SCHEDULE 6 Collective Money Purchase Benefits: Minor and Consequential Amendments for Northern Ireland
Pension Schemes Act 2021 (2021 c 1) | Legislation

SCHEDULE 6 Collective Money Purchase Benefits: Minor and Consequential Amendments for Northern Ireland

Section 99

Pension Schemes (Northern Ireland) Act 1993 (c 49)

1

The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.

2

(1)     Section 80 (basis of revaluation of accrued benefits) is amended as follows.

(2)     In subsection (3), after “money purchase benefit†insert “other than a collective money purchase benefitâ€.

(3)     After subsection (3A) insert—

“(3AA)     If any such benefit as is mentioned in section 79(1)(a) is a collective money purchase benefit, the benefit shall be revalued using the cash balance method.â€

3

In section 97AI (right to cash transfer sum and contribution refund: further provisions), in subsection (7)—

(a)     in paragraph (a), at the end insert—

“(xii)     regulations made under section 69(4) of or paragraph 1(6) of Schedule 5 to the Pension Schemes Act 2021;

(xiii)     sections 85, 90, 92, 93 and 96 of the Pension Schemes Act 2021;â€;

(b)     in paragraph (b), at the end insert—

“(x)     sections 69(7)(b), 85(5), 90(6), 92(6), 93(2) and 96(5) of and paragraph 1(7) of Schedule 5 to the Pension Schemes Act 2021.â€

4

In section 181 (Assembly, etc

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