entitlement”, in relation to an active or deferred member’s accrued rights to benefits under this scheme, means a statement by the scheme manager of the cash equivalent or club transfer value of those benefits as at the guarantee date;

“transfer value” means, for accrued rights to benefits other than accrued earned pension which is the subject of a club transfer—

(a)

for accrued rights to benefits under this scheme, an amount equal to—

(i)

the guaranteed cash equivalent of those benefits, or

(ii)

the guaranteed cash equivalent together with any increase payable under regulation 145 (calculating amount of a transfer value or club transfer value), and

(b)

for accrued rights to benefits under another pension scheme, an amount—

(i)

determined by the scheme actuary of that scheme; and

(ii)

specified in a statement of accrued rights provided by the scheme manager of that scheme.

(1)

Chapter 5 of Part IV of the Pension Schemes (Northern Ireland) Act 1993 was inserted by S.I. 2005/255 (NI 1) article 241.