The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014

• (b) a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits);

• (c) top-up benefits, and

• (d) pensions derived from any of the benefits specified in sub-paragraphs (a) to (c) or from money purchase benefits.

• (4) Paragraph (1) is subject to the power of the Board, or the Regulator on the Board's behalf, to direct the trustees or managers of an eligible scheme to obtain and provide an out-of-cycle valuation under regulation 48(1).

Schemes which become eligible schemes: administration levy and pension protection levies: periods after the appointed day

47

• (1) The trustees or managers of an occupational pension scheme which becomes an eligible scheme on 1st April 2015 in accordance with regulation 42(1)(b) are liable to pay the administration levy and the pension protection levy in respect of the scheme with effect from that date.

• (2) The trustees or managers of the scheme must pay the amount of the administration levy and the pension protection levy notified by the Board, or by the Regulator on the Board's behalf, within the period of 28 days beginning with the date on which the Board or the Regulator gives notification of the amounts to the trustees or managers.

• (3) In the case of the late payment of the pension protection levy under this regulation, interest is to be charged in accordance with regulation 19A of the PPF Miscellaneous Regulations (interest for late payment of the pension protection levy), unless the Board has granted a waiver under those Regulations.

Eligible schemes including benefits which become non-money purchase: power to direct out-of-cycle valuations

48

• (1) Where the conditions specified in regulation 46(2) apply to an occupational pension scheme, the Board, or the Regulator on the Board's behalf, may direct the trustees or managers of the scheme to obtain and provide to the Board an out-of-cycle valuation in relation to the scheme for any financial year beginning on 1st April 2015, 2016 or 2017.

• (2) Where the Board, or the Regulator on the Board's behalf, exercises the power to direct the trustees or managers of an occupational pension scheme to obtain and provide an out-of-cycle valuation, the Board may, having regard to that valuation, calculate or recalculate a pension protection levy payment in relation to that scheme in respect of any financial year beginning on any date specified in paragraph (1).

• (3) The trustees or managers of the scheme must pay the amount of the pension protection levy notified by the Board, or by the Regulator on the Board's behalf, within the period of 28 days beginning with the date on which the Board or the Regulator gives notification of the amount of the levy to the trustees or managers.

• (4) In the case of the late payment of the pension protection levy notified to the trustees or managers by the Board, or by the Regulator, under paragraph (3), interest is to be charged in accordance with regulation 19A of the PPF Miscellaneous Regulations, unless the Board has granted a waiver under those Regulations.

• (5) Where the amount of the pension protection levy notified by the Board or the Regulator to the trustees or managers of the scheme is less than an amount previously notified to, and paid by, the trustees or managers in respect of the same financial year, the Board must repay the difference between the two amounts to the trustees or managers.

• (6) Where the Board, or the Regulator on the Board's behalf, directs the trustees or managers of the scheme to obtain and provide an out-of-cycle valuation, the relevant time of any subsequent actuarial valuation for the purposes of Article 162 of the 2005 Order must be within the period of 3 years beginning immediately after the relevant time of the out-of-cycle valuation.

• (7) The Board, or the Regulator on the Board's behalf, may revoke or vary any direction given under paragraph (1).

• (8) Where a direction under paragraph (1) given to the trustees or managers of a scheme is not complied with, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance with the direction.

• (9) In this regulation an “out-of-cycle valuation” means a valuation which has a relevant time which is—

• (a) after the appointed day, and

• (b) within the period of 3 years beginning immediately after the relevant time of the last actuarial valuation for the purposes of Article 162 of the 2005 Order (whether the relevant time of that valuation was before, on or after the appointed day).

Waiver of fraud compensation levy: periods before the appointed day

49

• (1) Where the conditions specified in paragraph (2) are met, a waiver by the Board of payment of an amount due in relation to any fraud compensation levy imposed under Article 171 of the 2005 Order (fraud compensation levy), in accordance with regulation 7 of the Fraud Compensation Levy Regulations (waiver), applies as if the scheme had been a money purchase scheme at the time of the waiver.

• (2) The conditions specified in this paragraph are that—

• (a) the fraud compensation levy payment was due in respect of a period before the appointed day;

• (b) the trustees or managers of the scheme confirmed in writing to the Board that the conditions specified in regulation 7(1) of the Fraud Compensation Levy Regulations were met during that period, and

• (c) the Board is satisfied that during that period—

• (i) the scheme included cash balance benefits or pensions derived from money purchase or cash balance benefits;

• (ii) the scheme included no benefits other than benefits falling within paragraph (i), money purchase benefits or death benefits, and

• (d) the trustees or managers of the scheme treated the scheme as if it were a money purchase scheme.

Discharge of cash equivalent of benefits treated as money purchase

50

Where—

• (a) before the appointed day, the conditions specified in regulation 29(3) are met in relation to a member of an occupational pension scheme, and

• (b) an assessment period begins in relation to the scheme,

the Board may secure the discharge of the cash equivalent of the member's accrued rights to benefits specified in regulation 29(1)(a) which were treated by the trustees or managers of the scheme as money purchase benefits as if those benefits were money purchase benefits.

Schemes continuing as closed schemes after an assessment period

51

• (1) This regulation applies where—

• (a) an assessment period in relation to an occupational pension scheme began before the appointed day, and

• (b) the scheme is authorised (whether before, on or after the appointed day) to continue as a closed scheme under Article 137(5) of the 2005 Order (closed schemes).

• (2) Subject to paragraph (5), where the conditions specified in paragraph (3) are met, the trustees or managers of the scheme may determine that benefits specified in paragraph (4) which were treated by the trustees or managers of the scheme as if they were money purchase benefits should continue to be treated as money purchase benefits.

• (3) The conditions specified in this paragraph are that—

• (a) the scheme provides any of the benefits specified in paragraph (4), and

• (b) the trustees or managers of the scheme, immediately before the assessment period began, treated those benefits as if they were money purchase benefits.

• (4) The benefits specified in this paragraph are—

• (a) cash balance benefits;

• (b) a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits);

• (c) top-up benefits, and

• (d) pensions derived from any of the benefits specified in sub-paragraphs (a) to (c) or from money purchase benefits.

• (5) Where the Board has made a determination or a direction under any of the relevant Pension Protection Fund provisions or these Regulations that benefits specified in paragraph (4) should or should not be treated as money purchase benefits—

• (a) paragraph (2) does not apply, and

• (b) the trustees or managers of the scheme must treat those benefits in accordance with the direction or determination of the Board.

Discharge as money purchase liabilities: periods before the appointed day

52

• (1) Where the Board or the trustees or managers of an occupational pension scheme have, before the appointed day, secured the discharge of liabilities in respect of any of the benefits specified in regulation 43(3) that discharge is to be regarded as having been made—

• (a) where the Board has secured the discharge of those liabilities, in accordance with Article 154 of the 2005 Order (discharge of liabilities in respect of money purchase benefits), or

• (b) where the trustees or managers of the scheme have secured the discharge of those liabilities, in accordance with regulation 2 of the Pension Protection Fund (Hybrid Schemes) (Modification) Regulations (Northern Ireland) 2005 (discharge of liabilities in respect of money purchase benefits during the assessment period).

• (2) Where paragraph (1)(a) or (b) applies, the relevant Pension Protection Fund provisions apply in relation to the liabilities discharged and the assets applied towards their discharge as if they were liabilities for, and assets applied towards, money purchase benefits.

