Regulation 4 Qualifications and experience or approval required for appointment as auditor or actuaryI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 4 coming into force by Occupational Pension Schemes (Scheme Administration) 1997 reg. 1(1)
reg. 4(1) applied (with modifications) by Stakeholder Pension Schemes 2000 reg. 32 Sch. 2
reg. 4(2)(a)(b) applied (with modifications) by Stakeholder Pension Schemes 2000 reg. 32 Sch. 2
reg. 4(2)(d) words inserted by Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2014 reg. 2(a)
reg. 4(1)(i) substituted for reg. 4(1)(b)(i)(ii) by Pensions (Institute and Faculty of Actuaries and Consultation by Employers) Regulations (Northern Ireland) 2012 reg. 6
reg. 4(3)(4) added by Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2014 reg. 2(b)

(1)

For the purposes of Article 47(5)(b) (specification of qualifications and experience, or approval, required for appointment as professional adviser) the qualifications and experience, or approval, required for appointment as—

(a)

the auditor, subject to paragraph (2), are—

(i)

those specified in Article 28 of the Companies (Northern Ireland) Order 1990^f1; or

(ii)

approval by the Department;

(b)

the actuary are—

(i)

Fellowship of the Institute of Actuaries;

(ii)

Fellowship of the Faculty of Actuaries; or

(iii)

approval by the Department.

(2)

A person shall not be appointed as the auditor where—

(a)

he is a member of the scheme^f2;

(b)

he is employed under a contract of service by the trustees or managers of the scheme;

(c)

he is an employer in relation to the scheme; or

(d)

he is, by virtue of Article 30 of the Companies (Northern Ireland) Order 1990, ineligible to audit the accounts of a company which is an employer in relation to the scheme.

Annotations

Commencement

I1: Reg. 4 in operation at 6.4.1997, see reg. 1(1)

Footnotes

f1: S.I. 1990/593 (N.I. 5)
f2: See Article 27 of the Pensions (Northern Ireland) Order 1995 which provides that a trustee of a trust scheme, and any person connected with, or an associate of, such a trustee, is ineligible to act as an auditor. See also regulation 7 of these Regulations