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The Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations (Northern Ireland) 1999

S.R. 1999/309 · Made 2 July 1999 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 30 December 2005.

PENSIONS

Made 2nd July 1999

Coming into operation—

regulations 1, 2(1) to (3) and 3 9th August 1999

regulation 2(4) 3rd July 2000

The Department of Health and Social Services, in exercise of the powers conferred on it by Articles 35(3)(f), 40(1), 92(1) and 166(1) and (2) of the Pensions (Northern Ireland) Order 1995f1, and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

S.I. 1995/3213 (N.I. 22). See regulation 1A of S.R. 1996 No. 584 (regulation 1A was inserted by regulation 4(2) of S.R. 1997 No. 162) which extends the meaning of “employer” for the purposes of Articles 35 and 40 as well as for the purposes of those Regulations

Contents

  1. 1Citation and commencement
  2. ...Amendment of the Occupational Pension Schemes (Investment) Regulations Repealed
  3. 3Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations
  4. Signature
  5. Explanatory note

1Citation and commencementI1

(1)

These Regulations may be cited as the Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations (Northern Ireland) 1999 and shall, except for regulation 2(4), come into operation on 9th August 1999.

(2)

Regulation 2(4) shall come into operation on 3rd July 2000.

...Amendment of the Occupational Pension Schemes (Investment) RegulationsF1I1

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

3Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) RegulationsI1

In regulation 8 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997f1 (exemptions from the inalienability and forfeiture provisions) for paragraph (1) there shall be substituted the following paragraphs—

“(1)

If a scheme is one the trustees of which have made a loan in respect of which the conditions of regulation 6(8) of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996 (investments to which the restrictions do not apply) are met, Article 89(1) shall not apply to the extent that it would prevent enforcement of the security referred to in sub-paragraph (b) of that regulation 6(8).

(1A)

If a scheme is one the trustees of which have given or wish to give security, in respect of which the conditions of regulation 6(8A) of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996 are met, Article 89(1) shall not apply to the extent that it would prevent that security being given or enforced.”.

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

2nd July 1999.

Explanatory note

(This note is not part of the Regulations.)

These Regulations amend regulations made under the Pensions (Northern Ireland) Order 1995 (“the Order”) in relation to occupational pensions schemes.

Regulation 1 relates to citation and commencement.

Regulation 2 and 3 amend, respectively, the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996 and the Occupational Pension Schemes (Assignment, Forfeiture, Bankrupty etc.) Regulations (Northern Ireland) 1997. They amend provisions governing the schemes and investments to which restrictions on employer-related investment do not apply, in particular in relation to small schemes and loans to employers (regulations 2(2) and (3) and 3).

Regulation 2(4) inserts, in relation to trust schemes, provision as to matters to be included in the statement of investment principles required under Article 35 of the Order. The statement must, in addition to the matters mentioned in Article 35, cover the extent to which social, environmental or ethical considerations are taken into account in investment decision making, and any policy the trustees have relating to the exercise of rights attaching to investments.

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.