S.I. 148 of 2010


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S.I. No. 148 of 2010.

OCCUPATIONAL PENSION SCHEMES (PRESERVATION OF BENEFITS) (AMENDMENT) REGULATIONS 2010

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

Article 8 of the Occupational Pension Schemes (Preservation of Benefits) Regulations 2002 prescribes how preserved benefits are calculated in the event of a change to the normal retirement age of a defined benefit pension scheme. These regulations specify that changes impacting on the calculation of preserved benefit be restricted for any member who subsequently terminates employment within 10 years of such a change.

This amendment to Regulation 8 prescribes that where a change to normal retirement age occurs following an order under Section 50(1) of the Pensions Act, then subsequent calculations of preserved benefits shall have immediate effect, rather than being phased in over 10 years.

Last modified:07/02/2011
 

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