The Pensions (Institute and Faculty of Actuaries and Consultation by Employers) (Amendment) Regulations (Northern Ireland) 2012

Amendments to the consultation by employers requirements

2.—(1) The Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 2006(1) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 6 (consultation required before decisions to make listed changes affecting schemes) for paragraph (4) substitute—

“(4) The first case is where the active or prospective members of the scheme to whom—

(a) a listed change mentioned in regulation 8(1)(h) relates were notified before 6th April 2012 of the proposal to make that change, or

(b) any other listed change relates were notified before 6th April 2006 of the proposal to make that change.”.

(3) In regulation 8(1) (listed changes: occupational pension schemes) after sub-paragraph (g) add—

“(h) to change the rate at which—

(i) pensions in payment under the scheme are increased, or

(ii) pensions or other benefits payable under the scheme are revalued,

but only where that change would be, or would be likely to be, less generous to members or members of a particular description.”.

(1)

S.R. 2006 No. 48 to which there are amendments not relevant to these Regulations