1N.I.The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.
Commencement Information
I1Sch. 6 para. 1 in force at Royal Assent for specified purposes, see s. 131(3)(a)
I2Sch. 6 para. 1 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)
2(1)Section 80 (basis of revaluation of accrued benefits) is amended as follows.N.I.
(2)In subsection (3), after “money purchase benefit” insert “ other than a collective money purchase benefit ”.
(3)After subsection (3A) insert—
“(3AA)If any such benefit as is mentioned in section 79(1)(a) is a collective money purchase benefit, the benefit shall be revalued using the cash balance method.”
Commencement Information
I3Sch. 6 para. 2 in force at Royal Assent for specified purposes, see s. 131(3)(a)
I4Sch. 6 para. 2 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)
3N.I.In section 97AI (right to cash transfer sum and contribution refund: further provisions), in subsection (7)—
(a)in paragraph (a), at the end insert—
“(xii)regulations made under section 69(4) of or paragraph 1(6) of Schedule 5 to the Pension Schemes Act 2021;
(xiii)sections 85, 90, 92, 93 and 96 of the Pension Schemes Act 2021;”;
(b)in paragraph (b), at the end insert—
“(x)sections 69(7)(b), 85(5), 90(6), 92(6), 93(2) and 96(5) of and paragraph 1(7) of Schedule 5 to the Pension Schemes Act 2021.”
Commencement Information
I5Sch. 6 para. 3 in force at Royal Assent for specified purposes, see s. 131(3)(a)
I6Sch. 6 para. 3 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)
4N.I.In section 181 (Assembly, etc. control of regulations and orders), in subsection (2) (regulations and orders subject to confirmatory procedure), after “20B(5)” insert “ , 95(2)(c), 95A(2)(b) ”.
Commencement Information
I7Sch. 6 para. 4 in force at Royal Assent for specified purposes, see s. 131(3)(a)
I8Sch. 6 para. 4 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)
5N.I.In Schedule 2 (methods of revaluing accrued pension benefits), in paragraph 3A (the cash balance method), for “cash balance benefit” substitute “ benefit ”.
Commencement Information
I9Sch. 6 para. 5 in force at Royal Assent for specified purposes, see s. 131(3)(a)
I10Sch. 6 para. 5 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)