The Occupational Pension Schemes (Cross-border Activities) (Amendment) Regulations (Northern Ireland) 2006

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Occupational Pension Schemes (Cross-border Activities) Regulations (Northern Ireland) 2005 (“the principal Regulations”) and make a consequential revocation.

Regulation 1 provides for citation and commencement.

Regulations 5 and 10 of the principal Regulations prescribe the manner and form in which the trustees or managers of occupational pension schemes that currently carry out cross-border activity within the European Union shall apply to the Pensions Regulator for authorisation and approval to carry out such activity, and specify that such applications shall be made by 29th March 2006.

Regulation 2 amends those provisions so that, provided that the trustees or managers do make such applications by that date, they may submit some of the information required to be included as part of such an application after that date, provided that the remaining information is submitted by 15th May 2006.

Regulation 3 makes a consequential revocation.

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 Articles 264(1) and 265(1) of the Pensions (Northern Ireland) Order 2005 (“the Order”) for the purpose only of authorising the making of regulations, on 6th December 2005 and for all other purposes on 30th 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.

These Regulations are made in order to comply with the requirements of Article 9 of the European Union Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (OJ No. L 235, 23.9.03, p.10) (“the Directive”). The transposition of Article 9 of the Directive is detailed in a Transposition Note, a copy of which has been laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Note are available from the Department for Social Development, Social Security Policy and Legislation Division, Level 1, James House, 2-4 Cromac Avenue, Gasworks Business Park, Ormeau Road, Belfast BT7 2JA.