The Occupational Pension Schemes (Schemes that were Contracted-out) (Amendment) Regulations (Northern Ireland) 2022 - screening

The Statutory Rule makes technical amendments to existing Regulations to implement the Government Actuary’s recommendation of 3.25 per cent for the new fixed rate revaluation of guaranteed minimum pension for early leavers.

A guaranteed minimum pension is a pension which has been built up in a formerly contracted-out workplace pension scheme between 1978 and 1997.  If a member of such a pension scheme leaves that employment before the age that the guaranteed minimum pension can be taken, the scheme has a statutory duty (under section 12 of the Pension Schemes (Northern Ireland) Act 1993) to revalue the amount of guaranteed minimum pension which is due to the member until it is payable.