NI Teachers' Pension Scheme (NITPS) Superannuation (Additional Voluntary Contributions) (Amendment) Regulations (Northern Ireland) 2015

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Consultation opened on 20 May 2015. Closing date 17 June 2015.

Summary

The Teachers' Superannuation (Additional Voluntary Contributions) Regulations (NI) 1996 make arrangements to allow members of the NI Teachers’ Pension Scheme (NITPS) to make additional pension savings in a defined contribution pension scheme that sits alongside, but is separate from, the NITPS. This consultation deals with the need to make amendments to those regulations to reflect changes in tax and pension law brought about by the budget in 2014.


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Consultation description

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".

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