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2.—(1) Article 226A(1) of the Order (requirement for internal controls) is amended in accordance with paragraphs (2) to (5).
(2) In the heading for “internal controls” substitute “an effective system of governance”.
(3) For paragraph (1) substitute—
“(1) The trustees or managers of an occupational pension scheme must establish and operate an effective system of governance including internal controls.
(1A) The system of governance must be proportionate to the size, nature, scale and complexity of the activities of the occupational pension scheme.”.
(4) In paragraph (2) for “internal controls” substitute “an effective system of governance including internal controls”.
(5) In paragraph (3) after sub-paragraph (c) add—
“(d)an authorised Master Trust scheme within the meaning of Part 1 of the Pension Schemes Act 2017(2) (master trusts) or any corresponding Northern Ireland legislation.”.
Article 226A was inserted by regulation 2 of S.R. 2005 No. 567 and amended by paragraph 20 of Schedule 4 to the Public Service Pensions Act (Northern Ireland) 2014 (c. 2 (N.I.))
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