The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018

Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations N.I.

5.—(1) The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 are amended in accordance with paragraphs (2) to (6).

(2) In regulation 12 (annual report)—

(a) in paragraph (1) after “year and” insert “ (subject to paragraph (5)) ”;

(b) after paragraph (4) add—

[F1 “(5)  Where Article 35 of the 1995 Order (investment principles) applies to a scheme the following information must be made publicly available free of charge in accordance with regulation 29A—

(a) the information listed in paragraph 30(ca) of Schedule 3 but only if the scheme is not a relevant scheme within the meaning of regulation 1(2) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 (interpretation), or

(b) the information listed in paragraph 30(f) of that Schedule but only if the scheme is a relevant scheme within the meaning of that regulation.”].

(3) In the heading to regulation 29A (publishing charges and transaction costs) after “transaction costs” insert “ and other relevant information ”.

(4) In regulation 29A—

(a) in paragraph (1) after “paragraph (2)” insert “ and, where that scheme falls within Article 35 of the 1995 Order (investment principles), paragraph (2A) ”;

(b) after paragraph (2) insert—

“(2A) The specified information is—

(a) the latest statement of investment principles governing decisions about investments prepared for the scheme under Article 35 of the 1995 Order, and

(b) the information which must be included in the most recent document prepared under regulation 12 in accordance with paragraph 30(f) of Schedule 3.”;

[F2 (c) in paragraph (4) after “paragraph (2)” insert “, (2A) or (2B)”.]

(5) In paragraph 30 of Schedule 3 (information to be given on request)—

(a) for sub-paragraph (d) substitute—

“(d) the policies specified in the following paragraphs of regulation 2 of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005 (statement of investment principles) (“the Investment Regulations”)—

(i) paragraph (3)(b)(vi) M1 ;

(ii) paragraph (3)(b) [F3 (vii);]

(iii) paragraph (3)(c) M2 , and

[F4 (iv) paragraph (3)(d), and”];

(b) omit sub-paragraph (e);

(c) after sub-paragraph (e) add—

“(f) where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, a statement which must—

(i) set out how, and the extent to which, in the opinion of the trustees, the statement of investment principles required under Article 35 of the 1995 Order has been followed during the year;

(ii) describe any review of the statement of investment principles undertaken during the year in accordance with regulation 2(1) of the Investment Regulations and any other review of how the statement of investment principles has been met;

(iii) explain any change made to the statement of investment principles during the year and the reason for the [F5 change;]

(iv) where no such review was undertaken during the year in accordance with regulation 2(1) of the Investment Regulations, give the date of the last [F6 review, and]

[F7 (v) describe the voting behaviour by, or on behalf of, trustees (including the most significant votes cast by trustees or on their behalf) during the year and state any use of the services of a proxy voter during that year.”].

(6) In paragraph 5B M3 of Schedule 6 M4 (statements of benefits: money purchase benefits and cash balance benefits) after “29A(2)” insert “ and (2A) M5 ”.

Textual Amendments

F1 Words in reg. 5(2)(b) substituted (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(a) (with reg. 5)

F2 Reg. 5(4)(c) substituted (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(b) (with reg. 5)

F3 Word in reg. 5(5)(a) substituted (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(c)(i)(aa) (with reg. 5)

F4 Words in reg. 5(5)(a) added (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(c)(i)(bb) (with reg. 5)

F5 Word in reg. 5(5)(c) substituted (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(c)(ii)(aa) (with reg. 5)

F6 Words in reg. 5(5)(c) substituted (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(c)(ii)(bb) (with reg. 5)

F7 Words in reg. 5(5)(c) added (30.9.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/115), regs. 1(1), 4(3)(c)(ii)(cc) (with reg. 5)

Marginal Citations

M1 Sub-paragraph (b)(vi) is substituted by regulation 4(2)(a)(ii) of these Regulations

M2 Sub-paragraph (c) is substituted by regulation 4(2)(a)(iv) of these Regulations

M3 Paragraph 5B was inserted by regulation 3(8) of S.R. 2018 No. 53

M4 The heading to Schedule 6 was amended by regulation 73(7) of S.R. 2014 No. 204

M5 Paragraph (2A) is inserted by regulation 5(4)(b) of these Regulations