The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018

Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations

5.—(1) The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 are amended in accordance with paragraphs (2) to (6).

(2) In regulation 12 (annual report)—

(a) in paragraph (1) after “year and” insert “(subject to paragraph (5))”;

(b) after paragraph (4) add—

“(5) Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(1) that falls within Article 35 of the 1995 Order (investment principles), the information listed in paragraph 30(f)(2) of Schedule 3 must be made publicly available free of charge in accordance with regulation 29A.”.

(3) In the heading to regulation 29A (publishing charges and transaction costs) after “transaction costs” insert “and other relevant information”.

(4) In regulation 29A—

(a) in paragraph (1) after “paragraph (2)” insert “and, where that scheme falls within Article 35 of the 1995 Order (investment principles), paragraph (2A)”;

(b) after paragraph (2) insert—

“(2A) The specified information is—

(a) the latest statement of investment principles governing decisions about investments prepared for the scheme under Article 35 of the 1995 Order, and

(b) the information which must be included in the most recent document prepared under regulation 12 in accordance with paragraph 30(f) of Schedule 3.”;

(c) in paragraph (4) after “paragraph (2)” insert “or (2A)”.

(5) In paragraph 30 of Schedule 3 (information to be given on request)—

(a) for sub-paragraph (d) substitute—

“(d) the policies specified in the following paragraphs of regulation 2 of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005 (statement of investment principles) (“the Investment Regulations”)—

(i) paragraph (3)(b)(vi)(3);

(ii) paragraph (3)(b)(vii)(4), and

(iii) paragraph (3)(c)(5), and”;

(b) omit sub-paragraph (e);

(c) after sub-paragraph (e) add—

“(f) where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, a statement which must—

(i) set out how, and the extent to which, in the opinion of the trustees, the statement of investment principles required under Article 35 of the 1995 Order has been followed during the year;

(ii) describe any review of the statement of investment principles undertaken during the year in accordance with regulation 2(1) of the Investment Regulations and any other review of how the statement of investment principles has been met;

(iii) explain any change made to the statement of investment principles during the year and the reason for the change, and

(iv) where no such review was undertaken during the year in accordance with regulation 2(1) of the Investment Regulations, give the date of the last review.”.

(6) In paragraph 5B(6) of Schedule 6(7) (statements of benefits: money purchase benefits and cash balance benefits) after “29A(2)” insert “and (2A)(8)”.

(1)

S.R. 1997 No. 94; the definition of “relevant scheme” was inserted by regulation 14 of S.R. 2015 No. 309

(2)

Paragraph 30(f) is inserted by regulation 5(5)(c) of these Regulations

(3)

Sub-paragraph (b)(vi) is substituted by regulation 4(2)(a)(ii) of these Regulations

(4)

Sub-paragraph (b)(vii) is added by regulation 4(2)(a)(iii) of these Regulations

(5)

Sub-paragraph (c) is substituted by regulation 4(2)(a)(iv) of these Regulations

(6)

Paragraph 5B was inserted by regulation 3(8) of S.R. 2018 No. 53

(7)

The heading to Schedule 6 was amended by regulation 73(7) of S.R. 2014 No. 204

(8)

Paragraph (2A) is inserted by regulation 5(4)(b) of these Regulations