Amendment of the Pension Sharing (Pension Credit Benefit) Regulations

9.  For regulation 3 of the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000(1) (pension credit benefit in lump sum form) substitute—

“Pension credit benefit in lump sum form

3.   For the purposes of section 97C(2) (basic principle as to pension credit benefit), the circumstances in which the trustees or managers of a scheme may provide for payment of pension credit benefit in the form of a lump sum before normal benefit age are—

(a) those which permit payment of a lump sum in accordance with paragraph (a), (b), (e), (f) or (g) of the lump sum rule in section 166(1) of the Finance Act 2004, or

(b) that the lump sum payment is—

(i) made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004);

(ii) a payment that is described in Part 2 of the Registered Pension Schemes (Authorised Payments) Regulations 2009 (commutation payments), and

(iii) made to or in respect of a member.”.

(1)

S.R. 2000 No. 146; regulation 3 was substituted by regulation 14(3) of S.R. 2009 No. 115