Regulation 13 Expenses, commission etc.—principlesI1

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. 13 coming into force by Stakeholder Pension Schemes 2000 reg. 1(2)
reg. 13(2A) inserted by Stakeholder Pension Schemes 2001 reg. 9(2)
reg. 13(4) inserted by Stakeholder Pension Schemes 2001 reg. 9(3)
reg. 13(5) added by Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 reg. 12(2)
reg. 12(5(a)(i) words substituted by Stakeholder Pension Schemes 2005 reg. 2(7)
reg. 13(1) words inserted by Stakeholder Pension Schemes 2005 reg. 2(8)(a)
reg. 13(2)(b) words substituted by Stakeholder Pension Schemes 2005 reg. 2(8)(b)
reg. 13(3) words substituted by Stakeholder Pension Schemes 2005 reg. 2(8)(c)
reg. 13(4)(a) omitted by Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) 2012 art. 21(3)

(1)

Except to the extent permitted by regulation 14—

(a)

no payment made to a stakeholder pension scheme by, or on behalf of, any member;

(b)

no income or capital gain arising from the investment of such a payment;

(c)

no amount credited to a member’s account in respect of a credit within the meaning of Article 26, and

(d)

no amount representing the value of any rights of a member under the scheme,

shall be used in any way which does not result in the provision of benefits for or in respect of members.

(2)

Paragraph (1) does not apply—

(a)

to the extent that Article 28 (pension sharing: reduction of benefit), or any enactment in force in Great Britain corresponding to that Article, applies to reduce the benefits or future benefits to which a member may be entitled under the scheme, or

(b)

to prevent the trustees or manager of a scheme from complying with their obligations under an order made by a court—

(i)

under Article 25 of the Matrimonial Causes (Northern Ireland) Order 1978^f1 (financial provision in connection with divorce proceedings, etc.) by virtue of Article 27B or 27C of that Order^f2 (powers to include provision about pensions);

(ii)

under section 23 of the Matrimonial Causes Act 1973^f3 (financial provision in connection with divorce proceedings, etc.) by virtue of section 25B or 25C of that Act^f4 (powers to include provision about pensions) (England and Wales powers corresponding to Articles 27B and 27C of the Matrimonial Causes (Northern Ireland) Order 1978), or

(iii)

under section 12A(2) or (3) of the Family Law (Scotland) Act 1985^f5 (powers in relation to pensions lump sums when making a capital sum order).

(3)

In this regulation and in regulation 14 “member” includes “beneficiary”.

Annotations

Commencement

I1: Reg. 13 in operation at 1.10.2000, see reg. 1(2)

Footnotes

f1: S.I. 1978/1045 (N.I. 15)
f2: Articles 27B and 27C were inserted by Article 162(1) of the Pensions (Northern Ireland) Order 1995 and are amended by paragraphs 1 and 2 respectively of Schedule 4 to the Welfare Reform and Pensions (Northern Ireland) Order 1999
f3: 1973 c. 18
f4: Sections 25B and 25C were inserted by section 166 of the Pensions Act 1995 and are amended by paragraphs 1 and 2 of Schedule 4 to the Welfare Reform and Pensions Act 1999
f5: 1985 c. 37; section 12A was inserted by section 167(3) of the Pensions Act 1995 and is amended by paragraph 9 of Schedule 12 to the Welfare Reform and Pensions Act 1999