EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations principally implement the decision of the Commission of the European Communities No. C 55/2007 of 11th February 2009 (O.J. No. L242, 15.9.09, p.21) that the exemption from the payment of a levy to the Pension Protection Fund corresponding to the pension liabilities covered by a Crown guarantee constitutes State aid that is incompatible with the common market within the meaning of Article 87 of the Treaty establishing the European Community (O.J. No. C115, 24.12.02, p.33), now Article 107 of the Treaty on the Functioning of the European Union.
Regulation 2 amends the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 2005 which modify Part III of the Pensions (Northern Ireland) Order 2005 (“the Order”) as it applies to occupational pension schemes with a partial guarantee from a relevant public authority (“partially guaranteed schemes”).
Regulation 3 amends regulation 2 of the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 which sets out those schemes which are not eligible schemes for the purposes of Part III of the Order.
Regulations 4, 5, 6 and 7 amend respectively the Pension Protection Fund (Reviewable Matters) Regulations (Northern Ireland) 2005, the Pension Protection Fund (Provision of Information) Regulations (Northern Ireland) 2005, the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005 and the Occupational Pension Schemes (Fraud Compensation Levy) Regulations (Northern Ireland) 2006, as they apply to partially guaranteed schemes, in consequence of the amendments made by regulation 2.
Regulation 8 amends the Pension Protection Fund (General and Miscellaneous Amendments) Regulations (Northern Ireland) 2006 as they apply to schemes which are eligible for Pension Protection Fund compensation for part of a financial year.
As these Regulations 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 to consult under Article 289(1) of the Order does not apply by virtue of paragraph (2)(e) of that Article.