The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014

The subsisting rights provisions N.I.

7.—(1) This regulation applies where—

(a) on or after 6th April 2006 but before the appointed day, a power under an occupational pension scheme to which Article 67 M1 of the 1995 Order (the subsisting rights provisions) applies has been exercised so as to modify the scheme by replacing or converting a right or entitlement to any of the benefits specified in paragraph (2) with or to a right or entitlement to money purchase benefits (“the scheme modification”);

(b) if section 27 of the Act had been in operation at the time that the scheme modification took effect (and if this regulation did not apply), the modification would have been a protected modification, and

(c) the consent requirements (see Article 67B(3) of the 1995 Order) were not satisfied before the scheme modification took effect.

(2) The benefits specified in this paragraph are—

(a) cash balance benefits;

(b) a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits), and

(c) top-up benefits.

(3) Where this regulation applies and the requirements specified by—

(a) Article 67(2)(b) and (c) of the 1995 Order, and

(b) in the case of each affected member, the actuarial equivalence requirements (within the meaning of Article 67C of that Order),

are satisfied, Article 67A(3)(a) of that Order (the subsisting rights provisions: interpretation) applies as if the right or entitlement to a benefit specified in paragraph (2) of this regulation which was replaced by or converted to a right or entitlement to money purchase benefits were a right or entitlement to money purchase benefits.

Marginal Citations

M1 Articles 67 to 67I were substituted for Article 67 by Article 239 of the Pensions (Northern Ireland) Order 2005