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You are here: BAILII >> Databases >> Northern Ireland Orders in Council >> The Pensions (Northern Ireland) Order 2005 No. 255 (N.I. 1) URL: https://www.bailii.org/nie/legis/num_orders/2004/20050255.html |
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Made | 9th February 2005 | ||
Laid | 21st February 2005 | ||
Coming into operation in accordance with Article 1 |
1. | Title and commencement |
2. | General interpretation |
3. | Regulator's functions |
4. | Regulator's objectives |
5. | Supplementary powers |
6. | Transfer of OPRA's functions to the Regulator |
7. | Functions exercisable by the Determinations Panel |
8. | Provision of information, education and assistance |
9. | Improvement notices |
10. | Third party notices |
11. | Injunctions |
12. | Restitution |
13. | Power of the Regulator to recover unpaid contributions |
14. | Pension liberation: interpretation |
15. | Pension liberation: Court's power to order restitution |
16. | Pension liberation: restraining orders |
17. | Pension liberation: repatriation orders |
18. | Powers to wind up occupational pension schemes |
19. | Freezing orders |
20. | Consequences of freezing order |
21. | Period of effect etc. of freezing order |
22. | Validation of action in contravention of freezing order |
23. | Effect of determination to wind up scheme on freezing order |
24. | Effect of winding up order on freezing order |
25. | Effect of assessment period under Part III on freezing order |
26. | Power to give a direction where freezing order ceases to have effect |
27. | Notification of trustees, managers, employers and members |
28. | Articles 19 to 27: supplementary |
29. | Prohibition orders |
30. | Suspension orders |
31. | Appointment of trustees by the Regulator |
32. | Independent trustees |
33. | Disqualification |
34. | Contribution notices where avoidance of employer debt |
35. | The sum specified in an Article 34 contribution notice |
36. | Content and effect of an Article 34 contribution notice |
37. | Article 34 contribution notice: relationship with employer debt |
38. | Article 34 contribution notice: clearance statements |
39. | Financial support directions |
40. | Meaning of "service company" and "insufficiently resourced" |
41. | Meaning of "financial support" |
42. | Financial support directions: clearance statements |
43. | Contribution notices where non-compliance with financial support direction |
44. | The sum specified in an Article 43 contribution notice |
45. | Content and effect of an Article 43 contribution notice |
46. | Article 43 contribution notice: relationship with employer debt |
47. | Articles 39 to 46: interpretation |
48. | Restoration orders where transactions at an undervalue |
49. | Restoration orders: supplementary |
50. | Content and effect of a restoration order |
51. | Contribution notice where failure to comply with a restoration order |
52. | Content and effect of an Article 51 contribution notice |
53. | Articles 34 to 52: partnerships and limited liability partnerships |
54. | Regulator's right to apply under Article 367 of the Insolvency Order |
55. | Registrable information |
56. | The register: inspection, provision of information and reports etc. |
57. | The register: duties of trustees or managers |
58. | Duty of the Regulator to issue scheme return notices |
59. | Duty of trustees or managers to provide scheme return |
60. | Scheme returns: supplementary |
61. | Register of prohibited trustees |
62. | Accessibility of register of prohibited trustees |
63. | Information relevant to the Board |
64. | Duty to notify the Regulator of certain events |
65. | Duty to report breaches of the law |
66. | Reports by skilled persons |
67. | Provision of information |
68. | Inspection of premises |
69. | Inspection of premises in respect of employers' obligations |
70. | Inspection of premises: powers of inspectors |
71. | Inspection of premises: supplementary |
72. | Penalties relating to Articles 67 to 70 |
73. | Warrants |
74. | Articles 67 to 73: interpretation |
75. | Offences of providing false or misleading information |
76. | Use of information |
77. | Restricted information |
78. | Information supplied to the Regulator by corresponding overseas authorities |
79. | Disclosure for facilitating exercise of functions by the Regulator |
80. | Disclosure for facilitating exercise of functions by the Board |
81. | Disclosure for facilitating exercise of functions by other supervisory authorities |
82. | Other permitted disclosures |
83. | Tax information |
84. | Publishing reports etc. |
85. | Codes of practice |
86. | Procedure for issue and publication of codes of practice |
87. | Revocation of codes of practice |
88. | The Regulator's procedure in relation to its regulatory functions |
89. | Publication of procedure in relation to regulatory functions |
90. | Application of standard and special procedure |
91. | Standard procedure |
92. | Special procedure: applicable cases |
93. | Special procedure |
94. | Compulsory review |
95. | Duty to have regard to the interests of members etc. |
96. | Powers to vary or revoke orders, notices or directions etc. |
97. | References to the Tribunal |
98. | Appeal on a point of law |
99. | Redetermination etc. by the Tribunal |
100. | Disclosure of information |
101. | Board's functions and supplementary powers etc. |
102. | Grants |
103. | Administration levy |
104. | Duty to notify insolvency events in respect of employers |
105. | Insolvency event, insolvency date and insolvency practitioner |
106. | Insolvency practitioner's duty to issue notices confirming status of scheme |
107. | Approval of notices issued under Article 106 |
108. | Board's duty where there is a failure to comply with Article 106 |
109. | Binding notices confirming status of scheme |
110. | Eligible schemes |
111. | Duty to assume responsibility for schemes following insolvency event |
112. | Duty to assume responsibility for schemes following application or notification |
113. | Applications and notifications for the purposes of Article 112 |
114. | Board's duty where application or notification received under Article 113 |
115. | Protected liabilities |
116. | Assessment periods |
117. | Admission of new members, payment of contributions etc. |
118. | Directions |
119. | Restrictions on winding up, discharge of liabilities etc. |
120. | Power to validate contraventions of Article 119 |
121. | Board to act as creditor of the employer |
122. | Payment of scheme benefits |
123. | Loans to pay scheme benefits |
124. | Reviewable ill health pensions |
125. | Effect of a review |
126. | Articles 124 and 125: interpretation |
127. | Board's obligation to obtain valuation of assets and protected liabilities |
128. | Approval of valuation |
129. | Binding valuations |
130. | Schemes which become eligible schemes |
131. | New schemes created to replace existing schemes |
132. | Withdrawal following issue of Article 106(4) notice |
133. | Circumstances in which Board ceases to be involved with an eligible scheme |
134. | Consequences of the Board ceasing to be involved with a scheme |
135. | Application for reconsideration |
136. | Duty to assume responsibility following reconsideration |
137. | Closed schemes |
138. | Requirement to wind up schemes with sufficient assets to meet protected liabilities |
139. | Treatment of closed schemes |
140. | Valuations of closed schemes |
141. | Applications and notifications where closed schemes have insufficient assets |
142. | Duty to assume responsibility for closed schemes |
143. | Closed schemes: further assessment periods |
144. | Transfer notice |
145. | Effect of Board assuming responsibility for a scheme |
146. | The pension compensation provisions |
147. | Adjustments to be made where the Board assumes responsibility for a scheme |
148. | Postponement of compensation entitlement for the assessment period |
149. | Guaranteed minimum pensions |
150. | Duty to pay scheme benefits unpaid at assessment date etc. |
151. | Modification of Chapter where liabilities discharged during assessment period |
152. | Administration of compensation |
153. | Discharge of liabilities in respect of compensation |
154. | Discharge of liabilities in respect of money purchase benefits |
155. | Equal treatment |
156. | Relationship with fraud compensation regime |
157. | Initial levy |
158. | Pension protection levies |
159. | Supplementary provisions about pension protection levies |
160. | Amounts to be raised by the pension protection levies |
161. | The levy ceiling |
162. | Valuations to determine scheme underfunding |
163. | Pension protection levies during the transitional period |
164. | Calculation, collection and recovery of levies |
165. | Cases where fraud compensation payments can be made |
166. | Board's duties in respect of certain applications under Article 165 |
167. | Recovery of value |
168. | Fraud compensation payments |
169. | Interim payments |
170. | Board's powers to make fraud compensation transfer payments |
171. | Fraud compensation levy |
172. | Information to be provided to the Board etc. |
173. | Notices requiring provision of information |
174. | Entry of premises |
175. | Penalties relating to Articles 173 and 174 |
176. | Warrants |
177. | Offence of providing false or misleading information to the Board |
178. | Use of information |
179. | Restricted information |
180. | Disclosure for facilitating exercise of functions by the Board |
181. | Disclosure for facilitating exercise of functions by the Regulator |
182. | Disclosure for facilitating exercise of functions by other supervisory authorities |
183. | Other permitted disclosures |
184. | Tax information |
185. | Provision of information to members of schemes etc. |
186. | Articles 172 to 185: interpretation |
187. | Publishing reports etc. |
188. | Meaning of "reviewable matters" |
189. | Review and reconsideration by the Board of reviewable matters |
190. | Investigation by the Board of complaints of maladministration |
191. | The PPF Ombudsman |
192. | Reference of reviewable matter to the PPF Ombudsman |
193. | Investigation by PPF Ombudsman of complaints of maladministration |
194. | Referral of questions of law |
195. | Publishing reports etc. |
196. | Determinations of the PPF Ombudsman |
197. | Obstruction etc. of the PPF Ombudsman |
198. | Backdating the winding up of eligible schemes |
199. | Pension sharing |
200. | Pension schemes to which this Part applies |
201. | The statutory funding objective |
202. | Statement of funding principles |
203. | Actuarial valuations and reports |
204. | Certification of technical provisions |
205. | Recovery plan |
206. | Schedule of contributions |
207. | Failure to make payments |
208. | Matters requiring agreement of the employer |
209. | Matters on which advice of actuary must be obtained |
210. | Powers of the Regulator |
211. | Power to modify provisions of this Part |
212. | Construction as one with the 1995 Order |
213. | Supply of housing benefit information |
214. | Combined pension forecasts |
215. | Information and advice to employees |
216. | Categories of pension scheme |
217. | Meaning of employer in Part II of the 1995 Order |
218. | Requirement for member-nominated trustees |
219. | Requirement for member-nominated directors of corporate trustees |
220. | Member-nominated trustees and directors: supplementary |
221. | Investment principles |
222. | Power to make regulations governing investment by trustees |
223. | Borrowing by trustees |
224. | Requirement for knowledge and understanding: individual trustees |
225. | Requirement for knowledge and understanding: corporate trustees |
226. | Requirement for knowledge and understanding: supplementary |
227. | Payment of surplus to employer |
228. | Payment of surplus to employer: transitional power to amend scheme |
229. | UK-based scheme to be trust with effective rules |
230. | Non-European scheme to be trust with UK-resident trustee |
231. | Representative of non-European scheme to be treated as trustee |
232. | Activities of occupational pension schemes |
233. | No indemnification for fines or civil penalties |
234. | Conditions for pension protection |
235. | Form of protection |
236. | Consultation by employers: occupational pension schemes |
237. | Consultation by employers: personal pension schemes |
238. | Further provisions about regulations relating to consultation |
239. | Modification of subsisting rights |
240. | Increase in age at which short service benefit must be payable |
241. | Early leavers: cash transfer sums and contribution refunds |
242. | Paternity leave and adoption leave |
243. | Inalienability of occupational pension |
244. | Voluntary contributions |
245. | Payments made by employers to personal pension schemes |
246. | Payments made by employers and members to occupational pension schemes |
247. | Winding up |
248. | Debt due from the employer when assets insufficient |
249. | Debt due from the employer in the case of multi-employer schemes |
250. | Resolution of disputes |
251. | Deputy Pensions Ombudsman |
252. | Jurisdiction |
253. | Investigations |
254. | Amendments relating to the Pensions Compensation Board |
255. | Annual increase in rate of certain occupational pensions |
256. | Annual increase in rate of certain personal pensions |
257. | Power to increase pensions giving effect to pension credits etc. |
258. | Exemption from statutory revaluation requirement |
259. | Meaning of "working life" in Pension Schemes Act |
260. | Power to prescribe conditions by reference to Inland Revenue approval |
261. | Restrictions on commutation and age at which benefits may be received |
262. | Meaning of "stakeholder pension scheme" |
263. | Occupational pension scheme receiving contributions from European employer |
264. | General authorisation to accept contributions from European employers |
265. | Approval in relation to particular European employer |
266. | Notification of legal requirements of host member State outside United Kingdom |
267. | Duty of trustees or managers to act consistently with law of host member State |
268. | Power of Regulator to require ring-fencing of assets |
269. | Functions of Regulator in relation to institutions administered in other member States |
270. | Stopping disposal of assets of institutions administered in other member States |
271. | Interpretation of Part |
272. | Persons entitled to more than one Category B retirement pension |
273. | Deferral of retirement pensions and shared additional pensions |
274. | Disclosure of state pension information |
275. | Information obtained by the Regulator |
276. | Information obtained by the Board |
277. | Notification and documents in electronic form |
278. | Timing and location of things done electronically |
279. | Overriding requirements |
280. | Modification of this Order in relation to certain categories of schemes |
281. | Modification of pensions legislation that refers to employers |
282. | Admissibility of statements |
283. | Protected items |
284. | Liens |
285. | Crown application |
286. | Breach of regulations |
287. | Orders and regulations (general provisions) |
288. | Assembly etc. control of orders and regulations |
289. | Consultations about regulations |
290. | Minor and consequential amendments |
291. | Repeals |
292. | Transitional adaptations etc.: section 322(1) of the Pensions Act 2004 |
293. | Power to make further provision in connection with civil partnership |
294. | Pre-consolidation amendments |
Schedule 1 | The Pensions Regulator |
Part 1 | Delegation |
Part 2 | Funding and accounts |
Schedule 2 | The reserved regulatory functions |
Part 1 | Functions under the Pension Schemes Act |
Part 2 | Functions under the 1995 Order |
Part 3 | Functions under the 1999 Order |
Part 4 | Functions under this Order |
Schedule 3 | Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions |
Schedule 4 | The Board of the Pension Protection Fund |
Schedule 5 | Transfer of property, rights and liabilities to the Board |
Schedule 6 | Pension compensation provisions |
Schedule 7 | Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions |
Schedule 8 | Reviewable matters |
Schedule 9 | Deferral of retirement pensions and shared additional pensions |
Part 1 | Principal amendments of Contributions and Benefits Act |
Part 2 | Consequential amendments |
Part 3 | Transitional provisions |
Schedule 10 | Minor and consequential amendments |
Schedule 11 | Repeals |
(e) in Part IX (miscellaneous and supplementary) -
(f) the repeal by this Order of Article 47(2) of the 1999 Order.
(4) Article 273 (and Schedule 9 (deferral of retirement pensions and shared additional pensions), other than the provisions coming into operation in accordance with paragraph (3) -
(5) The repeals by this Order of Article 131(3) of, and paragraph 18(13) and (14) of Schedule 2 to, the 1995 Order shall come into operation on 6th April 2005.
(6) Without prejudice to Article 287(3), the power to make an order under this Article includes power -
(b) to save the effect of any of the repealed provisions of any of those statutory provisions, or those provisions as adapted or modified by the order,
as it appears to the Department expedient, including different adaptations or modifications for different periods.
(3) In this Order, unless the context otherwise requires, references to the scheme rules, in relation to an occupational pension scheme, are references to -
(4) For the purposes of paragraph (3) -
(b) a relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions -
(5) Regulations may, in relation to occupational pension schemes, extend for the purposes of this Part and Parts II, III and V to VII the meaning of "employer" to include -
(6) Regulations may for any purpose of any provision of this Order -
(7) In the application, for the purposes of this Order, of -
(2) Schedule 1 makes further provision about the Regulator.
(3) As regards the exercise of the Regulator's functions -
(b) the exercise of other functions of the Regulator (except the non-executive functions which are exercised in accordance with section 4(2)(a) of the Pensions Act 2004 (c. 35) and functions which are delegated in accordance with section 4(2)(c) of that Act) may be delegated by the Regulator under paragraph 1 of Schedule 1.
(4) Paragraph (3) is subject to any regulations made by the Department under paragraph 2 of Schedule 1 (power to limit or permit delegation of functions).
Regulator's objectives
4.
- (1) The main objectives of the Regulator in exercising its functions are -
Supplementary powers
5.
The Regulator may do anything (except borrow money) which -
Transfer of OPRA's functions to the Regulator
6.
- (1) Subject to the provisions of this Order, the functions of the Occupational Pensions Regulatory Authority ("OPRA") conferred by or by virtue of -
are hereby transferred to the Regulator.
(2) Accordingly -
Functions exercisable by the Determinations Panel
7.
- (1) The Determinations Panel is to exercise on behalf of the Regulator -
(6) The provisions referred to in paragraph (2)(b) are -
(7) Regulations may amend paragraph (6) by -
(2) To the extent that it is not authorised to do so under paragraph (1), the Regulator may also provide such information, education and assistance as it considers appropriate to -
(3) For the purposes of paragraph (2), "employers in relation to work-based pension schemes" means, in the case of stakeholder pension schemes, the persons upon whom duties are imposed by or by virtue of Article 5 of the 1999 Order (duty of employers to facilitate access to stakeholder pension schemes).
(4) In this Article -
it may issue a notice (an "improvement notice") to that person directing him to take, or refrain from taking, such steps as are specified in the notice in order to remedy or prevent a recurrence of the contravention.
(2) An improvement notice must -
(3) Directions in an improvement notice -
(4) Directions in an improvement notice may be expressed to be conditional on compliance by a third party with a specified direction, or specified directions, contained in a notice under Article 10 (third party notices).
(5) An improvement notice may direct the person to whom it is issued to inform the Regulator, within such period as may be specified in the notice, of how he has complied, or is complying, with the notice.
(6) Where a contravention of a provision of the pensions legislation consists of a failure to take action within a time limit, for the purposes of this Article the contravention continues until such time as the action is taken.
(7) In this Article "pensions legislation" means any statutory provision contained in or made by virtue of -
(8) If the trustees or managers of an occupational or personal pension scheme fail to comply with an improvement notice issued to them, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(9) That Article also applies to any other person who, without reasonable excuse, fails to comply with an improvement notice issued to him.
Third party notices
10.
- (1) Where the Regulator is of the opinion that -
(b) the contravention is or was, wholly or partly, a result of a failure of another person ("the third party") to do any thing, and
(c) that failure is not itself a contravention of the pensions legislation,
and the evidence on which that opinion is based, and
(c) in respect of each step specified in the notice, state the period (being a period of not less than 21 days beginning with the date of the notice) within which it must be complied with.
(3) Directions in a third party notice may be framed so as to afford the third party a choice between different ways of remedying or preventing the recurrence of his failure.
(4) A third party notice may direct the third party to inform the Regulator, within such period as may be specified in the notice, of how he has complied, or is complying, with the notice.
(5) Where a contravention of a provision of the pensions legislation consists of a failure to take action within a time limit, for the purposes of this Article the contravention continues until such time as the action is taken.
(6) Article 10 of the 1995 Order (civil penalties) applies to a person who, without reasonable excuse, fails to comply with a third party notice issued to him.
(7) Subject to Article 283 (protected items), no duty to which a person is subject is to be regarded as contravened merely because of anything required to be done in compliance with a third party notice.
(8) In this Article "pensions legislation" has the same meaning as in Article 9.
Injunctions
11.
If, on the application of the Regulator, the High Court is satisfied that -
the Court may grant an injunction restraining him from doing so.
Restitution
12.
- (1) If, on the application of the Regulator, the High Court is satisfied that there has been a misuse or misappropriation of any of the assets of an occupational or personal pension scheme, it may order any person involved to take such steps as the Court may direct for restoring the parties to the position in which they were before the misuse or misappropriation occurred.
(2) For this purpose a person is "involved" if he appears to the High Court to have been knowingly concerned in the misuse or misappropriation of the assets.
Power of the Regulator to recover unpaid contributions
13.
- (1) Where any employer contribution payable towards an occupational or personal pension scheme is not paid on or before its due date, the Regulator may, on behalf of the trustees or managers of the scheme, exercise such powers as the trustees or managers have to recover that contribution.
(2) For the purposes of paragraph (1), any employer contribution payable towards a personal pension scheme which is not paid on or before its due date is, if not a debt due from the employer to the trustees or managers apart from this paragraph, to be treated as if it were such a debt.
(3) In this Article -
(b) in relation to a personal pension scheme, means any contribution payable towards the scheme under direct payment arrangements.
Pension liberation: interpretation
14.
- (1) In this Article and Articles 15 to 17 -
(2) Money is to be taken to have been liberated from a pension scheme if -
(b) the trustees or managers of the scheme transferred the amount out of the scheme on the basis that a third party ("the liberator") would secure that the amount was used in an authorised way,
(c) the amount has not been used in an authorised way, and
(d) the liberator has not secured, and is not likely to secure, that the amount will be used in an authorised way.
(3) The following are "relevant statutory provisions" for the purposes of paragraph (2) -
(4) In paragraph (2) "authorised way" means -
(5) In this Article "the applicable rules" has the same meaning as, in the case of the pension scheme concerned, that expression has in section 90 of the Pension Schemes Act.
Pension liberation: Court's power to order restitution
15.
- (1) This Article applies where money has been liberated from a pension scheme.
(2) In this Article "recoverable property" means (subject to paragraph (3)) -
(7) Regulations may modify any of the provisions of the Pension Schemes Act as it applies in relation to cases where an order is made under paragraph (6).
(8) The generality of the jurisdiction conferred by Article 12 is not to be taken to be prejudiced by this Article.
(9) The generality of the jurisdiction conferred by this Article is not to be taken to be prejudiced by Article 17.
Pension liberation: restraining orders
16.
- (1) The Regulator may make a restraining order in relation to an account with a deposit-taker if -
(c) the order is made pending consideration being given to the making of one or more repatriation orders in relation to the account under Article 17.
