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Pension Schemes (Northern Ireland) Act 1993
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- 1993 c. 49
- SCHEDULE 2
- The money purchase method
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- Act applied (with modifications) by S.I. 2011/245 Sch. 6 Pt. 1
- Act modified by S.I. 2009/317 art. 3 Sch.
- Act power to modify conferred by 2008 c. 13 (N.I.) s. 115(2)(a)
- Act power to modify conferred by S.I. 2005/255 (N.I.) art. 1(6)(a)(ii)
- Act power to modify conferred by S.I. 2005/255 (N.I.) art. 281(3)(a)(i)
- Act power to modify conferred by S.I. 2005/255 (N.I.) art. 292(a)
- Act power to modify conferred by S.I. 2005/255 (N.I.) art. 294(b)
- Act power to modify conferred by SI 1995/3212 (N.I. 22) art. 10(2)(4) by S.I. 2005/255 (N.I.) art. 267(4)(a)
- Act transfer of functions by S.I. 2005/255 (N.I.) art. 6(1)(a)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Pt. 3A repealed by 2008 c. 13 (N.I.) s. 79 Sch. 10 Pt. 2
- Pt. 4A Ch. 2 modified by S.R. 2009/33 reg. 94
- Ch. 4 modified by S.R. 2009/33 reg. 74(1)(3)(7)
- Ch. 5 modified by S.R. 2009/33 reg. 74(1)(3)(7)
- s. 20A-20H inserted by 2008 c. 1 (N.I.) s. 12(3)
- s. 21A inserted by 2008 c. 1 (N.I.) Sch. 4 para. 9
- s. 21A repealed by 2008 c. 13 (N.I.) s. 85(2)(b) Sch. 10 Pt. 3
- s. 23A inserted by 2008 c. 1 (N.I.) Sch. 4 para. 10
- s. 23A repealed by 2008 c. 13 (N.I.) s. 85(2)(b) Sch. 10 Pt. 3
- s. 42A inserted by 2008 c. 13 (N.I.) s. 82(3)
- s. 109A inserted by S.I. 2005/255 (N.I.) Sch. 10 para. 14
- s. 170A inserted by 2008 c. 13 (N.I.) Sch. 9 para. 1
- s. 176A inserted by 2008 c. 1 (N.I.) Sch. 4 para. 35
- s. 216(1) text amended by S.I. 2005/255 (N.I.) art. 216(3)
- s. 216(2)-(5) inserted by S.I. 2005/255 (N.I.) art. 216(4)
Commencement Orders yet to be applied to the Pension Schemes (Northern Ireland) Act 1993:
Commencement Orders
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Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/120 art. 2 Sch. commences (2002 c. 29)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/3175 art. 2 3 commences (2004 c. 33)
- S.I. 2009/296 art. 2 3 Sch. commences (2009 c. 1)
- S.R. 2005/48 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2005/166 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2005/321 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2005/411 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2005/543 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
- S.R. 2006/45 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2006/95 art. 2 Sch. commences (S.I. 2005/255 (N.I.))
- S.R. 2006/352 art. 2 commences (S.I. 2005/255 (N.I.))
- S.R. 2008/65 art. 2 commences (2008 c. 1 (N.I.))
- S.R. 2009/22 art. 2 commences (2008 c. 13 (N.I.))
- S.R. 2009/75 art. 2 commences (2008 c. 1 (N.I.))
- S.R. 2010/101 art. 2 commences (2010 c. 4)
- S.R. 2011/441 art. 2 commences (2008 c. 13 (N.I.))
- S.R. 2012/115 art. 2 commences (2008 c. 1 (N.I.))
- S.R. 2012/119 art. 2 commences (2008 c. 13 (N.I.))
The money purchase methodN.I.
5(1)Subject to sub-paragraphs (2) and (3), the money purchase method is to apply the investment yield and any bonuses arising from payments made by or on behalf of a member towards providing any pension or other retirement benefit which is payable under the scheme to him or to any other person in respect of him in the manner in which they would have been applied if his pensionable service had not terminated.N.I.
(2)The Department may by regulations authorise trustees and managers of occupational pension schemes to deduct from any pension or other retirement benefit provided by virtue of the money purchase method an appropriate amount in respect of the administrative expenses incurred by them in carrying this method into effect.
(3)The trustees and managers of a personal pension scheme may, when providing a pension or other retirement benefit by virtue of the money purchase method, deduct—
(a)the actual administrative expenses of doing so, or
(b)the amount of the administrative expenses which would have been incurred in providing a money purchase benefit for the same member if contributions had not ceased to be paid to the scheme in respect of him,
whichever is the less.
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