72 Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland
Pension Schemes Act 2015 (2015 c 8) | Legislation

72  Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland

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

(2)     In section 93 (calculation of cash equivalents), in subsection (1)—

() after “verified” insert

“Ĕ

()

(b)     at the end insert

“, and

(b)     where a designation has been made under section 93A, in accordance with regulations under section 93B.”

(3)     After section 93 insert—

“93A Designation of funded public service defined benefits schemes

(1)     The relevant Department may designate a funded public service defined benefits scheme as a scheme to which regulations under section 93B are to apply for a specified period of no more than 2 years.

(2)     The power under subsection (1) may be exercised only if the relevant Department considers that—

() there is an increased likelihood of payments out of public funds, or increased payments out of public funds, having to be made into the scheme so that it can meet its liabilities, and

(b)     the increased likelihood is connected with the exercise or expected future exercise of rights to take a cash equivalent

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