(7) Where an extension order takes effect -
(b) that the beneficial interest in the money out of which the payment will be made belongs -
(c) that the money out of which the payment will be made is not money liberated from a pension scheme.
(11) Article 10 of the 1995 Order (civil penalties) applies to a deposit-taker who, without reasonable excuse, fails to comply with any obligation imposed by a restraining order or by this Article.
Pension liberation: repatriation orders
17.
- (1) Paragraphs (2) and (3) apply where -
(2) The Regulator may by order -
(b) where it makes an order under sub-paragraph (a)(i), direct the trustees or managers of the scheme to apply the sum, in such manner as the Regulator may direct, for the purpose of providing benefits under the scheme to or in respect of the liberated member.
(3B) In paragraph (3A) -
(c) at the end of paragraph (4) add -
Freezing orders
19.
- (1) This Article applies to an occupational pension scheme which is not a money purchase scheme.
(2) The Regulator may make a freezing order in relation to such a scheme if and only if -
(3) A freezing order is an order directing that during the period for which it has effect -
are to be paid towards the scheme by or on behalf of the employer, any members or any specified members of the scheme;
(c) a direction that any amount or any specified amount which -
is to be repaid to the member in question by the employer;
(d) a direction that no benefits, or no specified benefits, are to be paid to or in respect of any members or any specified members under the scheme rules;
(e) a direction that payments of all benefits or specified benefits under the scheme rules to or in respect of all the members or specified members may only be made from the scheme if they are reduced in a specified manner or by a specified amount;
(f) a direction that -
(g) a direction that no statements of entitlement are to be provided to members of the scheme under section 89A of the Pension Schemes Act (salary related schemes: right to statement of entitlement);
(h) a direction that -
(10) For the purposes of paragraph (8) -
(11) In this Article "specified" means specified in the freezing order.
Consequences of freezing order
20.
- (1) If a freezing order is made in relation to a scheme any action taken in contravention of the order is void except to the extent that the action is validated by an order under Article 22.
(2) A freezing order in relation to a scheme does not prevent any increase in a benefit which is an increase which would otherwise accrue in accordance with the scheme or any statutory provision during the period for which the order has effect, unless the order contains a direction to the contrary.
(3) A freezing order in relation to a scheme does not prevent the scheme being wound up in pursuance of an order under Article 11 of the 1995 Order (power to wind up occupational pension schemes).
(4) If a freezing order contains a direction under Article 19(4)(b) that no further contributions, or no further specified contributions, are to be paid towards a scheme during the period for which the order has effect -
(6) For the purposes of paragraph (5) -
(7) Regulations may modify any provisions of -
in their application to an occupational pension scheme in relation to which a freezing order is made containing a direction under Article 19(4)(f), (g) or (h) (no transfers etc. in respect of, member's rights or refunds of contributions etc. from the scheme).
(8) Disregarding paragraph (1), if a freezing order made in relation to a scheme is not complied with, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.
(9) Paragraph (8) does not apply in the case of non-compliance with a direction under Article 19(4)(c) (direction that certain deducted contributions are to be repaid by the employer).
(10) In such a case, Article 10 of the 1995 Order (civil penalties) applies to an employer who, without reasonable excuse, fails to repay an amount as required by the direction.
Period of effect etc. of freezing order
21.
- (1) A freezing order must specify the period for which it has effect.
(2) The period specified must not exceed three months.
(3) The Regulator may on one or more occasions by order extend the period for which the order has effect.
(4) But the total period for which the order has effect must not exceed six months.
(5) This Article is subject to Articles 23, 24 and 25 (effect of winding up and assessment period on freezing orders).
Validation of action in contravention of freezing order
22.
- (1) If a freezing order is made in relation to a scheme, the Regulator may by order validate action taken in contravention of the order.
(2) Any of the following persons may apply to the Regulator for an order under this Article validating particular action -
Effect of determination to wind up scheme on freezing order
23.
- (1) This Article applies where -
(2) In such a case the freezing order is to continue to have effect until -
(3) Paragraph (2) is subject to the Regulator's power under Article 96 to revoke the freezing order at any time.
Effect of winding up order on freezing order
24.
- (1) This Article applies where -
(3) The Regulator may by order direct any specified person -
(4) If the trustees or managers of a scheme fail to comply with a direction to them contained in an order under this Article, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(5) That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under this Article.
(6) In this Article "specified" means specified in an order under this Article.
Effect of assessment period under Part III on freezing order
25.
Where an assessment period (within the meaning of Article 116) begins in relation to a scheme, any freezing order in relation to the scheme ceases to have effect when the assessment period begins.
Power to give a direction where freezing order ceases to have effect
26.
- (1) This Article applies where -
(8) If in any case paragraph (7)(c) is not complied with, Article 10 of the 1995 Order applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(9) In this Article "specified" means specified in an order under this Article.
Notification of trustees, managers, employers and members
27.
- (1) This Article applies where -
(2) The Regulator must, as soon as reasonably practicable after the order has been made, notify -
of the fact that the order mentioned in paragraph (1) has been made and of its effect.
(4) Notification is to be within the period and in the manner specified in the order under paragraph (3).
(5) If the trustees or managers of a scheme fail to comply with a direction to them contained in an order made under paragraph (3), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
Articles 19 to 27: supplementary
28.
- (1) An order may be made in relation to a scheme under any of Articles 19, 21, 22, 24, 26 and 27 -
if they are satisfied that he is not a fit and proper person to be a trustee of the scheme or schemes to which the order relates.
(2) Where a prohibition order is made under paragraph (1) against a person in respect of one or more schemes of which he is a trustee, the order has the effect of removing him.
(3) The Authority may, on the application of any person prohibited under this Article, by order revoke the order either generally or in relation to a particular scheme or description of schemes.
(4) An application under paragraph (3) may not be made -
(5) A revocation made at any time under this Article cannot affect anything done before that time.
(6) The Authority must prepare and publish a statement of the policies they intend to adopt in relation to the exercise of their powers under this Article.
(7) The Authority may revise any statement published under paragraph (6) and must publish any revised statement.
(8) In this Article "the Tribunal" means the Pensions Regulator Tribunal established under section 102 of the Pensions Act 2004.".
Suspension orders
30.
In Article 4 of the 1995 Order (suspension orders) -
(b) in paragraph (2) -
(c) after paragraph (5) insert -
(d) after paragraph (6) add -
Appointment of trustees by the Regulator
31.
- (1) In Article 7 of the 1995 Order (appointment of trustees) -
for the appointment of a trustee of the scheme under paragraph (3)(a) or (c).".
(2) Such an order may also provide that an amount equal to the amount (if any) paid out of the resources of the scheme by virtue of paragraph (1)(b) or (c) is to be treated for all purposes as a debt due from the employer to the trustees of the scheme.".
Independent trustees
32.
- (1) Part II of the 1995 Order (occupational pension schemes) is amended as follows.
(2) In Article 22 (circumstances in which provisions relating to independent trustees apply) -
(b) in paragraph (2), after "a scheme" insert "by virtue of paragraph (1)",
(c) after paragraph (2) insert -
(d) after paragraph (2A) (inserted by sub-paragraph (c)) insert -
(2C) The events are -
(2D) For the purposes of paragraph (2B) "the responsible person" means -
(2E) Regulations may require prescribed persons in prescribed circumstances where this Article begins or ceases to apply in relation to a trust scheme by virtue of paragraph (2A) to give a notice to that effect to -
(2F) A notice under paragraph (2B), or under regulations under paragraph (2E), must be in writing and contain such information as may be prescribed.".
(3) For Articles 23 and 24 (appointment of independent trustees) substitute -
(2) In relation to a particular trust scheme, no more than one trustee may at any time be an independent trustee appointed under paragraph (1).
(3) For the purposes of this Article a person is independent in relation to a trust scheme only if -
(c) he satisfies any prescribed requirements;
and any reference in this Part to an independent trustee is to be construed accordingly.
(4) Regulations must provide for the Authority to compile and maintain a register of persons who satisfy the prescribed conditions for registration.
(5) Regulations under paragraph (4) may provide -
(6) The circumstances which may be prescribed under paragraph (5)(a) or (b) include the payment by the person to whom the copy is to be provided, or by whom the register is to be inspected, of such reasonable fee as may be determined by the Authority.
(7) This Article is without prejudice to the powers conferred by Article 7.".
(4) In Article 25 (appointment and powers of independent trustees: further provisions) -
(b) after paragraph (5) insert -
(7) Such an order may also provide that an amount equal to the amount (if any) paid out of the resources of the scheme by virtue of paragraph (6)(b) or (c) is to be treated for all purposes as a debt due from the employer to the trustees of the scheme.
(8) Where, by virtue of paragraph (6)(b) or (c), an order makes provision for any fees or expenses of the trustee appointed under the order to be paid out of the resources of the scheme, the trustee is entitled to be so paid in priority to all other claims falling to be met out of the scheme's resources.".
Disqualification
33.
In Article 30 of the 1995 Order (consequences of disqualification under Article 29), for paragraph (1) substitute -
(2) The Regulator may issue a notice to a person stating that the person is under a liability to pay the sum specified in the notice (a "contribution notice") -
(3) The Regulator may issue a contribution notice to a person only if -
(c) the Regulator is of the opinion that the person, in being a party to the act or failure, was not acting in accordance with his functions as an insolvency practitioner in relation to another person, and
(d) the Regulator is of the opinion that it is reasonable to impose liability on the person to pay the sum specified in the notice.
(4) But the Regulator may not issue a contribution notice, in such circumstances as may be prescribed, to a person of a prescribed description.
(5) An act or a failure to act falls within this paragraph if -
(b) it is an act which occurred or a failure to act which first occurred -
(c) it is either -
(6) For the purposes of paragraph (3) -
(7) The Regulator, when deciding for the purposes of paragraph (3)(d) whether it is reasonable to impose liability on a particular person to pay the sum specified in the notice, must have regard to such matters as the Regulator considers relevant including, where relevant, the following matters -
(8) For the purposes of this Article references to a debt due under Article 75 of the 1995 Order include a contingent debt under that Article.
(9) Accordingly, in the case of such a contingent debt, the reference in paragraph (5)(a)(ii) to preventing a debt becoming due is to be read as including a reference to preventing the occurrence of any of the events specified in Article 75(4C)(a) or (b) of that Order upon which the debt is contingent.
(10) For the purposes of this Article -
(11) For the purposes of this Article "insolvency practitioner", in relation to a person, means -
The sum specified in an Article 34 contribution notice
35.
- (1) The sum specified by the Regulator in a contribution notice under Article 34 may be either the whole or a specified part of the shortfall sum in relation to the scheme.
(2) Subject to paragraph (3), the shortfall sum in relation to a scheme is -
(5) For the purposes of this Article -
Content and effect of an Article 34 contribution notice
36.
- (1) This Article applies where a contribution notice is issued to a person under Article 34.
(2) The contribution notice must -
(10) A debt due by virtue of a contribution notice is not to be taken into account for the purposes of Article 75(2) and (4) of the 1995 Order (deficiencies in the scheme assets) when ascertaining the amount or value of the assets or liabilities of a scheme.
Article 34 contribution notice: relationship with employer debt
37.
- (1) This Article applies where a contribution notice is issued to a person ("P") under Article 34 and condition A or B is met.
(2) Condition A is met if, at the time at which the contribution notice is issued, there is a debt due under Article 75 of the 1995 Order (deficiencies in the scheme assets) from the employer -
Article 34 contribution notice: clearance statements
38.
- (1) An application may be made to the Regulator under this Article for the issue of a clearance statement within sub-paragraph (a), (b) or (c) of paragraph (2) in relation to circumstances described in the application.
(2) A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application -
(3) Where an application is made under this Article, the Regulator -
Financial support directions
39.
- (1) This Article applies in relation to an occupational pension scheme other than -
(6) A person falls within this paragraph if the person is -
(c) a person, other than an individual, who is connected with or an associate of the employer.
(8) A financial support direction must identify all the persons to whom the direction is issued.
(9) A time falls within this paragraph if it is a time which falls within a prescribed period which ends with the determination by the Regulator to exercise the power to issue the financial support direction in question.
(10) For the purposes of paragraph (3), a scheme is in existence until it is wound up.
(11) Subject to Article 283 (protected items), no duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice given by virtue of paragraph (3)(c).
Meaning of "service company" and "insufficiently resourced"
40.
- (1) This Article applies for the purposes of Article 39 (financial support directions).
(2) An employer ("E") is a service company at the relevant time if -
(3) The employer in relation to a scheme is insufficiently resourced at the relevant time if -
(4) For the purposes of paragraph (3) -
(6) When calculating the estimated Article 75 debt in relation to a scheme under paragraph (5), the amount of any debt due at the relevant time from the employer under Article 75 of the 1995 Order is to be disregarded.
(7) In this Article "the relevant time" has the same meaning as in Article 39.
Meaning of "financial support"
41.
- (1) For the purposes of Article 39 (financial support directions), "financial support" for a scheme means one or more of the arrangements falling within paragraph (2) the details of which are approved in a notice issued by the Regulator.
(2) The arrangements falling within this paragraph are -
Financial support directions: clearance statements
42.
- (1) An application may be made to the Regulator under this Article for the issue of a clearance statement within sub-paragraph (a), (b) or (c) of paragraph (2) in relation to circumstances described in the application and relating to an occupational pension scheme.
(2) A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application -
(3) Where an application is made under this Article, the Regulator -
Contribution notices where non-compliance with financial support direction
43.
- (1) This Article applies where there is non-compliance with a financial support direction issued in relation to a scheme under Article 39.
(2) The Regulator may issue a notice to any one or more of the persons to whom the direction was issued stating that the person is under a liability to pay to the trustees or managers of the scheme the sum specified in the notice (a "contribution notice").
(3) The Regulator may issue a contribution notice to a person only if the Regulator is of the opinion that it is reasonable to impose liability on the person to pay the sum specified in the notice.
(4) The Regulator, when deciding for the purposes of paragraph (3) whether it is reasonable to impose liability on a particular person to pay the sum specified in the notice, must have regard to such matters as the Regulator considers relevant including, where relevant, the following matters -
(5) A contribution notice may not be issued under this Article in respect of non-compliance with a financial support direction in relation to a scheme where the Board has assumed responsibility for the scheme in accordance with Chapter 3 of Part III (pension protection).
The sum specified in an Article 43 contribution notice
44.
- (1) The sum specified by the Regulator in a contribution notice under Article 43 may be either the whole or a specified part of the shortfall sum in relation to the scheme.
(2) The shortfall sum in relation to a scheme is -
(3) For the purposes of this Article "the time of non-compliance" means -
Content and effect of an Article 43 contribution notice
45.
- (1) This Article applies where a contribution notice is issued to a person under Article 43.
(2) The contribution notice must -
(10) A debt due by virtue of a contribution notice is not to be taken into account for the purposes of Article 75(2) and (4) of the 1995 Order (deficiencies in the scheme assets) when ascertaining the amount or value of the assets or liabilities of a scheme.
Article 43 contribution notice: relationship with employer debt
46.
- (1) This Article applies where a contribution notice is issued to a person ("P") under Article 43 and condition A or B is met.
(2) Condition A is met if, at the time at which the contribution notice is issued, there is a debt due from the employer to the trustees or managers of the scheme under Article 75 of the 1995 Order (deficiencies in the scheme assets).
(3) Condition B is met if, after the contribution notice is issued but before the whole of the debt due by virtue of the notice is recovered, a debt becomes due from the employer to the trustees or managers of the scheme under Article 75 of the 1995 Order.
(4) The Regulator may issue a direction to the trustees or managers of the scheme not to take any or any further steps to recover the debt due to them under Article 75 of the 1995 Order pending the recovery of all or a specified part of the debt due to them by virtue of the contribution notice.
(5) If the trustees or managers fail to comply with a direction issued to them under paragraph (4), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(6) Any sums paid -
the Regulator must also issue revised contribution notices to those other persons specifying the revised sum and their joint and several liability with P for the debt in respect of that sum.
Articles 39 to 46: interpretation
47.
- (1) In Articles 39 to 46 -
(2) For the purposes of Articles 39 to 46 -
(3) For the purposes of Articles 39 to 46 -
Restoration orders where transactions at an undervalue
48.
- (1) This Article applies in relation to an occupational pension scheme other than -
(5) For the purposes of paragraph (4) -
(8) For the purposes of this Article and Article 49 -
(9) The provisions of this Article apply without prejudice to the availability of any other remedy, even in relation to a transaction where the trustees or managers of the scheme or appropriate persons in question had no power to enter into the transaction.
Restoration orders: supplementary
49.
- (1) This Article applies in relation to a restoration order under Article 48 in respect of a transaction involving assets of a scheme ("the transaction").
(2) The restoration order may in particular -
(b) require any property to be transferred to the trustees or managers of the scheme or, where the Board has assumed responsibility for the scheme, to the Board if it represents in any person's hands -
(c) require such property as the Regulator may specify in the order, in respect of any consideration for the transaction received by the trustees or managers of the scheme, to be transferred -
to such persons as the Regulator may specify in the order;
(d) require any person to pay, in respect of benefits received by him as a result of the transaction, such sums (not exceeding the value of the benefits received by him) as the Regulator may specify in the order -
then, unless the contrary is shown, it is to be presumed for the purposes of paragraphs (3) and (4) that the interest was acquired or the benefit was received otherwise than in good faith.
(6) For the purposes of this Article -
(7) For the purposes of this Article "property" includes -
(8) References in this Article to where the Board has assumed responsibility for a scheme are to where the Board has assumed responsibility for the scheme in accordance with Chapter 3 of Part III (pension protection).
Content and effect of a restoration order
50.
- (1) This Article applies where a restoration order is made under Article 48 in respect of a transaction involving assets of a scheme.
(2) Where the restoration order imposes an obligation on a person to do something, the order must specify the period within which the obligation must be complied with.
(3) Where the restoration order imposes an obligation on a person ("A") to transfer or pay a sum of money to a person specified in the order ("B"), the sum is to be treated as a debt due from A to B.
(4) Where the trustees or managers of the scheme are the persons to whom the debt is due, the Regulator may on their behalf, exercise such powers as the trustees or managers have to recover the debt.
(5) But during any assessment period (within the meaning of Article 116) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a restoration order are exercisable by the Board to the exclusion of the trustees or managers and the Regulator.
(6) Where, by virtue of paragraph (5), any amount is transferred or paid to the Board in respect of a debt due by virtue of a restoration order, the Board must pay the amount to the trustees or managers of the scheme.
Contribution notice where failure to comply with a restoration order
51.
- (1) This Article applies where -
(3) The sum specified by the Regulator in a contribution notice may be either the whole or a specified part of the shortfall sum in relation to the scheme.
(4) The shortfall sum in relation to the scheme is the amount which the Regulator estimates to be the amount of the decrease in the value of the assets of the scheme as a result of the transaction having been entered into.
Content and effect of an Article 51 contribution notice
52.
- (1) This Article applies where a contribution notice is issued to a person under Article 51.
(2) The contribution notice must -
(2) The definitions mentioned in paragraph (1) are -
(3) Regulations may also provide that any provision of Articles 34 to 52 applies with such modifications as may be prescribed in relation to -
(b) any case where a limited liability partnership is -
(4) Regulations may also provide that any provision of Articles 48 to 52 applies with such modifications as may be prescribed in relation to a partnership or a limited liability partnership.
(5) For the purposes of this Article -
(6) For the purposes of this Article, "limited liability partnership" means -
and references to a member of a limited liability partnership are to be construed accordingly.
(7) This Article is without prejudice to -
Regulator's right to apply under Article 367 of the Insolvency Order
54.
- (1) In this Article "Article 367" means Article 367 of the Insolvency Order (transactions defrauding creditors).
(2) The Regulator may apply for an order under Article 367 in relation to a debtor if -
(e) the categories of benefits under the scheme;
(f) in the case of an occupational pension scheme -
(g) in the case of an occupational pension scheme, the number of members of the scheme on the later of -
(h) such other information as may be prescribed.
(3) Regulations may make provision about the interpretation of any of the descriptions in paragraph (2).
(4) For the purposes of paragraph (2)(f) -
the employer in relation to the scheme;
(5) In this Article and Articles 57 to 60 "registrable scheme" means an occupational pension scheme, or a personal pension scheme, of a prescribed description.
The register: inspection, provision of information and reports etc.
56.
- (1) Regulations may provide -
to be provided to prescribed persons in prescribed circumstances, and
(b) for the inspection of -
by prescribed persons in prescribed circumstances.
(2) Regulations under paragraph (1) may, in particular -
(b) make provision with respect to the disclosure of information obtained by virtue of the regulations.
(5) A direction under paragraph (4) may specify -
reports required by the direction are to be submitted.
(6) The Department may publish any report submitted to it by virtue of a direction under paragraph (4) in such manner as it considers appropriate.
(7) In this Article "the register" means the register of occupational and personal pension schemes compiled and maintained under section 59 of the Pensions Act 2004 (c. 35).
The register: duties of trustees or managers
57.
- (1) Paragraph (2) applies where -
(2) The trustees or managers of the scheme must, before the end of the initial notification period -
(5) Where a registrable scheme -
the trustees or managers of the scheme must as soon as reasonably practicable, notify the Regulator of that fact.
(6) If paragraph (2), (4) or (5) is not complied with, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
Duty of the Regulator to issue scheme return notices
58.
- (1) The Regulator must issue scheme return notices in accordance with this Article requiring scheme returns to be provided in respect of registrable schemes.
