{
  "url": "https://openlegislation.uk/occupational-pension-schemes-fraud-compensation-payments-amendment-regulations-northern-ireland-2010/note",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-fraud-compensation-payments-amendment-regulations-northern-ireland-2010/note.json",
  "legislation": "nisr/2010/106",
  "legislation_title": "The Occupational Pension Schemes (Fraud Compensation Payments) (Amendment) Regulations (Northern Ireland) 2010",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-fraud-compensation-payments-amendment-regulations-northern-ireland-2010",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nRegulation 2 of these Regulations amends the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005 by inserting—\ndefinitions of “transfer notice” and “transfer payment” (paragraph (2)); and\nregulation 8A which sets out how the Board of the Pension Protection Fund (“the Board”) is to calculate fraud compensation transfer payments (“a transfer payment”) (paragraph (3)).\nIn essence, a transfer payment is to amount to the difference between the value of an eligible pension scheme’s assets immediately preceding the loss which the transfer payment is designed to compensate, and the value of those assets immediately preceding the issue of the transfer notice (a transfer notice is a notice by which the Board assumes responsibility for an eligible pension scheme under Part 3 of the Pensions (Northern Ireland) Order 2005 (“the Order”). The amount of the transfer payment (or if there is more than one, the aggregate) is not to exceed the amount specified in Article 170(7) of the Order.\nThe Pensions (2005 Order) (Commencement No. 14) Order (Northern Ireland) 2010 (S.R. 2010 No. 100 (C. 5)) provides for the coming into operation of Article 170 of the Order, the enabling provision under which these Regulations are made, for the purpose only of authorising the making of regulations on 15th March 2010 and for all other purposes on 6th April 2010.\nAs these Regulations are made before the end of the period of six months beginning with the coming into operation of the provision of the Order by virtue of which they are made, the requirement to consult under Article 289(1) of the Order does not apply by virtue of paragraph (2)(c) of that Article.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2010/106/note",
    "retrieved_at": "2026-10-29T01:27:56.348977+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}