Discharge as money purchase liabilities: periods after the appointed day

53

• (1) Where—

• (a) an assessment period or further assessment period in relation to an eligible scheme has begun before the appointed day, and

• (b) the Board is satisfied that benefits which have accrued in accordance with the admissible rules of the scheme include any of the benefits specified in regulation 43(3);

the Board may determine, in the circumstances specified in paragraph (2), that benefits specified in regulation 43(3) treated by the trustees and managers of the scheme as if they were money purchase benefits are to be treated as money purchase benefits for the purposes of the relevant Pension Protection Fund provisions.

• (2) The circumstances specified in this paragraph are that the Board is satisfied—

• (a) that, immediately before that assessment period or further assessment period began, the trustees or managers of the scheme treated those benefits as money purchase benefits, and

• (b) that it is reasonable in the circumstances to treat those benefits as money purchase benefits for the purposes of the relevant Pension Protection Fund provisions.

Closed schemes: Board's assumption of responsibility after the appointed day

54

• (1) This regulation applies where—

• (a) an assessment period in relation to an occupational pension scheme began before the appointed day;

• (b) the scheme is authorised (whether before, on or after the appointed day) to continue as a closed scheme under Article 137(5) of the 2005 Order (closed schemes);

• (c) there is a further assessment period in relation to the scheme; and

• (d) the Board assumes responsibility for the scheme in accordance with Article 142(1) of the 2005 Order (duty to assume responsibility for closed schemes).

• (2) Where the conditions specified in paragraph (3) are met, the Board may determine that the liabilities in relation to benefits specified in regulation 51(4) which were treated as money purchase benefits are to be treated as money purchase benefits for the purposes of the relevant Pension Protection Fund provisions.

• (3) The conditions specified in this paragraph are that—

• (a) the scheme included any of the benefits specified in regulation 51(4), and

• (b) either—

• (i) the trustees or managers of the scheme have determined in accordance with regulation 51(2) that benefits specified in regulation 51(4) should continue to be treated as money purchase benefits, or

• (ii) the trustees or managers of the scheme have, in accordance with regulation 51(5)(b), treated those benefits as money purchase benefits in accordance with a determination or a direction made by the Board.

Discharge as money purchase benefits: scheme right to transfer payment or contribution refund

55

• (1) Where the Board is satisfied that—

• (a) the pensionable service of a member of an eligible scheme has terminated on the commencement of an assessment period;

• (b) as a result, on the appointed day the member has rights under the admissible rules to—

• (i) a transfer payment calculated by reference to the value of the benefits which have accrued to the member under the scheme, or

• (ii) a cash payment calculated by reference to the amount of contributions made by the member or on the member's behalf to the scheme;

• (c) Chapter 5 of Part 4 of the 1993 Act (early leavers: cash transfer sums and contribution refunds) does not apply to the member;

• (d) the member does not have relevant accrued rights to benefit under the scheme (within the meaning of section 97AA(4) of the 1993 Act (scope of Chapter 5));

• (e) the rights specified in sub-paragraph (b) relate to any of the benefits specified in regulation 43(3) (whether or not they also relate to other benefits), and

• (f) immediately before an assessment period or further assessment period in relation to the eligible scheme began, the trustees or managers of the scheme treated benefits specified in regulation 43(3) as if they were money purchase benefits,

the Board may determine that those benefits are to be treated, for the purposes of the relevant Pension Protection Fund provisions, as money purchase benefits.

• (2) In this regulation “transfer payment” means a payment to another occupational pension scheme or a personal pension scheme in respect of the member's rights under the scheme.

Discharge of pensions in payment derived from voluntary contributions treated as money purchase benefits: periods after the appointed day

56

• (1) Where the conditions specified in paragraph (2) are met in relation to a member's pension in payment under an occupational pension scheme, the Board may give the trustees or managers of an eligible scheme a direction regarding the exercise of the trustees or managers' power to determine that the member's pension or part of a pension should be discharged as if it were money purchase benefits (see regulation 16).

• (2) The conditions specified in this paragraph are that—

• (a) the assessment date or further assessment date in relation to an eligible scheme is on or after the appointed day;

• (b) the pension or part of a pension is derived from voluntary contributions;

• (c) the pension or part of a pension is derived from any of the benefits specified in regulation 43(3) or from money purchase benefits;

• (d) the pension or part of a pension comes into payment on or before 1st April 2015;

• (e) pensions in payment which satisfied the conditions specified in sub-paragraphs (b) and (c) were, before the appointed day, treated by the trustees or managers of the scheme as money purchase benefits, and

• (f) the Board is satisfied that it is reasonable in the circumstances to treat the pension or part of a pension as money purchase benefits.

• (3) Where the Board directs the trustees or managers of an eligible scheme, in accordance with paragraph (1), that a pension or part of a pension should be discharged as if it were money purchase benefits, the relevant Pension Protection Fund provisions apply as if the pension or part of a pension discharged were a money purchase benefit.

Modification of the Pension Protection Fund (Entry Rules) Regulations

57

• (1) The Entry Rules Regulations are amended in accordance with paragraphs (2) to (5).

• (2) In regulation 1(2) (interpretation)—

• (a) after the definition of “the FSMA Act” insert—

“the appointed day” is the day appointed for the coming into operation of section 27 of the Pensions Act (Northern Ireland) 2012 (definition of money purchase benefits);

• (b) after the definition of “the assessment date” insert—

“cash balance benefits” has the meaning given by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014;

• (3) After regulation 2(2) (schemes which are not eligible schemes) insert—

(2A) Except as otherwise provided in paragraphs (3) and (4), an occupational pension scheme which becomes an eligible scheme in accordance with regulation 42(1)(b) of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (eligibility: schemes treated as money purchase schemes) is not an eligible scheme if— (a) the trustees or managers of the scheme during the period beginning with the appointed day and ending immediately before 1st April 2015 have entered into a legally enforceable agreement, and (b) the effect of that agreement (at any time) is to reduce the amount of any debt due to the scheme under Article 75 of the 1995 Order (deficiencies in the assets) which may be recovered by, or on behalf of, the trustees or managers of the scheme.

• (4) In regulation 2(3) and (4) for “paragraph (2)” substitute “ paragraphs (2) and (2A) ”.

• (5) In regulation 21 (refusal to assume responsibility – schemes which become eligible schemes)—

• (a) in paragraph (1)(a) omit “and”;

• (b) at the end of paragraph (1)(b) insert—

and (c) in the case of a scheme which becomes an eligible scheme on 1st April 2015 in accordance with regulation 42(1)(b) of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014— (i) where the date on which an assessment period began is less than 3 years after 1st April 2015, be the period beginning on 1st April 2015 and ending with the assessment date, or (ii) where the date on which an assessment period began is at least 3 years after 1st April 2015, be the period of 3 years preceding the date on which that assessment period began.

Modification of the Pension Protection Fund (Compensation) Regulations where there is no provision for a survivor's pension

58

In a case where—

• (a) immediately before the assessment date—

• (i) under the admissible rules of an eligible scheme a member is entitled to present payment of a pension under an occupational pension scheme, and

• (ii) that pension does not include the provision of a survivor's pension in the event of the member's death;

• (b) the member is entitled, from the assessment date, to compensation under paragraph 3 or 5 of Schedule 6 to the 2005 Order, and

• (c) the member dies on or after the assessment date,

regulation 3 of the Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005 (circumstances where a widow or widower is not entitled to payment of periodic compensation) has effect as if for paragraph (b) there were substituted—

(b) no provision to pay a survivor's pension— (i) under the admissible rules of the scheme, or (ii) because the member has chosen a pension under the scheme which does not include the provision of a survivor's pension.

