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28.—(1) The Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000 are amended in accordance with paragraphs (2) and (3).
(2) In regulation 1(2) (interpretation)—
(a)after the definition of “contracted-out(1)” insert—
““guaranteed minimum pension” has the meaning given in section 4(2)(2) (meaning of “contracted-out employment”, “guaranteed minimum pension” and “minimum payment”);
“HMRC” means the Commissioners for Her Majesty’s Revenue and Customs;”;
(b)after the definition of “Regulatory Authority”(3) insert—
““scheme reconciliation service” means the service set up by HMRC which allows schemes to compare the scheme’s records of members who have been contracted-out, and the value of members’ guaranteed minimum pensions, with HMRC’s records of the same, with a view to removing any errors in the scheme’s or HMRC’s records;
“the second abolition date” has the meaning given in section 176(1);”.
(3) In regulation 3(a) (circumstances in which an application for an extension of the implementation period may be made) for sub-paragraph (ii)(4) substitute—
“(ii)the scheme ceased to be a contracted-out scheme in the 12-month period ending on the second abolition date, and the trustees or managers of the scheme are seeking to reach an agreement with HMRC as to the scheme’s liabilities for guaranteed minimum pensions or section 5(2B) rights of members through the scheme reconciliation service but such agreement has not yet been reached;”.
The definition of “contracted-out” is inserted by Article 16(2)(a) of this Order
Section 4(2) was amended by paragraph 7(4) of Schedule 13 to the Pensions Act (Northern Ireland) 2015
The definition of “Regulatory Authority” was amended by regulation 13 of S.R. 2009 No. 115
Regulation 3(a)(ii) is substituted by Article 16(3) of this Order
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