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The Occupational Pension Schemes (Fraud Compensation Levy) (Amendment) Regulations (Northern Ireland) 2022

S.R. 2022/98 · Made 10 March 2022

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Pensions

Made 10th March 2022

Coming into operation 1st April 2022

The Department for Communitiesf1 makes the following Regulations in exercise of the powers conferred by Article 171(4) of the Pensions (Northern Ireland) Order 2005f2.

Annotations to the whole text

Footnotes

f1

See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

f2

S.I. 2005/255 (N.I. 1)

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Occupational Pension Schemes (Fraud Compensation Levy) Regulations
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Occupational Pension Schemes (Fraud Compensation Levy) (Amendment) Regulations (Northern Ireland) 2022 and shall come into operation on 1st April 2022.

2Amendment of the Occupational Pension Schemes (Fraud Compensation Levy) Regulations

In regulation 3(3) of the Occupational Pension Schemes (Fraud Compensation Levy) Regulations (Northern Ireland) 2006f1 (the fraud compensation levy) for sub-paragraph (b) substitute—

“(b)

not exceed—

(i)

in the case of a scheme which is authorised by the Regulator under section 5 of the Pension Schemes Act (Northern Ireland) 2021f2 (decision on application), 65 pence per member, and

(ii)

in any other case, £1.80 per member.”.

Signature

Sealed with the Official Seal of the Department for Communities on 10th March 2022

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Occupational Pension Schemes (Fraud Compensation Levy) Regulations (Northern Ireland) 2006 to set out the maximum fraud compensation levy that may be raised in any one financial year. They set out a maximum fraud compensation levy of 65 pence per member for Master Trust schemes and £1.80 per member for all other occupational pension schemes.

The fraud compensation levy is paid by occupational pension schemes and is used to fund the Fraud Compensation Fund, which makes payments to certain schemes that have lost money as a consequence of fraud.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 289(1) of the Pensions (Northern Ireland) Order 2005 does not apply by virtue of paragraph (2)(e) of that Article.