Amendment of the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations
9.—(1) The Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with sub-paragraphs (2) to (4).
(2) In regulation 2(2) for the definition of “money purchase scheme” there shall be substituted the following definition—
““money purchase scheme” means an occupational pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits.”.
(3) In regulation 4(2), after the provision inserted as paragraph (1C) of Article 75, there shall be added—
“(1D) For the purposes of paragraphs (1B) and (1C), there shall be disregarded any provisions of the scheme by virtue of which contributions or transfers of assets may be made to make provision for death benefits; and where paragraph (1B) or (1C) applies and contributions or transfers are so made to a section (“the death benefits section”) the assets of which may only be applied for the provision of death benefits, the death benefits section shall also be treated as if it were a separate scheme for the purposes of this Article.
(1E) For the purposes of paragraphs (1B), (1C) and (1D), there shall be disregarded any provisions of the scheme by virtue of which on the winding up of the scheme assets attributable to one section may be used for the purposes of another section.”.
(4) In Schedule 2 paragraph 4 shall be omitted.