Bankruptcy
(Désastre) (Pensions) (Jersey) Regulations 2006
1 Interpretation
In these Regulations, the “Law” means the Bankruptcy (Désastre) (Jersey)
Law 1990.
2 Certain
pension benefits excluded from Law
(1) There shall be excluded
from a debtor’s property for the purposes of the Law any rights the
debtor may have under an approved pension arrangement.
(2) In paragraph (1),
“approved pension arrangement” means –
(a) a
retirement benefits scheme set up by a government outside Jersey for the
benefit, or primarily for the benefit, of its employees;
(b) a
pension scheme, annuity contract or a drawdown contract approved under Part 19
of the Income Tax (Jersey)
Law 1961;
(c) an
annuity purchased to give effect to rights under an arrangement mentioned in
paragraph (a) or paragraph (b).
3 Viscount
may agree that pension benefits be excluded from Law
(1) The Viscount may enter
into an agreement with a debtor to exclude from the debtor’s property for
the purposes of the Law, either absolutely or to a specified extent, rights the
debtor had under a pension arrangement specified in the agreement.
(2) The Viscount’s
decision on the terms and provisions of such an agreement must be made by
reference to –
(a) the
future likely needs of the debtor and of the debtor’s family; and
(b) whether
the debtor is likely to receive any benefits (by way of pension or otherwise)
and the extent to which those benefits would be adequate to meet the needs of
the debtor and of the debtor’s family.
(3) The
agreement –
(a) must
be entered into within the 6 months following the declaration in respect
of the debtor; and
(b) must
be in writing signed by both the Viscount and the debtor.
(4) The agreement may be
revoked at any time by the Viscount if the Viscount is satisfied that before
entering into the agreement the Viscount was provided with false or misleading
information, either by the debtor or by any other person.
4 Property
excluded from Law by agreement
(1) This Regulation applies
where the Viscount enters into an agreement with a debtor in accordance with
Regulation 3.
(2) There shall be excluded
from the debtor’s property for the purposes of the Law, to the extent
specified in the agreement, rights the debtor had in the pension arrangement
specified in the agreement.
(3) Paragraph (2)
shall be taken to have had effect immediately before the declaration was made
in respect of the debtor.
(4) Paragraphs (2) and
(3) cease to apply if the agreement is revoked by the Viscount.
5 Citation
These Regulations may be cited as the Bankruptcy (Désastre)
(Pensions) (Jersey) Regulations 2006.