16.—(1) The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with sub-paragraphs (2) to (5).
(2) In regulation 1(2)—
(a)after the definition of “business days” there shall be inserted the following definition—
““money purchase scheme” means a pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits;”; and
(b)after the definition of “relevant benefits” there shall be inserted the following definition—
““relevant ear-marked scheme” means an occupational pension scheme—
which is a money purchase scheme;
under which all the benefits are secured by one or more contracts of insurance or annuity contracts specifically allocated to the provision of benefits to or in respect of individual members;
all the members of which are trustees; and
under the provisions of which decisions to be made by the trustees must be unanimous or unanimous if any trustees who are not members are disregarded;”.
(3) In regulation 3(1)—
(a)in sub-paragraph (h) for “occupational money purchase small self-administered schemes” there shall be substituted “money purchase schemes which are small self-administered schemes and”; and
(b)after sub-paragraph (h) there shall be inserted the following sub-paragraph—
“(hh)relevant ear-marked schemes;”.
(4) In regulation 16 for “the prescribed period” to the end there shall be substituted—
“the prescribed period—
in the case of minimum payments which are to be made in accordance with regulation 32(1) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(2), is the period mentioned in that regulation; and
otherwise, is 19 days commencing on the day after the end of the month in which the amount is deducted from the earnings in question.”.
(5) In regulation 17 for “(h)” there shall be substituted “(i)”.