The Occupational and Personal Pension Schemes (Pension Liberation) Regulations (Northern Ireland) 2005

Explanatory Note

(This note is not part of the Regulations.)

These Regulations make provision in relation to payments made into an occupational or personal pension scheme by reason of a restitution order made by the High Court under Article 15 of the Pensions (Northern Ireland) Order 2005 (“the Order”) or of a repatriation order made by the Pensions Regulator under Article 17 of the Order.

Regulation 2 modifies certain references in the Pension Schemes (Northern Ireland) Act 1993 (“the Pension Schemes Act”) (and in regulations made under powers in that Act) to “a transfer payment” and to “transfer credits” so that those terms apply appropriately to payments made to schemes under orders made under Article 15 or 17 of the Order.

Regulation 3 modifies the statutory discharges given to trustees or managers of schemes in the Pension Schemes Act so that when an order under Article 15 or 17 of the Order is made, the trustees or managers shall have the benefit of those discharges if they have met the duty specified.

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 15(7) and 17(4) of the Order, some of the enabling provisions under which these Regulations are made, on 25th February 2005 for the purpose only of authorising the making of regulations and on 6th April 2005 for all other purposes.

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.