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The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1997

S.R. 1997/160 · Made 14 March 1997 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 6 April 2016.

PENSIONS

Made 14th March 1997

Coming into operation 6th April 1997

The Department of Health and Social Services for Northern Ireland, in exercise of the powers conferred on it by sections 4(3)(a), 5(2A)(a), (2B), (2C), (3) and (6)(a), 6(2)(c) and (3)(c), 7(3) and (5)(a) to (c), 8C(1) and (3), 16(1) to (3), 17(1), 21(2), 24(2)(b), 30, 33(1), 35, 52(2), 69(1)(b), (2)(b) and (4)(b), 89(1A)(b), 91(2)(c) and (3), 93(1), 109(1) and (3), 142(4), 164(1) and (4), 177(2) to (4) and 178(1) and (3) of, and paragraphs 1(1) to (4), 3, 4(2) and 5(3)(e) of Schedule 1 to, the Pension Schemes (Northern Ireland) Act 1993f1 and Articles 10(3), 17(1)(c) and (4)(b), 18(1), 19(1)(c) and (4), 20(1)(b), 21(3) to (6) and (7)(b), 37(10), 40(1) and (2)(e), 41(1) and (6), 47(5), 49(8)(b), 56(2)(b) and (3), 57(1)(a), 58(2) and (7), 60(2)(b) and (4), 61, 69(3)(c), 73(9), 75(10), 76(8), 77(6), 85(1), 115(1)(a) and (b), 116, 122(2) to (4) and 166 of the Pensions (Northern Ireland) Order 1995f2 and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1993 c. 49; section 5(2) to (2C) was substituted for section 5(2) by Article 133(3) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)); section 5(3) was amended by Article 133(4) of that Order; section 8C was inserted by Article 133(5) of that Order; section 21(2) was substituted by paragraph 26(b) of Schedule 3 to that Order; section 30 was amended by paragraphs 14 and 30 of Schedule 3 to that Order; section 33 was substituted by paragraph 32 of Schedule 3 to that Order; section 89(1A) was inserted by Article 148(3) of that Order; section 142(1) to (4) was substituted by Article 153(2) of that Order and section 164 was substituted by Article 151(1) of that Order

f2

S.I. 1995/3213 (N.I. 22)

Contents

  1. 1Citation, commencement and interpretation
  2. 2Schemes providing salary related death benefits
  3. 3Miscellaneous amendments
  4. 4Revocations and savings
  5. Signature
  6. Schedule: Miscellaneous Amendments
  7. 1Amendment of the Personal Pension Schemes (Disclosure of Information) Regulations Repealed
  8. 2Amendment of the Personal Pension Schemes (Transfer Values) Regulations
  9. 3Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations
  10. 4Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations Repealed
  11. 5Amendment of the Occupational Pension Schemes (Contracting-out) Regulations
  12. 6Amendment of the Protected Rights (Transfer Payment) Regulations
  13. 7Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations Repealed
  14. 8Amendment of the Occupational Pension Schemes (Investment) Regulations Repealed
  15. 9Amendment of the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations
  16. 10Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations
  17. 11Amendment of the Occupational Pension Schemes (Transfer Values) Regulations
  18. 12Amendment of the Occupational Pension Schemes (Winding Up) Regulations
  19. 13Amendment of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations
  20. 14Amendment of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations
  21. 15Amendment of the Personal and Occupational Pension Schemes (Protected Rights) Regulations
  22. 16Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations
  23. 17Amendment of the Occupational Pension Schemes (Payments to Employers) Regulations Repealed
  24. 18Amendment of the Occupational Pension Schemes (Modification of Schemes) Regulations Repealed
  25. 19Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations Repealed
  26. Explanatory note

1Citation, commencement and interpretationI1

(1)

These Regulations may be cited as the Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1997 and shall come into operation on 6th April 1997.

(2)

The Interpretation Act (Northern Ireland) 1954f1 shall apply to these Regulations as it applies to a Measure of the Assembly.

2Schemes providing salary related death benefitsI1

F1(1)

Part II of the Pensions (Northern Ireland) Order 1995 applies to any occupational pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits as if every reference in that Part to a money purchase scheme included such a scheme.

F2(2)

But paragraph (1) does not apply in relation to the provision by an occupational pension scheme of a pension to which regulation 2 of the Personal and Occupational Pension Schemes (Indexation and Disclosure of Information) (Miscellaneous Amendments) Regulations (Northern Ireland) 2005 applies (removal of indexation: money purchase benefits provided under a hybrid occupational pension scheme).

