SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975

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SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975 - SECT 65



65.(1) At any time when an occupational pension scheme qualifies under this
Article it shall be exempt from the operation of any rules of law relating to
perpetuities which would otherwise invalidate, or might be taken to
invalidate, any of the trusts of the scheme or any disposition made under it
or for its purposes (whether trusts created, or dispositions made, before or
after the scheme first qualified under this Article).

(2) A public service pension scheme qualifies under this Article at all times;
and otherwise a scheme qualifies at any time when

(a)it is contracted-out under Part IV in relation to any employment; or

(b)it satisfies the requirements of regulations under this paragraph.

(3) Regulations under paragraph (2) may require a scheme

(a)to contain provisions in any prescribed form, or to any prescribed effect;
or

(b)to have, or to be such that it may be expected to qualify for,
tax-exemption or tax-approval;

(4) In paragraph (3), "tax-exemption" and "tax-approval" mean respectively
exemption from tax and approval of the Inland Revenue in either case under any
such provision of the Income Tax Acts as may be prescribed by regulations.

(5) Regulations may include provision whereby a scheme which ceases to be
contracted-out, or ceases to satisfy the requirements of regulations under
paragraph (2), may nevertheless be treated as continuing to qualify under this
Article for a further period of 2 years from the cesser, or for such longer
period as the Occupational Pensions Board consider to be reasonable in the
case of a particular scheme.

(6) As respects the operation of the rules of law referred to in paragraph (1)

(a)this Article does not validate with retrospective effect any trusts created
or dispositions made under or for the purpose of a scheme if (taking into
account, where applicable, section 3(1) of the Perpetuities Act (Northern
Ireland) 1966) those trusts or dispositions were already required to be
treated as void under the rules before the scheme qualified under this
Article; and

(b)if a scheme ceases to qualify, trusts so created and dispositions so made
shall then again be subject to the rules as if the scheme had never qualified
(but without prejudice to any rights which vested during the period of
qualification).

(7) The Superannuation and other Trust Funds (Validation) Act (Northern
Ireland) 1928 shall cease to have effect, but regulations may provide, in
relation to a scheme whose fund was registered under the Act immediately
before its repeal took effect, for the scheme to retain the benefit of
the Act, subject to prescribed conditions and either indefinitely or for a
prescribed period.

(8) The said Act of 1928 shall, until its repeal by paragraph (7), have effect
with the following modifications

(a)no new application shall be made under section 3 of the Act for the
registration of any fund (without prejudice to the effectiveness of any
application previously made or pending); and

(b)the registration of a fund may be cancelled notwithstanding that the fund
has not been wound up, if the trustees apply in writing to the registrar
stating that they desire its cancellation.

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Northern Irish Legislation

SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975 - SECT 65