The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations (Northern Ireland) 2024

Citation, commencement, application and interpretation N.I.

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations (Northern Ireland) 2024 and, subject to paragraph (2), shall come into operation on 30th March 2024.

(2) Regulation 5(2)(a)(iv) shall come into operation on 5th April 2028.

(3) Regulations 2(3)(a) and (4) and 4(a) (requirements to report on specified performance-based fees) apply in relation to the first scheme year of an occupational pension scheme which ends after 6th April 2023.

(4) Regulations 2(3)(b) and (5) and 4(b) to (d) (requirements to assess and report on asset allocation) apply in relation to the first scheme year of an occupational pension scheme which ends after 1st October 2023.

(5) Where, before 6th April 2023, the trustees or managers of an occupational pension scheme have chosen to calculate the charge imposed annually in accordance with the performance-fee smoothing provision, or the trustees or managers have chosen to make the performance-fee smoothing assumption, the amendments in regulation 5(3) to (6) (omission of provisions enabling smoothing of performance fees) do not apply until the first charges year of that scheme which ends after the earlier of—

(a) the date which is 5 years after the end of the first charges year in which the trustees or managers first chose to calculate the charge imposed annually in accordance with the performance-fee smoothing provision, or first chose to make the performance-fee smoothing assumption, and

(b) 5th April 2028.

(6) Regulation 3(2) applies in relation to an occupational pension scheme with effect from the earlier of—

(a) the first date on which the default statement of investment principles prepared in accordance with regulation 2A of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005(1) (additional requirements in relation to default arrangement) is revised after 1st October 2023, and

(b) 1st October 2024.

(7) Regulation 3(3) and (4) (amendment of the requirements relating to the statement of investment principles in the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005) applies in relation to an occupational pension scheme with effect from the earlier of—

(a) the first date on which the statement of investment principles prepared under Article 35 of the Pensions (Northern Ireland) Order 1995 (investment principles) is revised after 1st October 2023, and

(b) 1st October 2024.

(8) For the purposes of this regulation—

“the Charges and Governance Regulations” means the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015(2);

“charges year” and “qualifying collective money purchase scheme”(3) have the meanings given in regulation 2(1) of the Charges and Governance Regulations;

“the performance-fee smoothing assumption” means the assumption set out in regulation 8(3A)(4) (alternative assessment of charges – default arrangements(5)) or 8A(4)(6) (alternative assessment of charges – qualifying collective money purchase schemes), as applicable, of the Charges and Governance Regulations, as those assumptions applied immediately before 6th April 2023;

“the performance-fee smoothing provision” means the provision in regulation 7(10)(7) (assessment of charges – default arrangements(8)) or 7A(10)(9) (assessment of charges – qualifying collective money purchase schemes), as applicable, of the Charges and Governance Regulations, as those provisions applied immediately before 6th April 2023;

“scheme year” has the meaning given in regulation 1(2) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(10).

(9) The Interpretation Act (Northern Ireland) 1954(11) shall apply to these Regulations as it applies to an Act of the Assembly.

Commencement Information

I1 Reg. 1 in operation at 30.3.2024, see reg. 1(1)

(1)

S.R. 2005 No. 569; regulation 2A was inserted by regulation 20(3) of S.R. 2015 No. 309 and amended by regulation 4(3) of S.R. 2018 No. 165, regulation 4(3) of S.R. 2021 No. 272 and regulation 10 of S.R. 2022 No. 192; see also regulation 3 of S.R. 2023 No. 158

(2)

S.R. 2015 No. 309

(3)

The definition of “qualifying collective money purchase scheme” was inserted by paragraph 4(2)(e) of Schedule 7 to S.R. 2024 No. 15

(4)

Paragraph (3A) was inserted by regulation 6(7)(b) of S.R. 2021 No. 272

(5)

The heading to regulation 8 was amended by paragraph 15 of Schedule 7 to S.R. 2024 No. 15

(6)

Regulation 8A was inserted by paragraph 16 of Schedule 7 to S.R. 2024 No. 15

(7)

Paragraph (10) was added by regulation 6(6) of S.R. 2021 No. 272

(8)

The heading to regulation 7 was amended by paragraph 13 of Schedule 7 to S.R. 2024 No. 15

(9)

Regulation 7A was inserted by paragraph 14 of Schedule 7 to S.R. 2024 No. 15

(10)

S.R. 1997 No. 94

(11)

1954 c. 33 (N.I.)