The Pensions (Northern Ireland) Order 2005

Regulator's objectives N.I.

4.—(1) The main objectives of the Regulator in exercising its functions are—

(a) to protect the benefits under occupational pension schemes of, or in respect of, members of such schemes,

(b) to protect the benefits under personal pension schemes of, or in respect of, members of such schemes within paragraph (2),

(c) to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund (see Part III),

[F1 (cza) in relation to the exercise of its functions under Part 4 only, to minimise any adverse impact on the sustainable growth of an employer,]

[F2 (ca) to maximise compliance with the duties under Chapter 1 of Part 1 (and the safeguards in sections 50 and 54) of the Pensions (No. 2) Act (Northern Ireland) 2008,] and

(d) to promote, and to improve understanding of, the good administration of work-based pension schemes.

(2) For the purposes of paragraph (1)(b) the members of personal pension schemes within this paragraph are—

(a) the members who are employees in respect of whom direct payment arrangements exist, and

(b) where the scheme is a stakeholder pension scheme, any other members.

(3) In this Article—

• “stakeholder pension scheme” means a personal pension scheme which is or has been registered under Article 4 of the 1999 Order (register of stakeholder schemes);

• “work-based pension scheme” means—

  (a)

  an occupational pension scheme,

  (b)

  a personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are employees, or

  (c)

  a stakeholder pension scheme.

F1 Art. 4(1)(cza) inserted (24.6.2015) by Pensions Act (Northern Ireland) 2015 (c. 5), ss. 46, 53(2)(e)

F2 Art. 4(1)(ca) inserted (16.3.2011) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 63, 118(1) (with s. 73); S.R. 2011/108, art. 2(1)(a)