(2) In respect of each registrable scheme, the Regulator -
(b) if the trustees or managers have complied with sub-paragraph (b) of Article 57(2), must fall after the end of the period of one year beginning with the date on which they provided the information required by that sub-paragraph to the Regulator.
beginning with the return date specified in the previous scheme return notice issued in respect of the scheme.
Duty of trustees or managers to provide scheme return
59.
- (1) The trustees or managers of a registrable scheme in respect of which a scheme return notice is issued must, on or before the return date, provide a scheme return to the Regulator.
(2) If a scheme return in respect of a scheme is not provided in compliance with paragraph (1), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.
Scheme returns: supplementary
60.
- (1) This Article has effect for the purposes of Articles 58 and 59.
(2) In those Articles and this Article, in relation to a scheme return notice -
(3) A scheme return notice must specify -
(2) If a request is made to the Regulator -
the Regulator must promptly comply with the request in such manner as it considers reasonable.
(3) The Regulator may, in such manner as it considers appropriate, publish a summary of the prohibition register if (subject to paragraphs (6) to (8)) the summary -
(4) That information is -
(5) For the purposes of sub-paragraph (c) of paragraph (4), the information in the published register must be arranged in three separate lists, one for each of the descriptions of prohibition specified in the heads of that sub-paragraph.
(6) The Regulator must ensure, in the case of any published summary, that a person is not identified in the summary as a prohibited person if it appears to the Regulator that the determination by virtue of which that person appears in the register -
(7) The Regulator must ensure, in the case of any published summary, that the particulars relating to a person do not appear in a particular list mentioned in paragraph (5) if it appears to the Regulator that a determination by virtue of which that person's particulars would appear in that list -
(8) Where paragraph (7) prevents a person's particulars from being included in a particular list in the published summary, they must be included, instead, in the list (if any) in which they would have been included if the prohibition to which the reference, review, appeal or proceedings relate or might relate had already been revoked or otherwise overturned.
(9) For the purposes of this Article a determination is one which might still become the subject of a reference, review, appeal or proceedings if, and only if, in the case of that determination -
(10) In this Article -
(3) For the purposes of paragraph (1) -
(b) in relation to an event within paragraph (2)(b), each of the following is "the appropriate person" -
(4) A notice under paragraph (1) -
(5) Regulations may require a notice under paragraph (1) to be given before the beginning of the prescribed period ending with the notifiable event in question.
(6) Subject to Article 283 (protected items), no duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice under this Article.
(7) Where the trustees or managers of a scheme fail to comply with an obligation imposed on them by paragraph (1), Article 10 of the 1995 Order (civil penalties) applies in relation to any trustee or manager who has failed to take all reasonable steps to secure compliance with that paragraph.
(8) That Article also applies to any other person who, without reasonable excuse, fails to comply with an obligation imposed on him by paragraph (1).
(9) In this Article -
(2) Where the person has reasonable cause to believe that -
he must give a written report of the matter to the Regulator as soon as reasonably practicable.
(3) Subject to Article 283 (protected items), no duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a written report under this Article.
(4) Article 10 of the 1995 Order (civil penalties) applies to any person who, without reasonable excuse, fails to comply with an obligation imposed on him by this Article.
requiring them or, as the case may be, him to provide the Regulator with a report on one or more specified matters which are relevant to the exercise of any of the Regulator's functions.
(2) A report notice must require the person appointed to make the report to be a person -
(3) A report notice may require the report to be provided to the Regulator -
(4) The costs of providing a report in accordance with a report notice must be met by the person to whom the notice is issued ("the notified person").
(5) But a report notice may require a specified person (other than the Regulator) to reimburse to the notified person the whole or any part of the costs of providing the report.
(6) Where, by virtue of paragraph (5), an amount is required to be reimbursed by a specified person to the notified person, that amount is to be treated as a debt due from the specified person to the notified person.
(7) If the trustees or managers of a work-based pension scheme fail to comply with a report notice issued to them, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(8) That Article also applies to any other person who, without reasonable excuse, fails to comply with a report notice issued to him.
(9) Where a report notice is issued, any person who is providing (or who at any time has provided) services to the notified person in relation to a matter on which the report is required must give the person appointed to make the report such assistance as he may reasonably require.
(10) The duty imposed by paragraph (9) is enforceable, on the application of the Regulator, by an injunction.
(11) In this Article -
(2) This paragraph applies to -
(d) any other person appearing to the Regulator to be a person who holds, or is likely to hold, information relevant to the exercise of the Regulator's functions.
(3) Where the production of a document, or the provision of information, is required by a notice given under paragraph (1), the document must be produced, or information must be provided, in such a manner, at such a place and within such a period as may be specified in the notice.
Inspection of premises
68.
- (1) An inspector may, for the purposes of investigating whether, in the case of any occupational pension scheme, the occupational scheme provisions are being, or have been, complied with, at any reasonable time enter premises liable to inspection.
(2) In paragraph (1), the "occupational scheme provisions" means provisions contained in or made by virtue of -
(b) either of the following provisions of the 1999 Order -
(c) any of the provisions of Part II of the 1995 Order (occupational pension schemes), other than -
(d) any of the following provisions of the Pension Schemes Act -
(e) any provisions in force in Great Britain corresponding to any provisions within sub-paragraphs (a) to (d).
the "trust-based scheme provisions" means any provisions contained in or made by virtue of -
Inspection of premises in respect of employers' obligations
69.
- (1) An inspector may, for the purposes of investigating whether an employer is complying, or has complied, with the requirements under -
are being kept there, or
(c) either of the following is being carried out there -
Inspection of premises: powers of inspectors
70.
- (1) Paragraph (2) applies where, for a purpose mentioned in paragraph (1), (3) or (4) of Article 68 or paragraph (1) or (4) of Article 69, an inspector enters premises which are liable to inspection for the purposes of that provision.
(2) While there, the inspector -
(f) may, as to any matter relevant to compliance with the regulatory provisions, examine, or require to be examined, either alone or in the presence of another person, any person on the premises whom he has reasonable cause to believe to be able to give information relevant to that matter.
Inspection of premises: supplementary
71.
- (1) This Article applies for the purposes of Articles 68 to 70.
(2) Premises which are a private dwelling-house not used by, or by permission of, the occupier for the purposes of a trade or business are not liable to inspection.
(3) Any question whether -
(7) In paragraph (6), "the retention period" means the period comprising -
(8) The Regulator may, by a direction made before the end of the retention period (including any extension of it under this paragraph), extend it by such period not exceeding 12 months as the Regulator considers appropriate.
(9) "The regulatory provisions", in relation to an inspection under paragraph (1), (3) or (4) of Article 68 or paragraph (1) or (4) of Article 69, means any provision referred to in that paragraph.
Penalties relating to Articles 67 to 70
72.
- (1) A person who, without reasonable excuse, neglects or refuses to provide information or produce a document when required to do so under Article 67 is guilty of an offence.
(2) A person who without reasonable excuse -
Warrants
73.
- (1) A justice of the peace may issue a warrant under this Article if satisfied on complaint on oath given by or on behalf of the Regulator that there are reasonable grounds for believing -
(b) that there is on, or accessible from, any premises any document whose production could be so required and, if its production were so required, the document -
(c) that -
and that there is on, or accessible from, any premises any document which relates to whether the offence has been committed, whether the act will be done or whether the person is so liable, and whose production could be required under Article 67 or 70 or any corresponding provision in force in Great Britain.
(2) A warrant under this Article shall authorise an inspector -
(c) to take copies of any such document,
(d) to require any person named in the warrant to provide an explanation of any such document or to state where it may be found or how access to it may be obtained, and
(e) in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, to require the information to be produced in a form -
(9) In paragraph (8), "the retention period" means the period comprising -
(10) The Regulator may, by a direction made before the end of the retention period (including any extension of it under this paragraph), extend it by such period not exceeding 12 months as the Regulator considers appropriate.
Articles 67 to 73: interpretation
74.
- (1) This Article applies for the purposes of Articles 67 to 73.
(2) "Document" includes information recorded in any form, and any reference to production of a document, in relation to information recorded otherwise than in a legible form, is to producing a copy of the information -
(3) "Inspector" means a person appointed by the Regulator as an inspector.
(b) is provided in applying for registration of a pension scheme under Article 4 of the 1999 Order (register of stakeholder pension schemes), or
(c) is provided otherwise than as mentioned in sub-paragraph (a) or (b) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Regulator for the purpose of exercising its functions under this Order or the 1995 Order.
(2) Any person guilty of an offence under paragraph (1) is liable -
Use of information
76.
Information -
(2) Paragraph (1) is subject to -
(3) Subject to Article 83(4), restricted information may be disclosed with the consent of the person to whom it relates and (if different) the person from whom the Regulator obtained it.
(4) For the purposes of this Article and Articles 78 to 82, "restricted information" means any information obtained by the Regulator in the exercise of its functions which relates to the business or other affairs of any person, except for information -
(5) Any person who discloses information in contravention of this Article is guilty of an offence and liable -
Information supplied to the Regulator by corresponding overseas authorities
78.
- (1) Subject to paragraph (2), for the purposes of Article 77, "restricted information" includes information which has been supplied to the Regulator, for the purposes of its functions, by an authority which exercises functions corresponding to the functions of the Regulator in a country or territory outside the United Kingdom.
(2) Articles 79 to 82 do not apply to such information as is mentioned in paragraph (1), and such information must not be disclosed except -
for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations).
(3) Section 18 of the Anti-terrorism, Crime and Security Act 2001 (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by paragraph (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.
Disclosure for facilitating exercise of functions by the Regulator
79.
- (1) Article 77 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Regulator to exercise its functions.
(2) Paragraph (3) applies where, in order to enable or assist the Regulator properly to exercise any of its functions, the Regulator considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill.
(3) Article 77 does not preclude the disclosure by the Regulator to a person qualified to provide that advice of such information as appears to the Regulator to be necessary to ensure that he is properly informed with respect to the matters on which his advice is sought.
Disclosure for facilitating exercise of functions by the Board
80.
Article 77 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Board to exercise its functions.
Disclosure for facilitating exercise of functions by other supervisory authorities
81.
- (1) Article 77 does not preclude the disclosure by the Regulator of restricted information to any person specified in the first column of Schedule 3 if the Regulator considers that the disclosure would enable or assist that person to exercise the functions specified in relation to him in the second column of that Schedule.
(2) The Department may after consultation with the Regulator -
(b) by order restrict the circumstances in which, or impose conditions subject to which, disclosure may be made to any person for the time being specified in the Schedule.
Other permitted disclosures
82.
- (1) Article 77 does not preclude the disclosure by the Regulator of restricted information to -
for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations),
(b) in connection with any proceedings arising out of -
or any corresponding enactment in force in Great Britain, or any proceedings for breach of trust in relation to an occupational pension scheme,
(c) with a view to the institution of, or otherwise for the purposes of, proceedings under -
(d) in connection with any proceedings under -
which the Regulator has instituted or in which it has a right to be heard,
(e) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise of his professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner,
(f) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise by a public servant of his functions,
(g) for the purpose of enabling or assisting an authority in a country outside the United Kingdom to exercise functions corresponding to those of the Regulator under this Order, the 1999 Order, the 1995 Order or the Pension Schemes Act, or
(h) in pursuance of a Community obligation (within the meaning of Schedule 1 to the European Communities Act 1972 (c. 68)).
(10) Before deciding whether to give its consent to such a disclosure as is mentioned in paragraph (8) or (9), the Regulator must take account of any representations made to it, by the person seeking to make the disclosure, as to the desirability of the disclosure or the necessity for it.
(11) Section 18 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by paragraph (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.
Tax information
83.
- (1) This Article applies to information held by any person in the exercise of tax functions about any matter which is relevant, for the purposes of those functions, to tax or duty in the case of an identifiable person (in this Article referred to as "tax information").
(2) No obligation as to secrecy imposed by section 182 of the Finance Act 1989 (c. 26) or otherwise shall prevent the disclosure of tax information to the Regulator for the purpose of enabling or assisting the Regulator to discharge its functions.
(3) Where tax information is disclosed to the Regulator by virtue of paragraph (2) or section 19 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (disclosure of information held by revenue departments), it must, subject to paragraph (4), be treated for the purposes of Article 77 as restricted information.
(4) Articles 77(3) and 78 to 82 and section 235 of the Pensions Act 2004 (c. 35) do not apply to tax information which is disclosed to the Regulator as mentioned in paragraph (3), and such information may not be disclosed by the Regulator or any person who receives the information directly or indirectly from the Regulator except -
(5) In this Article "tax functions" has the same meaning as in section 182 of the Finance Act 1989.
(2) The Regulator must issue one or more such codes of practice relating to the following matters -
(3) The Regulator may from time to time revise the whole or any part of a code of practice issued under this Article and issue that revised code.
(4) Subject to Article 9(3)(a) and (8) (power for improvement notice to direct that person complies with code of practice and civil penalties for failure to comply), a failure on the part of any person to observe any provision of a code of practice does not of itself render that person liable to any legal proceedings.
(5) A code of practice issued under this Article is admissible in evidence in any legal proceedings and, if any provision of such a code appears to the court or tribunal concerned to be relevant to any question arising in the proceedings, it must be taken into account in determining that question.
(6) In this Article -
(7) Articles 86 and 87 make provision about the procedure to be followed when a code of practice is issued or revoked.
Procedure for issue and publication of codes of practice
86.
- (1) Where the Regulator proposes to issue a code of practice it must prepare and publish a draft of the code.
(2) Where the Regulator publishes a draft under paragraph (1), it must consult -
(5) If the Regulator determines to proceed with a draft, it must send it to the Department which -
(6) If, within the statutory period beginning with the day on which the draft code of practice is laid before the Assembly, the Assembly so resolves, no further proceedings may be taken on the draft, but without prejudice to the laying before the Assembly of a new draft.
(7) If no such resolution is passed as is referred to in paragraph (6), the Regulator must issue the code of practice in the form of the draft and the code shall come into operation on such day as the Department may by order appoint.
(8) Without prejudice to Article 287, an order under paragraph (7) may contain such transitional provisions or savings as appear to the Department to be necessary or expedient in connection with the code of practice brought into operation.
(9) The Regulator must arrange for any code issued by it under Article 85 to be published in the way appearing to it to be appropriate.
(10) The Regulator may charge a reasonable fee for providing a person with a copy of a code published under this Article.
(11) This Article applies to a revised code as it applies to the first issue of a code.
Revocation of codes of practice
87.
- (1) A code of practice may be revoked by the Department by order.
(2) An order under this Article may be made only with the consent of the Regulator.
(3) Without prejudice to Article 287, an order under this Article may contain such savings as appear to the Department to be necessary or expedient in connection with the revocation of the code.
(3) The Determinations Panel must determine the procedure to be followed by it in relation to any exercise by it on behalf of the Regulator of -
(4) The procedure determined under this Article -
(b) may include such other procedural requirements as the Regulator or, as the case may be, the Panel considers appropriate.
(5) This Article is subject to -
Publication of procedure in relation to regulatory functions
89.
- (1) The Regulator must issue a statement of the procedure determined under Article 88.
(2) The Regulator must arrange for the statement to be published in the way appearing to it to be appropriate.
(3) The Regulator may charge a reasonable fee for providing a person with a copy of the statement.
(4) If the procedure determined under Article 88 is changed in a material way, the Regulator must publish a revised statement.
(5) The Regulator must, without delay, give the Department a copy of any statement which it issues under this Article.
Application of standard and special procedure
90.
- (1) The Regulator must comply with the standard procedure (see Article 91) or, where Article 92 applies, the special procedure (see Article 93) in a case where -
for the Regulator to exercise a regulatory function.
(3) Neither Article 91 (standard procedure) nor Article 93 (special procedure) applies in relation to a determination whether to exercise a regulatory function on a review under Article 94 (compulsory review of regulatory action).
Standard procedure
91.
- (1) The procedure determined under Article 88 must make provision for the standard procedure.
(2) The "standard procedure" is a procedure which provides for -
Special procedure: applicable cases
92.
- (1) The special procedure in Article 93 (and not the standard procedure) applies to -
(2) A case falls within this paragraph if -
(b) the Regulator accordingly dispenses with the giving of a warning notice and an opportunity to make representations as described in Article 91(2)(a) and (b), and
(c) the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to -
(3) A case falls within this paragraph if -
(4) A case falls within this paragraph if the Regulator -
(b) considers the representations of those persons to whom the warning notice is given, and
(c) determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to -
(5) The regulatory functions referred to in paragraphs (2), (3) and (4) are -
Special procedure
93.
- (1) The procedure determined under Article 88 must make provision for the special procedure.
(2) The "special procedure" is a procedure which provides for -
Compulsory review
94.
- (1) In a case where the special procedure applies, the Regulator must review the determination to exercise the regulatory function.
(2) The review must be determined as soon as reasonably practicable.
(3) The Regulator's powers on a review under this Article include power to -
(9) Paragraph (8) does not apply where -
(10) The functions of the Regulator under this Article are exercisable on behalf of the Regulator by the Determinations Panel (and are not otherwise exercisable by or on behalf of the Regulator).
(11) The Panel must determine the procedure that it proposes to follow in relation to the exercise of those functions.
(12) Article 89 (publication of Regulator's procedure) applies in relation to the procedure determined under paragraph (11) as it applies to the procedure determined under Article 88 (procedure in relation to the regulatory functions).
Duty to have regard to the interests of members etc.
95.
- (1) The Regulator must have regard to the matters mentioned in paragraph (2) -
(b) when exercising the regulatory function in question.
Powers to vary or revoke orders, notices or directions etc.
96.
- (1) The Regulator may vary or revoke -
(2) Paragraph (1)(b) does not apply to -
References to the Tribunal
97.
- (1) A reference to the Tribunal under this Order must be made -
(7) The Regulator must act in accordance with the determination of, and any direction given by, the Tribunal (and accordingly Articles 91 to 94 (standard and special procedure) do not apply).
(8) The Tribunal may, on determining a reference, make recommendations as to the procedure followed by the Regulator or the Determinations Panel.
(9) An order of the Tribunal may be enforced as if it were an order of a county court.
Appeal on a point of law
98.
- (1) A party to a reference to the Tribunal may with permission appeal to the Court of Appeal on a point of law arising from a decision of the Tribunal disposing of the reference.
(2) "Permission" means permission given by -
(5) Rules made under section 102 of the Pensions Act 2004 (c. 35) may make provision for regulating or prescribing any matters incidental to or consequential on an appeal under this Article.
Redetermination etc. by the Tribunal
99.
- (1) This Article applies where an application is made to the Tribunal for permission under Article 98(2)(a) to appeal from a decision of the Tribunal disposing of a reference.
(2) If the person who constitutes, or is the chairman of, the Tribunal for the purposes of dealing with that application considers that the decision of the Tribunal disposing of the reference was wrong in law, he may set aside the decision and refer the matter -
Disclosure of information
100.
In Article 442(1) of the Companies Order (exceptions from restrictions on publication and disclosure) after sub-paragraph (m) insert -
(3) Schedule 4 makes further provision about the Board.
Administration levy
103.
- (1) Regulations may provide for the imposition of a levy ("administration levy") in respect of eligible schemes (see Article 110) for the purpose of meeting -
(2) An administration levy is payable to the Department by or on behalf of -
(3) For the purposes of paragraph (2) the "notification period" is the prescribed period beginning with the later of -
(4) A notice under this Article must be in such form and contain such information as may be prescribed.
Insolvency event, insolvency date and insolvency practitioner
105.
- (1) In this Part each of the following expressions has the meaning given to it by this Article -
(2) An insolvency event occurs in relation to an individual where -
(3) An insolvency event occurs in relation to a company where -
(4) An insolvency event occurs in relation to a partnership where -
Insolvency practitioner's duty to issue notices confirming status of scheme
106.
- (1) This Article applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.
(2) An insolvency practitioner in relation to the employer must -
(3) Paragraph (4) applies where -
he must issue a notice to that effect.
(5) For the purposes of this Article -
Approval of notices issued under Article 106
107.
- (1) This Article applies where the Board receives a notice under Article 106(6) ("the Article 106 notice").
(2) The Board must determine whether to approve the Article 106 notice.
(3) The Board must approve the Article 106 notice if, and only if, it is satisfied -
(2) The obligations on the insolvency practitioner or former insolvency practitioner imposed by paragraphs (2) and (4) of Article 106 are to be treated as obligations imposed on the Board and the Board must accordingly issue a notice as required under that Article.
(3) Subject to paragraphs (4) and (5), where a notice is issued under Article 106 by the Board by virtue of this Article, it has effect as if it were a notice issued under Article 106 by an insolvency practitioner or, as the case may be, former insolvency practitioner in relation to the employer.
(4) Where a notice is issued under Article 106 by virtue of this Article, Article 106(6) does not apply and the Board must, as soon as reasonably practicable, give a copy of the notice to -
(5) Where the Board -
it must specify that time in the notice and the notice is to have effect as if it had been issued at that time.
Binding notices confirming status of scheme
109.
- (1) Subject to paragraph (2), for the purposes of this Part, a notice issued under Article 106 is not binding until -
has been finally disposed of and the determination notice has not been revoked, varied or substituted.
has been finally disposed of and the notice has not been revoked, varied or substituted.
(4) A notice under paragraph (3) -
(2) A scheme is not an eligible scheme if it is being wound up immediately before the day appointed by the Department by order for the purposes of this paragraph.
(3) Regulations may provide that where -
the scheme is, in such circumstances as may be prescribed, to be treated as remaining an eligible scheme for the purposes of such of the provisions mentioned in paragraph (4) as may be prescribed.
