The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014

Cross-border schemes treated as money purchase schemes N.I.

71.—(1) Where the conditions specified in paragraph (2) are met—

(a) the trustees or managers of an occupational pension scheme which, before the appointed day, was receiving contributions from a European employer, are not required to make a further or revised application for authorisation or approval in relation to any period before the appointed day under—

(i) Article 264(1) of the 2005 Order (general authorisation to accept contributions from European employers); or

(ii) Article 265(1) M1 of that Order (approval in relation to a particular European employer);

(b) the Regulator's authorisation of the scheme under Article 264(2)(a) of the 2005 Order or approval of the trustees or managers of the scheme under Article 265(2)(a) (as the case may be) is valid in respect of any period before the appointed day;

(c) that authorisation of the scheme or approval of the trustees or managers of the scheme (as the case may be) remains valid on or after the appointed day until the application required under paragraph (3) is granted or refused by the Regulator, and

(d) Article 263(5) of the 2005 Order (occupational pension scheme receiving contributions from European employer) does not apply in relation to a failure to apply for authorisation under Article 264(1) of that Order or approval under Article 265(1) of that Order in the form prescribed for a scheme which is not a money purchase scheme during any period before the application required under paragraph (3) is granted or refused by the Regulator.

(2) The conditions specified in this paragraph are that before the appointed day—

(a) an occupational pension scheme included cash balance benefits or pensions derived from cash balance benefits or money purchase benefits;

(b) the scheme included no benefits other than those falling within sub-paragraph (a), money purchase benefits or death benefits;

(c) the trustees or managers of the scheme treated the scheme as a money purchase scheme;

(d) an application made by the trustees or managers of a scheme for authorisation under Article 264(1) of the 2005 Order or for approval under Article 265(1) of that Order was made in the form prescribed for a money purchase scheme in accordance with any of the following provisions of the Occupational Pension Schemes (Cross-border Activities) Regulations (Northern Ireland) 2005 M2 (“the Cross-border Regulations”)—

(i) regulation 4(2)(a) (applications for general authorisation to accept contributions from European employers: established schemes which are not carrying on cross-border activity);

(ii) regulation 5(2)(a) M3 (applications for general authorisation to accept contributions from European employers: established schemes which are carrying on cross-border activity);

(iii) regulation 5(3)(b)(ii)(aa) M4 ;

(iv) regulation 5(4)(a) M5 ;

(v) regulation 6(2)(a) (applications for general authorisation to accept contributions from European employers: new schemes);

(vi) regulation 9(2)(a) (applications for approval in relation to particular European employer: established schemes which are not carrying on cross-border activity);

(vii) regulation 10(2)(a) M6 (applications for approval in relation to particular European employer: established schemes which are carrying on cross-border activity), and

(e) the Regulator has granted or approved that application in accordance with Article 264(2)(a) or 265(2)(a) of the 2005 Order.

(3) Where the trustees or managers of an occupational pension scheme which meets the conditions specified in paragraph (2) intend to accept contributions from European employers on or after the appointed day, they must make a further application for authorisation under Article 264(1) or approval under Article 265(1)—

(a) within the period of one year beginning with the appointed day, and

(b) in the form prescribed for a scheme which is not a money purchase scheme in accordance with paragraph (2)(b) of regulation 4, 5, 6, 9 or 10 (as the case may be) of the Cross-border Regulations.

(4) In this regulation “European employer” has the meaning given by regulation 3(1) M7 of the Cross-border Regulations (meaning of “European employer” and “host EEA state” in Part 7 of the Order).

(5) Where, by virtue of regulation 2(3) of the Cross-border Regulations, a section of a segregated multi-employer scheme is required to be treated as a separate scheme for the purposes of those Regulations (or would have been so required, but for this regulation) this regulation applies in relation to that section of the scheme as if it were a separate scheme.

(6) In this regulation “segregated multi-employer scheme” has the meaning given by regulation 2(1) M8 of the Cross-border Regulations.

Marginal Citations

M1 Article 265 was amended by regulation 5 of S.R. 2007 No. 457

M2 S.R. 2005 No. 581; relevant amending Regulations are S.R. 2006 Nos. 65 and 160 and S.R. 2007 Nos. 185 and 457

M3 Paragraph (2) was amended by regulation 16 of S.R. 2007 No. 185

M4 Paragraph (3) was inserted by regulation 9 of S.R. 2006 No. 65 and was amended by regulation 2 of S.R. 2006 No. 160

M5 Paragraph (4) was inserted by regulation 16 of S.R. 2007 No. 185

M6 Paragraph (2) was amended by regulation 16 of S.R. 2007 No. 185

M7 Regulation 3(1) was substituted by regulation 16 of S.R. 2007 No. 185 and amended by S.R. 2007 No. 457

M8 The definition of “segregated multi-employer scheme” was amended by regulation 16 of S.R. 2007 No. 185