- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
(This note is not part of the Regulations)
These Regulations amend various Regulations concerning occupational and personal pension schemes.
Regulations 3 and 8 introduce new powers for trustees to modify pension schemes. Modifications can be made to reduce the rate or amount by which pension benefits are revalued (amendment to the Occupational Pension Schemes (Revaluation) Regulations (Northern Ireland) 1991) and to reduce the annual increase in the rate of pensions (amendment to the Occupational Pension Schemes (Indexation) Regulations (Northern Ireland) 1997). The employer must give their consent before the trustees modify the pension scheme.
Regulation 4 amends the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 to remove a requirement for an employer to consult with trade unions when a pension scheme is being wound up and is surrendering a contracting-out certificate.
Regulation 5 amends the Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996 in relation to transferring a pension from one salary related contracted-out pension scheme to another. The amendment allows a transfer when the scheme from which the transfer is being made used to be a salary related contracted-out pension scheme, but is no longer such a scheme.
Regulation 7 amends the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 in consequence of amendments made by regulation 14(3).
Regulation 14 amends the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000. Paragraph (3) introduces a new provision to specify the circumstances in which the pension credit benefit may be commuted. Paragraph (4) makes amendments to allow benefits which are different from pension credit benefit to be paid before normal benefit age where the person entitled to benefit is in ill health or has reached normal minimum pension age. It also amends the circumstances in which the trustees or managers are able to pay benefit without the consent of the person entitled to the benefit. Paragraph (6) makes amendments to update references. Paragraphs (2)(a) and (5) make consequential amendments.
Regulation 16 amends the Occupational Pension Scheme (Scheme Funding) Regulations (Northern Ireland) 2005. Paragraph (2) makes amendments so that a section of a multi-employer pension scheme which is winding up is exempt from the requirements of Part IV of the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”) where certain criteria are met. Paragraph (3) makes amendments so that modifications to that Part and those Regulations apply where the actuary has the power to determine any of the rates of contributions payable by the employer without the employer’s agreement.
Regulation 17 amends the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005. With effect from 6th April 2009, regulation 17(4)(b) extends the category of institutions which are exempt from certain restrictions on employer-related investments. With effect from 23rd September 2010, the remainder of regulation 17 implements the requirements of Article 18(1)(f) of the European Union Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (OJ No. L 235, 23.9.03, p.10) (“the Directive”).
Regulation 20 amends the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations (Northern Ireland) 2006 for pension schemes which have more than one trustee, all of whom are companies. The amendment provides that where such a company has only independent directors, it is not required to have member nominated directors.
Regulation 21 makes consequential revocations.
The Pensions Regulator replaced the Occupational Pensions Regulatory Authority in April 2005. These Regulations update certain pensions legislation which still refers to the Occupational Pensions Regulatory Authority (regulations 2, 10, 11, 12, 13 and 14(2)(b)).
A person can be required to pay a penalty if they fail to comply with certain pensions legislation. These Regulations make amendments to provide that the person must be given a notice in writing informing them of the requirement to pay such a penalty (regulations 2, 6, 9, 10, 11, 15 and 19). They also create a new penalty for certain employers who fail to consult their employees before making certain changes to their pension schemes (regulation 18).
As these Regulations, in so far as they are made under Part II of the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”), Part V of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (“the 1999 Order”) and the 2005 Order, make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement for consultation does not apply by virtue of Article 117(2)(e) of the 1995 Order, Article 73(9) of the 1999 Order and Article 289(2)(e) of the 2005 Order.
An assessment of the cost to business of these Regulations is detailed in a Regulatory Impact Assessment and the extent to which Article 18 of the Directive is transposed by these Regulations is detailed in a Transposition Note. Copies of both the Assessment and the Note have been laid in the Business Office and the Library of the Northern Ireland Assembly and are available from the Department for Social Development, Social Security Policy and Legislation Division, 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: