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Change 1
As published
5 Requirements for certification of schemes: general.
(1) Subject to subsection (4), an occupational pension scheme can be contracted-out in relation to an earner’s employment only if it satisfies subsection (2) ....
(2) An occupational pension scheme satisfies this subsection only if—
(a) in relation to any earner’s service before the principal appointed day, it satisfies the conditions of subsection (2A); and
(b) in relation to any earner’s service on or after that day, it satisfies the conditions of subsection (2B).
(2A) The conditions of this subsection are that—
(a) the scheme complies in all respects with sections 9 to 20E or, in such cases or classes of case as may be prescribed, with those sections as modified by regulations; and
(b) the rules of the scheme applying to guaranteed minimum pensions are framed so as to comply with the relevant requirements.
(2B) The conditions of this subsection are that the Inland Revenueare satisfied that—
(a) the scheme complies with section 8A;
(b) restrictions imposed under Article 40 of the Pensions (Northern Ireland) Order 1995 (restriction on employer-related investments) apply to the scheme and the scheme complies with those restrictions;
(c) the scheme satisfies such other requirements as may be prescribed (which—
(i) must include requirements as to the amount of the resources of the scheme, and
(ii) may include a requirement that, if the only members of the scheme were those falling within any prescribed class or description, the scheme would comply with section 8A), and
(d) the scheme does not fall within a prescribed class or description;
and are satisfied that the rules of the scheme are framed so as to comply with the relevant requirements.
(2C) Regulations may modify subsection (2B)(a) and (b) in their application to occupational pension schemes falling within a prescribed class or description.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Where there are two or more occupational pension schemes in force in relation to an earner’s employment, none of which can by itself be a contracted-out scheme, the Inland Revenue may, if they think fit, treat them for contracting-out purposes as a single scheme.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5A) Regulations about pension schemes made under this Chapter may contain provisions framed by reference to whether or not a scheme is a registered pension scheme under section 153 of the Finance Act 2004.
(6) In this section “relevant requirements” means—
(a) the requirements of any regulations prescribing the form and content of rules of contracted-out ... schemes; and
(b) such other requirements as to form and content (not inconsistent with regulations) as may be imposed by the Department as a condition of contracting-out ... either generally or in relation to a particular scheme.
Your change, as a redline
5 Requirements for certification of schemes: general.
(1) Subject to subsection (4), an occupational pension scheme can be contracted-out in relation to an earner’s employment only if it satisfies subsection (2) ....
(2) An occupational pension scheme satisfies this subsection only if—
(a) in relation to any earner’s service before the principal appointed day, it satisfies the conditions of subsection (2A); and
(b) in relation to any earner’s service on or after that day, it satisfies the conditions of subsection (2B).
(2A) The conditions of this subsection are that—
(a) the scheme complies in all respects with sections 9 to 20E or, in such cases or classes of case as may be prescribed, with those sections as modified by regulations; and
(b) the rules of the scheme applying to guaranteed minimum pensions are framed so as to comply with the relevant requirements.
(2B) The conditions of this subsection are that the Inland Revenueare satisfied that—
(a) the scheme complies with section 8A;
(b) restrictions imposed under Article 40 of the Pensions (Northern Ireland) Order 1995 (restriction on employer-related investments) apply to the scheme and the scheme complies with those restrictions;
(c) the scheme satisfies such other requirements as may be prescribed (which—
(i) must include requirements as to the amount of the resources of the scheme, and
(ii) may include a requirement that, if the only members of the scheme were those falling within any prescribed class or description, the scheme would comply with section 8A), and
(d) the scheme does not fall within a prescribed class or description;
and are satisfied that the rules of the scheme are framed so as to comply with the relevant requirements.
(2C) Regulations may modify subsection (2B)(a) and (b) in their application to occupational pension schemes falling within a prescribed class or description.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Where there are two or more occupational pension schemes in force in relation to an earner’s employment, none of which can by itself be a contracted-out scheme, the Inland Revenue may, if they think fit, treat them for contracting-out purposes as a single scheme.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5A) Regulations about pension schemes made under this Chapter may contain provisions framed by reference to whether or not a scheme is a registered pension scheme under section 153 of the Finance Act 2004.
(6) In this section “relevant requirements” means—
(a) the requirements of any regulations prescribing the form and content of rules of contracted-out ... schemes; and
(b) such other requirements as to form and content (not inconsistent with regulations) as may be imposed by the Department as a condition of contracting-out ... either generally or in relation to a particular scheme.
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