The amendments to the regulations ensure that all members of the NITPS are able to avail of the greater flexibility over how they access their money purchase pension pots announced in the 2014 Budget. Amendments to the 1996 Regulations enable members to utilise the additional flexibilities for defined contribution pension schemes provided for in the Pension Schemes Act 2015 and take account of changes to tax treatment of individuals’ pension funds introduced by the Taxation of Pensions Act 2014.
These regulations will introduce improvements, rather than any detriments, to members of the NITPS. It is therefore proposed that these regulations be retrospective i.e. with a coming into operation date of 6 April 2015 to ensure no member of NITPS is disadvantaged.
The Public Service Pensions Act (NI) (2014) requires the Department to publish a statement indicating persons the Department would expect to consult with under the Provisions of the Act. Accordingly please see above a "Statement of Consultees".