(4) Those provisions are -
(5) Regulations may also provide that a scheme which would be an eligible scheme in the absence of this paragraph is not an eligible scheme in such circumstances as may be prescribed.
and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).
(3) For the purposes of this Article, in relation to an eligible scheme an insolvency event ("the current event") in relation to the employer is a qualifying insolvency event if -
(4) For the purposes of this Article -
(5) This Article is subject to Articles 130 and 131 (cases where Board must refuse to assume responsibility for a scheme).
Duty to assume responsibility for schemes following application or notification
112.
- (1) This Article applies where, in relation to an eligible scheme, the trustees or managers of the scheme -
(2) The Board must assume responsibility for the scheme in accordance with this Chapter if -
and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).
(4) An application under Article 113(1) or notification under Article 113(5)(a) is to be disregarded for the purposes of paragraph (1) if it is made or given during an assessment period (see Article 116) in relation to the scheme which began before the application was made or notification was given.
(5) This Article is subject to Articles 130 and 131 (cases where Board must refuse to assume responsibility for a scheme).
Applications and notifications for the purposes of Article 112
113.
- (1) Where the trustees or managers of an eligible scheme become aware that -
(3) An application under paragraph (1) must -
(4) Where the Regulator becomes aware that -
(6) The duty imposed by paragraph (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that paragraph by reason of a notice given to them under paragraph (5).
(7) The duty imposed by paragraph (4) does not apply where the Regulator becomes aware as mentioned in that paragraph by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under paragraph (2).
(8) Regulations may require notices under this Article to be in the prescribed form and to contain the prescribed information.
Board's duty where application or notification received under Article 113
114.
- (1) This Article applies where the Board -
(5) For the purposes of this Article -
(6) For the purposes of this Part a notice issued under paragraph (2) or (3) is not binding until -
has been finally disposed of and the notice has not been revoked, varied or substituted.
(8) Notices under this Article must be in the prescribed form and contain such information as may be prescribed.
(9) A notice given under paragraph (7) in relation to a withdrawal notice under paragraph (3) which has become binding must state the time from which the Board ceases to be involved with the scheme (see Article 133).
Protected liabilities
115.
- (1) For the purposes of this Chapter the protected liabilities, in relation to an eligible scheme, at a particular time ("the relevant time") are -
whichever first occurs.
(3) In paragraph (2) "qualifying insolvency event" has the meaning given by Article 111(3).
(4) Where, in relation to an eligible scheme, an application is made under Article 113(1) or a notification is received under Article 113(5)(a), an assessment period -
whichever first occurs.
(5) For the purposes of paragraph (4) an application under Article 113(1) or notification under Article 113(5)(a) is to be disregarded if it is made or given during an assessment period in relation to the scheme which began before the application was made or notification was given.
(6) This Article is subject to Article 143 (which provides for further assessment periods to begin in certain circumstances where schemes are required to wind up or continue winding up under Article 138).
Admission of new members, payment of contributions etc.
117.
- (1) This Article applies where there is an assessment period in relation to an eligible scheme.
(2) No new members of any class may be admitted to the scheme during the assessment period.
(3) Except in prescribed circumstances and subject to prescribed conditions, no further contributions (other than those due to be paid before the beginning of the assessment period) may be paid towards the scheme during the assessment period.
(4) Any obligation to pay contributions towards the scheme during the assessment period (including any obligation under Article 49(8) of the 1995 Order to pay amounts deducted corresponding to such contributions) is to be read subject to paragraph (3) and Article 134 (obligation to pay contributions when assessment period ends).
(5) No benefits may accrue under the scheme rules to, or in respect of, members of the scheme during the assessment period.
(6) Paragraph (5) does not prevent any increase, in a benefit, which would otherwise accrue in accordance with the scheme or any statutory provision.
(10) Any action taken in contravention of this Article is void.
(11) Disregarding paragraph (10), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager of a scheme who fails to take all reasonable steps to secure compliance with this Article.
Directions
118.
- (1) This Article applies where there is an assessment period in relation to an eligible scheme.
(2) With a view to ensuring that the scheme's protected liabilities do not exceed its assets or, if they do exceed its assets, that the excess is kept to a minimum, the Board may give a relevant person in relation to the scheme directions regarding the exercise during that period of his powers in respect of -
(b) the reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
(4) The Board may revoke or vary any direction under this Article.
(5) Where a direction under this Article given to the trustees or managers of a scheme is not complied with, Article 10 of the 1995 Order (civil penalties) applies to any such trustee or manager who has failed to take all reasonable steps to secure compliance with the direction.
(6) That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction given to him under this Article.
Restrictions on winding up, discharge of liabilities etc.
119.
- (1) This Article applies where there is an assessment period in relation to an eligible scheme.
(2) Subject to paragraph (3), the winding up of the scheme must not begin during the assessment period.
(3) Paragraph (2) does not apply to the winding up of the scheme in pursuance of an order by the Regulator under Article 11(3A) of the 1995 Order (Regulator's powers to wind up occupational pension schemes to protect Pension Protection Fund) directing the scheme to be wound up (and Article 198 makes provision for the backdating of the winding up).
(4) During the assessment period, except in prescribed circumstances and subject to prescribed conditions -
(6) Paragraph (7) applies where, on the commencement of the assessment period -
(7) Where this paragraph applies, during the assessment period -
(8) Where a person is entitled to a pension credit derived from another person's shareable rights (within the meaning of Chapter 1 of Part V of the 1999 Order (sharing of rights under pension arrangements)) under the scheme, nothing in paragraph (4) prevents the trustees or managers of the scheme discharging their liability in respect of the credit in accordance with that Chapter.
(9) Any action taken in contravention of this Article is void, except to the extent that the Board validates the action (see Article 120).
(10) Disregarding paragraph (9), where there is a contravention of this Article, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance with this Article.
(11) The Regulator may not make a freezing order (see Article 19) in relation to the scheme during the assessment period.
Power to validate contraventions of Article 119
120.
- (1) The Board may validate an action for the purposes of Article 119(9) only if it is satisfied that to do so is consistent with the objective of ensuring that the scheme's protected liabilities do not exceed its assets or, if they do exceed its assets, that the excess is kept to a minimum.
(2) Where the Board determines to validate, or not to validate, any action of the trustees or managers for those purposes, it must issue a notice to that effect and give a copy of that notice to -
(b) if the issue of the notice is so reviewed, until -
has been finally disposed of.
(5) In paragraph (1) the reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
Board to act as creditor of the employer
121.
- (1) Paragraph (2) applies where there is an assessment period in relation to an eligible scheme.
(2) During the assessment period, the rights and powers of the trustees or managers of the scheme in relation to any debt (including any contingent debt) due to them by the employer, whether by virtue of Article 75 of the 1995 Order (deficiencies in the scheme assets) or otherwise, are exercisable by the Board to the exclusion of the trustees or managers.
(3) Where, by virtue of paragraph (2), any amount is paid to the Board in respect of such a debt, the Board must pay that amount to the trustees or managers of the scheme.
Payment of scheme benefits
122.
- (1) Paragraphs (2) and (3) apply where there is an assessment period in relation to an eligible scheme.
(2) The benefits payable to or in respect of any member under the scheme rules during the assessment period must be reduced to the extent necessary to ensure that they do not exceed the compensation which would be payable to or in respect of the member in accordance with this Chapter if -
(3) But where, on the commencement of the assessment period -
(11) For the purposes of paragraph (10) -
(12) Regulations may provide that, in prescribed circumstances, where -
the benefit, or any part of it, is, for the purposes of paragraph (2), to be treated as having become payable before the commencement of the assessment period.
(13) Nothing in paragraph (2) or (3) applies to money purchase benefits.
Loans to pay scheme benefits
123.
- (1) Paragraph (2) applies where Article 122(2) applies in relation to an eligible scheme.
(2) Where the Board is satisfied that the trustees or managers of the scheme are not able to pay benefits under the scheme rules (reduced in accordance with Article 122(2)) as they fall due, it may, on an application by the trustees or managers, lend to them such amounts as the Board considers appropriate for the purpose of enabling them to pay those benefits.
(3) Where an amount lent to the trustees or managers of a scheme under paragraph (2) is outstanding at -
that amount, together with the appropriate interest on it, falls to be repaid by the trustees or managers of the scheme to the Board at that time.
(3) An ill health pension in respect of a member is reviewable for the purposes of paragraph (2) if the member is entitled to the pension by reason of an award under the scheme rules ("the award") which was made -
(4) Where -
(5) Where -
(b) in the absence of this paragraph, the award would take effect before the assessment date,
the award is, for the purposes of determining the compensation payable under this Chapter in a case where the Board assumes responsibility for the scheme, to be treated as taking effect after the date on which the decision to make the award was made.
(6) Regulations must prescribe the procedure to be followed in relation to the review of a pension under this Article and any subsequent decision under Article 125.
Effect of a review
125.
- (1) This Article applies where, during an assessment period in relation to an eligible scheme, the Board reviews an ill health pension by virtue of Article 124.
(2) Where the conditions of paragraph (3) are satisfied, the Board may determine that the compensation payable in respect of the pension, in a case where the Board assumes responsibility for the scheme, is to be determined in the prescribed manner on and after the relevant date.
(3) The conditions are -
(c) that the Board is not satisfied that the criteria in the admissible rules governing entitlement to early payment of pension on grounds of ill health were satisfied in respect of the member at any time after that decision but before the assessment date.
(6) Regulations made for the purposes of paragraph (2) may, in particular, include provision applying any provision of Schedule 6 with such modifications as may be prescribed.
Articles 124 and 125: interpretation
126.
- (1) For the purposes of Articles 124 and 125 -
(2) For the purposes of Article 124(4) -
(4) For the purposes of this Article, regulations may prescribe how -
are to be determined, calculated and verified.
(5) Regulations under paragraph (4) may provide, in particular, that when calculating the amount or value of assets or protected liabilities of an eligible scheme at the relevant time which consist of any of the following -
account must be taken in the prescribed manner of prescribed events which occur during the pre-approval period.
(6) Subject to any provision made under paragraph (4), the matters mentioned in sub-paragraphs (a) and (b) of that paragraph are to be determined, calculated and verified in accordance with guidance issued by the Board.
(7) In calculating the amount of any liabilities for the purposes of this Article, a provision of the scheme rules which limits the amount of the scheme's liabilities by reference to the value of its assets is to be disregarded.
(8) The duty imposed by paragraph (2) ceases to apply if and when the Board ceases to be involved with the scheme.
(9) Nothing in paragraph (2) requires the actuarial valuation to be obtained during any period when the Board considers that an event may occur which, by virtue of regulations under paragraph (3) or (4), may affect the value of the assets or the amount of the protected liabilities of the scheme for the purposes of the valuation.
(10) In a case where there are one or more reviewable ill health pensions (within the meaning of Article 124), nothing in paragraph (2) requires the actuarial valuation to be obtained during the period mentioned in Article 125(5)(b) (period during which Board may exercise its power to make a decision following a review) relating to any such pension.
(11) For the purposes of this Article -
(b) "the pre-approval period", in relation to the scheme, means the period which -
(c) "the relevant time" -
(d) references to "assets" do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
Approval of valuation
128.
- (1) This Article applies where the Board obtains a valuation in respect of a scheme under Article 127.
(2) Where the Board is satisfied that the valuation has been prepared in accordance with that Article, it must -
(3) Where the Board is not so satisfied, it must obtain another valuation under that Article.
Binding valuations
129.
- (1) For the purposes of this Chapter a valuation obtained under Article 127 is not binding until -
has been finally disposed of.
(3) For the purposes of this Part a withdrawal notice issued by virtue of this Article is not binding until -
has been finally disposed of and the notice has not been revoked, varied or substituted.
(4) Where a withdrawal notice issued by virtue of this Article becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to -
(5) Notices under this Article must be in the prescribed form and contain such information as may be prescribed.
(6) A notice given under paragraph (4) must state the time from which the Board ceases to be involved with the scheme (see Article 133).
New schemes created to replace existing schemes
131.
- (1) The Board must refuse to assume responsibility for a scheme ("the new scheme") under this Chapter where it is satisfied that -
has been finally disposed of and the notice has not been revoked, varied or substituted.
(5) Notices under this Article must be in the prescribed form and contain such information as may be prescribed.
(6) A notice given under paragraph (4) must state the time from which the Board ceases to be involved with the scheme (see Article 133).
Withdrawal following issue of Article 106(4) notice
132.
- (1) This Article applies where -
and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).
(2) The Board must determine whether any insolvency event -
has been finally disposed of and the notice has not been revoked, varied or substituted.
and references in this Chapter to a "withdrawal event" are to be construed accordingly.
(3) Paragraph (4) applies where a withdrawal notice mentioned in paragraph (2) is issued in relation to a scheme and becomes binding and -
(4) In such a case, the withdrawal notice is to be treated for the purposes of paragraphs (1) and (2), as if the time when it became binding was the time immediately before -
(5) For the purposes of paragraph (3), the "interim period" in relation to a scheme means the period beginning with the issuing of the withdrawal notice in relation to the scheme and ending with that notice becoming binding.
(6) For the purposes of this Chapter -
(b) the issue of, or failure to issue, a notice is to be regarded as reviewable -
has been finally disposed of.
Consequences of the Board ceasing to be involved with a scheme
134.
- (1) Where -
(3) This paragraph applies where -
(4) An application under this Article must be in the prescribed form, contain the prescribed information and be accompanied by -
(5) An application under this Article must be made within the authorised period.
(6) In this Article "the authorised period" means the prescribed period which begins -
(b) where paragraph (3) applies, with the later of -
(7) Where the Board receives an application under paragraph (1), it must give a copy of the application to the Regulator.
(8) For the purposes of this Article -
whichever benefits can, in the case of that member, be secured at the lower cost;
(9) The scheme accounts are prepared in accordance with this paragraph if, subject to paragraphs (10) and (11), they -
(10) Subject to paragraph (11), regulations under paragraph (4) of Article 127 (other than regulations made by virtue of paragraph (5) of that Article), and guidance under paragraph (6) of that Article, apply to the scheme accounts as they apply for the purposes of a valuation under that Article.
(11) Regulations may provide that, where an asset of a prescribed description has been acquired during the assessment period, the value assigned to the asset as at the reconsideration time is to be determined, for the purposes of the scheme accounts, in the prescribed manner.
(12) For the purposes of this Article -
(13) Where the scheme is being wound up, for the purposes of determining the benefits which fall within paragraph (b) of the definition of "protected benefits quotation" in paragraph (8) no account is to be taken of the winding up of the scheme.
Duty to assume responsibility following reconsideration
136.
- (1) This Article applies where an application is made in respect of a scheme in accordance with Article 135.
(2) The Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the aggregate of -
has been finally disposed of and the notice has not been revoked, varied or substituted.
(5) Where the Board receives an application under paragraph (2), if it is satisfied that the trustees or managers have complied with the obligation under paragraph (3) but were unable to obtain a full buy-out quotation, it must authorise the scheme to continue as a closed scheme.
(6) Where the Board determines an application in respect of a scheme under this Article, it must issue a determination notice and give a copy of that notice to -
(7) In this Article -
(8) If the trustees or managers of the scheme fail to comply with paragraph (2) or (3), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(2) The conditions are -
(c) that, if an application was made under Article 135, the Board is not required to assume responsibility for the scheme by virtue of Article 136(2).
(3) For the purposes of paragraph (2)(b)(ii) an application is not finally determined until -
has been finally disposed of.
(4) Where, in relation to an eligible scheme, an assessment period within Article 143(3) comes to an end because the conditions in paragraph (5) are satisfied, the trustees or managers of the scheme must continue the winding up of the scheme begun (whether in accordance with this Article or otherwise) before that assessment period.
(5) The conditions are -
(6) Where a scheme is wound up in accordance with paragraph (1)(a), the winding up is to be taken as beginning immediately before the assessment period.
(7) Without prejudice to the power to give directions under Article 118, but subject to any order made under paragraph (8), the Board may give the trustees or managers of the scheme directions relating to the manner of the winding up of the scheme under this Article (and may vary or revoke any such direction given by it).
(8) The Regulator may by order direct any person specified in the order -
(b) to take those steps within a period specified in the order.
(9) If the trustees or managers of a scheme fail to comply with a direction to them under paragraph (7), or contained in an order under paragraph (8), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(10) That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under paragraph (8).
(11) The winding up of a scheme under this Article is as effective in law as if it had been made under powers conferred by or under the scheme.
(12) This Article must be complied with in relation to a scheme -
(13) Where an assessment period in relation to an eligible scheme comes to an end by virtue of the conditions in paragraph (2) or (5) being satisfied, paragraphs (1) to (4) of Article 134 apply as they apply where an assessment period comes to an end by virtue of the Board ceasing to be involved with the scheme, except that in paragraph (2) of that Article the reference to Article 198 is to be read as a reference to paragraph (6) of this Article.
(14) Where a public service pension scheme is required to be wound up under this Article, the appropriate authority may by order make provision modifying any statutory provision in which the scheme is contained or under which it is made.
(15) In paragraph (14), "the appropriate authority", in relation to a scheme, means such Minister of the Crown or government department as may be designated by the Treasury or the Department of Finance and Personnel as having responsibility for the particular scheme.
(4) Regulations may require the trustees or managers of a closed scheme in relation to which the provisions mentioned in paragraph (3) apply to comply with such requirements as may be prescribed when providing for the discharge of any liability to, or in respect of, a member of the scheme for pensions or other benefits.
Valuations of closed schemes
140.
- (1) Regulations may make provision requiring the trustees or managers of closed schemes to obtain actuarial valuations of the scheme at such intervals as may be prescribed for the purposes of enabling them to determine -
(2) Regulations under this Article may prescribe how -
has been finally disposed of and the notice has not been revoked, varied or substituted.
(6) In this Article, in relation to a scheme -
prepared and signed by the actuary;
Duty to assume responsibility for closed schemes
142.
- (1) Where the trustees or managers of a closed scheme -
(6) In the application of Articles 127 and 129 by virtue of paragraph (4) or (5) -
Closed schemes: further assessment periods
143.
- (1) Paragraph (3) applies where -
whichever first occurs.
(4) In this Article "closed scheme" has the same meaning as in Article 139.
(7) This Article is subject to Article 156(1) and (2) (no transfer notice within first 12 months of assessment period or when fraud compensation application is pending).
Effect of Board assuming responsibility for a scheme
145.
- (1) Where a transfer notice is given to the trustees or managers of an eligible scheme, the Board assumes responsibility for the scheme in accordance with this Chapter.
(2) The effect of the Board assuming responsibility for a scheme is that -
(b) is a contract -
The pension compensation provisions
146.
- (1) Schedule 6 makes provision for compensation to be paid in relation to a scheme for which the Board assumes responsibility in accordance with this Chapter, including provision for -
Adjustments to be made where the Board assumes responsibility for a scheme
147.
- (1) This Article applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.
(2) Any benefits (other than money purchase benefits) which -
(b) if any amount so paid was less than that entitlement (or no amount was paid in respect of that entitlement), pay an amount to the member or person concerned equal to the aggregate of -
(5) In paragraph (4) references to an amount paid do not include -
(6) Nothing in paragraph (4) requires the Board -
(7) In this Article "assessment date" is to be construed in accordance with Schedule 6.
Postponement of compensation entitlement for the assessment period
148.
- (1) Regulations may provide that, where the Board assumes responsibility for an eligible scheme, the entitlement of any member of the scheme to compensation under this Chapter is, in such circumstances as may be prescribed, postponed for the whole or any part of the assessment period for which he continued in employment after attaining normal pension age.
(2) Regulations under paragraph (1) may provide that the postponement is on such terms and conditions (including those relating to increments) as may be prescribed.
(3) In paragraph (1) the reference to "normal pension age" is to normal pension age, within the meaning of paragraph 34 of Schedule 6, in relation to the pension or lump sum in respect of which the entitlement to compensation arises.
Guaranteed minimum pensions
149.
- (1) The Board must notify the Commissioners of Inland Revenue where, by reason of it assuming responsibility for an eligible scheme in accordance with this Chapter, the trustees or managers of the scheme are discharged from their liability to provide a guaranteed minimum pension (within the meaning of the Pension Schemes Act) to or in respect of a member of the scheme.
(2) Notification under paragraph (1) must be given as soon as reasonably practicable.
(3) In section 43 of the Pension Schemes Act (further provision concerning entitlement to a guaranteed minimum pension for the purposes of section 42), after subsection (7) add -
Duty to pay scheme benefits unpaid at assessment date etc.
150.
- (1) This Article applies where the Board assumes responsibility for a scheme in accordance with this Chapter.
(2) Subject to paragraph (4), the Board must pay any amount by way of pensions or other benefits which a person had become entitled to payment of under the scheme rules before the assessment date but which remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme.
(3) If, immediately before the assessment date, the person is entitled to the amount but has postponed payment of it, paragraph (2) does not apply.
(4) Paragraph (2) does not apply in relation to the amount of -
(5) Regulations may provide that, in prescribed circumstances, where -
are to have effect subject to such modifications as may be prescribed.
(8) In this Article "assessment date" is to be construed in accordance with Schedule 6.
Modification of Chapter where liabilities discharged during assessment period
151.
- (1) Regulations may modify any of the provisions of this Chapter as it applies to cases -
(b) where, in prescribed circumstances, any such liability of a prescribed description is discharged on the assessment date but before the commencement of the assessment period.
(2) In this Article "assessment date" is to be construed in accordance with Schedule 6.
Administration of compensation
152.
- (1) Regulations may make further provision regarding the operation and administration of this Chapter.
(2) Regulations under paragraph (1) may, in particular, make provision -
Discharge of liabilities in respect of money purchase benefits
154.
