1. These Regulations may be cited as the Contracting-out, Protected Rights and Safeguarded Rights (Transfer Payment) (Amendment) Regulations (Northern Ireland) 2005 and shall come into operation on 6th April 2005.
2.—(1) The Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with paragraphs (2) and (3).
(2) In regulation 1(2) (interpretation) after the definition of “money purchase contracted-out scheme” there shall be inserted –
““overseas arrangement” means a scheme or arrangement, other than an occupational pension scheme, which –
has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement to, or in respect of, earners;
is not an appropriate personal pension scheme, and
is administered wholly or primarily outside the United Kingdom;”.
(3) In regulation 5(b)(2) (transfer payments to overseas schemes) for the words from “the member” to the end there shall be substituted “, where the receiving scheme is an occupational pension scheme, the member is in employment to which the receiving scheme applies”.
3.—(1) The Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996(3) shall be amended in accordance with paragraphs (2) and (3).
(2) In regulation 6(4) (transfer payments in respect of guaranteed minimum pensions to overseas schemes) –
(a)after “an overseas scheme” there shall be inserted “or an overseas arrangement”;
(b)in paragraph (b), for the words from “the earner” to the end there shall be substituted “, where the receiving scheme is an occupational pension scheme, the earner is in employment to which the receiving scheme applies”, and
(c)in paragraph (d) –
(i)after “the scheme” there shall be inserted “or arrangement”, and
(ii)after “receiving scheme” there shall be inserted “or arrangement”;
(d)in paragraph (e) after “receiving scheme” there shall be inserted “or arrangement”.
(3) In regulation 11(b) (transfer payments to overseas schemes or arrangements in respect of section 5(2B) rights) –
(a)the words from “the earner” to “and” shall be omitted, and
(b)for “that he” there shall be substituted “the earner”.
4.—(1) The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000(5) shall be amended in accordance with paragraph (2).
(2) In regulation 19(b) (transfer payments to overseas schemes or overseas arrangements) –
(a)the words from “the person” to “and” shall be omitted, and
(b)for “that he” there shall be substituted “the person with pension credit rights”.
Sealed with the Official Seal of the Department for Social Development on 10th March 2005.
L.S.
John O'Neill
A senior officer of the
Department for Social Development