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”.

2

In section 24(2)(b) of that Act (ways of giving effect to protected rights)—

a

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

b

in sub-paragraph (ii), for “or to an occupational pension scheme” there shall be substituted “, to an occupational pension scheme or to an overseas arrangement”.

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;