- (1) This paragraph applies where -
and service in that employment was pensionable service under an occupational pension scheme.
(2) If, apart from this paragraph, any of the payment functions so far as it relates (directly or indirectly) to that pensionable service -
that function has effect with such modifications as are necessary to ensure that the provision is not less favourable.
(3) Paragraph (2) does not operate in relation to any difference as between a woman and a man in the operation of any of the payment functions if the Board proves that the difference is genuinely due to a material factor which -
(4) Paragraph (2) does not apply in such circumstances as may be prescribed.
(5) This Article has effect in relation to the exercise of any payment function in so far as it relates (directly or indirectly) to any pensionable service on or after 17th May 1990.
(6) In this Article -
has been finally disposed of.
(3) Paragraph (4) applies where during an assessment period in relation to a scheme the Board determines to make one or more fraud compensation payments ("the fraud compensation") to the trustees or managers of the scheme under Chapter 4.
(4) For the purposes of determining whether the condition in Article 111(2)(a), 112(2)(a), 136(2) or 142(1) is satisfied, any fraud compensation payment which becomes payable after the relevant time is, to the extent that it relates to a loss incurred by the scheme before that time, to be regarded as an asset of the scheme at that time.
(5) For the purposes of paragraph (4) "the relevant time" -
(6) Paragraph (4) does not apply to the extent that the fraud compensation is payable in respect of a reduction in the value of money purchase assets of the scheme.
(2) The regulations must prescribe -
(3) Regulations under this Article may only be made with the approval of the Department of Finance and Personnel.
Pension protection levies
158.
- (1) For each financial year falling after the initial period, the Board must impose both of the following -
(2) For the purposes of this Article -
(b) a scheme-based pension protection levy is a levy assessed by reference to -
(4) The other scheme factors referred to in paragraph (2)(b)(ii) are -
(5) The Board must, before the beginning of each financial year, determine in respect of that year -
Supplementary provisions about pension protection levies
159.
- (1) The Board must consult such persons as it considers appropriate in the prescribed manner before making a determination under Article 158(5) in respect of a financial year if -
(2) The Board must publish details of any determination under Article 158(5) in the prescribed manner.
Amounts to be raised by the pension protection levies
160.
- (1) Before determining the pension protection levies to be imposed for a financial year, the Board must estimate the amount which will be raised by the levies it proposes to impose.
(2) The Board must impose levies for a financial year in a form which it estimates will raise an amount not exceeding the levy ceiling for the financial year.
(3) The pension protection levies imposed for a financial year must be in a form which the Board estimates will result in at least 80% of the amount raised by the levies for that year being raised by the risk-based pension protection levy.
(4) For the first financial year after the transitional period, regulations may modify paragraph (2) so as to provide that the reference to the levy ceiling for the financial year is to be read as a reference to such lower amount as is prescribed.
(5) For the second financial year after the transitional period and for any subsequent financial year, the Board must impose pension protection levies in a form which it estimates will raise an amount which does not exceed by more than 25% the amount estimated under paragraph (1) in respect of the pension protection levies imposed for the previous financial year.
(6) Whenever the Secretary of State makes an order under section 177(6) of the Pensions Act 2004 (c. 35), the Department may make a corresponding order for Northern Ireland.
(7) Regulations under paragraph (4) may be made only with the approval of the Department of Finance and Personnel.
(8) In this Article -
The levy ceiling
161.
Whenever the Secretary of State makes an order under section 178 of the Pensions Act 2004 (c. 35), the Department may make a corresponding order for Northern Ireland.
Valuations to determine scheme underfunding
162.
- (1) For the purposes of enabling risk-based pension protection levies (within the meaning of Article 158) to be calculated in respect of eligible schemes, regulations may make provision requiring the trustees or managers of each such scheme to provide the Board or the Regulator on the Board's behalf -
(2) For the purposes of this Article, in relation to a scheme -
(3) Regulations under this Article may prescribe how -
are to be determined, calculated and verified.
(4) Subject to any provision made under paragraph (3), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.
(5) In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this Article, a provision of the scheme rules which limits the amount of the scheme's liabilities by reference to the value of its assets is to be disregarded.
(6) In this Article references to "assets" do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
Pension protection levies during the transitional period
163.
- (1) Regulations may provide that in respect of any financial year during the transitional period -
Calculation, collection and recovery of levies
164.
- (1) This Article applies in relation to -
(2) The levy is payable to the Board by or on behalf of -
(3) The Board must in respect of the levy -
(8) Regulations may make provision relating to -
(2) This paragraph applies where -
and the occurrence of such a cessation event in respect of a cessation notice issued during that period is not a possibility.
(3) This paragraph applies where -
(4) This paragraph applies where -
(5) An application meets the requirements of this paragraph if -
(6) Subject to paragraph (7), an application is made within the authorised period if it is made within the period of 12 months beginning with the later of -
or within such longer period as the Board may determine in any case.
(7) No application for fraud compensation may be made under this Article in respect of a scheme once a transfer notice is given in relation to the scheme under Article 144.
(8) For the purposes of this Article, an insolvency event ("the current event") in relation to the employer is a qualifying insolvency event if -
(a) beginning with the occurrence of the last insolvency event which occurred before the current event, and
(b) ending with the occurrence of the current event.
(9) For the purposes of this Article -
(c) the occurrence of a cessation event in relation to a scheme in respect of a cessation notice issued during a particular period ("the specified period") is a possibility until each of the following is no longer reviewable -
(d) the issue of, or failure to issue, a notice is to be regarded as reviewable -
has been finally disposed of.
(10) In this Article -
(11) This Article is subject to Article 167(2) (no fraud compensation payments to be made until settlement date determined).
Board's duties in respect of certain applications under Article 165
166.
- (1) This Article applies where, in a case to which sub-paragraphs (a) to (c) of paragraph (4) of Article 165 apply (employer not likely to continue as going concern etc.), the Board receives an application within sub-paragraph (d) of that paragraph.
(2) If the Board is able to confirm -
(4) For the purposes of this Chapter a notice issued under paragraph (2) is not binding until -
has been finally disposed of and the notice has not been revoked, varied or substituted.
(5) Where a notice issued under paragraph (2) becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to the persons to whom it is required to give a copy notice under paragraph (3).
(6) A notice under paragraph (5) must be in the prescribed form and contain such information as may be prescribed.
(7) Article 114(5) (circumstances in which scheme rescue can or cannot be confirmed) applies for the purposes of this Article.
Recovery of value
167.
- (1) Where an application for a fraud compensation payment is made, the trustees or managers must obtain any recoveries of value, to the extent that they may do so without disproportionate cost and within a reasonable time.
(2) No fraud compensation payment may be made until the date ("the settlement date") determined by the Board, after consulting the trustees or managers of the scheme in question, as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost or within a reasonable time.
(3) In this Article "recovery of value" means any increase in the value of the assets of the scheme, being an increase attributable to any payment received (otherwise than from the Board) by the trustees or managers of the scheme in respect of any act or omission -
Fraud compensation payments
168.
- (1) Where the Board determines to make one or more fraud compensation payments, it must make the payment or payments to the trustees or managers of the scheme in accordance with this Article.
(2) A fraud compensation payment may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.
(3) The amount of the payment (or, if there is more than one, the aggregate) must not exceed the difference between -
(4) Subject to paragraph (3), the Board -
(5) The Board must give written notice of its determination under paragraph (4) to -
Interim payments
169.
- (1) The Board may, on an application under Article 165, make a payment or payments to the trustees or managers of an occupational pension scheme if -
(b) it has not determined the settlement date under Article 167.
(4) Subject to that, a payment under paragraph (1) may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.
Board's powers to make fraud compensation transfer payments
170.
- (1) This Article applies where -
(4) A fraud compensation levy is so payable at prescribed times and at a rate, not exceeding the prescribed rate, determined by the Board.
(5) In determining the amount of expenditure in respect of which a fraud compensation levy is to be imposed, the Board may take one year with another (and, in doing so, must have regard to expenditure estimated to be incurred in current or future periods and to actual expenditure incurred in previous periods).
(6) Notice of the rates determined by the Board under paragraph (4) must be given to prescribed persons in the prescribed manner.
(7) The Board must in respect of any fraud compensation levy imposed under this Article -
(8) The Board may require the Regulator to discharge, on the Board's behalf, its functions under paragraph (7) in respect of the levy.
(9) An amount payable by a person on account of a fraud compensation levy is a debt due from him to the Board.
(10) An amount so payable may be recovered -
(11) Without prejudice to the generality of paragraph (1), (9) or (10), regulations under this Article may include provision relating to -
information of a prescribed description at such times, or in such circumstances, as may be prescribed.
(2) Regulations under paragraph (1) may in particular make provision for requiring such persons as may be prescribed to provide any information or evidence needed for a determination of entitlement to compensation under Chapter 3.
(3) Regulations made by virtue of sub-paragraph (b) of that paragraph must make provision regarding the manner in which the persons required to provide information are to be notified of the identity of the person authorised as mentioned in head (ii) of that sub-paragraph.
Notices requiring provision of information
173.
- (1) Any person to whom paragraph (3) applies may be required by a notice in writing to produce any document, or provide any other information, which is -
(2) A notice under paragraph (1) may be given by -
(3) This paragraph applies to -
(4) Where the production of a document, or the provision of information, is required by a notice given under paragraph (1), the document must be produced, or information must be provided, in such a manner, at such a place and within such a period as may be specified in the notice.
Entry of premises
174.
- (1) An appointed person may, for the purpose of enabling or facilitating the performance of any function of the Board in relation to an occupational pension scheme, at any reasonable time enter scheme premises and, while there -
(f) may, as to any matter relevant to the exercise of the Board's functions in relation to the scheme, examine, or require to be examined, either alone or in the presence of another person, any person on the premises whom he has reasonable cause to believe to be able to give information relevant to that matter.
are being kept there, or
(d) the administration of the scheme, or work connected with the administration of the scheme, is being carried out there,
(6) The Board may before the end of the period mentioned in paragraph (5) (including any extension of it under this paragraph) extend it by such period not exceeding 12 months as the Board considers appropriate.
(7) In this Article "appointed person" means a person appointed by the Board for the purposes of this Article in relation to the scheme.
Penalties relating to Articles 173 and 174
175.
- (1) A person who, without reasonable excuse, neglects or refuses to provide information or produce a document when required to do so under Article 173 is guilty of an offence.
(2) A person who without reasonable excuse -
Warrants
176.
- (1) A justice of the peace may issue a warrant under this Article if satisfied on complaint on oath given by or on behalf of the Board that there are reasonable grounds for believing -
(b) that there is on, or accessible from, any premises any document relevant to the exercise of the Board's functions in relation to an occupational pension scheme whose production could be so required and, if its production were so required, the document -
(c) that a person will do any act which constitutes a misuse or misappropriation of the assets of an occupational pension scheme and that there is on, or accessible from, any premises any document -
(2) A warrant under this Article shall authorise an inspector -
(c) to take copies of any such document,
(d) to require any person named in the warrant to provide an explanation of any such document or to state where it may be found or how access to it may be obtained, and
(e) in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, to require the information to be produced in a form -
(b) is provided otherwise than as mentioned in sub-paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Board for the purposes of exercising its functions under this Order.
(2) Any person guilty of an offence under paragraph (1) is liable -
Use of information
178.
Information held by the Board in the exercise of any of its functions may be used by the Board for the purposes of, or for any purpose connected with or incidental to, the exercise of its functions.
(2) Paragraph (1) is subject to -
(3) Subject to Article 184(4), restricted information may be disclosed with the consent of the person to whom it relates and (if different) the person from whom the Board obtained it.
(4) For the purposes of this Article and Articles 180 to 185, "restricted information" means any information obtained by the Board in the exercise of its functions which relates to the business or other affairs of any person, except for information -
(5) Any person who discloses information in contravention of this Article is guilty of an offence and liable -
(6) Information which -
is treated for the purposes of paragraphs (1) and (3) and Articles 180 to 185 as restricted information which the person has received from the Board.
Disclosure for facilitating exercise of functions by the Board
180.
- (1) Article 179 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Board to exercise its functions.
(2) Paragraph (3) applies where, in order to enable or assist the Board properly to exercise any of its functions, the Board considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill.
(3) Article 179 does not preclude the disclosure by the Board to a person qualified to provide that advice of such information as appears to the Board to be necessary to ensure that he is properly informed with respect to the matters on which his advice is sought.
Disclosure for facilitating exercise of functions by the Regulator
181.
Article 179 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Regulator to exercise its functions.
Disclosure for facilitating exercise of functions by other supervisory authorities
182.
- (1) Article 179 does not preclude the disclosure by the Board of restricted information to any person specified in the first column of Schedule 7 if the Board considers that the disclosure would enable or assist that person to exercise the functions specified in relation to him in the second column of that Schedule.
(2) The Department may after consultation with the Board -
(b) by order restrict the circumstances in which, or impose conditions subject to which, disclosure may be made to any person for the time being specified in that Schedule.
Other permitted disclosures
183.
- (1) Article 179 does not preclude the disclosure by the Board of restricted information to -
for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations),
(b) in connection with any proceedings arising out of -
or any corresponding enactment in force in Great Britain, or any proceedings for breach of trust in relation to an occupational pension scheme,
(c) with a view to the institution of, or otherwise for the purposes of, proceedings under -
(d) in connection with any proceedings under -
which the Board has instituted or in which it has a right to be heard,
(e) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise of his professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner,
(f) with a view to the institution of, or otherwise for the purpose of, any disciplinary proceedings relating to the exercise by a public servant of his functions, or
(g) in pursuance of a Community obligation (within the meaning of Schedule 1 to the European Communities Act 1972 (c. 68)).
(10) Before deciding whether to give its consent to such a disclosure as is mentioned in paragraph (8) or (9), the Board must take account of any representations made to it, by the person seeking to make the disclosure, as to the desirability of the disclosure or the necessity for it.
(11) Section 18 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by paragraph (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.
Tax information
184.
- (1) This Article applies to information held by any person in the exercise of tax functions about any matter which is relevant, for the purposes of those functions, to tax or duty in the case of an identifiable person (in this Article referred to as "tax information").
(2) No obligation as to secrecy imposed by section 182 of the Finance Act 1989 (c. 26) or otherwise shall prevent the disclosure of tax information to the Board for the purpose of enabling or assisting the Board to discharge its functions.
(3) Where tax information is disclosed to the Board by virtue of paragraph (2) or section 19 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (disclosure of information held by revenue departments), it must, subject to paragraph (4), be treated for the purposes of Article 179 as restricted information.
(4) Articles 179(3), 180 to 183 and 185 and section 235 of the Pensions Act 2004 (c. 35) do not apply to tax information which is disclosed to the Board as mentioned in paragraph (3), and such information may not be disclosed by the Board or any person who receives the information directly or indirectly from the Board except -
(5) In this Article "tax functions" has the same meaning as in section 182 of the Finance Act 1989.
as may be prescribed to prescribed persons at prescribed times or in prescribed circumstances.
(2) Article 179 does not preclude the disclosure of restricted information by the Board which relates to the entitlement of a particular individual to compensation under Chapter 3 if the disclosure is made to that individual or to a person authorised by him.
(3) Article 179 does not preclude the disclosure of restricted information by the Board if -
(c) the Board is satisfied that, in all the circumstances, it is reasonable to make the disclosure.
(4) In paragraph (3) "affected person", in relation to an occupational pension scheme, means a person -
(5) A nomination by a member of the scheme under paragraph (4)(b) -
(6) In the case of an occupational pension scheme, Article 179 does not preclude the disclosure of restricted information by the Board if -
(b) the information is relevant to the exercise of that person's functions in relation to the scheme, and
(c) the Board considers that it is reasonable in all the circumstances to make the disclosure for the purpose of facilitating the exercise of those functions.
Articles 172 to 185: interpretation
186.
- (1) This Article applies for the purposes of Articles 172 to 185.
(2) "Document" includes information recorded in any form, and any reference to production of a document, in relation to information recorded otherwise than in a legible form, is to producing a copy of the information -
(3) Where the Board has assumed responsibility for a scheme -
Publishing reports etc.
187.
- (1) The Board may, if it considers it appropriate to do so in any particular case, publish a report of the exercise of, or any matter arising out of or connected with the exercise of, any of its functions in that case.
(2) The publication of a report under paragraph (1) may be in such form and manner as the Board considers appropriate.
(3) For the purposes of the law of defamation, the publication of any matter by the Board is privileged unless the publication is shown to be made with malice.
(3) Regulations may make provision suspending the effect of any determination, direction or other act of the Board, or any notice given or issued by it, which relates to a reviewable matter until -
has been finally disposed of.
(4) Regulations may amend Schedule 8 by -
(5) Regulations under paragraph (4) may also modify any provision of this Part in consequence of provision made by virtue of sub-paragraph (a) or (b) of that paragraph.
Review and reconsideration by the Board of reviewable matters
189.
- (1) Regulations must -
(5) Regulations under paragraph (1) must include provision -
to be given to interested persons in relation to the matter,
(c) with a view to securing that individuals concerned in giving a reconsideration decision were not concerned in the reviewable matter in respect of which the decision is to be made,
(d) as to the procedure for reaching and giving decisions under the regulations, including -
(e) requiring notice of the review decision or the reconsideration decision in respect of a reviewable matter to be given to interested persons in relation to the matter.
(6) Provision required by paragraph (5)(c) may modify paragraphs 15 and 16 of Schedule 5 to the Pensions Act 2004 (c. 35) (membership and procedure of committees of the Board).
Investigation by the Board of complaints of maladministration
190.
- (1) Regulations must make provision for dealing with relevant complaints.
(2) For the purposes of this Chapter, "relevant complaint" means a complaint -
(4) Such regulations may, in particular, make provision -
(d) requiring notice -
to be given to prescribed persons in relation to the matter.
(2) The Department must pay to the PPF Ombudsman such sums as may be required to be paid by the Department to or in respect of the PPF Ombudsman by virtue of an order under paragraph (1).
(3) Regulations may provide for the imposition of a levy in respect of eligible schemes for the purpose of meeting expenditure of the Department under paragraph (2) or of the Secretary of State under section 209(6) of the Pensions Act 2004 (c. 35).
(4) Where regulations make such provision, paragraphs (2), (3), (5), (6) and (7) of Article 103 (administration levy) apply in relation to the levy as they apply in relation to an administration levy (within the meaning of that Article), except that in paragraph (7) of that Article the reference to paragraph (1) of that Article is to be read as a reference to paragraph (3) of this Article.
(2) Regulations under paragraph (1) must make provision about the making of references to the PPF Ombudsman, including provision -
(3) Regulations under paragraph (1) must -
(4) The provision that may be made by virtue of paragraph (3)(c) includes provision -
(b) about the consideration of evidence by the PPF Ombudsman, including -
(c) conferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,
(d) as to the costs or expenses of prescribed persons,
(e) conferring rights on prescribed persons to apply for a stay in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying the proceedings if it is satisfied of prescribed matters, and
(f) for securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.
(5) Regulations under paragraph (1) may include provision -
are to be treated as if they were made at such time (which may be a time prior to his determination or direction) as he considers appropriate,
(d) conferring power on the PPF Ombudsman to direct that any notice varied, substituted, issued or given by the Board in accordance with any determination or direction given by him is to be treated -
(e) prescribing the circumstances in which any determination or other act of the Board in accordance with any determination or direction given by the PPF Ombudsman, is not to be treated as being a reviewable matter for the purposes of this Chapter, and
(f) conferring such other powers on the Board as may be required when a matter is remitted to it (including such powers as the Board may have on making a review decision or reconsideration decision under regulations made under Article 189(1)).
Investigation by PPF Ombudsman of complaints of maladministration
193.
- (1) Regulations must provide for the investigation and determination by the PPF Ombudsman of such matters as may be prescribed following decisions on relevant complaints given by the Board or the committee of the Board referred to in Article 190(3)(b) under regulations made under that Article.
(2) Regulations under this Article must make provision -
(e) conferring such powers on the Board as are necessary to comply with such requirements,
(f) for prescribed persons to be notified of -
(g) conferring rights on prescribed persons -
(h) about the consideration of evidence by the PPF Ombudsman, including -
(i) conferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,
(j) as to the costs or expenses of prescribed persons,
(k) conferring rights on prescribed persons to apply for a stay in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying the proceedings if it is satisfied of prescribed matters, and
(l) for securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.
Referral of questions of law
194.
The PPF Ombudsman may refer any question of law arising for determination in connection with -
to the High Court.
Publishing reports etc.
195.
- (1) If the PPF Ombudsman considers it appropriate to do so in any particular case, he may publish in such form and manner as he considers appropriate a report of any investigation carried out by virtue of regulations under Article 192 or 193 and of the result of that investigation.
(2) For the purposes of the law of defamation, the publication of any matter by the PPF Ombudsman under or by virtue of any provision of this Chapter shall be absolutely privileged.
Determinations of the PPF Ombudsman
196.
- (1) A person bound by a determination or direction by the PPF Ombudsman by virtue of regulations made under Article 192 or 193 may appeal on a point of law arising from the determination or direction to the High Court.
(2) Any determination or direction of the PPF Ombudsman is enforceable in a county court as if it were a judgment or order of that court.
Obstruction etc. of the PPF Ombudsman
197.
- (1) This Article applies if any person -
(4) In this Article "the court" means a county court.
