OpenLegislation

The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024

S.R. 2024/78 · Made 26 March 2024 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 27 March 2024.

Regulations made by the Department for Communities and laid before the Assembly under section 42(2) to (4) of the Pension Schemes Act (Northern Ireland) 2021 for approval of the Assembly before the expiration of six months from the date of their coming into operation

Pensions

Made 26th March 2024

Coming into operation 27th March 2024

The Department for Communities makes the following Regulations in exercise of the powers conferred by sections 1(3)(b), 4(5), 7(3)(b) and (4)(a), 8(4), 9(2), 10(4), (6) and (7)(b), 11(2), 12(5) and (6), 15(2), 16(3), 17(3)(a), 18(5)(a), 22(6)(b) and (7), 24(1)(b), (3), (4)(a) and (c) and (5), 25(4), 26(5), 27(4) and (6), 28(2), 30(2) and (4)(b) and (c), 33(4), 36(1), 38(2) and (3), 39(5), 40(1) and (2) and 42(1) of, and paragraphs 1(6) of Schedule 1 and 5(c) of Schedule 2 to, the Pension Schemes Act (Northern Ireland) 2021f1.

Annotations to the whole text

Footnotes

f1

2021 c. 6 (N.I.)

Contents

  1. 1Citation and commencement
  2. 2Interpretation and notices
  3. 3Connected employers
  4. 4Application for authorisation
  5. 5Fit and proper persons requirement
  6. 6Financial sustainability requirement
  7. 7Financial sustainability requirement: business plan
  8. 8Scheme funder requirements: activities
  9. 9Scheme funder requirements: accounts
  10. 10Systems and processes requirements
  11. 11Continuity strategy: administration charges
  12. 12Continuity strategy: information
  13. 13Supervisory return: contents
  14. 14Significant events: notifying the Regulator
  15. 15Fixed and escalating penalties
  16. 16Triggering events: notification requirements
  17. 17Implementation strategy: approval
  18. 18Implementation strategy: administration charges
  19. 19Implementation strategy: content
  20. 20Continuity option 1: transfer out and winding up
  21. 21Continuity option 2: resolving triggering event
  22. 22Periodic reporting requirement
  23. 23Fraud compensation
  24. 24Pause orders
  25. 25Administration charges
  26. 26Application of Part 1 of the Act
  27. 27Application of Part 1 of the Act
  28. 28Application of Part 1 of the Act
  29. 29Application of Part 1 of the Act
  30. 30Amendment of the Companies Act
  31. 31Amendment of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations
  32. 32Amendment of the Overseas Companies Regulations
  33. 33Revocation
  34. Signature
  35. Schedule 1: FIT AND PROPER PERSONS REQUIREMENT
  36. 1Paragraph 1
  37. 2Paragraph 2
  38. 3Paragraph 3
  39. 4Paragraph 4
  40. Schedule 2: FINANCIAL SUSTAINABILITY REQUIREMENT
  41. Part 1: Matters which the Regulator must take into account
  42. 1Paragraph 1
  43. 2Paragraph 2
  44. 3Paragraph 3
  45. 4Paragraph 4
  46. Part 2: Requirements to be met by Master Trust schemes and scheme funders
  47. 5Paragraph 5
  48. 6Paragraph 6
  49. Schedule 3: THE BUSINESS PLAN
  50. Part 1: Information to be included in the business plan
  51. General
  52. 1Paragraph 1
  53. 2Paragraph 2
  54. 3Paragraph 3
  55. 4Paragraph 4
  56. 5Paragraph 5
  57. Information about the Master Trust scheme
  58. 6Paragraph 6
  59. 7Paragraph 7
  60. 8Paragraph 8
  61. 9Paragraph 9
  62. 10Paragraph 10
  63. 11Paragraph 11
  64. 12Paragraph 12
  65. 13Paragraph 13
  66. 14Paragraph 14
  67. 15Paragraph 15
  68. 16Paragraph 16
  69. Information about scheme funders
  70. 17Paragraph 17
  71. 18Paragraph 18
  72. 19Paragraph 19
  73. Information about the scheme strategist
  74. 20Paragraph 20
  75. Information following a triggering event
  76. 21Paragraph 21
  77. Part 2: Requirements relating to the business plan to be set out in a Code
  78. 22Paragraph 22
  79. 23Paragraph 23
  80. 24Paragraph 24
  81. 25Paragraph 25
  82. 26Paragraph 26
  83. 27Paragraph 27
  84. Schedule 4: SYSTEMS AND PROCESSES REQUIREMENTS
  85. Features and functionality of IT systems
  86. 1Paragraph 1
  87. Standards required of IT systems
  88. 2Paragraph 2
  89. Maintenance of IT systems
  90. 3Paragraph 3
  91. Member records
  92. 4Paragraph 4
  93. Trustees and others
  94. 5Paragraph 5
  95. Contracts and service providers
  96. 6Paragraph 6
  97. Risk management
  98. 7Paragraph 7
  99. Security
  100. 8Paragraph 8
  101. Resource planning
  102. 9Paragraph 9
  103. Investments
  104. 10Paragraph 10
  105. Member communication
  106. 11Paragraph 11
  107. Schedule 5: CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP
  108. Interpretation
  109. 1Paragraph 1
  110. Calculation of cash equivalent
  111. 2Paragraph 2
  112. Trustees’ powers
  113. 3Paragraph 3
  114. Trustees’ first notice to employers and members
  115. 4Paragraph 4
  116. Employer’s response to trustees
  117. 5Paragraph 5
  118. Trustees’ second notice to members
  119. 6Paragraph 6
  120. Member’s response to trustees
  121. 7Paragraph 7
  122. Trustees’ duty to transfer
  123. 8Paragraph 8
  124. Notice of expected transfer date
  125. 9Paragraph 9
  126. Transfer requirements: choice of arrangements
  127. 10Paragraph 10
  128. Requirements to be met by default schemes
  129. 11Paragraph 11
  130. Trustees’ power to transfer otherwise than to a scheme
  131. 12Paragraph 12
  132. Administration charges
  133. 13Paragraph 13
  134. Future contributions
  135. 14Paragraph 14
  136. Cessation of accruals
  137. 15Paragraph 15
  138. Winding up
  139. 16Paragraph 16
  140. Regulator’s power to direct
  141. 17Paragraph 17
  142. Civil penalties
  143. 18Paragraph 18
  144. Explanatory note