3Miscellaneous amendmentsI1

The regulations specified in the Schedule shall have effect with the amendments specified in that Schedule.

4Revocations and savingsI1

(1)

Subject to paragraph (2), the Personal Pension Schemes (Personal Pension Protected Rights Premiums) Regulations (Northern Ireland) 1987f1 (“the 1987 Regulations”) and paragraph 14 of Schedule 2 to the Occupational and Personal Pension Schemes (Consequential Amendments) Regulations (Northern Ireland) 1994f2 are hereby revoked.

(2)

Without prejudice to the generality of section 28 of the Interpretation Act (Northern Ireland) 1954, the revocations in paragraph (1) do not affect the operation of the 1987 Regulations as respects any premium paid before 6th April 1997 or payable immediately before that date.

Signature

Sealed with the Official Seal of the Department of Health and Social Services for Northern Ireland on

L.S.

John O'Neill

Assistant Secretary

14th March 1997.

1Amendment of the Personal Pension Schemes (Disclosure of Information) RegulationsF1

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2Amendment of the Personal Pension Schemes (Transfer Values) RegulationsI1

(1)

In regulation 2(b) of the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1987f1 for “regulations 2 and 3 of the Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1987” there shall be substituted “regulation 2 of the Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996f2”.

(2)

Sub-paragraph (1) shall not apply where the cash equivalent is used on or after 6th April 1997 in pursuance of an application made under section 91 of the Pension Schemes (Northern Ireland) Act 1993 before that date.

3Amendment of the Occupational Pension Schemes (Preservation of Benefit) RegulationsI1

(1)

The Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 1991f1 shall be amended in accordance with sub-paragraphs (2) and (3).

(2)

In regulations 6(2)(b) and 9(4)(a) for “regulation 2 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1985” there shall be substituted “regulation 3 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997f2”.

(3)

In regulation 12(3)f3—

(a)

in sub-paragraph (a) after “favourable” there shall be inserted “and, if that scheme were wound up immediately after the transfer, would not be likely to be materially less secure than they would be if the transferring scheme were wound up immediately before the transfer”; and

(b)

after sub-paragraph (a) there shall be inserted the following sub-paragraph—

“(aa)

no beneficiary or contingent beneficiary under the transferring scheme will receive materially inferior benefits in the receiving scheme; and”.

4Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) RegulationsF1

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5Amendment of the Occupational Pension Schemes (Contracting-out) RegulationsI1

(1)

The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996f1 shall be amended in accordance with sub-paragraphs (2) to (15).

(2)

In regulation 1(2) for the definition of “section 5(2B) rights” there shall be substituted the following definition—

  • ““section 5(2B) rights” are—

    1. (a)

      rights to the payment of pensions and accrued rights to pensions (other than rights attributable to voluntary contributions) under a scheme contracted-out by virtue of section 5(2B) of the Actf2, so far as attributable to an earner’s service in contracted-out employment on or after the principal appointed day, and

    2. (b)

      where a transfer payment has been made to such a scheme, any rights arising under the scheme as a consequence of that payment which are derived directly or indirectly from—

      1. (i)

        such rights as are referred to in paragraph (a) under another scheme contracted-out by virtue of section 5(2B) of the Act, or

      2. (ii)

        protected rights under another occupational pension scheme or under a personal pension scheme attributable to payments or contributions in respect of contracted-out employment on or after the principal appointed day;”.

(3)

In regulation 2 for paragraph (2) there shall be substituted the following paragraph—

“(2)

In making or abstaining from making an election as to the inclusion of an employment in a contracting-out certificate, an employer may discriminate between different earners (otherwise than on the ground of the nature of their employment) in any case where such discrimination would be lawful apart from section 7(3) of the Act.”.

(4)

In regulation 3 for paragraphs (4) and (5) there shall be substituted the following paragraphs—

“(4)

Unless paragraph (5) applies, a notice under this regulation must specify a date of expiry which is not earlier than the date 3 months after the date on which the notice is given.

(5)

Where—

(a)

there is no independent trade union recognised in relation to the earners concerned, or

(b)

before the notice has been given every such trade union has consented in writing to the notice specifying an earlier date than that which is required under paragraph (4),

the notice may specify an earlier date (but not earlier than the date one month after that on which the notice is given).”.

(5)

Regulation 6(2)(f)(i) shall be omitted.

(6)

In regulation 7 at the end there shall be added “or the date from which it is intended that the certificate is to have effect”.

(7)

In regulation 9(8) at the end there shall be added “or the date from which it is intended that the variation or surrender is to have effect”.

F1(8)

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(9)

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(10)

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(11)

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(12)

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(13)

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(14)

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(15)

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6Amendment of the Protected Rights (Transfer Payment) RegulationsI1

(1)

The Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996f1 shall be amended in accordance with sub-paragraphs (2) and (3).

(2)

In regulation 1(2)—

F1(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

for the definition of “section 5(2B) rights” there shall be substituted the following definition—

  • ““section 5(2B) rights” are—

    1. (a)

      rights to the payment of pensions and accrued rights to pensions (other than rights attributable to voluntary contributions) under a scheme contracted-out by virtue of section 5(2B), so far as attributable to an earner’s service in contracted-out employment on or after the principal appointed day, and

    2. (b)

      where a transfer payment has been made to such a scheme, any rights arising under the scheme as a consequence of that payment which are derived directly or indirectly from—

      1. (i)

        such rights as are referred to in paragraph (a) under another scheme contracted-out by virtue of section 5(2B), or

      2. (ii)

        protected rights under another occupational pension scheme or under a personal pension scheme attributable to payments or contributions in respect of contracted-out employment on or after the principal appointed day;”.

(3)

In regulation 4(e) at the end there shall be added “on or after the principal appointed day”.

7Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) RegulationsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8Amendment of the Occupational Pension Schemes (Investment) RegulationsF1

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9Amendment of the Occupational Pension Schemes (Deficiency on Winding Up, etc.) RegulationsI1

(1)

The Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996f1 shall be amended in accordance with sub-paragraphs (2) to (4).

(2)

In regulation 2(2) for the definition of “money purchase scheme” there shall be substituted the following definition—

  • ““money purchase scheme” means an occupational pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits.”.

(3)

In regulation 4(2), after the provision inserted as paragraph (1C) of Article 75, there shall be added—

“(1D)

For the purposes of paragraphs (1B) and (1C), there shall be disregarded any provisions of the scheme by virtue of which contributions or transfers of assets may be made to make provision for death benefits; and where paragraph (1B) or (1C) applies and contributions or transfers are so made to a section (“the death benefits section”) the assets of which may only be applied for the provision of death benefits, the death benefits section shall also be treated as if it were a separate scheme for the purposes of this Article.

(1E)

For the purposes of paragraphs (1B), (1C) and (1D), there shall be disregarded any provisions of the scheme by virtue of which on the winding up of the scheme assets attributable to one section may be used for the purposes of another section.”.

(4)

In Schedule 2 paragraph 4 shall be omitted.

10Amendment of the Contracting-out (Transfer and Transfer Payment) RegulationsI1

(1)

The Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996f1 shall be amended in accordance with sub-paragraphs (2) to (7).

(2)

In regulation 1(2)—

F1(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

for the definition of “section 5(2B) rights” there shall be substituted the following definition—

  • ““section 5(2B) rights” are—

    1. (a)

      rights to the payment of pensions and accrued rights to pensions (other than rights attributable to voluntary contributions) under a scheme contracted-out by virtue of section 5(2B), so far as attributable to an earner’s service in contracted-out employment on or after the principal appointed day, and

    2. (b)

      where a transfer payment has been made to such a scheme, any rights arising under the scheme as a consequence of that payment which are derived directly or indirectly from—

      1. (i)

        such rights as are referred to in paragraph (a) under another scheme contracted-out by virtue of section 5(2B), or

      2. (ii)

        protected rights under another occupational pension scheme or under a personal pension scheme attributable to payments or contributions in respect of contracted-out employment on or after the principal appointed day;”.

(3)

In regulation 6(b) and (e) after “have taken reasonable steps to satisfy themselves” there shall be inserted “(or, if the transfer payment is from an appropriate policy, the transferring insurance company has taken reasonable steps to satisfy itself)”.

(4)

In regulation 7(1)(a) the words “or from an appropriate policy” shall be omitted.

(5)

In regulation 8(c) at the end there shall be added “on or after the principal appointed day.”.

(6)

After regulation 13 there shall be inserted the following regulation—

“Modification of section 8C where transfer payments are made to salary related contracted-out schemes

13A

In section 8C any reference to the liability for, or rights to, pensions so far as attributable to service on or after the principal appointed day shall include any liability or rights arising under the scheme as a consequence of a transfer payment which are derived directly or indirectly from—

(a)

an earner’s service in contracted-out employment on or after the principal appointed day under another scheme contracted-out by virtue of section 5(2B), or

(b)

protected rights under another occupational pension scheme or under a personal pension scheme attributable to payments or contributions in respect of employment on or after the principal appointed day.”.

(7)

In Schedule 2—

(a)

for paragraph 1 there shall be substituted the following paragraph—

“1

Section 4(2) shall have effect as if for the definition of “guaranteed minimum pension” there were substituted—

  • ““guaranteed minimum pension” means any pension which is provided by an occupational pension scheme—

    1. (a)

      in accordance with the requirements of sections 9 and 13, or

    2. (b)

      in compliance with the condition set out in paragraph 1 or 6 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996 (or, as the case may be, in paragraph 1 or 5 of Schedule 2 to the Contracting-out (Transfer) Regulations (Northern Ireland) 1985f2),

    to the extent to which its weekly rate is equal to the earner’s or, as the case may be, the earner’s widow’s or widower’s guaranteed minimum, as determined for the purposes of those sections or, as the case may be, that condition;”.”;

(b)

for paragraph 6 there shall be substituted the following paragraph—

“6

Section 4(2) shall have effect as if for the definition of “guaranteed minimum pension” there were substituted—

  • ““guaranteed minimum pension” means any pension which is provided by an occupational pension scheme—

    1. (a)

      in accordance with the requirements of sections 9 and 13, or

    2. (b)

      in compliance with the condition set out in paragraph 5 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996 (or, as the case may be, in regulation 2A(4) of the Contracting-out (Transfer) Regulations (Northern Ireland) 1985f3,

    to the extent to which its weekly rate is equal to the earner’s or, as the case may be, the earner’s widow’s or widower’s guaranteed minimum, as determined for the purposes of those sections or, as the case may be, that condition;”.”.

11Amendment of the Occupational Pension Schemes (Transfer Values) RegulationsI1

(1)

The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996f1 shall be amended in accordance with sub-paragraphs (2) to (5).

(2)

In regulation 1(2) for the definition of “salary related scheme” there shall be substituted the following definition—

  • ““salary related scheme” has the meaning given in regulation 1A;”.

(3)

After regulation 1 there shall be inserted the following regulation—

“Salary related schemes

1A. For the purposes of Chapter IV of Part IV of the Act and these Regulations an occupational pension scheme is salary related if it is not a money purchase scheme and it is not a scheme—

(a)

the only benefits provided by which (other than money purchase benefits) are death benefits; and

(b)

under the provisions of which no member has accrued rights (other than rights to money purchase benefits).”.

F1(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

In regulation 12(2)(a) for “and 4 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1985” there shall be substituted “, 4 and 5 or, in the case of a pension or accrued benefit under a relevant scheme, regulation 11 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997f2”.

12Amendment of the Occupational Pension Schemes (Winding Up) RegulationsI1

In regulation 12 of the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996f1 for paragraphs (1) and (2) there shall be substituted the following paragraph—

“(1)

Where Article 56 applies to a scheme as if different parts of the scheme were separate schemes and a part of such a scheme is being wound up (whether or not any other parts are being wound up), Articles 73 and 74 shall also so apply—

(a)

taking references in those Articles to the assets of the scheme as references only to those assets treated for the purposes of Article 56 as assets of that part; and

(b)

taking references in those Articles to the liabilities of the scheme, or any particular description of liabilities as references only to such liabilities of the scheme or, as the case may be, of that description, as are treated for the purposes of Article 56 as liabilities of that part.”.

13Amendment of the Personal and Occupational Pension Schemes (Pensions Ombudsman) RegulationsI1

In regulation 1(2) of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations (Northern Ireland) 1997f1 for the definition of “administrator” there shall be substituted the following definition—

  • ““administrator”—

    1. (a)

      in relation to an occupational pension scheme, means any person concerned with the administration of the scheme, other than a person responsible for the management of the scheme (as defined in section 142(3) of the Actf2 for the purposes of Part X of the Act), and

    2. (b)

      in relation to a personal pension scheme, means any person concerned with the administration of the scheme, other than—

      1. (i)

        a person responsible for the management of the scheme (as defined in section 142(3A) of the Act for the purposes of Part X of that Act); or

      2. (ii)

        a person who is or has been the employer of any member who is or has been an employed earner;”.

14Amendment of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) RegulationsI1

(1)

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997f1 shall be amended in accordance with sub-paragraphs (2) to (4).

(2)

In regulation 1(2)—

(a)

in the definition of “ear-marked scheme” for “which is a money purchase scheme under which all the benefits” there shall be substituted “under which all the benefits other than death benefits are money purchase benefits and all the benefits”; and

(b)

for the definition of “money purchase scheme” there shall be substituted—

““money purchase benefits” has the same meaning as in section 176(1) of the Pension Schemes Act;”.

