Search Legislation

The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening Options

Changes over time for: Section 2

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018, Section 2. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Amendment of the Pension Protection Fund (Compensation) RegulationsN.I.

This section has no associated Explanatory Memorandum

2.—(1) The Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005 M1 are amended in accordance with paragraphs (2) and (3).

(2) In regulation 1(2) (interpretation) omit the definition of “pensionable service”.

(3) After Part 12 M2 (variable-rate schemes) add—

PART 13 N.I.Schemes which provide fixed pensions in respect of transfer payments

Schemes which provide fixed pensions in respect of transfer payments: modification of Schedule 6

28.(1) Schedule 6 has effect with the modifications set out in paragraphs (3) to (5) in relation to a scheme if, immediately before the assessment date, under the admissible rules of the scheme a person is entitled or has rights to a relevant fixed pension.

(2) A pension to which a person is entitled or has rights under a scheme is a “relevant fixed pension” for the purposes of this regulation if—

(a)that entitlement or those rights (as the case may be) arose by virtue of a transfer payment to the scheme in respect of the person's rights under another occupational or personal pension scheme;

(b)the initial annual amount of the pension was specified at the time the transfer payment was received (whether or not that amount was subject to revaluation in respect of the period until the pension was to come into payment), and

(c)the pension is neither—

(i)attributable (directly or indirectly) to a pension credit, nor

(ii)payable as a result of a person's death.

(3) Where compensation is payable under paragraph 15 of Schedule 6 (deferred members who have not attained normal pension age at assessment date) in respect of a relevant fixed pension—

(a)paragraph 15 has effect in its application to that pension as if—

(i)in sub-paragraph (5) for “when the pensionable service relating to the pension ended” there were substituted “ immediately after the relevant transfer payment was received ”, and

(ii)after sub-paragraph (5) there were inserted—

(5A) In sub-paragraph (5) “relevant transfer payment” means the transfer payment by virtue of which the deferred member's rights to the pension were conferred under the scheme., and

(b)except in a case to which regulation 13A(4) M3 (modification of Schedule 6 for schemes with no revaluation) applies, paragraph 16 has effect in its application to that pension as if—

(i)in sub-paragraph (2)(a) for “deferred member's pensionable service in respect of the pension ended” there were substituted “ relevant transfer payment was received ”, and

(ii)after sub-paragraph (2) there were inserted—

(2A) In sub-paragraph (2)(a) “relevant transfer payment” means the transfer payment by virtue of which the deferred member's rights to the pension were conferred under the scheme..

(4) Sub-paragraph (14) of paragraph 26A M4 of Schedule 6 (meaning of the compensation cap) does not apply in so far as it relates to the meaning of “pensionable service”.

(5) Except for the purposes of sub-paragraphs (1) and (2) of paragraph 26 M5 of Schedule 6 (compensation cap), paragraph 36 of Schedule 6 (accrual rate, pensionable service and pensionable earnings) has effect as if—

(a)in sub-paragraph (4) for “sub-paragraph (5)” there were substituted “ sub-paragraphs (5) and (6) ”, and

(b)after sub-paragraph (5) there were added—

(6) For the purposes of this Schedule, where a person is entitled or has rights under a scheme to a pension and—

(a)that entitlement or those rights (as the case may be) arose by virtue of a transfer payment to the scheme in respect of the person's rights under another occupational or personal pension scheme,

(b)the initial annual amount of the pension was specified at the time the transfer payment was received (whether or not that amount was subject to revaluation in respect of the period until the pension was to come into payment), and

(c)the pension is neither—

(i)attributable (directly or indirectly) to a pension credit, nor

(ii)payable as a result of a person's death,

the person is to be treated as having pensionable service within sub-paragraph (4)(b) to which that pension is attributable...

Marginal Citations

M1S.R. 2005 No. 149; relevant amending Regulations are S.R. 2009 No. 78 and S.R. 2018 No. 26

M2Part 12 was added by regulation 2(6) of S.R. 2018 No. 26

M3Regulation 13A was inserted by regulation 4 of S.R. 2009 No. 78

M4Paragraph 26A was inserted by paragraph 3 of Schedule 20 to the Pensions Act (Northern Ireland) 2015

M5Paragraphs 26(1) and (2) was amended by section 49(2) to (5) of the Pensions Act (Northern Ireland) 2015

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources