Explanatory note

These Regulations are made under the Pension Schemes Act 1993 and are made before the end of the period of 6 months beginning with the coming into force of that Act and the Pension Schemes (Northern Ireland) Act 1993.

The Pension Schemes Act 1993 consolidated and repealed the majority of the existing statutory provisions relating to occupational and personal pension schemes (with the exception of provisions relating to taxation). The provisions so consolidated (“the repealed provisions”) included provisions conferring powers to make regulations, which have been exercised by the making of a large number of Regulations (“the existing Regulations”). The existing Regulations continue to have effect, by virtue of section 17(2)(b) of the Interpretation Act 1978, despite the repeal of the provisions conferring the power to make them.

The Pension Schemes (Northern Ireland) Act 1993 made similar provisions in relation to Northern Ireland.

These Regulations substitute for references in the existing Regulations to the repealed provisions references to the corresponding provisions of the Pension Schemes Act 1993 and the Pension Schemes (Northern Ireland) Act 1993. They also make necessary changes to the existing Regulations where the existing Regulations operate by making detailed modifications of text of the repealed provisions which has not survived in the same form in the Pension Schemes Act 1993. In neither case, however, has any alteration of substance been made.

Schedule 2 to these Regulations contains the necessary amendments of the existing Regulations.

These Regulations are consequential upon the coming into force of the Pension Schemes Act 1993 and the Pension Schemes (Northern Ireland) Act 1993 and are made before the end of the period of 6 months beginning with the commencement of those Acts and therefore, under section 173 of the Social Security Administration Act 1992, no proposals to make them have been submitted to the Occupational Pensions Board or the Social Security Advisory Committee.

The Regulations do not impose any costs on business.