The Pension Protection Fund (Reviewable Matters) Regulations (Northern Ireland) 2005

Explanatory Note

(This note is not part of the Regulations.)

These Regulations make provision in respect of certain reviewable matters specified in Schedule 8 to the Pensions (Northern Ireland) Order 2005 (“the Order”).

The Board of the Pension Protection Fund (“the Board”) is established by section 107 of the Pensions Act 2004 (c. 35) to provide compensation for members of certain occupational pension schemes in the event of the insolvency of the scheme’s sponsoring employer and where the pension scheme is underfunded at a certain level.

Regulation 1 provides for citation, commencement and interpretation.

Regulation 2 and the Schedule to these Regulations provide that the references to specified failures by the Board in Schedule 8 to the Order are to be construed as references to failures by the Board to do the act or make a determination within the period prescribed in the Schedule to these Regulations.

Regulation 3 modifies Schedule 8 to the Order by inserting two further reviewable matters in respect of partially guaranteed schemes.

Regulation 4 amends Schedule 8 to the Order by inserting two further reviewable matters in respect of payments due under Article 150(2) of the Order and the issue of, or failure to issue, a valuation notice under regulation 2(5) of the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005.

Articles 188(2) and (4) and 280(3) of the Order, under which these Regulations are made, were brought into operation, for the purpose of authorising the making of regulations, on 25th February 2005 and for all other purposes on 6th April 2005 and 8th March 2005 respectively, by virtue of the Pensions (2005 Order) (Commencement No. 1 and Consequential and Transitional Provisions) Order (Northern Ireland) 2005 (S.R. 2005 No. 48 (C. 5)).

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.