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There are currently no known outstanding effects for the The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015, Section 1.
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1.—(1) These Regulations may be cited as the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015 and shall come into operation on 6th April 2015.
(2) In these Regulations—
“the Act” means the Pension Schemes Act 2015;
“the 1993 Act” means the Pension Schemes (Northern Ireland) Act 1993 M1;
“the 2000 Act” means the Financial Services and Markets Act 2000 M2;
“active member” has the meaning given in section 78 of the Pensions (No. 2) Act (Northern Ireland) 2008 M3;
“cash equivalent” means a cash equivalent mentioned in sections 89A M4 (right to statement of entitlement – benefits others than money purchase) and 90 (right to cash equivalent) [F1or, as the case may be, a cash equivalent mentioned in sections 97F (power to give transfer notice) and 97H (benefits other than money purchase: statements of entitlement)] of the 1993 Act;
[F2“eligible member” has the meaning given by section 97P(1) of the 1993 Act (interpretation of Chapter II);]
“FCA” means the Financial Conduct Authority M5;
“the guarantee date” has the meaning given in section 89A(4) of the 1993 Act;
“member” means a member of a pension scheme who has subsisting rights in respect of any safeguarded benefits;
[F3“pension credit rights” has the meaning given in section 97B of the 1993 Act;]
“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M6;
“relevant transaction” means a transfer payment, conversion of benefits or payment of a lump sum to which section 51(1) of the Act (independent advice in respect of conversions and transfers) applies [F4, or would apply but for the exception in regulation 5(1)] ;
“statement of entitlement” means a statement of entitlement within the meaning of section 89A of the 1993 Act;
“survivor” means a member's survivor who has subsisting rights in respect of any safeguarded benefits;
“the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 M7;
“valuation date” means—
where the member is exercising the member's right to take a cash equivalent under Chapter 1 of Part 4ZA M8 of the 1993 Act (transfers and contribution refunds), the guarantee [F5date;]
[F6where an eligible member is, under section 97F of the 1993 Act, exercising the right to take an amount equal to the cash equivalent of the eligible member’s pension credit rights, the date determined in accordance with section 97H(2) of that Act, or]
in any other case, the date chosen by the trustees or managers which must be a date within the period of 2 months which begins on the first day of the one month period which ends on the date the decision by the trustees or managers referred to in regulation 9(2)(b) is made;
“writing” includes electronic communication and “electronic communication” has the meaning given in section 4(1) of the Electronic Communications Act (Northern Ireland) 2001 M9.
[F7“written statement of the amount of the cash equivalent” has the meaning given in section 97H(1) of the 1993 Act.]
Textual Amendments
F1Words in reg. 1(2) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(2)(a)
F2Words in reg. 1(2) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(2)(b)
F3Words in reg. 1(2) inserted (6.4.2018) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 2) Regulations (Northern Ireland) 2018 (S.R. 2018/46), regs. 1(1), 3 (with reg. 6). Regulation 3 of S.R. 2018/46 is revoked and re-enacted (4.10.2018) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 3) Regulations (Northern Ireland) 2018 (S.R. 2018/170), regs. 1, 3. Reg. 3 of S.R. 2018/170 revoked and re-enacted (2.4.2019) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/55), regs. 1, 3. Reg. 3 of S.R. 2019/55 revoked and re-enacted (30.9.2019) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 2) Regulations (Northern Ireland) 2019 (S.R. 2019/184), regs. 1, 3
F4Words in reg. 1(2) inserted (6.4.2018) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations (Northern Ireland) 2018 (S.R. 2018/40), regs. 1, 3
F5Words in reg. 1(2) substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(2)(c)(i)
F6Words in reg. 1(2) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(2)(c)(ii)
F7Words in reg. 1(2) added (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (NorthernIreland) 2016 (S.R. 2016/172), regs. 1, 8(2)(d)
Marginal Citations
M4Sections 89A and 90 are substituted by paragraph 54 of Schedule 4 to the Pension Schemes Act 2015
M5The Financial Conduct Authority can be contacted at 25 The North Colonnade, London E14 5HS and at
www.fca.org.uk
M7S.R. 1996 No. 619
M8See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015
M92001 c. 9 (N.I.); the definition of “electronic communication” in section 4(1) was amended by paragraph 170 of Schedule 17 to the Communications Act 2003 (c. 21)
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