08 JUL 2006
Divorce etc (Pension Protection Fund) Regulations (Northern Ireland) 2006 (SR 2006/310)
These Regulations come into force on 14 August 2006 and provide for
- (a) modification of Part III of the Matrimonial Causes (Northern Ireland) Order 1978 (SI 1978/1045 (NI 15)) (the Order) to allow for cases where a pension attachment order has been made and the Board of the Pension Protection Fund (the Board) becomes involved with the pension arrangement in question;
- (b) modification of orders including provision made by virtue of Art 27B(7) of the Order (order requiring a party to exercise a right of commutation) to enable the order to be enforced in respect of compensation paid by the Board;
- (c) modification of Part III of the Order to allow the court to exercise certain of its powers on an application to vary or an appeal in relation to a pension attachment or a pension sharing order notwithstanding the fact that the Board has assumed responsibility for the pension arrangement in question;
- (d) modification of the Divorce etc (Pensions) Regulations (Northern Ireland) 2000 (SR 2000 No 210) to provide for notices of change of circumstances in relation to pension attachment orders to be given to the Board where appropriate and for the Board to be discharged from liability in circumstances where payments cannot be made to the correct party or are made in error due to lack of or incorrect information.
The Pension Protection Fund was established by the Pensions Act 2004 (c 35) (the Pensions Act). The Board pays compensation to members of certain pension schemes when a qualifying insolvency event in relation to the employer occurs and where there are insufficient assets in the pension scheme to cover the levels of compensation which would be payable by the Board under the Pensions Act or the Pensions (Northern Ireland) Order 2005 (SI 2005/255 (NI 1)).