The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

Amendment of the Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations N.I.

4.—(1) The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018(1) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 4 (amendment of the Occupational Pension Schemes (Investment) Regulations)—

(a) in paragraph (2)—

(i) in sub-paragraph (a)—

(aa) in head (iii) in the added sub-paragraph (b)(vii) for “investments, and” substitute “investments;”;

(bb) in head (iv) in the substituted sub-paragraph (c)(ii) for “matters).” substitute “matters), and”;

(ii) in sub-paragraph (b) in the added paragraph (4)—

(aa) in the definition of “relevant matters” after “strategy,” insert “capital structure, management of actual or potential conflicts of interest,”;

(bb) in the definition of “relevant persons” before “or another” insert “, another stakeholder”;

(b) for paragraph (3) substitute—

“(3) In regulation 2A(1)(b)(2) (additional requirements in relation to default arrangement) after “regulation 2(3)(b)” insert “and, if that scheme has 100 or more members, regulation 2(3)(c) and (d)(3)”.”.

(3) In regulation 5 (amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations)—

(a) in paragraph (2)(b) for the added paragraph (5) substitute—

“(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)(4) 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(5) (interpretation), or

(b) the information listed in paragraph 30(f)(6) of that Schedule but only if the scheme is a relevant scheme within the meaning of that regulation.”;

(b) for paragraph (4)(c) substitute—

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

(c) in paragraph (5)—

(i) in sub-paragraph (a) in the substituted sub-paragraph (d)—

(aa) in head (ii) for “(vii), and” substitute “(vii);”;

(bb) after head (iii) add—

“(iv) paragraph (3)(d), and”;

(ii) in sub-paragraph (c) in the added sub-paragraph (f)—

(aa) in head (iii) for “change, and” substitute “change;”;

(bb) in head (iv) for “review.” substitute “review, and”;

(cc) after head (iv) add—

“(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.”.

Commencement Information

I1 Reg. 4 in operation at 30.9.2019, see reg. 1(1)

(1)

S.R. 2018 No. 165

(2)

Regulation 2A was inserted by regulation 20(3) of S.R. 2015 No. 309

(3)

Paragraph (3)(d) is added by regulation 2(2)(a) of these Regulations

(4)

Paragraph 30(ca) is inserted by regulation 3(4) of these Regulations

(5)

S.R. 1997 No. 94; the definition of “relevant scheme” was inserted by regulation 14 of S.R. 2015 No. 309

(6)

Paragraph 30(f) is added by regulation 5(5)(c) of S.R. 2018 No. 165