Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations5.

(1)

The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 199712 shall be amended in accordance with paragraphs (2) and (3).

(2)

For sub-paragraph (b) of regulation 5(2) (manner and terms of appointment and removal of professional advisers) there shall be substituted the following sub-paragraph—

“(b)

(i)

in the case of a fund manager, or a person carrying out functions referred to in regulation 2(c), who—

  • is a member of a self-regulating organisation (as defined in section 8 of the Financial Services Act 198613) which imposes requirements in relation to conflicts of interest; or

  • holds a certificate issued for the purposes of Chapter III of Part I of the Financial Services Act 1986 by a recognised professional body which professional body imposes requirements in relation to conflicts of interest,

  • confirm in writing that he will notify the trustees or managers of any conflict of interest to which he is or may be subject in relation to the scheme in accordance with those requirements; and

(ii)

in the case of any other professional adviser, confirm in writing he will notify the trustees or managers of any conflict of interest to which he is subject in relation to the scheme immediately he becomes aware of its existence.”.

(3)

In regulation 7 (ineligibility to act as actuary or auditor: exceptions)—

(a)

in paragraph (c) for “Article 4(3) of the Insolvency (Northern Ireland) Order 1989.” there shall be substituted “Article 4(2) of the Insolvency (Northern Ireland) Order 198914; and”;

(b)

after paragraph (c) there shall be added the following paragraph—

“(d)

in the case of a person who is an associate of any person with whom he is in partnership, the husband or wife or a relative of any individual with whom he is in partnership.”.