Explanatory note

These Regulations impose restrictions on the amount of the resources of an occupational pension scheme which may be invested in employer-related investments. They also exempt certain schemes from the requirement imposed on trustees of trust schemes by Article 35 of the Pensions (Northern Ireland) Order 1995 (“the Order”) to obtain a statement of the principles governing decisions about investments for the purposes of the scheme. The Regulations replace the Occupational Pension Schemes (Investment of Scheme’s Resources) Regulations (Northern Ireland) 1992 which are now revoked.

Part I contains general provisions relating to citation, commencement and interpretation.

Part II prescribes certain investments as employer-related investments in addition to those specified in Article 40(2) of the Order and sets out the restrictions on employer-related investments. This Part also prescribes investments to which the restrictions do not apply. Special provision is made as regards the application of the restrictions to schemes in relation to which there is more than one employer.

Part III exempts certain schemes from the requirements of Article 35 of the Order and modifies its application in relation to multi-employer schemes.

Part IV amends the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996.

Part V contains consequential revocations.

The Pensions (1995 Order) (Commencement No. 2) Order (Northern Ireland) 1996 (S.R. 1996 No. 91 (C. 4)) provides for the coming into operation of Articles 35, 40 and 56 of the Order, for the purpose only of authorising the making of regulations, Article 120(2) of the Order and Article 166 of the Order, in so far as it was not already in operation, on 6th April 1996. The Pensions (1995 Order) (Commencement No. 5) Order (Northern Ireland) 1996 (S.R. 1996 No. 534 (C. 25)) provides for the coming into operation of Article 115 of the Order, in so far as it was not already in operation, on 19th November 1996.

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.