PART 2

Collective money purchase benefits: Northern Ireland

Definitions

Schemes divided into sections
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1
The Department may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part.
2
The Department may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purchase scheme that is divided into sections, an authorisation previously granted in respect of the undivided scheme applies to any of those sections that—
a
is a collective money purchase scheme by reason of section 52(2)(b), and
b
satisfies conditions specified in the regulations.
3
For the purposes of this Part, where—
a
a qualifying scheme is divided into sections, and
b
each of those sections is a collective money purchase scheme by reason of section 52(2)(b),
the qualifying scheme (taken as a whole) is to be treated as if it were not a collective money purchase scheme.
4
Regulations under subsection (1) are subject to negative resolution.
5
Regulations under subsection (2) are subject to confirmatory procedure.