SCHEDULES

SCHEDULE 4Rights to transfer benefits

PART 2Northern Ireland amendments

Pension Schemes (Northern Ireland) Act 1993 (c. 49)

I159

1

Section 95 (trustees' duties after exercise of option) is amended as follows.

2

For subsection (2) substitute—

2

Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 91 they must do what is needed to carry out what the member requires—

a

in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the guarantee date shown in the relevant statement of entitlement, and

b

in the case of an application that relates to money purchase benefits, within 6 months beginning with the date of the application.

3

In subsection (3)(a) omit “at any time before the expiry of the period of 12 months beginning with the termination date”.

4

Omit subsection (3A).

5

After subsection (4A) insert—

4B

Regulations may extend the period for compliance under subsection (2) or (3) in prescribed circumstances.