Amendment of the Pension Protection Fund (Compensation) Regulations

59

• (1) The Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005 are amended in accordance with paragraphs (2) to (4).

• (2) In Part 5 (revaluation) before regulation 13 (manner of determining the revaluation amount) insert—

(12A) (1) This regulation applies for the purposes of paragraph 12(3A)(b) of Schedule 6 to the Order in the case of active members who have not attained normal pension age at the assessment date. (2) Where this regulation applies, in any case where it is unclear whether any particular pensionable service (either actual or notional) falls, or is to be treated for the purposes of the scheme as falling, on or after 6thApril 2009, the Board may determine as best as it is able, having regard to the admissible rules and all the circumstances of the case, how much of the service or notional service concerned should be treated for the purposes of paragraph 12(3)(b) of Schedule 6 to the Order as having occurred on or after 6thApril 2009.

• (3) After regulation 13 insert—

(13ZA) (1) This regulation applies where it is unclear whether— (a) pensionable service is attributable to periods before, or on or after 6th April 2009, in the case of deferred members and pension credit members who have not attained normal pension age or normal benefit age at the assessment date; (b) any particular pensionable service (whether actual or notional) falls, or is to be treated as falling, for the purposes of the scheme, on or after 6thApril 2009, or (c) pension credit rights are to be treated for the purposes of the scheme as derived from rights attributable to pensionable service of the transferor (whether actual or notional) falling or to be treated as falling on or after 6thApril 2009. (2) Where this regulation applies, the Board may determine as best as it is able, having regard to the admissible rules and all the circumstances of the case, how much of the service or notional service concerned should be treated for the purposes of paragraph 17(3)(b) of Schedule 6 to the Order as having occurred on or after 6thApril 2009.

• (4) In regulation 23 (cash balance schemes: modification of paragraphs 5, 15 and 19 of Schedule 6)—

• (a) in the heading for “paragraphs 5, 15 and 19” substitute “ paragraphs 3, 5, 8, 10, 11, 14, 15, 19, 22 and 37 ”;

• (b) in paragraph (1) omit the words from “, that is to say” to the end;

• (c) for paragraph (2) substitute—

(2) In their application to cash balance benefits or to a pension derived from cash balance benefits, the provisions of Schedule 6 to the Order have effect with the following modifications— (a) paragraph 3 (pensions in payment at assessment date) has effect as if— (i) in sub-paragraph (3) after “The annual rate of the periodic compensation is” there were inserted “ subject to sub-paragraph (3A) ”, and (ii) after sub-paragraph (3) there were inserted— (3A) In a case where— (a) the pension is derived from money purchase benefits or cash balance benefits; (b) there is no requirement or discretion under the admissible rules to increase the pension, and (c) the pension is not required to be increased in accordance with Article 51 of the 1995 Order, the annual rate of the periodic compensation is the protected pension rate. (iii) in sub-paragraph (5) for “sub-paragraph (3)” there were substituted “ sub-paragraphs (3) and (3A) ”. (b) paragraph 5 (pension benefits postponed at assessment date) has effect as if— (i) in sub-paragraph (3) after “The annual rate of the periodic compensation is” there were inserted “ subject to sub-paragraphs (3A) and (3B) ”; (ii) after sub-paragraph (3) there were inserted— (3A) In a case where— (a) the postponed pension is derived from money purchase benefits or cash balance benefits; (b) there is no requirement or discretion under the admissible rules to increase the pension, and (c) the pension is not required to be increased in accordance with Article 51 of the 1995 Order, the annual rate of the periodic compensation is to be determined in accordance with sub-paragraph (3B). (3B) In a case falling within sub-paragraph (3A) the annual rate of the periodic compensation is— (a) where the commencement of periodic compensation under this paragraph has not been postponed for any period by virtue of paragraph 25A, 100% of the protected pension rate, or (b) where the commencement of periodic compensation has been so postponed, 100% of the aggregate of the protected pension rate and the amount of the actuarial increase under paragraph 25A. (iii) in sub-paragraph (4) for “In sub-paragraph (3)” there were substituted “ In sub-paragraphs (3) and (3B) ”; (iv) after sub-paragraph (4) there were inserted— (4A) In any case where the Board is satisfied that it is not possible to determine on the basis referred to in sub-paragraph (4) what would have been the annual rate of the pension, the “protected pension rate” shall mean what the Board may, having regard to the admissible rules, determine would have been the annual rate of pension if the postponement of pension had ceased immediately before the assessment date. (v) in sub-paragraph (5) after “(4)” there were inserted “ or (4A) ”; (c) paragraph 8 (active members over normal pension age at assessment date) has effect as if— (i) for sub-paragraph (5) there were substituted— (5) Subject to sub-paragraph (5A), the accrued amount means an amount equal to such initial annual rate of pension to which the member would have been entitled under the admissible rules when the pensionable service relating to the pension ended. (5A) In any case where the Board is satisfied that it is not possible to identify the initial annual rate of pension on the basis referred to in sub-paragraph (5), the Board may, having regard to the admissible rules, determine the accrued amount in accordance with actuarial factors published by the Board. (ii) sub-paragraphs (6) and (7) were omitted; (d) paragraph 10 has effect as if— (i) for sub-paragraph (4) there were substituted— (4) Subject to sub-paragraph (4A), the accrued amount means an amount equal to such amount of scheme lump sum to which the member would have been entitled under the admissible rules had the member attained normal pension age when the pensionable service relating to the scheme lump sum ended. (4A) In any case where the Board is satisfied that it is not possible to identify the amount of the scheme lump sum on the basis referred to in sub-paragraph (4), the Board may, having regard to the admissible rules, determine the accrued amount in accordance with actuarial factors published by the Board. (ii) sub-paragraphs (5), (6) and (7) were omitted; (e) paragraph 11 (active members who have not attained normal pension age at assessment date) has effect as if— (i) for sub-paragraph (5) there were substituted— (5) Subject to sub-paragraph (5A), the accrued amount means an amount equal to such initial annual rate of pension to which the member would have been entitled under the admissible rules had the member attained normal pension age when the pensionable service relating to the pension ended. (5A) In any case where the Board is satisfied that it is not possible to identify the initial annual rate of pension on the basis referred to in sub-paragraph (5), the Board may, having regard to the admissible rules, determine the accrued amount in accordance with actuarial factors published by the Board. (ii) sub-paragraphs (6) and (7) were omitted; (f) paragraph 14 has effect as if— (i) for sub-paragraph (5) there were substituted— (5) Subject to sub-paragraph (5A), the accrued amount means an amount equal to such scheme lump sum to which the member would have been entitled under the admissible rules had the member attained normal pension age when the pensionable service relating to the scheme lump sum ended. (5A) In any case where the Board is satisfied that it is not possible to identify the amount of the scheme lump sum on the basis referred to in sub-paragraph (5), the Board may, having regard to the admissible rules, determine the accrued amount in accordance with actuarial factors published by the Board. (ii) sub-paragraphs (6) and (7) were omitted; (g) paragraph 15 (deferred members who have not attained normal pension age at assessment date) has effect as if— (i) at the beginning of sub-paragraph (5) there were inserted “Subject to sub-paragraph (5A)”; (ii) after sub-paragraph (5) there were inserted— (5A) In any case where the Board is satisfied that it is not possible to determine on the basis referred to in sub-paragraph (5) what would have been the initial annual rate of the pension, the accrued amount shall mean an amount equal to such initial annual rate as the Board may, having regard to the admissible rules and in accordance with actuarial factors published by the Board, determine the deferred member would have been entitled to had normal pension age been the actual age attained by the deferred member when the pensionable service relating to the lump sum ended. (h) paragraph 19 has effect as if— (i) at the beginning of sub-paragraph (5) there were inserted “Subject to sub-paragraph (5A)”; (ii) after sub-paragraph (5) there were inserted— (5A) In any case where the Board is satisfied that it is not possible to determine on the basis referred to in sub-paragraph (5) what would have been the amount of the scheme lump sum, the accrued amount shall mean an amount equal to such scheme lump sum amount as the Board may, having regard to the admissible rules and in accordance with actuarial factors published by the Board, determine the deferred member would have been entitled to had normal pension age been the actual age attained by the deferred member when the pensionable service relating to the lump sum ended. (i) paragraph 22 (survivors who do not meet conditions for scheme benefits at assessment date) has effect as if— (i) at the beginning of sub-paragraph (3)(a) there were inserted “subject to sub-paragraph (3A)”; (ii) after sub-paragraph (3) there were inserted— (3A) In any case where the Board is satisfied that it is not possible to identify the initial rate of pension mentioned in sub-paragraph (3)(a), the Board may, having regard to the admissible rules, determine the initial rate of the compensation in accordance with actuarial factors published by the Board. (j) paragraph 37(1) has effect as if after “In this Schedule—” there were inserted— “cash balance benefit” has the meaning given by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014;

