Explanatory note

These Regulations amend—

The Occupational Pension Schemes (Contracting-out) Regulations) (Northern Ireland) 1996 (S.R. 1996 No. 493) (“the Northern Ireland Contracting-out Regulations”).

The Occupational Pension Schemes (Contracting-out) Regulations 1996 (S.I. 1996/1172) (“the Contracting-out Regulations”);

The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (S.I. 1996/1715) (“the Scheme Administration Regulations”);

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996 (S.I. 1996/1975) (“the Audited Accounts Regulations”);

The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997 (S.I. 1997/785) (“the Assignment Regulations”);

The Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054) (“the Pension Credit Benefit Regulations”);

The Personal Pension Schemes (Payments by Employers) Regulations 2000 (S.I. 2000/2692) (“the Payments by Employers Regulations”);

The Occupational Pension Schemes (Investment) Regulations 2005 (S.I. 2005/3378) (“the Investment Regulations”); and

The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 (S.I. 2006/349) (“the Consultation by Employers Regulations”).

Regulation 2 updates the Northern Ireland Contracting-out Regulations consequentially upon the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255)(N.I. 1.).

Regulation 3 updates the Contracting-out Regulations consequentially on the provisions of the Pensions Act 2004 (c. 12).

Regulations 4 and 5 amend errors and update references in the Audited Accounts Regulations and Scheme Administration Regulations.

Regulation 6 amends the Assignment Regulations to clarify the procedure by which the trustees of a scheme may discharge rights derived from equivalent pension benefits under Part III of the National Insurance Act 1965 (c. 51).

Regulation 7 corrects an error in the Pension Credit Benefit Regulations.

Regulation 8 adds a new regulation 5A into the Payments by Employers Regulations to preserve the requirement for trustees or managers of a personal pension scheme or a stakeholder pension scheme to send an employee a statement of payments made where direct payment arrangements exist between the employee and his employer. This amendment is made as a consequence of the coming into force of section 268 of the Pensions Act 2004 (c. 35) which amends section 111A of the Pension Schemes Act 1993 (c. 48).

Regulation 9 amends errors in the Investment Regulations.

Regulation 10 amends the Consultation by Employers Regulations so that in relation to their application to small employers they are consistent with the Information and Consultation of Employees Regulations 2004 (S.I. 2004/3426).

These Regulations have been consulted upon in part. In relation to regulation 8, these regulations are made before the expiry of the period of six months prior coming into force of section 268 of the Pensions Act 2004.

As regulations 5 and 9 are made before the end of the period of six months beginning with the coming into force of section 244 of the Pensions Act 2004 upon which that regulation is consequential, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply.

In respect of regulation 10, it appears to the Secretary of State for Work and Pensions to be inexpedient to consult by reason of urgency.

A full regulatory impact assessment has not been produced for this instrument as it has no new impact on the costs of business, charities or the voluntary sector.