Pension Schemes (Northern Ireland) Act 1993

Discretionary requirements

21 Power for Board to impose conditions as to investments and resources

(1) The Board may by reference to the considerations of section 20(1) make it a condition of the contracting-out or continued contracting-out of a scheme to which that section applies that—

(a) no part, or no more than a specified proportion, of the scheme’s resources shall be invested in investments of a specified class or description; or

(b) the whole or a specified proportion of investments of a specified class or description forming part of the scheme’s resources when the condition is imposed shall be realised before the end of a specified period.

(2) Where contracting-out or continued contracting-out depends on the Board’s being satisfied as mentioned in section 20(1), the scheme may be contracted-out or continue to be contracted-out, as the case may be, in relation to any employment subject to such conditions as the Board think fit to impose for securing—

(a) that they are kept informed about any matters affecting the security of the minimum pensions guaranteed under the scheme;

(b) that the resources of the scheme are brought to and maintained at a level satisfactory to the Board.

(3) Conditions imposed by the Board for the purpose mentioned in subsection (2)(b) may require steps to be taken, at the instance of the Board, to increase the scheme’s resources at any time after contracting-out, including a time when the scheme has ceased to be contracted-out.