The Pensions (Northern Ireland) Order 1995

Functions of trustees or managers N.I.

Restriction on employer-related investments N.I.

40.—(1) The trustees or managers of an occupational pension scheme must secure that the scheme complies with any prescribed restrictions with respect to the proportion of its resources that may at any time be invested in, or in any description of, employer-related investments.

(2) In this Article—

• “employer-related investments” means—

  (a)

  shares or other securities issued by the employer or by any person who is connected with, or an associate of, the employer,

  (b)

  land which is occupied or used by, or subject to a lease in favour of, the employer or any such person,

  (c)

  property (other than land) which is used for the purposes of any business carried on by the employer or any such person,

  (d)

  loans to the employer or any such person, and

  (e)

  other prescribed investments,

• Definition rep. by SI 2001/3649

[F1 (2A) In the definition of “employer-related investments” in paragraph (2), “securities” means—

(a) shares,

(b) instruments creating or acknowledging indebtedness,

(c) instruments giving entitlements to investments,

(d) certificates representing securities.

(2B) Paragraph (2A) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000,

(b) any relevant order made under that section, and

(c) Schedule 2 to that Act.]

(3) To the extent (if any) that sums due and payable by a person to the trustees or managers of an occupational pension scheme remain unpaid—

(a) they shall be regarded for the purposes of this Article as loans made to that person by the trustees or managers, and

(b) resources of the scheme shall be regarded as invested accordingly.

(4) If in the case of a trust scheme paragraph (1) is not complied with,[F2 Article 10 applies] to any trustee who fails to take all such steps as are reasonable to secure compliance.

(5) If any resources of an occupational pension scheme are invested in contravention of paragraph (1), any trustee or manager who agreed in the determination to make the investment is guilty of an offence and liable—

(a) on summary conviction, to a fine not exceeding the statutory maximum, and

(b) on conviction on indictment, to a fine or imprisonment, or both.

F1 SI 2004/355

F2 2005 NI 1

Provision of documents for members N.I.

41.—(1) Regulations may require the trustees or managers of an occupational pension scheme—

(a) to obtain at prescribed times the documents mentioned in paragraph (2), and

(b) to make copies of them, and of the documents mentioned in paragraph (3), available to the persons mentioned in paragraph (4).

(2) The documents referred to in paragraph (1)(a) are—

(a) the accounts audited by the auditor of the scheme,

(b) the auditor's statement about contributions under the scheme,

Sub-para. (c) rep. by 2005 NI 1

[F3 (3) The documents referred to in paragraph (1)(b) are—

(a) any statement of funding principles prepared or revised under Article 202 of the Pensions (Northern Ireland) Order 2005,

(b) any valuation or report prepared by the actuary under Article 203 of that Order,

(c) any certificate given by the actuary under Article 204 or 206 of that Order.]

(4) The persons referred to in paragraph (1)(b) are—

(a) members and prospective members of the scheme,

(b) spouses[F4 or civil partners] of members and of prospective members,

(c) persons within the application of the scheme and qualifying or prospectively qualifying for its benefits,

(d) independent trade unions recognised to any extent for the purposes of collective bargaining in relation to members and prospective members of the scheme.

[F5 (5) Regulations may in the case of occupational pension schemes provide for—

(a) prescribed persons,

(b) persons with prescribed qualifications or experience, or

(c) persons approved by the Department,

to act for the purposes of paragraph (2) instead of scheme auditors or actuaries.

(5A) Regulations may impose duties on the trustees or managers of an occupational pension scheme to disclose information to, and make documents available to, a person acting under paragraph (5).

(5B) If any duty imposed under paragraph (5A) is not complied with,[F3 Article 10 applies to any trustee, and] to any manager, who has failed to take all such steps as are reasonable to secure compliance.]

(6) Regulations shall make provision for referring to an industrial tribunal any question whether an organisation is such a trade union as is mentioned in paragraph (4)(d) and may make provision as to the form and content of any such document as is referred to in paragraph (2).

F3 2005 NI 1

F4 SR 2005/434

F5 2000 c. 4 (NI)

Arts. 42‐46 rep. by 1996 NI 16