The Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996
These Regulations replace the Contracting-out (Transfer) Regulations (Northern Ireland) 1985 (“the 1985 Regulations”) which are, subject to transitional provisions, now revoked. The Regulations supplement changes introduced by the Pensions (Northern Ireland) Order 1995 (“the Order”) to Part III of the Pension Schemes (Northern Ireland) Act 1993 (“the 1993 Act”). They also consolidate and amend those provisions of the 1985 Regulations which remain relevant. In addition to minor and drafting amendments, the Regulations make the following changes of substance—they provide for treating separately rights to guaranteed minimum pensions and rights earned in respect of any period from 6th April 1997 and make provision for the transfer of liability for the latter rights;they set out revised conditions for the making of a transfer payment to an overseas scheme, andthey no longer require the Occupational Pensions Board, which is being dissolved, to approve transfers.