The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024

Fraud compensation

23.—(1) This paragraph applies to a scheme when all the following conditions are met—

(a) the scheme has been authorised by the Regulator under section 5 of the Act;

(b) there are one or more scheme funders and a triggering event within item 4 or 5 of the table in section 21(6) of the Act has occurred in relation to every scheme funder;

(c) the scheme is pursuing continuity option 1, and

(d) the trustees have submitted the implementation strategy to the Regulator.

(2) Where paragraph (1) applies, the following statutory provisions have effect in relation to the scheme with the following modifications—

(a) in the 2005 Order omit—

(i) Article 165(1)(c), (2) to (4), (6)(a), (8) and (9) (cases where fraud compensation payments can be made);

(ii) in Article 165(6) the words “the later of”;

(iii) in Article 165(10) the definition of “the relevant event”;

(iv) Article 166 (Board’s duties in respect of certain applications under Article 165);

(v) in Article 168(5) (fraud compensation payments)—

(aa) in sub-paragraph (c) the word “and”;

(bb) sub-paragraph (d);

(vi) paragraph 21 of Schedule 8 (issue of a notice under Article 166);

(b) in regulation 5(3) of the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005(1) (applications for fraud compensation payments)—

(i) in sub-paragraph (c) for “the employer” substitute “each scheme funder (as defined in section 39(1) of the Pension Schemes Act (Northern Ireland) 2021(2))”;

(ii) for sub-paragraph (e) substitute—

“(e) the date the triggering event (as defined in section 39(1) of the Pension Schemes Act (Northern Ireland) 2021) occurred;”.

(1)

S.R. 2005 No. 381 to which there are amendments not relevant to these Regulations

(2)

2021 c. 6 (N.I.)