SCHEDULES

SCHEDULE 5PENSIONS: MISCELLANEOUS AMENDMENTS AND ALTERNATIVE TO ANTI-FRANKING RULES

PART IMISCELLANEOUS AMENDMENTS

Transfer of rights to overseas personal pension schemes

2

1

In section 16(1) of the Pension Schemes Act (transfer of accrued rights)—

a

in paragraph (a), for or to a personal pension scheme there shall be substituted “, to a personal pension scheme or to an overseas arrangement”; and

b

in paragraph (b), for or a personal pension scheme there shall be substituted “, a personal pension scheme or an overseas arrangement”.

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3

In section 176(1) of that Act (general interpretation), after the definition of occupational pension scheme, there shall be inserted—

overseas arrangement means a scheme or arrangement which—

a

has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement to or in respect of earners;

b

is administered wholly or primarily outside Northern Ireland;

c

is not an appropriate scheme; and

d

is not an occupational pension scheme;