- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations prescribe the description of schemes which are exempt from the requirement in Article 229(2) of the Pensions (Northern Ireland) Order 2005 (“the Order”) that trustees or managers of an occupational pension scheme with its main administration in the United Kingdom must not accept a funding payment unless the scheme is established under irrevocable trust. They also prescribe the description of a scheme which is exempt from the requirement in Article 232(1) of the Order, that an occupational pension scheme with its main administration in the United Kingdom must be limited to retirement benefit-related activities.
Regulation 2 provides for the description of those schemes which are exempt from the requirements of Article 229(2) of the Order.
Regulation 3 provides for the description of a scheme which is exempt from the requirements of Article 232(1) of the Order.
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.
The Pensions (2005 Order) (Commencement No. 5 and Appointed Day) Order (Northern Ireland) 2005 (S.R. 2005 No. 321 (C. 24)) provides for the coming into operation of Articles 229(4) and 232(2) of the Order, some of the enabling provisions under which these Regulations are made, on 1st July 2005 for the purpose of making regulations and on 22nd September 2005 for all other purposes.
Article 229(2) of the Order transposes Article 8 of Directive 2003/41/EC (“the Directive”) on the activities and supervision of institutions for occupational retirement provision. Article 8 of the Directive requires legal separation of the assets of an occupational pension scheme and those of a sponsoring employer. Article 232(1) of the Order transposes Article 7 of the Directive. Article 7 of the Directive requires that occupational pension schemes are limited to retirement-benefit activities. The transposition of Articles 7 and 8 of the Directive is detailed in the Transposition Table that relates to the Order. Copies of the Table may be obtained from the Department for Social Development, Level 1, James House, 2-4 Cromac Avenue, Gasworks Business Park, Ormeau Road, Belfast, BT7 2JA.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: