(This note is not part of the Regulations)
These Regulations amend certain regulations relating to occupational pension schemes, pension sharing, the Pensions Regulator and the Pension Protection Fund.
Regulation 2 amends the Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 2006. Paragraph (3) makes an amendment which provides that certain members of occupational pension schemes must be consulted before the rate at which their pensions are increased (indexed) or revalued can be changed. It also provides that no such consultation has to be carried out if the change is beneficial or neutral for the member. Paragraph (2) makes a consequential amendment so that no such consultation is required if the members were notified of that change before these Regulations came into operation.
Regulations 3 to 14 amend references to the Institute of Actuaries and to the Faculty of Actuaries following the merger of the two bodies into the Institute and Faculty of Actuaries.
As these Regulations, in so far as they are made under the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) and the Pensions (Northern Ireland) Order 2005 (“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 to consult under Article 117(1) of the 1995 Order and Article 289(1) of the 2005 Order does not apply by virtue of paragraph (2)(e) of each of those Articles.