(This note is not part of the Regulations)
These Regulations make provision in relation to certain occupational pension schemes which both have such a superannuation fund as is mentioned in section 615 (exemptions from tax in respect of certain pensions) of the Income and Corporation Taxes Act 1988 (c. 1), and which are undertaking, or, in the case of the amendment provided for in regulation 4, propose to undertake, cross-border activity (“cross-border section 615 schemes”).
These Regulations also revoke the Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations 2000 (S.I. 2000/3198) and certain other provisions in pensions legislation which make provision in respect of certain occupational pension schemes which are established in the Republic of Ireland which have, or have had, at least one member in pensionable service in Great Britain.
These Regulations are consequential on the Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381), and on article 3(2) of the Pensions Act 2004 (Commencement No. 8) Order 2005 (S.I. 2005/3331 (C.141)).
Regulation 4 and regulation 1 in so far as it applies to that regulation extend to Northern Ireland.
Regulation 4 amends regulation 2 of the Register of Occupational and Personal Pension Schemes Regulations 2005 (S.I. 2005/597). The amendment provides that from 20th March 2006 a cross-border section 615 scheme is a registrable scheme.
Regulations 2, 3 and 5 to 8 amend, respectively, the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 (S.I. 1996/1655), the Occupational Pension Schemes (Winding Up) Regulations 1996 (S.I. 1996/3126), the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (S.I. 2005/626), the Occupational Pension Schemes (Employer Debt) Regulations 2005 (S.I. 2005/678), the Occupational Pension Schemes (Winding up etc.) Regulations 2005 (S.I. 2005/706) and the Pensions Regulator (Contribution Notices and Restoration Orders) Regulations 2005 (S.I. 2005/931) so as to make some or all of the provisions of those Regulations apply to cross-border section 615 schemes.
The amendments made by regulations 2 to 8 are made in order to comply with the requirements of the European Union Directive on the activities and supervision of institutions for occupational retirement provision (Directive 2003/41/EC; OJ No. L 235, 23.9.03, p.10).
Regulation 9 amends regulations 5 and 10 of the Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381). The amendments provide that trustees or managers of cross-border section 615 schemes who apply on or before 29th March 2006 for authorisation and approval can provide some of the information required in those applications after that date provided it is all provided on or before 15th May 2006.
Regulation 10 brings into effect the Schedule, which revokes the regulations which made provision exempting Republic of Ireland schemes from certain requirements imposed by the Pensions Act 1995 (c. 26) and by certain regulations made under the Pension Schemes Act 1993 (c. 48) and the Pensions Act 1995 in relation to occupational pension schemes.
A Regulatory Impact Assessment has not been prepared for this instrument as it has only a negligible impact on business, charities or voluntary bodies. Copies of a transposition note concerning the implementation of the Directive by these Regulations may be obtained from Private Pensions, Department for Work and Pensions, 3rd floor, Adelphi, 1-11 John Adam Street, London WC2N 6HT.