The Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996
These Regulations replace the Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1987 (“the 1987 Regulations”) which are, subject to transitional provisions, now revoked. The Regulations supplement the changes introduced by the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) to Part III of the Pension Schemes (Northern Ireland) Act 1993 (“the 1993 Act”) (although they are made under powers in the 1993 Act which have not been amended by the 1995 Order). They also consolidate and amend those provisions of the 1987 Regulations which remain relevant. In addition to minor and drafting amendments the Regulations make the following changes of substance—they provide for treating separately protected rights in respect of any period before 6th April 1997 and in respect of any period from 6th April 1997;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 transfer payments.