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The Health and Personal Social Services (Superannuation Scheme, Injury Benefits and Additional Voluntary Contributions) (Amendment) Regulations (Northern Ireland) 2006

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Amendment of Schedule 2 to the AVC Regulations

34.—(1) Schedule 2(1) to the AVC Regulations (Pension Sharing on Divorce or Nullity of Marriage) is amended in accordance with this regulation.

(2) In paragraph 4 (Pension credit benefit)—

(a)at the end of sub-paragraph (1), insert “(including, where appropriate, a pension commencement lump sum)”.

(b)after sub-paragraph (5)(a), insert—

(aa)whether a pension commencement lump sum and a pension payable for life is to be provided,.

(c)for sub-paragraph (7), substitute—

(7) Upon receipt of a notice of election under sub-paragraph (5) the Department shall, as soon as reasonably practicable, realise the investments made under paragraph 2 and—

(a)where sub-paragraph (5)(aa) does not apply, apply the proceeds to the purchase of an annuity from the authorised provider specified in the notice of election;

(b)where that sub-paragraph does apply—

(i)pay the percentage of the proceeds specified in the notice of election as a pension commencement lump sum, and

(ii)apply the balance of those proceeds to the purchase of an annuity from the authorised provider specified in that notice,

and not otherwise..

(1)

Schedule 2 was inserted by S.R. 2004 No. 104

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