PART 3Amendment of Subordinate Legislation applicable to Northern Ireland

Amendment of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 199630

1

Amend the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 199655 as follows.

2

In regulation 12 (requirements to be met by receiving schemes, annuities and arrangements)—

a

for sub-paragraph (d) of paragraph (1) substitute—

d

if the scheme from which rights are transferred or from which a transfer payment is made is registered under section 153 of the Finance Act 2004, the scheme or personal pension scheme to which rights are transferred or to which a transfer payment in respect of rights is made is registered under that section (except a scheme which was immediately before 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988) or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004 (recognised transfers).

b

in sub-paragraph (b) of paragraph (2) for “of a kind” to the end of that sub-paragraph substitute “registered under section 153 of the Finance Act 2004, the annuity satisfies requirements of Her Majesty’s Revenue and Customs.”;

c

omit paragraph (3);

d

in paragraph (5)—

i

in sub-paragraph (a) after “arrangement” (where the word first appears) omit “or a self-employed pension arrangement”,

ii

in sub-paragraph (b) omit “it is an overseas arrangement and”, and

iii

in sub-paragraph (c) for “is of a kind described” to the end of that sub-paragraph substitute “is registered under section 153 of the Finance Act 2004 or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004.”, and

e

omit sub-paragraph (a) of paragraph (6).