The Pension Sharing (Miscellaneous Amendments) Regulations (Northern Ireland) 2016

“(3)

Where a person with pension rights is an active member, a deferred member or a pensioner member of an occupational pension scheme, the value of those rights in relation to a category of benefits referred to in section 89(6)12 (scope of Chapter 1) must be calculated and verified in accordance with regulations 7 to 7C and 7E(1) to (3)13 of the Transfer Values Regulations (manner of calculation of cash equivalents, initial cash equivalents etc), as if—

(a)

in the case of benefits other than money purchase benefits, the member has made an application for a statement of entitlement under section 89A on the date that the request for the valuation was received, or

(b)

in the case of money purchase benefits, the member has made a valid application under section 9114 to take the cash equivalent of those benefits on the date that the request for the valuation was received.

(4)

Where the person with pension rights is continuing to accrue rights to benefits in the category of benefits to be valued, paragraph (3) applies as if the person had ceased to accrue rights in that category of benefits on the date that the request for the valuation was received.”;

“(8)

When calculating and verifying a cash equivalent, regulations 7 to 7C and 7E(1) to (3) of the Transfer Values Regulations are to be read as if—

(a)

in regulation 7—

(i)

in paragraph (1)(a) the words “and then making any reductions in accordance with regulation 7D” were omitted;

(ii)

in paragraph (1)(b) for “regulation 7E” there were substituted “regulation 7E(1) to (3)”;

(iii)

in paragraph (2) for “trustees” there were substituted “person responsible for the pension arrangement”;

(iv)

in paragraph (3) for “trustees are” there were substituted “person responsible for the pension arrangement is”;

(b)

in regulations 7A and 7B for “trustees”, in each place where it occurs, there were substituted “person responsible for the pension arrangement”;

(c)

in regulation 7C—

(i)

in paragraph (3) for “trustees”, in both places where it occurs, there were substituted “person responsible for the pension arrangement”;

(ii)

in paragraph (4)(b)(iv) for “trustees determine” there were substituted “person responsible for the pension arrangement determines”;

(d)

in regulation 7E—

(i)

in paragraph (1) for “trustees have” there were substituted “person responsible for the pension arrangement has”;

(ii)

in paragraph (2) for “trustees” there were substituted “person responsible for the pension arrangement”.”.

“(iii)

regulation 17 (statements of benefits: money purchase benefits) or any of the provisions of Part 620 (lifestyling and accessing benefits) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014;”.

“(d)

any costs incurred by the trustees or managers of an occupational or personal pension scheme in connection with the provision of information under regulation 6 (basic scheme information) or 7 (basic scheme information to be given by certain schemes) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 that the trustees or managers provide to the member free of charge under those Regulations;”;

“(iii)

regulation 17 or any of the provisions of Part 6 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014, or”.

“(ba)

any rights relating to sums and assets held for the purposes of—

(i)

a dependant’s drawdown pension fund or flexi-access drawdown fund within the meaning of, as the case may be, paragraph 22 or 22A28 of Schedule 28 to the Finance Act 2004;

(ii)

a nominee’s or successor’s flexi-access drawdown fund within the meaning of, as the case may be, paragraph 27E or 27K29 of Schedule 28 to the Finance Act 2004 (nominee’s flexi-access drawdown fund and successor’s flexi-access drawdown fund);”;

“(d)

any rights in respect of a cash transfer sum or contribution refund that the member would be entitled to under section 97AB31 (right to cash transfer sum and contribution refund) if pensionable service were to be terminated.”.

“(za)

in regulation 7(1)(a) the words “, and then making any reductions in accordance with regulation 7D” were omitted;

(zb)

in regulation 7(1)(b) for “regulation 7E” there were substituted “regulation 7E(1) to (3)”;”;

““categories of benefits” refers to the categories listed in paragraphs (a) to (c) of section 97F(6B)37;”;

“pension credit benefit” has the meaning given by section 97B insofar as that expression is used in Part II;”;

“(1A)

Where an eligible member has transferrable rights under Part IVA of the Act in relation to two categories of benefits other than money purchase benefits, the trustees or managers must provide the member with a written statement setting out a separate cash equivalent in relation to each of the categories of benefits, unless the member’s application relates to one of the categories of benefits only.”;

““eligible member” has the meaning given by section 97P(1)46 of the 1993 Act (interpretation of Chapter II);”;

““written statement of the amount of the cash equivalent” has the meaning given in section 97H(1) of the 1993 Act.”.

“(ia)

an eligible member, before 6th April 2015 and in accordance with section 97F of the 1993 Act, required the trustees or managers to use an amount equal to the cash equivalent of the member’s pension credit rights for an authorised purpose;

(ib)

an eligible member made an application for a written statement of the amount of the cash equivalent before 6th April 2015, or”.

“(ia)

in the case of a pension credit member, the day on which a written statement of the amount of the cash equivalent is provided, or”.

“(a)

if the circumstances in paragraph (2)(c) or (ca) apply, where the information has already been provided to the member or survivor because the circumstances in, as the case may be, paragraph (2)(a) or (b) previously applied;”.