The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

Amendments to the Occupational Pension Schemes (Scheme Administration) Regulations N.I.

1.—(1) The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(1) are amended in accordance with sub-paragraphs (2) to (5).

(2) In regulation 1(2) (interpretation) after the definition of “chair”(2) insert—

““collective money purchase scheme” means a scheme or a section of a scheme which is a collective money purchase scheme for the purposes of Part 2 of the Pension Schemes Act 2021 (collective money purchase benefits: Northern Ireland);”.

(3) In regulation 3 (professional advisors’ requirements: exceptions)—

(a) in paragraph (2)(a) after “schemes” insert “other than to the extent to which they provide collective money purchase benefits”;

(b) after paragraph (2) insert—

“(2A) In paragraph (2) “collective money purchase benefits” are benefits which are collective money purchase benefits for the purposes of Part 2 of the Pension Schemes Act 2021 (collective money purchase benefits: Northern Ireland).”.

(4) In regulation 23(1)(3) (annual statement regarding governance)—

(a) in sub-paragraph (a) after “default arrangement” insert “(if any)”;

(b) in sub-paragraph (aa)(4)—

(i) in head (i) after “default arrangement” insert “(if any)”;

(ii) in head (ii) after “fund” insert “(if any)”;

(c) in sub-paragraph (c)—

(i) in head (i)(5) after “default arrangement” insert “(if any)”;

(ii) in head (ii)(6) after “fund” insert “(if any)”;

(d) for sub-paragraph (cza) substitute—

“(cza) for a collective money purchase scheme, state—

(i) the charges and transaction costs applicable to the scheme;

(ii) the return on investments, after deduction of any charges or transaction costs relating to those investments, relating to the fund, having regard to guidance issued by the Department under section 109(2A)(7) of the Pension Schemes Act (disclosure of information about schemes to members, etc.); and

(iii) where the scheme is a qualifying collective money purchase scheme for the purposes of regulation 3A of the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015, the amount of any specified performance-based fees incurred in relation to the scheme during the scheme year, calculated in accordance with regulation 25(1)(a)(8), as a percentage of the average value of the assets held for the purposes of the scheme during the scheme year;”.

(5) In regulation 25 (assessment of charges and transaction costs)—

(a) in paragraph (1A)(9) after “specified scheme” insert “other than a collective money purchase scheme”;

(b) after paragraph (1A) insert—

“(1ZA) As part of the assessment referred to in paragraph (1)(b), the trustees of a collective money purchase scheme must assess how the administrative and governance criteria set out in paragraph (1C) are met by the scheme.”;

(c) in paragraph (1C)—

(i) in sub-paragraph (c) after “strategy” insert “(if any)”;

(ii) after sub-paragraph (c) insert—

“(ca) for a collective money purchase scheme, the appropriateness of the investment principles governing decisions about investments for the purposes of the scheme, as set out in the latest statement prepared in accordance with regulation 2 of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005(10) (statement of investment principles);”.

Commencement Information

I1 Sch. 7 para. 1 in operation at 26.1.2024, see reg. 1

(1)

S.R. 1997 No. 94; relevant amending Regulations are S.R. 2015 No. 309, S.R. 2018 No. 53, S.R. 2021 No. 272 and S.R. 2023 No. 158; see also paragraph 1 of Schedule 7 to S.R. 2023 No. 117

(2)

The definition of “chair” was inserted by regulation 16(2)(a) of S.R. 2015 No. 309

(3)

Regulation 23 was added by regulation 17 of S.R. 2015 No. 309

(4)

Sub-paragraph (aa) was inserted by regulation 2(2)(a)(i) of S.R. 2021 No. 272

(5)

Head (i) was substituted by regulation 2(a)(i) of S.R. 2018 No. 53

(6)

Head (ii) was substituted by regulation 2(2)(a)(ii)(aa) of S.R. 2021 No. 272

(7)

Subsection (2A) was inserted by section 38(4) of the Pension Schemes Act (Northern Ireland) 2016

(8)

Regulation 25 was added by regulation 19 of S.R. 2015 No. 309 and paragraph (1) was amended by regulation 2(3)(a) of S.R. 2021 No. 272 and regulation 2(4) of S.R. 2023 No. 158

(9)

Paragraphs (1A) to (1E) were inserted by regulation 2(3)(b) of S.R. 2021 No. 272

(10)

S.R. 2005 No. 569; regulation 2 was amended by regulation 4(2) of S.R. 2018 No. 165 and regulation 2(2) of S.R. 2019 No. 115