The Occupational Pension Schemes (Reference Scheme and Miscellaneous Amendments) Regulations (Northern Ireland) 1997

Amendment of the Occupational Pension Schemes (Investment) Regulations

4.—(1) The Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with paragraphs (2) to (4).

(2) After regulation 1 (citation, commencement and interpretation) there shall be inserted the following regulation—

“Extension of meaning of “employer”

1A.   In these Regulations and for the purposes of Articles 35 and 40, “employer” includes, in relation to a scheme in respect of which there are no active members, the person who was the employer immediately before the occurrence of the event after which the scheme ceased to have any such members.”.

(3) For paragraph (8) of regulation 6 (investments to which restrictions do not apply) there shall be substituted the following paragraph—

“(8) This regulation applies to a loan to the employer or a company associated with the employer if—

(a) the scheme provides benefits for directors of a company which is the employer or such directors and others;

(b) there is a policy of insurance taken out under the scheme which is specifically allocated to the provision of benefits under the scheme and directors' interests under which are used as security for the loan;

(c) the policy concerned is effected with an insurance company such as is mentioned in paragraph (2)(b);

(d) Inland Revenue requirements concerning the loan have been satisfied; and

(e) the directors agreeing to their interests under the policy concerned being used as security for the loan have so agreed in writing.”.

(4) In regulation 7(2)(d) (transitional provisions) after “employer-related loans” there shall be inserted “which do not contravene the 1992 Regulations and”.

(1)

S.R. 1996 No. 584, to which there are amendments not relevant to these regulations