(2) Paragraph (3) also applies where -
(b) the winding up of the scheme begins -
(3) The winding up of the scheme is to be taken as beginning immediately before the event within paragraph (1)(a) or, as the case may be, (2)(a) if -
(4) In a case where paragraph (3) applies, the Regulator may by order direct any person specified in the order -
(5) If the trustees or managers of a scheme fail to comply with a direction to them contained in an order under paragraph (4), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(6) That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under paragraph (4).
(7) For the purposes of this Article "qualifying insolvency event" has the same meaning as in Article 111.
(8) Paragraph (4) of Article 112 applies for the purposes of paragraph (2) of this Article as it applies for the purposes of paragraph (1) of that Article.
(9) This Article is to be read subject to Article 119 (which restricts the winding up of an eligible scheme during an assessment period).
(2) Regulations may also modify any of the provisions of Chapter 1 of Part V of the 1999 Order (pension sharing) as it applies in relation to -
(3) In this Article -
(2) Regulations under paragraph (1)(b) may provide for exemptions from all or any of the provisions of this Part.
(4) Regulations may -
(5) Any provision of the scheme rules that limits the amount of the scheme's liabilities by reference to the value of its assets shall be disregarded.
Statement of funding principles
202.
- (1) The trustees or managers must prepare, and from time to time review and if necessary revise, a written statement of -
(2) The statement must, in particular, record any decisions by the trustees or managers as to -
(3) Provision may be made by regulations -
(4) Where any requirement of this Article is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
Actuarial valuations and reports
203.
- (1) The trustees or managers must obtain actuarial valuations -
(4) The trustees or managers must ensure that a valuation or report obtained by them is received by them within the prescribed period after its effective date.
(5) Nothing in this Article affects any power or duty of the trustees or managers to obtain actuarial valuations or reports at more frequent intervals or in other circumstances or on other occasions.
(6) An actuarial valuation or report (whether obtained under this Article or in pursuance of any other power or duty) must be prepared in such a manner, give such information, contain such statements and satisfy such other requirements as may be prescribed.
(7) The trustees or managers must secure that any actuarial valuation or report obtained by them (whether obtained under this Article or in pursuance of any other power or duty) is made available to the employer within seven days of their receiving it.
(8) Where paragraph (1), (4) or (7) is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
Certification of technical provisions
204.
- (1) When an actuarial valuation is carried out, the calculation of the technical provisions must be certified by the actuary.
(2) The certificate must state that in the opinion of the actuary the calculation is made in accordance with regulations under Article 201.
(3) If the actuary cannot give the certificate required by paragraph (2) he must report the matter in writing to the Regulator within a reasonable period after the end of the period within which the valuation must be received by the trustees or managers.
(4) Article 10 of the 1995 Order (civil penalties) applies to the actuary if he fails without reasonable excuse to comply with paragraph (3).
Recovery plan
205.
- (1) If having obtained an actuarial valuation it appears to the trustees or managers of a scheme that the statutory funding objective was not met on the effective date of the valuation, they must within the prescribed time -
(2) A recovery plan must set out -
(7) Where any requirement of this Article is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
Schedule of contributions
206.
- (1) The trustees or managers must prepare, and from time to time review and if necessary revise, a schedule of contributions.
(2) A "schedule of contributions" means a statement showing -
(3) Provision may be made by regulations -
until it has been so certified.
(6) The certificate must state that, in the opinion of the actuary -
(7) Where the statutory funding objective was not met on the effective date of the last actuarial valuation, the trustees or managers must send a copy of the schedule of contributions to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.
(8) Where any requirement of the preceding provisions of this Article is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(9) If the actuary is unable to give the certificate required by paragraph (6), he must report the matter in writing to the Regulator within a reasonable period after the end of the period within which the schedule is required to be prepared or, as the case may be, revised.
(10) Article 10 of the 1995 Order (civil penalties) applies to the actuary if he fails without reasonable excuse to comply with paragraph (9).
(11) The provisions of paragraphs (1), (3) and (5) to (10) do not apply in relation to a schedule of contributions imposed by the Regulator under Article 210 or, as the case may be, where such a schedule of contributions is in force.
Failure to make payments
207.
- (1) This Article applies where an amount payable in accordance with the schedule of contributions by or on behalf of the employer or an active member of a scheme is not paid on or before the due date.
(2) If the trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Regulator of any of its functions, they must, except in prescribed circumstances, give notice of the failure to the Regulator and to the members within a reasonable period.
(3) The amount unpaid (whether payable by the employer or not), if not a debt due from the employer to the trustees or managers apart from this paragraph, shall be treated as such a debt.
(4) Article 10 of the 1995 Order (civil penalties) applies -
(5) This Article applies in relation to a schedule of contributions imposed by the Regulator under Article 210 as in relation to one agreed between the trustees or managers and the employer.
Matters requiring agreement of the employer
208.
- (1) The trustees or managers must obtain the agreement of the employer to -
(4) Any such modification must be -
(5) If the trustees or managers are unable to reach agreement with the employer within the prescribed time on any such matter as is mentioned in paragraph (1), they must report the failure in writing to the Regulator within a reasonable period.
(6) Where paragraph (1), (4) or (5) is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
Matters on which advice of actuary must be obtained
209.
- (1) The trustees or managers must obtain the advice of the actuary before doing any of the following -
(4) Where paragraph (1) is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
Powers of the Regulator
210.
- (1) The powers conferred by this Article are exercisable where it appears to the Regulator with respect to a scheme (as a result of a report made to it or otherwise) -
(c) it may impose a schedule of contributions specifying -
(4) After subsection (5) add -
Combined pension forecasts
214.
- (1) Regulations may require the trustees or managers of an occupational or personal pension scheme to provide any member of the scheme with -
(2) The information referred to in paragraph (1)(a) is information relating to the member which -
(3) The information referred to in paragraph (1)(b) is information which -
(3) Employers to whom regulations under paragraph (1) apply must provide information to the Regulator about the action taken by them for the purpose of complying with the regulations.
(4) Regulations may make provision as to -
(5) Article 10 of the 1995 Order (civil penalties) applies to any person who, without reasonable excuse, fails to comply with paragraph (3).
(6) In this Article "employer" means any employer, whether or not resident or incorporated in any part of the United Kingdom.
is established by, or by persons who include, a person to whom subsection (2) applies when the scheme is established or (as the case may be) to whom that subsection would have applied when the scheme was established had that subsection then been in force, and
(b) that has its main administration in the United Kingdom or outside the member States, or
a pension scheme that is prescribed or is of a prescribed description;
(4) After that subsection insert -
(3) For the purposes of subsection (2), if a person is in an employment of the description concerned by reason of holding an office (including an elective office) and is entitled to remuneration for holding it, the person responsible for paying the remuneration shall be taken to employ the office-holder.
(4) In the definition in subsection (1) of "occupational pension scheme", the reference to a description includes a description framed by reference to an employment being of any of two or more kinds.
(5) In subsection (1) "pension scheme" (except in the phrases "occupational pension scheme", "personal pension scheme" and "public service pension scheme") means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of people -
Meaning of employer in Part II of the 1995 Order
217.
- (1) In Article 122 of the 1995 Order (supplementary provision relating to interpretation), in paragraph (3) (extension of meaning of "employer") -
(b) after "scheme" insert
Requirement for member-nominated trustees
218.
- (1) The trustees of an occupational trust scheme must secure -
(2) "Member-nominated trustees" are trustees of an occupational trust scheme who -
(b) are selected as a result of a process which involves some or all of the members of the scheme.
(3) The "commencement date", in relation to a scheme, is -
(9) If, in the case of an occupational trust scheme, the arrangements required by paragraph (1) -
Requirement for member-nominated directors of corporate trustees
219.
- (1) Where a company is a trustee of an occupational trust scheme and every trustee of the scheme is a company, the company must secure -
(2) "Member-nominated directors" are directors of the company in question who -
(b) are selected as a result of a process which involves some or all of the members of that scheme.
(3) The "commencement date", in relation to a company, is -
Member-nominated trustees and directors: supplementary
220.
- (1) The Department may, by order, amend Articles 218(1)(a) and (4) and 219(1)(a) and (4) by substituting, in each of those provisions, "one-half" for "one-third".
(2) Regulations may modify Articles 218 and 219 (including any of the provisions mentioned in paragraph (1)) in their application to prescribed cases.
(3) In Articles 218 and 219 -
(2) In this Article "statement of investment principles", in relation to a trust scheme, means a written statement of the investment principles governing decisions about investments for the purposes of the scheme.
(3) Before preparing or revising a statement of investment principles, the trustees of a trust scheme must comply with any prescribed requirements.
(4) A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.
(5) Neither a trust scheme nor a statement of investment principles may impose restrictions (however expressed) on any power to make investments by reference to the consent of the employer.
(6) If in the case of a trust scheme -
(7) Regulations may provide that this Article is not to apply to any scheme which is of a prescribed description.".
Power to make regulations governing investment by trustees
222.
- (1) Article 36 of the 1995 Order (choosing investments) is amended as follows.
(2) For paragraph (1) substitute -
Borrowing by trustees
223.
After Article 36 of the 1995 Order insert -
Requirement for knowledge and understanding: individual trustees
224.
- (1) This Article applies to every individual who is a trustee of an occupational pension scheme.
(2) In this Article, "relevant scheme", in relation to an individual, means any occupational pension scheme of which he is a trustee.
(3) An individual to whom this Article applies must, in relation to each relevant scheme, be conversant with -
(4) An individual to whom this Article applies must have knowledge and understanding of -
(c) such other matters as may be prescribed.
(5) The degree of knowledge and understanding required by paragraph (4) is that appropriate for the purposes of enabling the individual properly to exercise his functions as trustee of any relevant scheme.
Requirement for knowledge and understanding: corporate trustees
225.
- (1) This Article applies to any company which is a trustee of an occupational pension scheme.
(2) In this Article, "relevant scheme", in relation to a company, means any occupational pension scheme of which it is a trustee.
(3) A company to which this Article applies must, in relation to each relevant scheme, secure that each individual who exercises any function which the company has as trustee of the scheme is conversant with each of the documents mentioned in paragraph (4) so far as it is relevant to the exercise of the function.
(4) Those documents are -
(c) such other matters as may be prescribed.
(6) The degree of knowledge and understanding required by paragraph (5) is that appropriate for the purposes of enabling the individual properly to exercise the function in question.
(7) References in this Article to the exercise by an individual of any function of a company are to anything done by the individual on behalf of the company which constitutes the exercise of the function by the company.
(8) In this Article "company" means a company within the meaning given by Article 3(1) of the Companies Order or a company which may be wound up under Part VI of the Insolvency Order (unregistered companies).
Requirement for knowledge and understanding: supplementary
226.
- (1) For the purposes of Articles 224 and 225, a person's functions as trustee of a relevant scheme are any functions which he has by virtue of being such a trustee and include, in particular -
(2) Regulations may provide for any provision in Article 224 or 225 -
(2) Where the power referred to in paragraph (1)(a) is conferred by the scheme on a person other than the trustees -
(3) The power referred to in paragraph (1)(a) may only be exercised if -
(c) the payment does not exceed the maximum amount specified in the certificate,
(d) the trustees are satisfied that it is in the interests of the members that the power is exercised in the manner proposed,
(e) where the power is conferred by the scheme on the employer, the employer has asked for the power to be exercised, or consented to its being exercised, in the manner proposed,
(f) there is no freezing order in force in relation to the scheme under Article 19 of the Pensions (Northern Ireland) Order 2005, and
(g) notice of the proposal to exercise the power has been given, in accordance with prescribed requirements, to the members of the scheme.
(4) Provision may be made by regulations as to -
(5) The trustees must also comply with any other prescribed requirements in connection with the making of a payment under this Article.
(6) If the trustees -
(7) If a person other than the trustees purports to exercise the power referred to in paragraph (1)(a), Article 10 applies to him.
(8) Regulations may provide that in prescribed circumstances this Article does not apply, or applies with prescribed modifications, to schemes of a prescribed description.".
Payment of surplus to employer: transitional power to amend scheme
228.
- (1) This Article applies to a scheme which immediately before the coming into operation of Article 227 was one to which Article 37 of the 1995 Order applied (see paragraph (1) of that Article, as it then had effect).
(2) No payment to the employer may be made out of funds held for the purposes of the scheme except by virtue of a resolution of the trustees under this Article.
are not in force, or if those rules are not set out in writing, the trustees or managers of the scheme must secure that no funding payment is accepted.
(4) Paragraph (2) or (3) does not apply to an occupational pension scheme if it is a prescribed scheme or a scheme of a prescribed description.
(5) Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager of an occupational pension scheme that has its main administration in the United Kingdom if -
(6) In this Article "funding payment", in relation to a scheme, means a payment made to the scheme to fund benefits for, or in respect of, any or all of the members.
Non-European scheme to be trust with UK-resident trustee
230.
- (1) Paragraphs (2) and (3) apply to an occupational pension scheme that has its main administration outside the member States.
(2) An employer based in any part of the United Kingdom may cause a contribution to be paid to the scheme in respect of an employee (whether or not employed in the United Kingdom) only if the conditions in paragraph (4) are satisfied at the time of payment.
(3) An employer based outside the United Kingdom may cause a contribution to be paid to the scheme in respect of an employee employed in the United Kingdom only if the conditions in paragraph (4) are satisfied at the time of payment.
(4) Those conditions are -
Representative of non-European scheme to be treated as trustee
231.
- (1) In the case of an occupational pension scheme that has its main administration outside the member States, a reference in pensions legislation to the trustees, or a trustee, of the scheme includes a person who is for the time being appointed by the trustees of the scheme to be a representative of the scheme for the purposes of this Article.
(2) Paragraph (1) does not apply to a prescribed reference.
(3) In paragraph (1) "pensions legislation" means any statutory provision contained in or made by virtue of -
Activities of occupational pension schemes
232.
- (1) If an occupational pension scheme has its main administration in the United Kingdom, the trustees or managers of the scheme must secure that the activities of the scheme are limited to retirement-benefit activities.
(2) Paragraph (1) does not apply to a scheme if it is a prescribed scheme or a scheme of a prescribed description.
(3) Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager of a scheme to which paragraph (1) applies if -
(4) In this Article "retirement-benefit activities" means -
(5) In paragraph (4) "retirement benefits" means -
No indemnification for fines or civil penalties
233.
- (1) No amount may be paid out of the assets of an occupational or personal pension scheme for the purpose of reimbursing, or providing for the reimbursement of, any trustee or manager of the scheme in respect of -
Conditions for pension protection
234.
- (1) This Article applies in relation to a person ("the employee") where -
(2) This paragraph applies where -
(3) This paragraph applies where -
Form of protection
235.
- (1) In a case where Article 234 applies, it is a condition of the employee's contract of employment with the transferee that the requirements in paragraph (2) or the requirement in paragraph (3) are complied with.
(2) The requirements in this paragraph are that -
(c) in a case where the scheme is not a money purchase scheme, as from the relevant time the scheme -
to consult prescribed persons in the prescribed manner before the decision is made.
(2) Regulations may require the trustees or managers of an occupational pension scheme not to make a prescribed decision in relation to the scheme unless -
(3) The validity of any decision made in relation to an occupational pension scheme is not affected by any failure to comply with regulations under this Article.
(4) Article 238 contains further provisions about regulations under this Article.
Consultation by employers: personal pension schemes
237.
- (1) Regulations may require any prescribed person who -
to consult prescribed persons in the prescribed manner before he makes the decision.
(2) The validity of any decision prescribed for the purposes of paragraph (1)(b) is not affected by any failure to comply with regulations under this Article.
(3) Article 238 contains further provisions about regulations under this Article.
Further provisions about regulations relating to consultation
238.
- (1) In this Article "consultation regulations" means regulations under Article 236 or 237.
(2) Consultation regulations may -
(2) Any exercise of such a power to make a regulated modification is voidable in accordance with Article 67G unless the following are satisfied in respect of the modification -
(b) the trustee approval requirement (see Article 67E), and
(c) the reporting requirement (see Article 67F).
(3) The subsisting rights provisions do not apply in relation to the exercise of a power -
(4) References in this Article and Articles 67A to 67I to "the subsisting rights provisions" are to this Article and those Articles.
(5) Paragraph (6) applies in relation to the exercise of a power to which the subsisting rights provisions apply to make a regulated modification where a member of the scheme dies before the requirements mentioned in paragraph (2), so far as they apply in his case, have been complied with in respect of the modification if -
(6) Any of the requirements mentioned in paragraph (2), as it applies in respect of the modification -
is to be taken to be satisfied in the case of any survivor of the member in respect of the modification.
The subsisting rights provisions: interpretation
67A.
- (1) In the subsisting rights provisions, each of the following expressions has the meaning given to it by the following provisions of this Article -
(2) "Regulated modification" means a modification which is -
which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to money purchase benefits under the scheme rules,
(b) would or might result in a reduction in the prevailing rate of any pension in payment under the scheme rules, or
(c) is of a prescribed description.
(5) A person is an "affected member" -
and, on taking effect, the modification would or might affect any of his subsisting rights as mentioned in that sub-paragraph,
(b) in relation to a protected modification within sub-paragraph (c) of that paragraph, if he is of a prescribed description, and
(c) in relation to a detrimental modification which is not a protected modification if, at the time the modification takes effect, he is -
and, on taking effect, the modification would or might adversely affect any of his subsisting rights.
(6) "Subsisting right" means -
(b) in relation to the survivor of a member of an occupational pension scheme, at any time, any entitlement to benefits, or right to future benefits, which he has at that time under the scheme rules in respect of the member.
(9) For the purposes of paragraph (8) -
(b) a relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions -
(10) For the purposes of this Article -
(b) a modification would or might adversely affect a person's subsisting right if it would alter the nature or extent of the
references to "the scheme" are to be read as references to the scheme mentioned in sub-paragraph (a).
The consent requirements
67B.
- (1) References in the subsisting rights provisions to the consent requirements, in respect of a regulated modification, are to be read in accordance with this Article.
(2) The consent requirements apply in the case of an affected member -
(3) The consent requirements consist of -
(b) after the trustees have complied with sub-paragraph (a)(i), (ii) and (iv), the affected member has given his consent in writing to the modification.
the trustees are to be taken to have complied with paragraph (4)(a)(iv) in respect of him.
(6) The timing requirement is satisfied in the case of an affected member if the modification takes effect within a reasonable period after the member has given his consent to the modification in accordance with paragraph (4)(b).
The actuarial equivalence requirements
67C.
- (1) References in the subsisting rights provisions to the actuarial equivalence requirements, in respect of a detrimental modification which is not a protected modification, are to be read in accordance with this Article and Article 67D.
(2) The actuarial equivalence requirements apply in the case of an affected member only if -
(3) The actuarial equivalence requirements consist of -
(b) certifies that actuarial value has been maintained.
(8) For the purposes of paragraphs (5) and (7) as they apply in relation to an affected member, actuarial value is maintained if the actuarial value, immediately after the time at which the modification takes effect, of the affected member's subsisting rights is equal to or greater than the actuarial value of his subsisting rights immediately before that time.
The actuarial equivalence requirements: further provisions
67D.
- (1) This Article applies for the purposes of Article 67C.
(2) Where -
in respect of a modification being given in a single document.
The trustee approval requirement
67E.
- (1) For the purposes of Article 67(2)(b), the trustee approval requirement is satisfied in relation to the exercise of a power to make a regulated modification if -
in respect of the modification.
(3) The trustees must not make a determination, or give their consent, for the purposes of paragraph (1) more than a reasonable period after the first consent given by an affected member under Article 67B(4)(b) in respect of the modification was given.
The reporting requirement
67F.
- (1) For the purposes of Article 67(2)(c), the reporting requirement is satisfied in relation to the exercise of a power to which the subsisting rights provisions apply to make a regulated modification if the trustees have, in accordance with paragraph (2) -
Powers of the Authority: voidable modifications
67G.
- (1) Paragraph (2) applies in relation to a regulated modification made in exercise of a power to which the subsisting rights provisions apply which is voidable by virtue of -
(6) Where the Authority make an order declaring that this paragraph applies in relation to a modification of a scheme, or the grant of any rights under the scheme, the modification or grant is void to the extent specified in the order, and in respect of the specified persons, as from the time when it would, disregarding the order, have taken effect.
(7) Where, by virtue of paragraph (5)(b), the Authority make an order under paragraph (2) declaring that this paragraph applies in relation to anything done by the trustees, that thing is to be taken, for such purposes as are specified in the order, not to have contravened any provision of the trust deed or scheme rules.
(8) An order under paragraph (2) relating to a regulated modification, or other modification, of a scheme or the grant of any rights under the scheme may be made before or after the time at which the modification or grant would, disregarding the order, have taken effect.
Powers of the Authority to intervene
67H.
- (1) Paragraph (2) applies where the Authority have reasonable grounds to believe that a power to which the subsisting rights provisions apply -
Subsisting rights provisions: civil penalties
67I.
- (1) Paragraphs (2) and (3) apply where a regulated modification is voidable by virtue of Article 67(2).
(2) Where the modification was made by the exercise of a power -
(2) In section 68 of that Act (no discrimination between short service and long service beneficiaries), at the end add -
(2) For the purposes of subsection (1), the three month condition is that the period of the member's pensionable service under the scheme, taken together with -
amounts to at least three months.
(3) A period counts for the purposes of paragraph (a) or (b) of subsection (2) only so far as it counts towards qualification for long service benefit within the meaning of Chapter 1.
(4) For the purposes of subsection (1), "relevant accrued rights to benefit under the scheme", in relation to a member of a scheme, means rights which -
(5) References in the following provisions of this Chapter to a member, in relation to an occupational pension scheme, are to a member of the scheme to which this Chapter applies.
Right to cash transfer sum and contribution refund
97AB.