• (d) after paragraph (2) insert—

(3) In this regulation— - “cash balance benefit” has the meaning given by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014; - “cash balance scheme” means a scheme which provides cash balance benefits, whether or not the scheme also provides other benefits.

Amendment of the Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations

60

In the Schedule to the Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations (Northern Ireland) 2005 in the first column of paragraph 16C (paragraphs 16C, 16D, 16E and 16F) of the table for “and 16F” substitute “ , 16F, 16G, 16H and 16I ”.

PART 13 — Scheme Funding

Interpretation of this Part

61

• (1) In this Part—

• “effective date”, in relation to an actuarial report or actuarial valuation, has the meaning given by Article 203(2)(b) or (d) of the 2005 Order (actuarial valuations and reports), as the case may be;

• “the Scheme Funding Regulations” means the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005 .

• (2) Where, by virtue of regulation 2(2) (interpretation) of and paragraph 1, 4, 5 or 7 of Schedule 2 to the Scheme Funding Regulations (modification of the Order and Regulations), Part 4 of the 2005 Order (scheme funding) applied as if each section or part of a scheme were a separate scheme (or would have so applied but for this Part)—

• (a) this Part also so applies, and

• (b) “employer” and “member” must be read accordingly.

• (3) Subject to paragraph (4), where—

• (a) the conditions specified in regulation 62(2) are met in relation to an occupational scheme, and

• (b) the scheme has no active members,

references to “the employer” in Part 4 of the 2005 Order and in this Part have effect as if they were references to the person who was the employer immediately before the occurrence of the event after which the scheme ceased to have active members (“the freezing event”).

• (4) A person ceases to be treated as an employer under paragraph (3) if, after the freezing event, that person ceases to be treated as a former employer by virtue of regulation 9 of the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005 (frozen schemes and former employers).

Application of Part 4 of the 2005 Order to schemes treated as money purchase: periods before the appointed day

62

• (1) Part 4 of the 2005 Order does not apply to an occupational pension scheme in relation to any period before the appointed day during which it met both of the conditions specified in paragraph (2).

• (2) The conditions specified in this paragraph are that—

• (a) the scheme included benefits which are not money purchase benefits, and

• (b) the trustees or managers of the scheme treated the scheme as if it were a money purchase scheme.

Application of Part 4 of the 2005 Order to schemes including benefits treated as money purchase benefits: periods before the appointed day

63

• (1) Part 4 of the 2005 Order applies in relation to any period before the appointed day during which an occupational pension scheme met both of the conditions specified in paragraph (2), as if the benefits specified in paragraph (2)(b) treated by the trustees or managers of the scheme as money purchase benefits were money purchase benefits.

• (2) The conditions specified in this paragraph are that—

• (a) Part 4 of the 2005 Order applied to the scheme, and

• (b) benefits under the scheme included benefits which are not money purchase benefits, but which the trustees or managers of the scheme treated as if they were money purchase benefits.

Actuarial valuations and reports for schemes treated as money purchase schemes: periods on and after the appointed day

64

Where, immediately before the appointed day, the conditions specified in regulation 62(2) are met in relation to an occupational pension scheme, the scheme is to be treated for the purposes of Article 203(3)(a) of the 2005 Order (actuarial valuations and reports) as having been established on the appointed day.

Modification of the Scheme Funding Regulations for schemes treated as money purchase schemes: periods on and after the appointed day

65

• (1) Where, immediately before the appointed day, the conditions specified in regulation 62(2) are met in relation to an occupational pension scheme, the Scheme Funding Regulations are modified as follows.

• (2) Regulation 6(2) (statement of funding principles) has effect in relation to the first statement of funding principles under Article 202 of the 2005 Order to be prepared after the appointed day, as if after “the first actuarial valuation” there were inserted “ after the day appointed for the coming into operation of section 27 of the Pensions Act (Northern Ireland) 2012 (“the section 27 commencement day”) ”.

• (3) Regulation 8(1)(a) (recovery plan) applies in relation to the first recovery plan under Article 205(1) of the 2005 Order to be prepared after the appointed day, as if after “the first actuarial valuation” there were inserted “ after the section 27 commencement day ”.

• (4) Regulation 9(1) (schedule of contributions) applies in relation to the first schedule of contributions under Article 206 of the 2005 Order to be prepared after the appointed day as if for “following the establishment of the scheme” there were substituted “ after the section 27 commencement day ”.

Provision of summary funding statement in relation to schemes treated as money purchase: periods on and after the appointed day

66

Where—

• (a) immediately before the appointed day, the conditions specified in regulation 62(2) are met in relation to an occupational pension scheme, and

• (b) the trustees or managers of the scheme would, if it were not for this regulation, be required to provide a summary funding statement to members and beneficiaries in accordance with regulation 15(1) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 ,

the trustees or managers of the scheme must provide the first summary funding statement to all members and beneficiaries of the scheme on, before or within a reasonable period after, the date by which they are required under Article 203(3)(a) of the 2005 Order (as modified by regulation 64 of these Regulations) to ensure that they receive the first actuarial valuation in relation to the scheme.

Schedule of payments in relation to schemes treated as money purchase: periods on and after the appointed day

67

Where, immediately before the appointed day, the conditions specified in regulation 62(2) are met in relation to an occupational pension scheme, until the first schedule of contributions has been certified by the actuary in relation to the scheme in accordance with Article 206(5) of the 2005 Order—

• (a) the most recent schedule of payments prepared before the appointed day under Article 85 of the 1995 Order (schedules of payments to money purchase schemes) continues to have full effect with respect to the contributions payable towards the scheme by or on behalf of employers and active members of the scheme, and

• (b) Articles 85, 86 (schedules of payments to money purchase schemes: supplementary) and 87 (application of further provisions to money purchase schemes) of the 1995 Order and Part 4 of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 (money purchase schemes) continue to apply to the scheme.

