The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006

Explanatory Note

(This note is not part of the Regulations)

Article 163 of the Pensions (Northern Ireland) Order 2005 (“the Order”) provides for the pension protection levy during the transitional period and these Regulations specify the duration of that period. The Regulations also make provision in relation to the imposition of a risk-based pension protection levy, in respect of multi-employer schemes, for the financial year beginning on 1st April 2006.

Regulation 2 provides that the transitional period is a period of 12 months beginning on 1st April 2006.

Regulation 3 modifies Article 158 of the Order, in relation to segregated schemes, for the financial year beginning on 1st April 2006.

Regulation 4 modifies Article 158 of the Order, in relation to non-segregated schemes, for the financial year beginning on 1st April 2006.

Regulation 5 modifies Article 158 of the Order, in relation to multi-employer sections of segregated schemes, for the financial year beginning on 1st April 2006.

Regulation 6 makes provision consequential to regulations 2 to 5.

The Pensions (2005 Order) (Commencement No. 7) Order (Northern Ireland) 2005 (S.R. 2005 No. 543 (C. 37)) provides for the coming into operation of Article 163(1)(a) and (3), some of the enabling provisions under which these Regulations are made, on 9th December 2005.

As these Regulations are made before the end of the period of six months beginning with the coming into operation of the provisions 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.