The Department for Communities has made a Statutory Rule entitled “The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024” (S.R. 2024 No. 136), which comes into operation on 20th June 2024.

The Rule makes technical amendments to clarify two areas of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024.

The first amendment concerns provision governing how reductions to member benefits in collective money purchase schemes can be managed so that it operates as originally intended to mitigate, where appropriate, the impact on members.

The second amendment clarifies the categories of flexi-access drawdown fund to which accrued rights in a collective money purchase scheme that is being wound up, can be transferred.

Copies of the Rule may be purchased from the Stationery Office at www.tsoshop.co.uk or by contacting TSO Customer Services on 0333 202 5070 or viewed online at http://www.legislation.gov.uk/nisr.