140. This Part—
(a)supplements the rights conferred by or under [F1Chapter 1 of Part 4ZA] of the 1993 Act [F1(transfer rights: general)] and is without prejudice to that Chapter; and
(b)supplements the rights conferred by or under [F2Chapter 2] of that Part (early leavers: cash transfer sums and contribution refunds)(1) and is without prejudice to that Chapter.
Textual Amendments
F1Words in reg. 140(a) substituted (with effect in accordance with of the amending Rule) by The Public Service (Civil Servants and Others) Pensions (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/67), regs. 1(2), 45(a)
F2Words in reg. 140(b) substituted (with effect in accordance with of the amending Rule) by The Public Service (Civil Servants and Others) Pensions (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/67), regs. 1(2), 45(b)
Commencement Information
141. In this Part—
“cash equivalent” means an amount calculated in accordance with regulations made under section 93 (calculation of cash equivalents) of the 1993 Act(2);
“club transfer value” means, in relation to an amount of accrued earned pension under this scheme or under another club scheme, an amount calculated by the scheme manager—
in accordance with the club transfer arrangements; and
by reference to the guidance and tables provided by the Government Actuary for this purpose that are in use on the date used for the calculation;
“guarantee date” has the meaning given in regulation 144;
“guaranteed cash equivalent” means, in relation to calculating the transfer value of accrued rights to benefits under this scheme, the cash equivalent of those benefits as at the guarantee date, as specified in a statement of entitlement;
“statement of entitlement”, in relation to an active or deferred member’s accrued rights to benefits under this scheme, means a statement by the scheme manager of the cash equivalent or club transfer value of those benefits as at the guarantee date;
“transfer value” means, for accrued rights to benefits other than accrued earned pension which is the subject of a club transfer—
for accrued rights to benefits under this scheme, an amount equal to—
the guaranteed cash equivalent of those benefits; or
the guaranteed cash equivalent together with any increase payable under regulation 146; and
for accrued rights to benefits under another pension scheme, an amount—
determined by the scheme actuary of that scheme; and
specified in a statement of accrued rights provided by the scheme manager of that scheme.
Chapter 5 of Part 4 of the Pension Schemes (Northern Ireland) Act 1993 was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005 (S.I 2005/255)
Section 93 was amended by the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213) Art.165 Sch.4 para.6 and the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c.4) section 52 and Sch.5 para.5(1)