The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations (Northern Ireland) 2021
These Regulations prescribe the conditions for pension transfers that the Department for Communities is required to prescribe further to the amendments made by paragraph 13 of Schedule 11 to the Pension Schemes 2021 to the Pension Schemes (Northern Ireland) Act 1993 (“the 1993 Act”), in particular the insertion of subsections (6ZA) to (6ZC) into section 91 and of subsections (5A) to (5C) into section 97F. Those sections of the 1993 Act provide for the different ways in which trustees or managers of an occupational or personal pension scheme may, further to application or notice from the member of their scheme (“the transferring scheme”), use the cash equivalent value of, respectively, either the member’s accrued rights to benefits, or pension credit rights, so as to make a transfer of that value into another occupational or personal pension scheme.