15.—(1) The Occupational Pension Schemes (Regulatory Own Funds) Regulations (Northern Ireland) 2005(1) shall be amended in accordance with paragraphs (2) to (4).
(2) In regulation 10(8) (postponement) for “given in regulation 11” substitute “given in regulation 3 of the Occupational Pension Schemes (Cross-border Activities) Regulations (Northern Ireland) 2005(2) (meaning of “European employer” and “host member State” in Part VII of the Order)”.
(3) Omit regulation 11 (meaning of “European employer”).
(4) In regulation 15(1) (exemptions)—
(a)in sub-paragraph (h)—
(i)for “a scheme which has” substitute “a scheme with”;
(ii)in head (i) for “all decisions which fall to be made by the trustees are” substitute “any decision made by the trustees is”, and
(iii)in head (ii) for “who is an independent trustee” substitute “who is independent”, and
(b)in sub-paragraph (i)—
(i)for “a scheme which has” substitute “a scheme with”;
(ii)for “where a company is a trustee” substitute “where a company is the sole trustee”;
(iii)in head (i) for “is made only by the unanimous agreement” substitute “is made by the unanimous agreement”, and
(iv)in head (ii) for “one of the directors is a trustee who” substitute “one of the directors of the company”.
Commencement Information
I1Reg. 15 in operation at 6.4.2007, see reg. 1(1)