The Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 2006

Listed changes: exclusions N.I.

10.—(1) For the purposes of regulations 8 and 9, no account is to be taken of any change which—

(a) is made for the purposes of complying with a statutory provision;

[F1 (aa) is made for the purposes of implementing an adjustment measure within regulation 10 of the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 (charge limits adjustment);]

[F2 (ab) is made for either or both of the purposes referred to in regulation 7C(1) of the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 2006 (modification of schemes: revaluation of guaranteed minimum pensions);]

[F3 (ac) which is or results in an adjustment of the rate or amount of benefits provided under a collective money purchase scheme, provided that such adjustment is made in accordance with—

(i) the most recent actuarial valuation or (as the case may be) any multi-annual reduction in effect, and

(ii) the scheme rules;

(ad) which is made in respect of a collective money purchase scheme that is pursuing continuity option 1 in accordance with—

(i) Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022 (continuity option 1: transfer out and winding up), or

(ii) scheme rules made in accordance with that Schedule;]

(b) is made for the purposes of complying with a determination made by the Regulator, or

(c) has no lasting effect on a person’s rights to be admitted to a scheme or on the benefits that may be provided under it.

(2) No change which is—

(a) a regulated modification within the meaning of the subsisting rights provisions, and

(b) subject to the requirements of those provisions,

falls within regulation 8.

(3) “Subsisting rights provisions” has the meaning given by Article 67 of the 1995 Order(1).

[F4 (4) In this regulation—

“actuarial valuation”, in relation to a collective money purchase scheme, has the meaning given by section 71(2) of the Pension Schemes Act 2021;

“collective money purchase scheme” means a scheme or a section of a scheme which is a collective money purchase scheme for the purposes of Part 2 of the Pension Schemes Act 2021 (collective money purchase benefits: Northern Ireland);

“multi-annual reduction” has the meaning given by regulation 2 of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022.]

Textual Amendments

F1 Reg. 10(1)(aa) inserted (17.7.2015) by The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 (S.R. 2015/309), regs. 1(2), 13(1)

F2 Reg. 10(1)(ab) inserted (6.4.2016) by The Occupational and Personal Pension Schemes (Modification of Schemes and Miscellaneous Amendments) Regulations (Northern Ireland) 2016 (S.R. 2016/144), regs. 1, 3

F3 Reg. 10(1)(ac)(ad) inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022 (S.R. 2022/192), regs. 1(1), 11(a)

F4 Reg. 10(4) added (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022 (S.R. 2022/192), regs. 1(1), 11(b)

Commencement Information

I1 Reg. 10 in operation at 6.4.2006, see reg. 1

(1)

S.I. 1995/3213 (N.I. 22); Article 67 is substituted by Article 239 of the Pensions (Northern Ireland) Order 2005