Contents
- 1 Citation, commencement and interpretation
- 2 Amendment of the Pension Schemes Act
- 3 Amendment of the Occupational Pension Schemes (Contracting-out) Regulations
- 4 Amendment of the Occupational Pension Schemes (Investment) Regulations
- 5 Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations
- 6 Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations
1Citation, commencement and interpretation#
(1)These Regulations may be cited as the Occupational Pension Schemes (Reference Scheme and Miscellaneous Amendments) Regulations (Northern Ireland) 1997 and shall come into operation on 6th April 1997.
(2)The Interpretation Act (Northern Ireland) 1954 shall apply to these Regulations as it applies to a Measure of the Assembly.
2Amendment of the Pension Schemes Act#
For paragraph (b) of section 8B(4) of the Pension Schemes (Northern Ireland) Act 1993 (reference scheme) there shall substituted the following paragraphs—“b for entitlements to those pensions to commence on the day following the death of the earners, andc except in prescribed circumstances, for the annual rate of those pensions to be—i if the earners die on or after their normal pension age, 50 per cent. of the annual rate which a reference scheme was required to provide to the deceased earners immediately before their death, orii if the earners die before their normal pension age, 50 per cent. of the annual rate of pension which a reference scheme would have been required to provide to the deceased earners if the date of their death had been their normal pension age, andd if those pensions are payable in respect of earners who die—i otherwise than in pensionable service under the scheme, andii before their own entitlements to pensions under the scheme have commenced,for those pensions to be revalued in accordance with section 80 as though they were such benefits as are mentioned in section 79(1)(a).”
3Amendment of the Occupational Pension Schemes (Contracting-out) Regulations#
(1)The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 shall be amended in accordance with paragraphs (2) to (5).
(2)In regulation 39 (circumstances in which schemes may change mode of contracting out)—
(a)before “Subject to any regulations” there shall be inserted “—(1)”;
(b)at the end there shall be added the following paragraph—“2 Subject to any regulations made under Article 146 of the Order and to regulation 77, a scheme which has been contracted out by virtue of section 5(2) of the Act may become contracted out under section 5(3) of the Act only if its trustees have been discharged of all liability to provide guaranteed minimum pensions and section 5(2B) rights.”
(3)In regulation 45 (approval of arrangements for schemes ceasing to be contracted out)—
(a)in paragraph (3)(a) for the words from “a rule which provides” to the end there shall be substituted “a protection rule”;
(b)after paragraph (3) there shall be inserted the following paragraphs—“3A For the purposes of paragraph (3)(a) a protection rule is a rule which provides that the total amount of the benefits under the scheme for each member at normal pension age and the member’s widow or widower at the day following the date of death of the member will not be less than the aggregate of—a any such benefits arising in respect of section 5(2B) rights and guaranteed minimum pensions;b any other such benefits due in respect of rights which have accrued to the member in relation to service in employment which was contracted out before the principal appointed day under section 5(2); andc any such benefits due in respect of rights which have accrued to the member in relation to service in employment which was not contracted out.3B The amount of the benefits mentioned in paragraph (3A)(a) and (b) and, so far as they relate to service on or before the date on which the scheme ceased to be contracted out, those mentioned in paragraph (3A)(c) shall be calculated on an early leaver basis in accordance with Chapter I of Part IV of the Act (preservation of benefit under occupational pension schemes) and any regulations made under that Chapter, as if the member had ceased to be in pensionable service under the scheme on that date.”
(4)In regulation 46(2) (supervision of schemes that have ceased to contract out) for “regulation 5(4) of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1985” there shall be substituted “regulations 3 and, in the case of a pension or accrued benefit under a relevant scheme, 11 of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 1997”.
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4Amendment of the Occupational Pension Schemes (Investment) Regulations#
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5Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations#
(1)The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 shall be amended in accordance with paragraphs (2) and (3).
(2)For sub-paragraph (b) of regulation 5(2) (manner and terms of appointment and removal of professional advisers) there shall be substituted the following sub-paragraph—“b i in the case of a fund manager, or a person carrying out functions referred to in regulation 2(c), who—• is a member of a self-regulating organisation (as defined in section 8 of the Financial Services Act 1986) which imposes requirements in relation to conflicts of interest; or• holds a certificate issued for the purposes of Chapter III of Part I of the Financial Services Act 1986 by a recognised professional body which professional body imposes requirements in relation to conflicts of interest,• confirm in writing that he will notify the trustees or managers of any conflict of interest to which he is or may be subject in relation to the scheme in accordance with those requirements; andii in the case of any other professional adviser, confirm in writing he will notify the trustees or managers of any conflict of interest to which he is subject in relation to the scheme immediately he becomes aware of its existence.”
(3)In regulation 7 (ineligibility to act as actuary or auditor: exceptions)—
(a)in paragraph (c) for “Article 4(3) of the Insolvency (Northern Ireland) Order 1989.” there shall be substituted “Article 4(2) of the Insolvency (Northern Ireland) Order 1989; and”;
(b)after paragraph (c) there shall be added the following paragraph—“d in the case of a person who is an associate of any person with whom he is in partnership, the husband or wife or a relative of any individual with whom he is in partnership.”
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