- (1) On the termination of his pensionable service, a member of an occupational pension scheme acquires a right to whichever one he elects of the following options -
Notification of right to cash transfer sum or contribution refund
97AC.
- (1) This section applies where the pensionable service of a member of an occupational pension scheme has terminated.
(2) The trustees or managers of the scheme must -
and such other information as may be prescribed, and
(b) afford the member a reasonable period after giving him that statement within which to exercise the right.
(3) The statement given under subsection (2)(a) must specify, in particular -
(4) Information which may be prescribed under subsection (2)(a) includes, in particular -
(5) The trustees or managers may notify the member that, if he does not exercise the right mentioned in subsection (2)(a)(i) on or before the reply date, the trustees or managers will be entitled to pay the contribution refund to him.
(6) Where the trustees or managers of the scheme fail to comply with subsection (2), Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
Exercise of right under section 97AB
97AD.
- (1) This section applies where a member of an occupational pension scheme acquires a right under section 97AB.
(2) The member may exercise the right by giving a notice in writing to that effect to the trustees or managers stating -
(3) The notice under subsection (2) must be given on or before -
Permitted ways of using cash transfer sum
97AE.
- (1) This section applies in relation to a cash transfer sum to which a member of an occupational pension scheme acquires a right under section 97AB.
(2) The ways in which the cash transfer sum may be used are -
(b) for acquiring rights allowed under the rules of a personal pension scheme -
(c) for purchasing one or more appropriate annuities,
(d) in such circumstances as may be prescribed, for subscribing to other pension arrangements which satisfy prescribed requirements.
Calculation of cash transfer sum and contribution refund
97AF.
- (1) Cash transfer sums are to be calculated and verified in the prescribed manner.
(2) Any calculation of a contribution refund must conform with such requirements as may be prescribed.
(3) Regulations may provide -
(4) The circumstances that may be prescribed under subsection (3)(b) include in particular -
(5) Regulations under subsection (3)(b) may provide -
Duties of trustees or managers following exercise of right
97AG.
- (1) This section applies where a member of an occupational pension scheme has exercised a right under section 97AB in accordance with section 97AD.
(2) Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member's notice under section 97AD(2)(b).
(3) When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation -
the amount of the contribution refund may be set off against the refund payment.
(6) Where the trustees or managers fail to comply with subsection (2) or (4), Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
Powers of trustees or managers where right not exercised
97AH.
- (1) This section applies where -
(2) The trustees or managers may within a reasonable period beginning with -
the amount of the contribution refund may be set off against the refund payment.
Rights under section 97AB: further provisions
97AI.
- (1) A member of an occupational pension scheme loses any right acquired by him under section 97AB -
(7) For the purposes of subsection (6) -
(b) a relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions -
Paternity leave and adoption leave
242.
- (1) In Schedule 5 to the Social Security (Northern Ireland) Order 1989 (NI 13) (employment-related schemes for pensions or other benefits: equal treatment), after paragraph 5 insert -
(2) In this paragraph "unfair paternity leave provisions", in relation to an employment-related benefit scheme, means any provision -
(3) In the case of any unfair paternity leave provision -
but, in respect of any period of paid paternity leave, a member shall only be required to pay contributions on the amount of contractual remuneration or statutory paternity pay actually paid to or for him in respect of that period.
(4) In this paragraph -
(5) This sub-paragraph applies if -
(6) This sub-paragraph applies if -
(7) This sub-paragraph applies if -
5B.
- (1) Where an employment-related benefit scheme includes any unfair adoption leave provisions (irrespective of any differences on the basis of sex in the treatment accorded to members under those provisions), then -
(3) In the case of any unfair adoption leave provision -
(5) This sub-paragraph applies if -
(6) This sub-paragraph applies if -
(2) The provision that may be made under section 142(1) of the Adoption and Children Act 2002 (c. 38) (power to make consequential etc. provision to give full effect to any provision of that Act) includes provision modifying paragraph 5A or 5B of Schedule 5 to the Social Security (Northern Ireland) Order 1989 (NI 13) (as inserted by paragraph (1)).
Inalienability of occupational pension
243.
- (1) Article 89 of the 1995 Order (inalienability of occupational pension) is amended as follows.
(2) In paragraph (5) (exceptions to the rule of inalienability) at the end add -
they must give notice to that effect to the Regulatory Authority and the employee within a reasonable period after the due date.".
(3) In subsection (8) (employer's liability for civil penalties) for "subsection (3) or (5)" substitute "subsection (6) and as a result the trustees or managers of the scheme are unable to discharge the duty imposed by subsection (3)".
(4) In subsection (9) (liability of trustees or managers for civil penalties) for "subsection (6) or (7)" substitute "subsection (7) or (7A)".
Payments made by employers and members to occupational pension schemes
246.
- (1) In Article 49 of the 1995 Order (other responsibilities of trustees, employers, etc.), in paragraph (9) (duty of trustee etc. to report a failure by employer to pay contributions deducted from earnings on time) for sub-paragraph (b) substitute -
they must, except in prescribed circumstances, give notice of the failure to the Authority and to the members of the scheme within a reasonable period after the due date.".
(3) The assets of the scheme must be applied first towards satisfying the amounts of the liabilities mentioned in paragraph (4) and, if the assets are insufficient to satisfy those amounts in full, then -
(4) The liabilities referred to in paragraph (3) are -
the liability so secured;
(b) any liability for pensions or other benefits to the extent that the amount of the liability does not exceed the corresponding PPF liability, other than a liability within sub-paragraph (a);
(c) any liability for pensions or other benefits which, in the opinion of the trustees or managers, are derived from the payment by any member of voluntary contributions, other than a liability within sub-paragraph (a) or (b);
(d) any other liability in respect of pensions or other benefits.
(5) For the purposes of paragraph (4) -
(6) For the purposes of this Article, when determining the corresponding PPF liability in relation to any liability of a scheme to, or in respect of, a member for pensions or other benefits, the pension compensation provisions apply with such modifications as may be prescribed.
(7) Regulations may modify paragraph (4).
(8) For the purposes of that paragraph -
(9) Where, on the commencement of the winding up period, a member becomes a person to whom Chapter 5 of Part IV of the Pension Schemes Act (early leavers: cash transfer sums and contribution refunds) applies, that Chapter applies in relation to him with such modifications as may be prescribed.
(10) For the purposes of this Article -
Operation of scheme during winding up period
73A.
- (1) This Article applies where an occupational pension scheme to which Article 73 applies is being wound up.
(2) During the winding up period, the trustees or managers of the scheme -
(3) During the winding up period -
(8) Regulations under paragraph (7) may, in particular -
and paragraph (10) of Article 73 applies as it applies for the purposes of that Article.
Articles 73 and 73A: supplementary
73B.
- (1) Any action taken in contravention of Article 73A(3) is void.
(2) If any provision made by or by virtue of the winding up provisions is not complied with in relation to a scheme to which Article 73 applies, Article 10 applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.
(3) For the purposes of paragraph (2), when determining whether Article 73A(3) has been complied with paragraph (1) of this Article is to be disregarded.
(4) Regulations may -
are to be determined, calculated and verified;
(b) modify any of the winding up provisions as it applies -
(8) Regulations may provide that, in prescribed circumstances, where -
(2) In Article 74 of the 1995 Order (discharge of liabilities by insurance, etc. on winding up) -
(d) in paragraph (4) -
(e) omit paragraph (5)(b) and the word "or" immediately preceding it, and
(f) after paragraph (5) add -
and "scheme rules" has the same meaning as in the Pensions (Northern Ireland) Order 2005 (see Article 2 of that Order).".
(2) If -
the value of the assets of the scheme is less than the amount at that time of the liabilities of the scheme, and
(b) the trustees or managers of the scheme designate that time for the purposes of this paragraph (before the occurrence of an event within sub-paragraph (a)(ii)),
an amount equal to the difference shall be treated as a debt due from the employer to the trustees or managers of the scheme.
(3) Paragraph (2) applies only if -
a cessation notice was issued in relation to the scheme and became binding, and
(b) no relevant event within paragraph (6A)(c) has occurred in relation to the employer during the period mentioned in sub-paragraph (a)(i).
(4) Where -
(c) if the scheme was being wound up immediately before that event, paragraph (2) has not applied in relation to the scheme to treat an amount as a debt due from the employer to the trustees or managers of the scheme,
(d) if the current event is within paragraph (6A)(a) or (b), either -
(e) no relevant event within paragraph (6A)(c) has occurred in relation to the employer during the period mentioned in sub-paragraph (d)(i),
an amount equal to the difference shall be treated as a debt due from the employer to the trustees or managers of the scheme.
(4A) Where the current event is within paragraph (6A)(a) or (b), the debt under paragraph (4) is to be taken, for the purposes of the law relating to insolvency as it applies to the employer, to arise immediately before the occurrence of the current event.
(4B) Paragraph (4C) applies if, in a case within paragraph (4) -
(4C) Where this paragraph applies, the debt due from the employer under paragraph (4) is contingent upon -
and the occurrence of such a cessation event in respect of a cessation notice issued during that period is not a possibility, or
(b) the commencement of the winding up of the scheme before -
(3) In paragraph (5) for "paragraph (1)" substitute "paragraphs (2) and (4)".
(4) In paragraph (6) -
(5) After paragraph (6) insert -
(6B) For the purposes of this Article -
(b) a "cessation notice" in the case of a relevant event within paragraph (6A)(b), means a withdrawal notice issued under Article 114(3) of the 2005 Order (scheme rescue has occurred),
(c) a cessation event occurs in relation to a scheme when a cessation notice in relation to the scheme becomes binding,
(d) the occurrence of a cessation event in relation to a scheme in respect of a cessation notice issued during a particular period ("the specified period") is a possibility until each of the following is no longer reviewable -
(e) the issue or failure to issue a notice is to be regarded as reviewable -
has been finally disposed of, and
(f) a "scheme failure notice" means a scheme failure notice issued under Article 106(2)(a) or 114(2) of the 2005 Order (scheme rescue not possible).
(6C) For the purposes of this Article -
(6D) Where -
this Article has effect as if that resolution had never been passed and any debt which arose under this Article by virtue of the passing of that resolution shall be treated as if it had never arisen.".
(6) Omit paragraph (9).
Debt due from the employer in the case of multi-employer schemes
249.
After Article 75 of the 1995 Order (deficiencies in the assets) insert -
(5) The regulations under this Article may in particular -
(6) The prescribed requirements mentioned in paragraph (5) may include a requirement that a prescribed arrangement, the details of which are approved in a notice issued by the Authority, is in place.
(7) The regulations may provide that the Authority may not approve the details of such an arrangement unless prescribed conditions are met.
(8) Those prescribed conditions may include a requirement that -
(9) For the purposes of paragraph (8) a "contribution notice" is a notice stating that the person to whom it is issued is under a liability to pay the sum specified in the notice -
(10) The regulations may provide for the Authority to have power to issue a contribution notice to a person identified in an arrangement as mentioned in paragraph (8) if -
(11) Where a contribution notice is issued to a person under the regulations as mentioned in paragraph (8), the sum specified in the notice is to be treated as a debt due from that person to the person to whom it is to be paid as specified in the notice.
(12) Where the regulations provide for the issuing of a contribution notice by the Authority as mentioned in paragraph (8) -
(b) the regulations may apply with or without modifications some or all of the provisions of Articles 43 to 47 of the Pensions (Northern Ireland) Order 2005 (contribution notices where non-compliance with financial support direction) in relation to contribution notices issued under the regulations.
(13) In this Article "multi-employer scheme" means a trust scheme which applies to earners in employments under different employers.
(14) This Article is without prejudice to the powers conferred by -
Resolution of disputes
250.
For Article 50 of the 1995 Order (resolution of disputes) substitute -
(b) is about matters relating to the scheme, and
(c) is not an exempted dispute (see paragraph (9)).
(4) The dispute resolution arrangements must provide a procedure -
(5) Where an application for the resolution of a pension dispute is made in accordance with the dispute resolution arrangements, the trustees or managers must -
(6) The procedure provided for by the dispute resolution arrangements must include the provision required by Article 50B.
(7) Dispute resolution arrangements under paragraph (1) must, in the case of existing schemes, have effect on and after the date of the coming into operation of this Article in relation to applications made on or after that date.
(8) This Article does not apply in relation to an occupational pension scheme if -
(9) For the purposes of this Article a dispute is an exempted dispute if -
(10) If, in the case of an occupational pension scheme, the dispute resolution arrangements required by this Article to be made -
Meaning of "person with an interest in the scheme"
50A.
- (1) For the purposes of Article 50 a person is a person with an interest in an occupational pension scheme if -
The dispute resolution procedure
50B.
- (1) The procedure provided for by the dispute resolution arrangements under Article 50 must include the following provision.
(2) The procedure must provide that an application for the resolution of a pension dispute under Article 50(4) may be made or continued on behalf of a person who is a party to the dispute mentioned in Article 50(3)(a)(ii) -
(4) The procedure must include provision about -
Jurisdiction
252.
- (1) After section 142(4) of the Pension Schemes Act (power to apply Part X of that Act to those concerned with the administration of a scheme) insert -
(2) The amendment made by this Article has effect in relation to the making of any provision under section 142(4) of the Pension Schemes Act applying Part X of that Act in relation to a complaint or a dispute in so far as it relates to a matter which arises on or after the day on which this Article comes into operation.
(3) For the purposes of paragraph (2), a question falling within section 142(1)(g) of the Pension Schemes Act is to be treated as a dispute.
Investigations
253.
- (1) Omit section 50 of the 2000 Act (which amends sections 144, 145 and 147 of the Pension Schemes Act and which has not been brought into operation except for the purpose of making rules).
(2) Omit the following provisions of the Pension Schemes Act -
(3) In Article 79 (cases where compensation provisions apply), omit paragraphs (1)(d), (2A) and (7).
(4) In Article 81 (amount of compensation) for paragraphs (3) and (4) substitute -
Annual increase in rate of certain occupational pensions
255.
- (1) Article 51 of the 1995 Order (annual increase in rate of certain occupational pensions) is amended in accordance with paragraphs (2) to (6).
(2) In paragraph (1) -
(c) for sub-paragraph (b) substitute -
(c) apart from this Article -
would not be increased each year by at least the appropriate percentage of that rate.".
(5) After paragraph (4) insert -
(4B) For the purposes of this Article, a pension is a category Y pension if it is a pension -
(4C) For the purposes of applying this Article in the case of a pension -
each of those parts of the pension is to be treated as if it were a separate pension.".
(7) After that Article insert -
Annual increase in rate of certain personal pensions
256.
- (1) Article 158 of the 1995 Order (annual increase in rate of certain personal pensions) is amended in accordance with paragraph (2).
(2) In paragraph (1) omit "and" at the end of sub-paragraph (a) and for sub-paragraph (b) substitute -
would not be increased each year by at least the appropriate percentage of that rate.".
(3) In Article 159(3) of that Order (Article 158: supplementary) -
Power to increase pensions giving effect to pension credits etc.
257.
- (1) Article 37 of the 1999 Order (power of the Department to increase pensions provided to give effect to certain rights) is amended as follows.
(2) In paragraph (1), for "5 per cent." substitute "the maximum percentage".
(3) In paragraph (2), for "This" substitute "Subject to paragraph (2A), this".
(4) After paragraph (2) insert -
(2B) For the purposes of paragraph (1) the "maximum percentage" means -
(b) 2.5 per cent. in a case where the entitlement to the relevant pension credit arises on or after the commencement day.".
(5) In paragraph (3), at the appropriate places insert -
(3) After that subsection add -
Meaning of "working life" in Pension Schemes Act
259.
In section 176 of the Pension Schemes Act (general interpretation), in subsection (1) for the definition of "working life" substitute -
Power to prescribe conditions by reference to Inland Revenue approval
260.
In section 5 of the Pension Schemes Act (requirements for certification of schemes: general), after subsection (5) insert -
Restrictions on commutation and age at which benefits may be received
261.
- (1) For section 17(1) of the Pension Schemes Act (commutation of guaranteed minimum pensions) substitute -
(2) In section 13 of that Act (minimum pensions for widows and widowers), at the end add -
the earner shall be treated for the purposes of this section as having any guaranteed minimum under section 10 that he would have had but for that payment.".
Meaning of "stakeholder pension scheme"
262.
- (1) Article 3 of the 1999 Order (meaning of "stakeholder pension scheme") is amended in accordance with paragraphs (2) to (4).
(2) In paragraph (1) (requirements to be met by stakeholder pension schemes), in sub-paragraph (a) for "to (9)" substitute "to (10)".
(3) In paragraph (5) (prescribed requirements relating to administrative expenses of scheme), in sub-paragraph (a) for "by or on behalf of" substitute "by, or on behalf or in respect of,".
(4) After paragraph (9) add -
(5) If the trustees or managers of a scheme fail to comply with paragraph (1), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(6) In this Part -
General authorisation to accept contributions from European employers
264.
- (1) An application by the trustees or managers of an occupational pension scheme for authorisation under this Article must be made to the Regulator in the prescribed form and in the prescribed manner.
(2) On receipt of the application, the Regulator must -
(3) Regulations may make provision as to -
Approval in relation to particular European employer
265.
- (1) An application by the trustees or managers of an occupational pension scheme for approval under this Article in relation to a European employer is made by the trustees or managers of the scheme giving the Regulator in the prescribed manner a notice ("the notice of intention") in the prescribed form which -
(2) On receipt of the notice of intention, the Regulator must within three months -
(b) in any other case, notify the persons who gave the notification that they are not so approved.
Notification of legal requirements of host member State outside United Kingdom
266.
- (1) Where -
the Regulator must as soon as reasonably practicable forward the new information to the trustees or managers.
Duty of trustees or managers to act consistently with law of host member State
267.
- (1) Where the trustees or managers of an occupational pension scheme receive contributions to the scheme from a European employer, the trustees or managers must ensure that the scheme, so far as it relates to members who are or have been employed by the employer, is operated in a way which is consistent with the requirements of the social and labour law of the host member State.
(2) Regulations may modify any provision of pensions legislation in its application to members of an occupational pension scheme in respect of which the employer is a European employer.
(3) If the trustees or managers of a scheme fail to comply with paragraph (1), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(4) In this Article "pensions legislation" means -
Power of Regulator to require ring-fencing of assets
268.
- (1) Where the trustees or managers of an occupational pension scheme receive contributions to the scheme from a European employer, the Regulator may in prescribed circumstances issue a notice ("a ring-fencing notice") to the trustees or managers of the scheme directing them to take, or refrain from taking, such steps of a prescribed description as are specified in the notice for the purpose of ring-fencing some or all of the assets or liabilities (or both) of the scheme.
(2) In paragraph (1), "ring-fencing" has the same meaning as in the Directive.
(3) If the trustees or managers of an occupational pension scheme fail to comply with a ring-fencing notice given to them, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(5) If the Regulator is satisfied that a European pensions institution which receives contributions from a UK employer is contravening any relevant legal requirements, the Regulator may issue a notice to the UK employer directing him -
(6) Regulations may make further provision about the effect of a notice under paragraph (5)(b), including provision conferring functions on the Regulator.
(7) Article 10 of the 1995 Order (civil penalties) applies to any UK employer who, without reasonable excuse, fails to comply with a notice under paragraph (5).
(8) In this Article -
Stopping disposal of assets of institutions administered in other member States
270.
- (1) This Article applies if the Regulator receives a request from the competent authority of a member State for assistance in prohibiting the free disposal of UK-held assets of a European pensions institution that has its main administration in that member State.
(2) The High Court may on an application made by the Regulator with respect to UK-held assets of the institution grant an injunction restraining a defendant from disposing of, or otherwise dealing with, assets to which the application relates.
(3) If the High Court grants an injunction under paragraph (2), it may by subsequent orders make provision for such incidental, consequential and supplementary matters as it considers necessary to enable the competent authority that sent the request to perform any of its functions in relation to assets subject to the injunction.
(4) If the institution is not a party to proceedings under paragraph (2) or (3), the institution -
(6) For the purposes of this Article -
(b) for the words from "paragraph (a)" to "above" substitute "paragraph (a), (aa) or (b) (as the case may be)".
Deferral of retirement pensions and shared additional pensions
273.
- (1) For section 55 of the Contributions and Benefits Act (increase of retirement pension where entitlement is deferred) substitute -
(3) For the purposes of this Act a person's entitlement to a Category A or Category B retirement pension is deferred if and so long as that person -
(b) in consequence of an election under section 54(1) above, falls to be treated as not having become entitled to that pension,
and, in relation to any such pension, "period of deferment" shall be construed accordingly.".
(3) For the purposes of this Act, a person's entitlement to a shared additional pension is deferred -
and, in relation to a shared additional pension, "period of deferment" shall be construed accordingly.".
is treated as done by or in relation to the qualifying person.
(4) In subsection (7) -
(5) In subsection (11) -
Information obtained by the Board
276.
- (1) Information obtained by the Board by virtue of section 302(2) of the Pensions Act 2004 (c. 35) is to be treated for the purposes of Articles 179 to 183 and 185 (disclosure of information) as having been obtained by the Board in the exercise of its functions from the person from whom the Pensions Compensation Board obtained it.
(2) Where tax information disclosed to the Pensions Compensation Board is obtained by the Board by virtue of section 302(2) of the Pensions Act 2004, paragraph (1) does not apply and paragraphs (3) and (4) of Article 184 apply as if that information had been disclosed to the Board by virtue of paragraph (2) of that Article.
(2) The transmission has effect for the purposes of this Order as a delivery of the notification or other document to the recipient, but only if the requirements imposed by or under this Article are complied with.
