2018 No. 170
The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 3) Regulations (Northern Ireland) 2018
Made
Coming into operation
Citation and commencement1
These Regulations may be cited as the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 3) Regulations (Northern Ireland) 2018 and shall come into operation on 4th October 2018.
Amendment of the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations2
The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations (Northern Ireland) 2015 F3 are amended in accordance with regulations 3 to 5.
Amendment of regulation 13
In regulation 1(2) (interpretation) after the definition of “member” insert—
“pension credit rights” has the meaning given in section 97B F4 of the 1993 Act;
Substitution of regulation 54
For regulation 5 (exception to section 51(1) of the Act) substitute—
Exception to section 51(1) of the Act5
1
The trustees or managers are not required to carry out the check in section 51(1) of the Act (independent advice in respect of conversions and transfers) if the transfer value of the member's or survivor's subsisting rights in respect of safeguarded benefits F5 under the pension scheme is £30,000 or less on the valuation date F6.
2
In this regulation “transfer value” means—
a
where the rights referred to in paragraph (1) are transferrable rights as defined in section 89(11) F7 of the 1993 Act (scope of Chapter 1), the amount of the cash equivalent F8 of those rights calculated in accordance with section 93 F9 of that Act (calculation of cash equivalents) and regulations made under it;
b
where the rights referred to in paragraph (1) are pension credit rights, the amount of the cash equivalent of those rights calculated in accordance with regulations made under section 97I F10 of the 1993 Act (calculation of cash equivalents);
c
in any other case, the amount which would be the cash equivalent of the rights referred to in paragraph (1), calculated in accordance with section 93 of the 1993 Act and regulations made under it, as if—
i
Chapter 1 of Part 4ZA F11 of the 1993 Act (transfer rights: general) applied to the member or survivor by virtue of those rights;
ii
references to a member in that Chapter and regulations made under it included a survivor of a member, and
iii
in the case of an active member, the member had ceased to accrue rights to benefits on the valuation date,
but, in each case, disregarding regulations 7D and 7E F12 of the Transfer Values Regulations (reductions to initial cash equivalents and alternative manner of calculating and verifying cash equivalents).
Amendment of regulation 85
In regulation 8(6) (information to be provided on initial enquiry) for the words from “if the” to “within” substitute “
if the transfer value (as defined in regulation 5(2)) of the member's or survivor's subsisting rights to safeguarded benefits
under the scheme were to be calculated within
”
.
Revocation6
The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 2) Regulations (Northern Ireland) 2018 F13 are revoked.
Sealed with the Official Seal of the Department for Communities on 2nd October 2018
See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))