The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996
These Regulations replace the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1985 (“the 1985 Regulations”) which are, subject to transitional provisions, now revoked. The Regulations supplement the changes introduced by the Pensions (Northern Ireland) Order 1995 (“the Order”) to Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993 (“the Act”). They also consolidate and amend the 1985 Regulations. Provisions carried forward from the 1985 Regulations are amended to take into account new provisions introduced by the Order and changes made by the Order to the Act other than to Chapter IV of Part IV. Provisions carried forward from the 1985 Regulations which have been amended substantively for other reasons are contained in regulation 8(3) (requirement to obtain actuary’s report before directing that cash equivalents shall not take account of discretionary benefits), regulation 10 (requirement to increase cash equivalent if paid late) and regulation 11 (disclosure requirements and penalties).