(This note is not part of the Regulations.)
These Regulations make provision relating to freezing orders under Article 19 of the Pensions (Northern Ireland) Order 2005 (“the Order”).
Regulation 1 provides for citation, commencement and interpretation.
Regulation 2 prescribes the qualifications necessary for a person to be brought within the meaning of “the actuary” as set out in Article 19(10) of the Order.
Trustees or managers of pension schemes are required to abide by specified time limits in taking certain actions in relation to members' entitlements, such as issuing a statement of entitlement to a member of a salary related occupational pension scheme (under section 89A of the Pension Schemes (Northern Ireland) Act 1993 (“the Act”), or carrying out what the member requires in response to an application received from the member to take his cash equivalent in accordance with section 91 of the Act. If, however, the scheme in question is the subject of a freezing order which contains certain directions, it may be impossible for the trustees or managers to abide by the time limits set out in section 95 the Act, or regulations made under it.
Regulation 3 modifies the Act, and regulation 4 amends the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996, to take account of the fact that it may be impossible to abide by the time limits, and extends the time limits where appropriate if a freezing order containing a relevant direction is or has been in effect.
Regulation 5 prescribes the period within which trustees or managers must give notice to the Pensions Regulator and to the member of failure to pay a contribution where they were required to do so by the Regulator in an order made under Article 26 of the Order (power to give a direction where a freezing order ceases to have effect).
The Pensions (2005 Order) (Commencement No. 1 and Consequential and Transitional Provisions) Order (Northern Ireland) 2005 (S.R. 2005 No. 48 (C. 5)) provides for the coming into operation of Articles 19(10) (in part), 20(7)(a) and 26(7)(c) of the Order, some of the enabling provisions under which these Regulations are made, for the purpose of authorising the making of regulations on 25th February 2005 and for all other purposes on 6th April 2005.
As these Regulations are made before the end of the period of six months beginning with the coming into operation of the provisions of the Order by virtue of which they are made, the requirement to consult under Article 289(1) of the Order does not apply by virtue of paragraph (2)(c) of that Article.