PART 3Amendment of Subordinate Legislation applicable to Northern Ireland

Amendment of the Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 200037

1

Amend the Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 200066 as follows.

2

In regulation 6 (discharge of liability in respect of a pension credit following the death of the person entitled to a pension credit), in paragraph (2), for “Part XIV of the Income and Corporation Taxes Act 1988” substitute “Part 4 of the Finance Act 2004 (pension schemes etc)”.

3

In regulation 8 (unfunded occupational pension schemes other than public service pension schemes)—

a

in paragraph (1)—

i

in sub-paragraph (a) for the words “an approved” substitute “a registered”,

ii

in sub-paragraph (b) for the word “unapproved” substitute “unregistered”, and

b

for paragraph (3) substitute—

3

In this regulation—

a

“registered scheme” means an occupational pension scheme which is registered under section 153 of the Finance Act 2004, and

b

“unregistered scheme” means an occupational pension scheme which is not a registered scheme under section 153 of that Act.

4

In regulation 15(5) (disqualification as a destination for pension credit-annuity contracts and insurance policies)—

a

in sub-paragraph (a) omit “, and the aggregate of those benefits does not exceed £260 per annum”; and

b

for sub-paragraph (b) substitute—

b

any lump sum payment—

i

is permitted by the lump sum rule in section 166 of the Finance Act 2004, and

ii

qualifies as a trivial commutation lump sum for the purposes of paragraph 7 of Part 1 of Schedule 29 to that Act, and