Application of Part 4 of the 2005 Order to schemes including benefits treated as money purchase: periods on or after the appointed day

68

• (1) Where the conditions specified in regulation 63(2) are met in relation to an occupational pension scheme—

• (a) the effective date of the scheme's first actuarial valuation under Article 203 of the 2005 Order on or after the appointed day must be not more than 3 years after the effective date of the scheme's last actuarial valuation before the appointed day, and

• (b) the effective date of the scheme's first actuarial report under Article 203 of the 2005 Order on or after the appointed day must be not more than one year after the effective date of the scheme's last actuarial valuation or actuarial report before the appointed day, whichever is the most recent.

• (2) Where the conditions specified in regulation 63(2) are met in relation to an occupational pension scheme, no provision of section 27 of the Act (definition of money purchase benefits) or of these Regulations affects the validity of—

• (a) a statement of funding principles prepared, or revised, as the case may be, under Article 202 of the 2005 Order before the appointed day;

• (b) the latest actuarial valuation obtained under Article 203 of the 2005 Order before the appointed day, which has been prepared and signed by the actuary in accordance with Article 203(2)(a) of that Order;

• (c) the latest actuarial report obtained under Article 203 of the 2005 Order before the appointed day, which has been prepared and signed by the actuary in accordance with Article 203(2)(c) of that Order;

• (d) a certification of the scheme's technical provisions by the actuary in accordance with Article 204 of the 2005 Order;

• (e) a recovery plan prepared in accordance with Article 205 of the 2005 Order and in operation before the appointed day;

• (f) a schedule of contributions certified by the actuary in accordance with Article 206(5) of the 2005 Order and in operation before the appointed day.

PART 14 — Equality

Modification of the Occupational Pension Schemes (Equal Treatment) Regulations

69

• (1) Regulation 15 of the Occupational Pension Schemes (Equal Treatment) Regulations (Northern Ireland) 1995 (exceptions to the equal treatment rule: use of actuarial factors which differ for men and women) (“the Equal Treatment Regulations”) is amended as follows—

• (a) in paragraph (2)(c) before “money purchase benefits” insert “ a pension which is derived from ”;

• (b) after paragraph (2)(c) insert—

(ca) a pension which is derived from cash balance benefits within the meaning of regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014;

• (2) In relation to periods before the appointed day, regulation 15 of the Equal Treatment Regulations has effect as if the amendment made by paragraph (1)(a) of this regulation applied before the appointed day.

• (3) Where the conditions specified in paragraph (4) are satisfied, regulation 15 of the Equal Treatment Regulations has effect as if the amendment made by paragraph (1)(b) of this regulation applied before the appointed day.

• (4) The conditions specified in this paragraph are that before the appointed day the trustees or managers of an occupational pension scheme—

• (a) treated cash balance benefits as if they were money purchase benefits, and

• (b) applied different actuarial factors for men and for women in determining the rate of a pension derived from those benefits.

PART 15 — Pension Sharing

Valuations for the purposes of pension sharing etc: transitional arrangements

70

• (1) Where, before the appointed day, for the purposes of pension sharing or attachment on divorce or dissolution of a civil partnership, a person responsible for a pension arrangement has provided a valuation of the benefits accrued under a pension arrangement, no provision of Part 4 of the Act or of these Regulations—

• (a) affects the validity of that valuation, or

• (b) requires the person responsible for the pension arrangement to obtain or provide a further or revised valuation of the benefits.

• (2) Where the conditions specified in paragraph (3) are met, a person responsible for a pension arrangement who has provided a valuation of a member's accrued benefits made on the basis that those benefits were money purchase benefits, may make a subsequent valuation of the member's benefits on the same basis.

• (3) The conditions specified in this paragraph are that—

• (a) the earlier valuation was provided before the appointed day in accordance with regulations made under Article 21(1)(a) of the 1999 Order (supply of pension information in connection with divorce etc.);

• (b) the benefits valued in the earlier valuation included any of the benefits specified in paragraph (4), and

• (c) a subsequent valuation of the same benefits is to be made for the purposes of Part 5 of the 1999 Order (pension sharing) or Part 4A of the 1993 Act (requirements relating to pension credit benefit) in the same or connected proceedings.

• (4) The benefits specified in this paragraph are—

• (a) cash balance benefits;

• (b) a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits);

• (c) top-up benefits, and

• (d) pensions derived from any of the benefits specified in sub-paragraphs (a) to (c) or from money purchase benefits.

• (5) In this regulation “connected proceedings” means proceedings in relation to pension sharing or attachment on divorce or dissolution of a civil partnership involving the same parties and the same benefits as earlier proceedings.

PART 16 — Cross-border Schemes

Cross-border schemes treated as money purchase schemes

71

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 17 — Disclosure

Benefits and schemes treated as money purchase before the appointed day

72

• (1) Where the conditions specified in paragraph (2) are met—

• (a) the trustees or managers of an occupational pension scheme are not, in relation to any period before the appointed day, required to supply information under the provisions specified in paragraph (2)(c), and

• (b) neither—

• (i) regulation 11 (civil penalties) of the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997 (“the 1997 Disclosure Regulations”), nor

• (ii) regulation 5 (civil penalties relating to occupational pension schemes) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (“the Disclosure Regulations”),

applies in relation to a failure to provide information required under the provisions specified in paragraph (2)(c) in relation to a period before the appointed day.

• (2) The conditions specified in this paragraph are that, before the appointed day—

• (a) members of an occupational pension scheme—

• (i) had, under the scheme, accrued rights to cash balance benefits, a defined benefit minimum (in relation to money purchase underpin benefits) or top-up benefits, or

• (ii) were entitled to a pension derived from cash balance benefits or money purchase benefits;

• (b) the trustees or managers of the scheme treated benefits specified in sub-paragraph (a) as money purchase benefits or treated the scheme as a money purchase scheme, and

• (c) the trustees or managers did not supply to members of the scheme information specified in the following provisions—

• (i) in the 1997 Disclosure Regulations—

• (aa) paragraph 4 of Schedule 2, in accordance with regulation 5(4) (information to be made available to individuals);

• (bb) paragraph 16 of Schedule 2, in accordance with regulation 5(12)(a);

• (cc) paragraphs 17 to 22 of Schedule 2,in accordance with regulation 5(12ZA) and subject to regulation 5(16) ;

• (dd) regulation 6(1)(b) to (d) (availability and content of annual report);

• (ee) regulation 7(1)(a) to (ca) and (e) (availability of other documents);

• (ii) in the Disclosure Regulations—

• (aa) Part 3 of Schedule 3 (information on funding principles and actuarial valuations etc), in accordance with regulation 13 (other information to be given on request);

• (bb) Schedule 4, in accordance with regulation 15(1) (summary funding statements);

• (cc) Schedule 5, in accordance with regulation 16 (statements of benefits: non money purchase benefits);

• (dd) paragraph 16 of Schedule 8 (information on expected benefits), in accordance with regulation 25(2)(b)(ii) (occupational pension schemes after winding up for individual members).

Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations

73

• (1) The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 are amended in accordance with paragraphs (2) to (8).

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) After regulation 16 (statements of benefits: non money purchase benefits) insert—

(16A) (1) The information mentioned in paragraph (2) (in addition to the information required under regulation 16) must be given to any member in accordance with this regulation where— (a) the member has rights to cash balance benefits; (b) the member requests that information, and (c) information has not been given to that member under this regulation in the 12 months before that request. (2) The information is that listed in paragraphs 6A, 9 to 14, 16A and 17 of Schedule 6. (3) The information must be given as soon as practicable but no more than 2 months after the date the request is made.