(3)

In regulation 4 the existing provision shall be numbered as paragraph (1) and after that paragraph there shall be added the following paragraph—

“(2)

Where there is no schedule of contributions or payment schedule in relation to the whole or part of the scheme year, the auditor’s statement about contributions shall contain—

(a)

a statement as to whether or not in his opinion contributions payable to the scheme during that year or that part have been paid in accordance with the scheme rules or contracts under which they were payable, and (where appropriate) with the recommendation of the actuary; and

(b)

if the statement under sub-paragraph (a) is negative or qualified, a statement of the reasons.”.

F1(4)

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15Amendment of the Personal and Occupational Pension Schemes (Protected Rights) RegulationsI1

(1)

The Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997f1 shall be amended in accordance with sub-paragraphs (2) and (3).

(2)

In regulation 1(2) for the definition of “section 5(2B) rights” there shall be substituted the following definition—

  • ““section 5(2B) rights” are—

    1. (a)

      rights to the payment of pensions and accrued rights to pensions (other than rights attributable to voluntary contributions) under a scheme contracted-out by virtue of section 5(2B), so far as attributable to an earner’s service in contracted-out employment on or after the principal appointed day; and

    2. (b)

      where a transfer payment has been made to such a scheme, any rights arising under the scheme as a consequence of that payment which are derived directly or indirectly from—

      1. (i)

        such rights as are referred to in paragraph (a) under another scheme contracted-out by virtue of section 5(2B); or

      2. (ii)

        protected rights under another occupational pension scheme or under a personal pension scheme attributable to payments or contributions in respect of contracted-out employment on or after the principal appointed day.”.

(3)

In regulation 3—

(a)

in paragraph (b) for “secured in the circumstances and subject to the conditions prescribed in regulations made under section 8C(1)(b)” there shall be substituted “appropriately secured by a transaction to which Part III of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997 applies”; and

(b)

in paragraph (e) for “regulation 14(3) of the Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1988” there shall be substituted “regulation 12(5) of the Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1997f2”.

16Amendment of the Occupational Pension Schemes (Scheme Administration) RegulationsI1

(1)

The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997f1 shall be amended in accordance with sub-paragraphs (2) to (5).

(2)

In regulation 1(2)—

(a)

after the definition of “business days” there shall be inserted the following definition—

““money purchase scheme” means a pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits;”; and

F1(b)

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F2(3)

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F3(4)

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F4(5)

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17Amendment of the Occupational Pension Schemes (Payments to Employers) RegulationsF1

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18Amendment of the Occupational Pension Schemes (Modification of Schemes) RegulationsF1

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19Amendment of the Occupational Pension Schemes (Disclosure of Information) RegulationsF1

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Explanatory note

(This note is not part of the Regulations.)

These Regulations are consequential on the Pensions (Northern Ireland) Order 1995 (“the Order”).

Regulation 1 relates to citation, commencement and interpretation.

Regulation 2 modifies the application of the Order to ensure that the provisions of Part II of the Order apply to money purchase schemes that also provide salary related death benefits.

Regulation 3 introduces the Schedule which makes miscellaneous amendments.

Regulation 4 makes revocations and transitional provision for state scheme premiums for personal pensions to be paid after 5th April 1997 in respect of periods ending before or with that date.

In addition to minor and drafting amendments, the Schedule makes miscellaneous amendments to—

  • remove the additional requirements for contracted-out schemes in respect of employer-related investments for the period from April 1997 to April 2002;

  • clarify the position of contracted-out rights which have been the subject of 2 or more transfers;

  • harmonise the definitions of “section 5(2B) rights”;

  • allow employers to withdraw an opt-out arrangement at any time to enable member-nominated trustees to be appointed;

  • impose a requirement on schemes to disclose that a notional rate of return is being applied to protected rights within a contracted-out money purchase scheme or the contracted-out money purchase part of a contracted-out mixed benefit scheme;

  • remove the requirement on employers to make payments in respect of the deficit below 90 per cent. revealed at a minimum funding valuation where the actuary is of the opinion that the funding level has recovered to 90 per cent. or higher by the time he certifies the schedule of contributions;

  • modify the disclosure requirements for employer-related investments; and

  • extend the special treatment of multi-employer schemes so that it covers schemes which, whilst generally run in sections which do not permit cross-subsidy, have a common arrangement for the payment of death benefits.

  • As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Social Security in relation to Great Britain, the requirement for consultation under Article 117(1) of the Order does not apply by virtue of paragraph (2)(e) of that Article.