- Latest available (Revised)
- Point in Time (06/04/2006)
- Original (As made)
Version Superseded: 06/04/2012
Point in time view as at 06/04/2006.
The Pensions (Northern Ireland) Order 1995, Cross Heading: Protected rights is up to date with all changes known to be in force on or before 04 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
139.—(1) Section 24 of the Pension Schemes Act (ways of giving effect to protected rights) is amended as follows.
Paras. (2)(3) rep. by 1999 NI 11
(4) In subsection (3)—
(a)in paragraph (b), after “the member” insert “or, where section 24A(2) applies, the member's widow or widower”,F1. . .
Sub‐para. (b) rep. by 1999 NI 11
(5) F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) In subsection (5), after “subsection” insert “(1A),”.
(7) After subsection (7) add—
“(8) In this section and sections 24A, 24B and 25—
“the interim period” means the period beginning with (and including) the starting date in relation to the member in question and ending with the termination date;
“the starting date,” means the date, which must not be earlier than the member's 60th birthday, by reference to which the member elects to begin to receive payments under the interim arrangement;
“the termination date” means the date by reference to which the member (or, where section 24A(2) applies, the member's widow or widower) elects to terminate the interim arrangement, and that date must be not later than—
(a)the member's 75th birthday, or
(b)where section 24A(2) applies, the earlier of the member's widow or widower's 75th birthday and the 75th anniversary of the member's birth.”
F2Art. 139(5) repealed (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 291, Sch. 11; S.R. 2006/95, art. 2(c), Sch. Pt. 3
140. After section 24 of the Pension Schemes Act insert—
24A.—(1) An interim arrangement must provide for payments to be made to the member, and, where subsection (2) applies, to the member's widow or widower, throughout the interim period, at intervals not exceeding twelve months.
(2) This subsection applies where the member dies during the interim period and is survived by a widow or widower who at the date of the member's death has not yet attained the age of 75 years.
(3) The aggregate amount of payments made to a person under an interim arrangement in each successive period of twelve months must not be—
(a)greater than the annual amount of the annuity which would have been purchasable by him on the relevant reference date, or
(b)less than the prescribed percentage of that amount
(4) The percentage prescribed under subsection (3)(b) may be zero.
(5) For the purposes of this section—
(a)the annual amount of the annuity which would have been purchasable by a person on any date shall be calculated in the prescribed manner by reference to—
(i)the value on that date, determined by or on behalf of the trustees or managers of the scheme, of the person's protected rights, and
(ii)the current published tables of rates of annuities prepared by the Government Actuary for the purposes of section 28A of the Pension Schemes Act 1993, and
(b)the relevant reference date is—
(i)in relation to payments made to the member during the three years beginning with (and including) the member's starting date, that date, and in relation to such payments made during each succeeding period of three years, the first day of the period of three years in question, or
(ii)where subsection (2) applies, in relation to payments made to the member's widow or widower during the three years beginning with (and including) the date of the member's death, that date, and in relation to such payments made during each succeeding period of three years, the first day of the period of three years in question.
24B.—(1) The trustees or managers of a personal pension scheme must, if required to do so by the Department, produce any document relevant to—
(a)the level of payments made under any interim arrangement, or
(b)the value of protected rights to which such an arrangement gives effect,
or otherwise connected with the making of payments under such an arrangement.
(2) In this section, “document” includes information recorded in any form, and the reference to the production of a document, in relation to information recorded otherwise than in legible form, is a reference to producing a copy of the information in legible form.”.
141.—(1) Section 25 of the Pension Schemes Act (the pension and annuity requirements) is amended as follows.
(2) In subsection (1) for paragraph (a) substitute—
“(a)in the case of an occupational pension scheme it commences on a date—
(i)not earlier than the member's 60th birthday, and
(ii)not later than his 65th birthday,
or on such later date as has been agreed by him, and continues until the date of his death, or
(aa)in the case of a personal pension scheme—
(i)where the member has elected under section 24(1A) to receive payments under an interim arrangement, it commences on the termination date, and continues until the date of the member's death or, where section 24A(2) applies, until the death of the member's widow or widower, or
(ii)otherwise, it commences on such a date as had been agreed by the member and is not earlier than his 60th birthday nor later than his 75th birthday, and continues until the date of his death;” .
(3) In subsection (3)(b)(iii), after “member” insert “or, where section 24A(2) applies, the member's widow or widower.”
(4) In subsection (4), after “member” insert “(or a member's widow or widower)”.
142. Regulations made by the Department may provide that Articles 139 to 141 shall have effect, subject to prescribed modifications, in relation to protected rights under an occupational pension scheme as they have effect in relation to protected rights under a personal pension scheme.
143.—(1) After section 28 of the Pension Schemes Act insert—
28A.—(1) Where an occupational pension scheme is being wound up and such conditions as may be prescribed are satisfied, effect may be given to the protected rights of a member of the scheme (in spite of section 24) by—
(a)taking out an appropriate policy of insurance, or a number of such policies, under which the member is the beneficiary, or
(b)assuring the benefits of a policy of insurance, or a number of such policies, to the member, where the policy assured is an appropriate policy.
(2) A policy of insurance is appropriate for the purposes of this section if—
(a)the insurance company with which it is or was taken out or entered into—
(i)is, or was at the time when the policy was taken out or (as the case may be) the benefit of it was assured, carrying on ordinary long-term insurance business (within the meaning of the Insurance Companies Act 1982) in the United Kingdom or any other member State, and
(ii)satisfies, or at that time satisfied, prescribed requirements, and
(b)it may not be assigned or surrendered except on conditions which satisfy such requirements as may be prescribed,
(c)it contains or is endorsed with terms whose effect is that the amount secured by it may not be commuted except on conditions which satisfy such requirements as may be prescribed, and
(d)it satisfies such other requirements as may be prescribed.”.
(2) At the end of section 24 of that Act, as amended by this Order (ways of giving effect to protected rights), insert—
“(9) This section is subject to section 28A.” .
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.