• (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (5) In regulation 25 (occupational pension schemes after winding up for individual members) for paragraph (2)(a) substitute—

(a) where the member or beneficiary of the scheme— (i) has rights to benefits other than money purchase benefits, the information mentioned in Part 2 of Schedule 8, or (ii) has rights to money purchase benefits, the information mentioned in paragraph 10 of Schedule 8, and

• (6) In Schedule 2—

• (a) after paragraph 16 insert—

(16A) Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity.

• (b) after paragraph 28 insert—

(28A) Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity.

• (7) In the heading to Schedule 6 (statements of benefits: money purchase benefits) after “money purchase benefits” insert “ and cash balance benefits ”.

• (8) In Schedule 6—

• (a) in paragraph 6 for “An” substitute “ For money purchase benefits, an ”;

• (b) after paragraph 6 insert—

(6A) For cash balance benefits, an illustration of the amount of the pension calculated— (a) in accordance with paragraph 7(1)(a)(ii) and (2); (b) in accordance with the rules of the scheme, and (c) where appropriate, in a manner consistent with the relevant guidance, that is likely to be secured by the member at the member's normal pension age in respect of the member's rights to cash balance benefits that have arisen or may arise under the scheme.

, and

• (c) after paragraph 16 insert—

(16A) A statement that the amount of any pension payable under the scheme to or in respect of the member will depend on considerations (including the cost of buying an annuity at the time the pension becomes payable) which may be different from any assumptions made.

Signed

Sealed with the Official Seal of the Department for Social Development on 3rd July 2014

Andrew M. Hamilton — A senior officer of the — Department for Social Development

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 1993 c. 49; section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and paragraph 5(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)); section 97AF was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); sections 97I and 97L were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)); section 109 was amended by section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 13 of Schedule 10 to the Pensions (Northern Ireland) Order 2005, paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)) and paragraph 15 of the Schedule to S.R. 2005 No. 434; section 149(1) was amended by Part 1 of Schedule 5 to the Pensions (Northern Ireland) Order 1995; section 178(1) was amended by Parts 3 and 4 of Schedule 5 to that Order

[^f00002]: S.I. 1995/3213 (N.I. 22); Article 37 was substituted by Article 227 of the Pensions (Northern Ireland) Order 2005; Article 73 was substituted by Article 247 of that Order; Article 75(5) was amended by Article 248(3) of that Order

[^f00003]: S.I. 1999/3147 (N.I. 11); Article 21 was amended by paragraph 108 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

[^f00004]: SeeArticle 8(b) of S.R. 1999 No. 481

[^f00005]: S.I. 2005/255 (N.I. 1); Part 3 is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32 and S.R. 2013 No. 95), 84 (as amended by S.I. 2013/472) and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 Nos. 1 and 270); paragraph 12(3A) was inserted by paragraph 5(3) of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)); paragraph 17(3A) was inserted by paragraph 6(3) of Schedule 1 to that Act

[^f00006]: 2012 c. 3 (N.I.)

[^f00007]: Section 90 was amended by Article 150 of the Pensions (Northern Ireland) Order 1995, paragraph 24 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 9 of Schedule 10 to the Pensions (Northern Ireland) Order 2005

[^f00008]: 2004 c. 35

[^f00009]: Section 89A was inserted by Article 149 of the Pensions (Northern Ireland) Order 1995 and amended by paragraph 23 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999

[^f00010]: Article 280 was amended by section 29(2) of the Pensions Act (Northern Ireland) 2012

[^f00011]: 1954 c. 33 (N.I.)

[^f00012]: Section 5(3) was repealed by Part 6 of Schedule 6 to the Pensions Act (Northern Ireland) 2008 with effect from 6th April 2012

[^f00013]: Section 27 was amended by paragraph 29 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 46 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671) and Article 4(3) of S.R. 2012 No. 124, and is repealed from 6th April 2015 by Part 7 of Schedule 6 to the Pensions Act (Northern Ireland) 2008

[^f00014]: Section 6 was repealed by Part 3 of Schedule 10 to the Pensions (No. 2) Act (Northern Ireland) 2008 with effect from 6th April 2012

[^f00015]: Articles 67 to 67I were substituted for Article 67 by Article 239 of the Pensions (Northern Ireland) Order 2005

[^f00016]: S.R. 1996 No. 621; regulation 12 was amended by paragraph 6 of the Schedule to S.R. 2005 No. 171 and paragraph 3(2) of Schedule 3 to S.R. 2005 No. 568

[^f00017]: Article 73 was substituted with prospective effect by Article 247(1) of the Pensions (Northern Ireland) Order 2005 for Article 73 as originally enacted, but the original form of that Article continues to have effect in relation to schemes which commenced winding up before 6th April 2005. There are no relevant amendments to Article 73 as originally enacted

[^f00018]: Regulation 13 applies in relation to schemes commencing wind-up before 6th April 2005. Regulation 13 was amended by regulation 4(4) of S.R. 2002 No. 64 and paragraph 3(3) of Schedule 3 to S.R. 2005 No. 568

[^f00019]: Article 138(5) was amended by paragraph 10 of Schedule 4 to the Pensions Act (Northern Ireland) 2012

[^f00020]: The definitions of “approved withdrawal arrangement”, “regulated apportionment arrangement” and “scheme apportionment arrangement” were inserted, and the definitions of “multi-employer scheme” and “withdrawal arrangement” were substituted, by regulation 4(2) of S.R. 2008 No. 132; the definition of “flexible apportionment arrangement” was inserted by regulation 4(a)(i) of S.R. 2012 No. 1

[^f00021]: Article 75 was amended by Article 248 of the Pensions (Northern Ireland) Order 2005

[^f00022]: Regulation 6 was amended by regulation 6 of S.R. 2008 No. 132, regulation 6 of S.R. 2010 No. 111; regulation 6 of S.R. 2012 No. 1 and paragraph 10(c) of the Schedule to S.R. 2012 No. 294

[^f00023]: Regulation 9 was substituted by regulation 10 of S.R. 2008 No. 132 and amended by regulation 11 of S.R. 2010 No. 111 and regulation 11 of S.R. 2012 No. 1

[^f00024]: S.R. 2005 No. 168

[^f00025]: The definition of “share of the difference” was inserted by regulation 4 of S.R. 2008 No. 132

[^f00026]: Regulation 8 was substituted by regulation 9 of S.R. 2008 No. 132

[^f00027]: Regulation 14 was amended by regulation 13 of S.R. 2010 No. 111

[^f00028]: Regulation 15 was amended by regulation 14 of S.R. 2010 No. 111

[^f00029]: Regulation 5 was substituted by regulation 5 of S.R. 2008 No. 132 and amended by regulation 5 of S.R. 2010 No. 111, regulation 5 of S.R. 2012 No. 1 and paragraph 10(b) of the Schedule to S.R. 2012 No. 294

[^f00030]: Section 80 was amended by Part 3 of Schedule 5 to the Pensions (Northern Ireland) Order 1995, Article 258 of the Pensions (Northern Ireland) Order 2005, section 20(1) to (3) of the Pensions Act (Northern Ireland) 2012 and paragraph 13 of the Schedule to S.R. 2005 No. 434

[^f00031]: Article 51 was amended by paragraph 40 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, section 47 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, Article 255 of the Pensions (Northern Ireland) Order 2005, sections 20 and 21 of the Pensions Act (Northern Ireland) 2012 and Article 11 of S.I 2006/745

