Pension Schemes (Northern Ireland) Act 1993

Approval of arrangements for schemes ceasing to be certified N.I.

46 Powers of Board to approve arrangements for scheme ceasing to be certified. N.I.

(1) In the case of an occupational pension scheme or a personal pension scheme which is or has been certified as a contracted-out or, as the case may be, an appropriate scheme, the [F1 Inland Revenue] may, for the event of, or in connection with, its ceasing to be such a scheme, approve any arrangements made or to be made in relation to the scheme, or for its purposes, for the preservation or transfer—

(a) in the case of an occupational pension scheme other than a money purchase contracted-out scheme—

(i) of earners’ accrued rights to guaranteed minimum pensions under the scheme [F2 or accrued rights to pensions under the scheme attributable to their service on or after the principal appointed day,] and;

(ii) of the liability for the payment of [F3 such pensions] in respect of persons who have then become entitled to receive them;

[F4 (iii) of safeguarded rights under the scheme;]

(b) in the case of a money purchase contracted-out scheme or a personal pension scheme, of protected [F5 , or safeguarded,] rights under the scheme.

[F6 (1A) The power of the [F1 Inland Revenue] to approve arrangements under this section—

(a) includes power to approve arrangements subject to conditions, and

(b) may be exercised either generally or in relation to a particular scheme.

(1B) Arrangements may not be approved under this section unless any prescribed conditions are met]

(2) If the scheme ceases to be a contracted-out scheme or an appropriate scheme (whether by being wound up or otherwise) and the [F1 Inland Revenue] either—

(a) [F7 have] withdrawn [F8 their] approval of previously approved arrangements relating to it; or

(b) [F7 have] declined to approve arrangements relating to it,

the [F1 Inland Revenue] may issue a certificate to that effect.

(3) A certificate issued under subsection (2)(a) or (b) shall be cancelled by the [F1 Inland Revenue] if [F9 they subsequently approve] the arrangements.

(4) Regulations may provide that where the [F1 Inland Revenue][F10 have] approved arrangements under subsection (1) in respect of an occupational pension scheme (other than a money purchase scheme) any provision of this Part (other than sections 14, 15, 22 to 29 and 39 to 41) or Chapter III of Part IV or Chapter II of Part V shall have effect subject to such modifications as may be specified in the regulations.

(5) Any such regulations shall have effect in relation to arrangements whenever approved, unless they provide that they are only to have effect in relation to arrangements approved after they come into operation.

(6) It is hereby declared that an approval of arrangements relating to an occupational pension scheme which is not a money purchase contracted-out scheme may be withdrawn at any time, notwithstanding that the scheme has been wound up.

F11 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1 Words in s. 46(1)(1A)(2)-(4) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 60(2); S.R. 1999/149, art. 2(c), Sch. 2

F2 Words in s. 46(1)(a)(i) inserted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 37(a)(i); S.R. 1997/192, art. 2(b)

F3 Words in s. 46(1)(a)(ii) substituted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 37(a)(ii); S.R. 1997/192, art. 2(b)

F4 S. 46(1)(a)(iii) inserted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 18(a); S.R. 2000/133, art. 2(3), Sch. Pt. IV

F5 Words in s. 46(1)(b) inserted (1.12.2000) by S.I. 1999/3147 (N.I. 11), art. 74, Sch. 9 para. 18(b); S.R. 2000/133, art. 2(3), Sch. Pt. IV

F6 S. 46(1A)(1B) inserted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 37(b); S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192 art. 2(b)

F7 Words in s. 46(2)(a)(b) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 60(3); S.R. 1999/149, art. 2(c), Sch. 2

F8 Word in s. 46(2)(a) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 60(3); S.R. 1999/149, art. 2(c), Sch. 2

F9 Words in s. 46(3) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 60(4); S.R. 1999/149, art. 2(c), Sch. 2

F10 Word in s. 46(4) substituted (24.3.1999 for certain purposes and otherwise 1.4.1999) by S.I. 1999/671, arts. 1(2)(b), 3(1), Sch. 1 para. 60(5); S.R. 1999/149, art. 2(c), Sch. 2

F11 S. 46(7) repealed (6.4.1997) by S.I. 1995/3213 (N.I. 22), arts. 147, 168, Sch. 3 para. 37(c), Sch. 5 Pt. III; S.R. 1997/192, art. 2(b)

Modifications etc. (not altering text)

C1 S. 46 modified (28.3.1997) by S.R. 1997/192, art. 4(1) (with art. 9)

47 Calculation of guaranteed minimum pensions preserved under approved arrangements. N.I.

(1) This section applies where—

(a) an earner’s guaranteed minimum pension rights or accrued rights to guaranteed minimum pensions under a scheme [F12 satisfy prescribed conditions], and

(b) one or more of the five tax years ending with the tax year in which the scheme ceases to be contracted-out is a relevant year in relation to the earner.

(2) Where this section applies then, except in such circumstances as may be prescribed, section 12(1) shall have effect, subject to the following provisions, that is to say—

(a) any earnings factor shall be taken to be that factor as increased by the last order under Article 23 of the M1 Social Security Pensions (Northern Ireland) Order 1975 or section 130 of the M2 Social Security Administration (Northern Ireland) Act 1992 to come into operation before those five tax years; and

(b) any relevant earnings factors derived from contributions or earnings in respect of any year (“the relevant contributions year”) shall be treated as increased by 12 per cent. compound for each of those five tax years, other than any of those years which—

(i) constitutes or begins before the relevant contributions year, or

(ii) begins after the final relevant year in relation to the earner.

(3) Subsection (2) shall not apply in any case where its application would result in the amount of the guaranteed minimum being greater than it would have been apart from that subsection.

(4) Regulations may provide that subsections (1) to (3) shall have effect with prescribed modifications in relation to a scheme which, immediately before it ceased to be contracted-out, contained provisions authorised by section 12(2).

(5) In this section “relevant year” and “final relevant year” have the same meanings as in section 12.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F12 Words in s. 47(1)(a) substituted (6.4.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 38; S.R. 1996/91, art. 2(d), Sch. Pt. IV; S.R. 1997/192, art. 2(b)

Marginal Citations

M1 S.I. 1975/1503 (N.I. 15).

M2 1992 c. 8.