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4.—(1) The Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005 are amended in accordance with paragraphs (2) to (4).
(2) In regulation 1(2) (interpretation) in the definition of “default arrangement”(1) in paragraph (c) for “(3) and (4)” substitute “(3), (4), (6)(a), (7) and (8)”.
(3) In regulation 2A(2) (additional requirements in relation to default arrangement)—
(a)in paragraph (3) after “charges” insert “and transaction costs”;
(b)after paragraph (5) add—
“(6) For the purposes of this regulation, “transaction costs” has the meaning given in regulation 2(1) of the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015.”.
(4) In regulation 8(1)(a) (modification of regulation 2 in respect of wholly-insured schemes) for “(b) and (c)” substitute “(b), (c) and (d)”.
The definition of “default arrangement” was inserted by regulation 20(2)(a) of S.R. 2015 No. 309
Regulation 2A was inserted by regulation 20(3) of S.R. 2015 No. 309
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