[^f00032]: S.R.1991 No. 37; relevant amending Regulations are S.R. 1994 No. 300 and S.R. 1996 No. 620

[^f00033]: Regulation 14 was amended by paragraph 26 of Schedule 2 to S.R. 1994 No. 300 and regulation 2 of S.R. 1996 No. 620

[^f00034]: Regulation 14A was inserted by regulation 2 of S.R. 1996 No. 620

[^f00035]: S.R. 1991 No. 38; regulation 3 was amended by paragraph 27 of Schedule 2 to S.R. 1994 No. 300

[^f00036]: S.R 1996 No. 619; relevant amending provisions are S.R. 2008 Nos. 370 and 388 and S.R. 2012 No. 124

[^f00037]: Section 90(1) was amended by Article 150(1) and (2) of the Pensions (Northern Ireland) Order 1995

[^f00038]: Section 91(2) was amended by Article 133 of S.I. 2001/3649

[^f00039]: Section 92 was amended by paragraph 53 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 25 of Schedule 9 and Part 1 of Schedule 10 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, Part 6 of Schedule 6 to the Pensions Act (Northern Ireland) 2008, paragraph 14 of the Schedule to S.R. 2005 No. 434 and Article 4 of S.R. 2012 No. 124. Section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995 and paragraphs 5 and 7 of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000. Section 94 was amended by paragraph 7 of Schedule 4 to the Pensions (Northern Ireland) Order 1995, paragraph 26 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 5 of Schedule 5 and Part 3 of Schedule 9 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000. Section 95 was amended by paragraph 8 of Schedule 4 to the Pensions (Northern Ireland) Order 1995, paragraph 10 of Schedule 10 and Schedule 11 to the Pensions (Northern Ireland) Order 2005 and Article 4 of S.R. 2012 No. 124

[^f00040]: Section 96 was amended by paragraph 27 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999

[^f00041]: Section 89A was inserted by Article 149 of the Pensions (Northern Ireland) Order 1995 and amended by paragraph 23 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999

[^f00042]: The definition of “effective date” was substituted by regulation 2(d) of S.R. 2008 No. 370

[^f00043]: The definition of “member” was substituted by regulation 2(f) of S.R. 2008 No. 370

[^f00044]: Regulations 7 to 7E were substituted for regulations 7 and 8 by regulation 4 of S.R. 2008 No. 370

[^f00045]: Regulation 7B was amended by regulation 3(2) of S.R. 2008 No. 388

[^f00046]: Regulation 7C was amended by regulation 3(3) of S.R. 2008 No. 388

[^f00047]: Schedule 1B was inserted by Schedule 1 to S.R. 2008 No. 388

[^f00048]: Schedule 1A was inserted by regulation 8 of S.R. 2008 No. 388 and paragraph 9 was omitted by Article 14(3) of S.R. 2012 No. 124 with effect from 6th April 2012

[^f00049]: S.R. 2006 No. 49; relevant amending Regulations are S.R. 2008 Nos. 370 and 388

[^f00050]: Sections 97AA to 97AI were inserted by Article 241 of the Pensions (Northern Ireland) Order 2005

[^f00051]: Regulations 2 and 2A to 2D were substituted for regulation 2 by paragraph 8 of Schedule 2 to S.R. 2008 No. 370

[^f00052]: Regulation 2B was amended by regulation 4 of S.R. 2008 No. 388

[^f00053]: Regulation 2C was amended by regulation 4 of S.R. 2008 No. 388

[^f00054]: Regulation 4 was substituted by paragraph 8 of Schedule 2 to S.R. 2008 No. 370

[^f00055]: S.R. 2006 No. 161

[^f00056]: Article 37 was substituted by Article 227 of the Pensions (Northern Ireland) Order 2005 and amended by section 105 of the Pensions (No.2) Act (Northern Ireland) 2008

[^f00057]: Article 76 was amended by paragraph 56 of Schedule 10 to the Pensions (Northern Ireland) Order 2005 and Article 11 of S.I. 2006/745

[^f00058]: The definition of “money purchase benefits” was amended by section 27 of the Pensions Act (Northern Ireland) 2012 and paragraph 19 of the Schedule to S.R. 2005 No. 474

[^f00059]: S.R. 1997 No. 94; regulation 3(2) was amended by regulations 3 and 4 of S.R. 2005 No. 421

[^f00060]: Paragraph 35(2) was amended by paragraph 17 of Schedule 6 to the Pensions (No.2) Act (Northern Ireland) 2008

[^f00061]: Regulation 1(3) was substituted by regulation 4 of S.R. 2005 No. 357

[^f00062]: Regulation 1(4) was substituted by regulation 4 of S.R. 2005 No. 357 and amended by regulation 3 of S.R. 2012 No. 1

[^f00063]: S.R. 2005 No. 126; relevant amending Regulations are S.R. 2005 Nos. 194 and 264, S.R. 2006 No. 155, S.R. 2007 No. 193, S.R. 2008 No. 132, S.R. 2010 Nos. 32 and 111 and S.R. 2012 No. 1

[^f00064]: S.R. 2006 No. 85

[^f00065]: S.R. 2006 No. 155; relevant amending Regulations are S.R. 2010 No. 80

[^f00066]: 2008 c. 13 (N.I.)

[^f00067]: S.R. 2005 No. 91; regulation 1(2) was amended by regulation 3 of S.R. 2005 No. 357

[^f00068]: S.R. 2005 No. 131; relevant amending Regulations are S.R. 2006 No. 155, 2007 No. 193, S.R. 2012 No. 270 and S.R. 2013 No. 95

[^f00069]: Regulation 2 was amended by regulation 3 of S.R. 2005 No. 194 and regulation 2 of S.R. 2005 No. 364, regulation 22 of S.R. 2006 No. 155, regulation 2 of S.R. 2007 No. 193, regulation 18 of S.R. 2008 No. 132, regulation 3 of S.R. 2010 No. 32 and regulation 3 of S.R. 2010 No. 111 and regulation 3 of S.R. 2012 No. 1

[^f00070]: Article 75 was amended by Article 248 of the Pensions (Northern Ireland) Order 2005

[^f00071]: Article 105 was amended by Article 2 of S.R. 2006 No. 529 and paragraph 252 of Schedule 1 to S.I. 2009/1941

[^f00072]: Article 127(2) was substituted by paragraph 5 of Schedule 4 to the Pensions Act (Northern Ireland) 2012

[^f00073]: Article 136(10A) was inserted by paragraph 15 of Schedule 4 to the Pensions Act (Northern Ireland) 2012

[^f00074]: Article 142(3) was substituted by paragraph 11 of Schedule 4 to the Pensions Act (Northern Ireland) 2012

[^f00075]: Article 128(2) was amended by paragraph 7 of Schedule 4 to the Pensions Act (Northern Ireland) 2012

[^f00076]: S.R. 2005 No. 131; regulation 5 was amended by regulation 23 of S.R. 2006 No. 155, regulation 6 was amended by regulation 3 of S.R. 2007 No. 193, regulation 5 of S.R. 2012 No. 270 and regulation 5 of S.R. 2013 No. 95, regulation 7 was amended by regulation 5 of S.R. 2012 No. 270 and regulation 5 of S.R. 2013 No. 95

[^f00077]: Article 10 was amended by paragraph 9 of Schedule 2 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)) and by Schedule 12 to the Pensions (Northern Ireland) Order 2005

[^f00078]: Article 164A was inserted by paragraph 4 of Schedule 9 to the Pensions (No. 2) Act (Northern Ireland) 2008

[^f00079]: Regulation 19A was inserted by regulation 5 of S.R. 2010 No. 80

[^f00081]: S.R. 2005 No. 84

[^f00082]: Chapter 5 was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005

[^f00083]: Section 97AA was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005

[^f00084]: Regulation 1(2) was amended by regulation 4 of S.R. 2005 No. 357. Regulation 2 of S.R. 2005 No. 364, regulation 21 of S.R. 2006 No. 155 and regulation 2 of S.R. 2009 No. 78

[^f00085]: The definition of “the assessment date” was inserted by regulation 4 of S.R. 2005 No. 357

[^f00086]: Regulation 2(2) was amended by regulation 2 of S.R. 2005 No. 364

[^f00087]: Regulation 21 was amended by regulation 3 of S.I. 2010 No. 32

[^f00088]: S.R. 2005 No. 149; regulation 3 was amended by regulation 8 of S.R. 2005 No. 357

[^f00089]: Paragraph 17(3)(b) was substituted by paragraph 6(2) of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008

[^f00090]: Regulation 23 was amended by regulation 4(3) of S.R. 2010 No. 80

[^f00091]: S.R. 2005 No. 138; relevant amending Regulations are S.R. 2005 Nos. 357 and 381, S.R. 2006 No. 156, S.R. 2007 No. 157, S.R. 2010 No. 80, S.R. 2011 No. 113 and S.R. 2012 No. 270

[^f00092]: Paragraph 16C was inserted by regulation 33 of S.R. 2011 No. 113

[^f00093]: S.R. 2005 No. 568; relevant amending Regulations are S.R. 2006 No. 297, S.R. 2007 No. 457 and S.R. 2012 No. 294

[^f00094]: Regulation 2 was amended by regulation 10 of S.R. 2007 No. 457 and paragraph 11 of the Schedule to S.R. 2012 No. 294

[^f00095]: Paragraph 4 was amended by regulation 10 of S.R. 2007 No. 457

[^f00096]: S.R. 2005 No. 168; regulation 9 was substituted by regulation 10 of S.R. 2008 No. 132 and amended by regulation 11 of S.R. 2010 No. 111 and regulation 11 of S.R. 2012 No. 1

[^f00097]: Regulation 8 was amended by regulation 5 of S.R. 2006 No. 297

[^f00098]: S.R. 2014 No. 79

[^f00099]: Article 85 was amended by Schedule 11 to the Pensions (Northern Ireland) Order 2005

[^f00100]: Article 86 was amended by Article 11 of the Welfare Reform and Pensions (Northern Ireland) Order 1999, paragraph 10 of Schedule 5 to Child Support, Pensions and Social Security Act (Northern Ireland) 2000, Article 246 of and Schedule 11 to Pensions (Northern Ireland) Order 2005

[^f00101]: Article 87 was amended by paragraph 60 of Schedule 10 and Schedule 11 to the Pensions (Northern Ireland) Order 2005

[^f00102]: S.R. 1997 No. 94; Part 4 was amended by regulation 11 of S.R. 1999 No. 486, regulations 3 and 4 of S.R. 2005 No. 421 and regulation 3 of S.R. 2006 No. 141

[^f00103]: S.R. 1995 No. 482

[^f00104]: Article 21(1) was amended by paragraph 108 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

[^f00105]: Part 4A was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999

[^f00106]: Article 265 was amended by regulation 5 of S.R. 2007 No. 457

[^f00107]: S.R. 2005 No. 581; relevant amending Regulations are S.R. 2006 Nos. 65 and 160 and S.R. 2007 Nos. 185 and 457

[^f00112]: Regulation 3(1) was substituted by regulation 16 of S.R. 2007 No. 185 and amended by S.R. 2007 No. 457

[^f00113]: The definition of “segregated multi-employer scheme” was amended by regulation 16 of S.R. 2007 No. 185

[^f00114]: Regulation 11 was substituted by regulation 17 of S.R. 2005 No. 170 and amended by regulation 9 of S.R. 2009 No. 115 before revocation by Schedule 10 to S.R. 2014 No. 79

[^f00115]: S.R. 1997 No. 98; these Regulations were (prospectively) revoked by Schedule 10 to S.R. 2014 No. 79

[^f00116]: S.R. 2014 No. 79

[^f00117]: Paragraph 4 of Schedule 2 was amended by regulation 5 of S.R. 2000 No. 335

[^f00118]: Paragraphs 17 to 22 of Schedule 2 were inserted by paragraph 6 of Schedule 3 to S.R. 2005 No. 568

Cash transfer sum: cash balance benefits etc treated as money purchase benefits

Amendment of the Early Leavers Regulations

Editorial notes

[^c22155691]: 1993 c. 49; section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and paragraph 5(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)); section 97AF was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); sections 97I and 97L were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)); section 109 was amended by section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 13 of Schedule 10 to the Pensions (Northern Ireland) Order 2005, paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)) and paragraph 15 of the Schedule to S.R. 2005 No. 434; section 149(1) was amended by Part 1 of Schedule 5 to the Pensions (Northern Ireland) Order 1995; section 178(1) was amended by Parts 3 and 4 of Schedule 5 to that Order

[^c22155701]: S.I. 1995/3213 (N.I. 22); Article 37 was substituted by Article 227 of the Pensions (Northern Ireland) Order 2005; Article 73 was substituted by Article 247 of that Order; Article 75(5) was amended by Article 248(3) of that Order

[^c22155711]: S.I. 1999/3147 (N.I. 11); Article 21 was amended by paragraph 108 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

[^c22155721]: SeeArticle 8(b) of S.R. 1999 No. 481

[^c22155731]: S.I. 2005/255 (N.I. 1); Part 3 is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32 and S.R. 2013 No. 95), 84 (as amended by S.I. 2013/472) and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 Nos. 1 and 270); paragraph 12(3A) was inserted by paragraph 5(3) of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)); paragraph 17(3A) was inserted by paragraph 6(3) of Schedule 1 to that Act

[^c22155741]: 2012 c. 3 (N.I.)

[^c22155751]: Section 90 was amended by Article 150 of the Pensions (Northern Ireland) Order 1995, paragraph 24 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 9 of Schedule 10 to the Pensions (Northern Ireland) Order 2005

[^c22155761]: 2004 c. 35

[^c22155771]: Section 89A was inserted by Article 149 of the Pensions (Northern Ireland) Order 1995 and amended by paragraph 23 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999

[^c22155781]: Article 280 was amended by section 29(2) of the Pensions Act (Northern Ireland) 2012

[^c22155791]: 1954 c. 33 (N.I.)

[^c22155801]: Section 5(3) was repealed by Part 6 of Schedule 6 to the Pensions Act (Northern Ireland) 2008 with effect from 6th April 2012

[^c22155811]: Section 27 was amended by paragraph 29 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 46 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671) and Article 4(3) of S.R. 2012 No. 124, and is repealed from 6th April 2015 by Part 7 of Schedule 6 to the Pensions Act (Northern Ireland) 2008

[^c22155821]: Section 6 was repealed by Part 3 of Schedule 10 to the Pensions (No. 2) Act (Northern Ireland) 2008 with effect from 6th April 2012

[^c22155831]: Articles 67 to 67I were substituted for Article 67 by Article 239 of the Pensions (Northern Ireland) Order 2005