(3) Where the recipient is a relevant authority -
(4) Where the person making the transmission is a relevant authority, it may (subject to paragraph (5)) determine -
(5) Where the recipient is a person other than a relevant authority -
must have indicated to the person making the transmission the recipient's willingness to receive notifications or documents transmitted in the form and manner used.
(6) An indication given to any person for the purposes of paragraph (5) -
(7) An indication, requirement or determination given, imposed or made by a relevant authority for the purposes of this Article is to be given, imposed or made by being published in such manner as it considers appropriate for bringing it to the attention of the persons who, in its opinion, are likely to be affected by it.
(8) Where both the recipient and the person making the transmission are relevant authorities -
(9) In this Article "notification" includes notice; and references in this Article to sending a document to a person include references to making an application to him.
(10) In this Article, "relevant authority" means the Regulator, the Board or the Department.
(11) In this Article and Article 278, "electronic communications network" has the same meaning as in the Communications Act 2003 (c. 21).
Timing and location of things done electronically
278.
- (1) The Department may by order make provision specifying, for the purposes of any statutory provision contained in, or made under, this Order, the manner of determining -
(2) The provisions referred to in paragraph (1) are those of -
(3) Paragraph (1) is without prejudice to Article 28(1) (overriding effect of freezing orders made by the Regulator) and Article 138(12) (overriding effect of requirement to wind up pension scheme under Part III).
(4) In the case of a company to which Article 219 (requirement for member-nominated directors of corporate trustees) applies, where any provision mentioned in paragraph (5) conflicts with the provisions of the company's memorandum or articles of association -
(5) The provisions referred to in paragraph (4) are those of -
Modification of this Order in relation to certain categories of schemes
280.
- (1) Regulations may modify any of the provisions mentioned in paragraph (2) as it applies in relation to -
(2) The provisions referred to in paragraph (1) are those of -
Modification of pensions legislation that refers to employers
281.
- (1) Regulations may modify any provision of pensions legislation for the purpose of ensuring that it, or another provision of pensions legislation, does not purport to refer to the employer of a self-employed person.
(2) Where a provision of pensions legislation contains a reference to an employer in connection with an occupational pension scheme, regulations may modify the provision, or another provision of pensions legislation, for the purpose of excluding from the reference an employer who is a person -
(3) For the purposes of this Article -
(b) a person is "self-employed" if he is in an employment but is not employed in it by someone else;
(c) a person who holds an office (including an elective office), and is entitled to remuneration for holding it, shall be taken to be employed by the person responsible for paying the remuneration.
(4) In paragraph (3)(b) "employment" includes any trade, business, profession, office or vocation.
Admissibility of statements
282.
- (1) A statement made by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.
(2) But in proceedings to which this paragraph applies -
Protected items
283.
- (1) A person may not be required under or by virtue of this Order to produce, disclose or permit the inspection of protected items.
(2) For this purpose "protected items" means -
(3) A communication or item falls within this paragraph if it is made -
(4) A communication or item is not a protected item if it is held with the intention of furthering a criminal purpose.
Liens
284.
If a person claims a lien on a document, its production under any provision made by or by virtue of this Order does not affect the lien.
Crown application
285.
- (1) In this Article "the relevant provisions" means -
Orders and regulations (general provisions)
287.
- (1) Any power conferred by this Order to make regulations or an order -
(2) A power conferred by this Order to make regulations or an order includes power to provide for a person to exercise a discretion in dealing with any matter.
(3) Any power conferred by this Order to make regulations or an order also includes power to make such incidental, supplementary, consequential or transitional provision as appears to the authority making the regulations or order to be expedient.
(4) Regulations may, for the purposes of or in connection with the coming into operation of any provisions of this Order, make any such provision as could be made by virtue of Article 1(6) by an order bringing those provisions into operation.
Assembly etc. control of orders and regulations
288.
- (1) Subject to the following provisions of this Article -
are subject to negative resolution.
(2) Orders and regulations to which this paragraph applies -
(3) Paragraph (2) applies to -
(4) Paragraph (1) does not apply to -
(5) This paragraph applies to any regulations or orders made under this Order which -
(6) Any regulations or orders to which paragraph (5) applies shall not be subject to negative resolution, but shall be subject to the confirmatory procedure.
(7) Orders made under this Order by a Minister of the Crown are subject to annulment in pursuance of a resolution of either House of Parliament and section 5 of the Statutory Instruments Act 1946 (c. 36) applies accordingly.
(8) In this Article "the confirmatory procedure" means the procedure described in paragraph (2).
Consultations about regulations
289.
- (1) Before the Department makes any regulations by virtue of this Order (other than Part VIII), the Department must consult such persons as it considers appropriate.
(2) Paragraph (1) does not apply -
(e) to regulations making only provision corresponding to provision contained in regulations made by the Secretary of State in relation to Great Britain.
Minor and consequential amendments
290.
- (1) Schedule 10 (which makes minor and consequential amendments) has effect.
(2) The Department may by order make provision consequential on this Order or the Pensions Act 2004 (c. 35) amending, repealing or revoking (with or without savings) any statutory provision.
Repeals
291.
The statutory provisions specified in Schedule 11 are hereby repealed to the extent specified in the second column of that Schedule.
Transitional adaptations etc.: section 322(1) of the Pensions Act 2004
292.
The Department may by order -
as it appears to the Department expedient, including different adaptations or modifications for different periods.
Power to make further provision in connection with civil partnership
293.
An order under section 259 of the Civil Partnership Act 2004 (c. 33) may amend or repeal any provision contained in this Order notwithstanding anything in subsection (3)(b) of that section.
Pre-consolidation amendments
294.
The Department may by order make such modifications of -
to exercise, on behalf of the Regulator, such of its functions, in such circumstances, as the Regulator may determine.
(2) Sub-paragraph (1) does not apply to the functions of the Regulator listed in paragraph 20(2) of Schedule 1 to the Pensions Act 2004 (c. 35).
(3) The Regulator may authorise the Determinations Panel, in such circumstances as the Regulator may determine, to exercise on behalf of the Regulator -
(4) The regulatory functions mentioned in sub-paragraph (3) are -
(m) the power to appoint an independent trustee under Article 23 of that Order;
(n) the power to give directions under Article 72B of that Order facilitating a winding up.
(5) The Regulator may also authorise the Determinations Panel, in such circumstances as the Regulator may determine, to exercise on behalf of the Regulator such functions (other than those mentioned in paragraph 20(2)(a) to (c) of Schedule 1 to the Pensions Act 2004 (c. 35)) as the Regulator considers necessary for the effective exercise by the Panel of -
(6) This paragraph is subject to any regulations made by the Department under paragraph 2.
(7) In this paragraph -
2.
The Department may make regulations -
(3) In subsection (3), in paragraph (a), for the words from "any amounts paid" to the end of the paragraph substitute
10.
The power under Article 9 to exercise by order the same jurisdiction and powers as the High Court for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee.
11.
The power to require a person to pay a penalty under Article 10 (including under regulations made by virtue of paragraph (3) of that Article).
12.
The power to make an order under Article 11 directing or authorising an occupational pension scheme to be wound up.
13.
The power to give directions to trustees under Article 15.
14.
The power under Article 29(5) to give a notice waiving a disqualification under Article 29 of that Order.
15.
The power under Article 30(2) to exercise by order the same jurisdiction and powers as the High Court for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under Article 29 of that Order.
16.
The power to make an order under Article 67G(2) by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent.
17.
The power to make an order under Article 67H(2) prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme.
18.
The power to make an order under Article 69 authorising the modification of an occupational pension scheme or modifying the scheme.
19.
The power to make an order under Article 71A modifying an occupational pension scheme with a view to ensuring that it is properly wound up.
Persons | Functions |
The Department. |
Functions under -
(b) Part III of the Pension Schemes Act; or (c) this Order. |
The Department of Enterprise, Trade and Investment. |
Functions under -
(b) the Insolvency Order, or (c) Part II of the Companies (No. 2) (Northern Ireland) Order 1990 (NI 10). |
The Secretary of State. |
Functions under -
(b) the Insolvency Act 1986 (c. 45), (c) Part III of the Companies Act 1989 (c. 40), (d) Part I of the Export and Investment Guarantees Act 1991 (c. 67) (apart from sections 5 and 6), (e) Part III of the Pension Schemes Act 1993 (c. 48), (f) Part V of the Police Act 1997 (c. 50), (g) the Financial Services and Markets Act 2000 (c. 8), or (h) the Pensions Act 2004 (c. 35),
and functions of co-operating with overseas government authorities and bodies in relation to criminal matters. |
The Bank of England. | Any of its functions. |
The Financial Services Authority. |
Functions under -
(b) the Building Societies Act 1986 (c. 53), or (c) the Financial Services and Markets Act 2000 (c. 8). |
The Charity Commissioners. The Pensions Regulator Tribunal. | Functions under the Charities Act 1993 (c. 10). Any of its functions. |
The Pensions Ombudsman. |
Functions under -
(b) the Pension Schemes Act 1993 (c. 48). |
The Ombudsman for the Board of the Pension Protection Fund. | Any of his functions. |
The Comptroller and Auditor General for Northern Ireland. | Any of his functions. |
The Comptroller and Auditor General. | Any of his functions. |
The Auditor General for Wales. | Any of his functions. |
The Auditor General for Scotland. | Any of his functions. |
The Commissioners of Inland Revenue or their officers. |
Functions under -
(b) the Taxation of Chargeable Gains Act 1992 (c. 12), (c) Part III of the Pension Schemes Act 1993, (d) Part III of the Pension Schemes Act, or (e) the Income Tax (Earnings and Pensions) Act 2003 (c. 1). |
The Commissioners of Customs and Excise. | Functions under any enactment. |
The Official Receiver for Northern Ireland or the Official Receiver in England and Wales. | Functions under the enactments relating to insolvency. |
An inspector appointed by the Department of Enterprise, Trade and Investment. | Functions under Part XV of the Companies Order. |
An inspector appointed by the Secretary of State. | Functions under Part XIV of the Companies Act 1985 (c. 6). |
A person authorised to exercise powers under -
(b) Article 440 of the Companies Order, or (c) section 84 of the Companies Act 1989 (c. 40). |
Functions under those sections or that Article. |
A person appointed under -
(b) section 168(3) or (5) of that Act, or (c) section 284 of that Act,
to conduct an investigation. |
Functions in relation to that investigation. |
A body designated under section 326(1) of that Act. | Functions in its capacity as a bodys designated under that section. |
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act). | Functions in its capacity as an exchange or clearing house recognised under that Act. |
A body corporate established in accordance with section 212(1) of that Act. | Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act. |
The Panel on Takeovers and Mergers. | Functions under the City Code on Takeovers and Mergers and the Rules Governing Substantial Acquisitions of Shares for the time being issued by the Panel. |
The General Insurance Standards Council. | Functions of regulating sales and advisory and service standards in relation to insurance. |
A recognised professional body (within the meaning of Article 350 of the Insolvency Order). | Functions in its capacity as such a body under that Order. |
A person on whom functions are conferred by or under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 (c. 29). | The functions so conferred. |
The Counter Fraud and Security Management Service established under the Counter Fraud and Security Management Service (Establishment and Constitution) Order 2002 (S.I. 2002/3039). | Any of its functions. |
A recognised professional body (within the meaning of section 391 of the Insolvency Act 1986 (c. 45)). | Functions in its capacity as such a body under that Act. |
The Gaming Board for Great Britain. |
Functions under -
(b) the Lotteries and Amusements Act 1976 (c. 32). |
to exercise on behalf of the Board, such of its functions, in such circumstances, as the Board may determine.
(2) Sub-paragraph (1) does not apply to the non-executive functions of the Board (which must, by virtue of section 112(2) of the Pensions Act 2004, be discharged by the committee established under that section).
2.
- (1) The Board may make arrangements for any of its functions mentioned in sub-paragraph (2) to be exercised, in accordance with those arrangements, by a person on behalf of the Board.
(2) The functions are those conferred by or by virtue of -
(3) Where arrangements are made under this paragraph for any functions of the Board to be exercised by another person on its behalf -
3.
- (1) Where the Board makes arrangements under paragraph 2(1) for any of its functions to be exercised by a person on its behalf, those arrangements may also provide for that person to exercise on behalf of the Board any delegable review function.
(2) Where the Regulator is required to or may exercise any function on behalf of the Board by virtue of -
the Board may also require the Regulator to exercise on behalf of the Board any delegable review function.
(3) In this paragraph, "delegable review function", in relation to a delegated function, means -
(4) In this paragraph -
(2) Where, but for this sub-paragraph, any rights or liabilities under a contract of employment between the trustees or managers of the scheme and an individual would be transferred to the Board under Article 145, this sub-paragraph operates to terminate the contract of employment on the day preceding the day on which the transfer notice is received by the trustees or managers of the scheme.
3.
- (1) Without prejudice to the generality of Article 145 and subject to sub-paragraph (2), any legal proceedings or applications to any authority pending immediately before the transfer by or against any of the trustees or managers of the scheme in their capacity as trustees or managers shall be continued by or against the Board.
(2) The liabilities transferred by Article 145 do not include any liabilities in respect of an existing or future cause of action against the trustees or managers of the scheme if, disregarding the transfer, the trustees or managers would have been personally liable to meet the claim and would not have been indemnified from the assets of the scheme.
4.
The transfer is binding on all persons, even if, apart from this paragraph, it would have required the consent or concurrence of any person.
5.
No person shall have any power, in consequence of the transfer, to terminate or modify any interest or right which was vested in the trustees or managers of the scheme.
6.
Any reference in any agreement, document or instrument of any description to the trustees or managers of the scheme shall have effect so far as necessary for the purposes of giving effect to the transfer as a reference to the Board.
7.
- (1) The Board must take all such steps as may be required to secure that the vesting in the Board, by virtue of Article 145, of any foreign property, right or liability is effective under the relevant foreign law.
(2) Until the vesting of any foreign property, right or liability in the Board is effective under the relevant foreign law, the persons who were the trustees or managers of the scheme immediately before the transfer effected by Article 145 must hold that property or right for the benefit of, or discharge that liability on behalf of, the Board.
(3) Nothing in this paragraph prejudices the effect under the law of Northern Ireland of the vesting in the Board, in accordance with Article 145, of any foreign property, right or liability.
(4) In this paragraph references to any foreign property, right or liability are references to any property, right or liability as respects which any issue arising in any proceedings would have to be determined (in accordance with the rules of private international law) by reference to the law of a country or territory outside the United Kingdom.
(4) In sub-paragraph (3) "the appropriate percentage" means -
(5) In sub-paragraph (3) "the protected pension rate" means the annual rate of the pension, under the admissible rules, immediately before the assessment date.
(6) In determining for the purposes of sub-paragraph (5) the annual rate of the pension immediately before the assessment date, any recent discretionary increase is to be disregarded if paragraph 35(3) applies.
(7) This sub-paragraph applies where the pensioner has not attained normal pension age in respect of the pension before the assessment date and his entitlement to the pension -
(8) This sub-paragraph applies where the pension was not attributable to -
(9) This paragraph does not apply if compensation is payable in respect of the pension in accordance with paragraph 5 (pension benefits postponed at assessment date).
(10) This paragraph is subject to -
4.
- (1) This paragraph applies where -
(2) Subject to sub-paragraph (4), the pensioner's widow or widower is entitled to periodic compensation commencing on the day following the pensioner's death and continuing for life.
(3) The annual rate of the periodic compensation at any time is half of the annual rate of the periodic compensation (including any increases under paragraph 28) to which the pensioner would at that time have been entitled under paragraph 3 in respect of the pension had the pensioner not died.
(4) The pensioner's widow or widower is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.
(5) In this paragraph "the pension" and "the pensioner" are to be construed in accordance with paragraph 3.
(2) That person ("the postponed pensioner") is entitled to periodic compensation in respect of that pension ("the pension") commencing at the assessment date and continuing for life or, in a case to which sub-paragraph (7) applies, until such time as entitlement to the pension would have ceased under the admissible rules.
(3) The annual rate of the periodic compensation is 100% of the aggregate of -
(4) In sub-paragraph (3) "the protected pension rate" means what would have been the annual rate of the pension, under the admissible rules, if the postponement of payment had ceased immediately before the assessment date.
(5) In determining for the purposes of sub-paragraph (4) the annual rate of the pension immediately before the assessment date, any recent discretionary increase is to be disregarded if paragraph 35(3) applies.
(6) Where the pension is attributable (directly or indirectly) to a pension credit, the reference in sub-paragraph (1)(c) to "normal pension age" is to be read as a reference to "normal benefit age".
(7) This sub-paragraph applies where the pension was not attributable to -
(8) This paragraph is subject to -
6.
- (1) This paragraph applies where the postponed pensioner -
(2) Subject to sub-paragraph (4), the postponed pensioner's widow or widower is entitled to periodic compensation commencing on the day following the postponed pensioner's death and continuing for life.
(3) The annual rate of the periodic compensation at any time is half of the annual rate of the periodic compensation (including any increases under paragraph 28) to which the postponed pensioner would at that time have been entitled under paragraph 5 in respect of the pension had the postponed pensioner not died.
(4) The postponed pensioner's widow or widower is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.
(5) In this paragraph "the postponed pensioner" and "the pension" are to be construed in accordance with paragraph 5.
7.
- (1) Compensation is payable in accordance with this paragraph where immediately before the assessment date -
(2) That person is entitled to compensation in the form of a lump sum of an amount equal to 100% of the amount of the scheme lump sum which would have been payable had the postponement ceased immediately before the assessment date.
(3) The compensation is payable at the assessment date.
(4) Where the scheme lump sum is attributable (directly or indirectly) to a pension credit, the reference in sub-paragraph (1)(c) to "normal pension age" is to be read as a reference to "normal benefit age".
(5) This paragraph does not apply in relation to a lump sum to which a person is entitled by reason of commuting any part of a pension under the scheme.
(6) This paragraph is subject to paragraph 30 (power of Department to change percentage rates by order).
(4) In sub-paragraph (3) "the protected notional pension" means the aggregate of -
(5) Subject to sub-paragraphs (6) and (7), the accrued amount is -
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(6) If the accrual rates or pensionable earnings differ in respect of different parts of the active member's pensionable service relating to the pension, an amount is calculated in accordance with the formula in sub-paragraph (5) in respect of each of those parts and the accrued amount is the aggregate of those amounts.
(7) In any case where the Board is satisfied that it is not possible to identify one or more of the elements of the formula in sub-paragraph (5), the Board may, having regard to the admissible rules, determine how the accrued amount is to be calculated.
(8) This paragraph is subject to -
9.
- (1) This paragraph applies where the active member dies on or after the assessment date.
(2) Subject to sub-paragraph (4), the active member's widow or widower is entitled to periodic compensation commencing on the day following the member's death and continuing for life.
(3) The annual rate of the periodic compensation at any time is half of the annual rate of the periodic compensation (including any increases under paragraph 28) to which the active member would at that time have been entitled under paragraph 8 in respect of the pension had the member not died.
(4) The active member's widow or widower is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.
(5) In this paragraph "the pension" and "the active member" are to be construed in accordance with paragraph 8.
10.
- (1) Compensation is payable in accordance with this paragraph where an active member of the scheme has, before the assessment date, attained normal pension age in respect of his rights under the admissible rules of the scheme to a lump sum ("the scheme lump sum").
(2) The active member is entitled to compensation of an amount equal to 100% of the aggregate of -
(3) The compensation is payable at the assessment date.
(4) Subject to sub-paragraphs (5) and (6), the accrued amount is -
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(5) If the accrual rates or pensionable earnings differ in respect of different parts of the active member's pensionable service relating to the scheme lump sum, an amount is calculated in accordance with the formula in sub-paragraph (4) in respect of each of those parts and the accrued amount is the aggregate of those amounts.
(6) In any case where the Board is satisfied that it is not possible to identify one or more of the elements of the formula in sub-paragraph (4), the Board may, having regard to the admissible rules, determine how the accrued amount is to be calculated.
(7) This paragraph does not apply in relation to a lump sum to which a person is entitled by reason of commuting any part of a pension under the scheme.
(8) This paragraph is subject to -
11.
- (1) Compensation is payable in accordance with this paragraph where a person who, under the admissible rules, is (immediately before the assessment date) an active member of the scheme has not, before that date, attained normal pension age in respect of his rights under the admissible rules of the scheme to a pension.
(2) If the active member survives to attain normal pension age in respect of that pension ("the pension"), he is entitled to periodic compensation in respect of the pension commencing at that age and continuing for life.
(3) The annual rate of the periodic compensation is 90% of the aggregate of -
(4) In sub-paragraph (3) "the protected notional pension" means the aggregate of -
(5) Subject to sub-paragraphs (6) and (7), the accrued amount is -
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(6) If the accrual rates or pensionable earnings differ in respect of different parts of the active member's pensionable service relating to the pension, an amount is calculated in accordance with the formula in sub-paragraph (5) in respect of each of those parts and the accrued amount is the aggregate of those amounts.
(7) In any case where the Board is satisfied that it is not possible to identify one or more of the elements of the formula in sub-paragraph (5), the Board may, having regard to the admissible rules, determine how the accrued amount is to be calculated.
(8) This paragraph is subject to -
12.
- (1) This paragraph applies for the purposes of paragraph 11(4)(b).
(2) The revaluation period is the period which -
(3) The revaluation amount for the revaluation period is -
(4) In sub-paragraph (3) "the revaluation percentage" means the lesser of -
(5) For the purposes of sub-paragraph (4)(b) "the maximum revaluation rate" in relation to the revaluation period is -
(6) In this paragraph "the active member", "the accrued amount" and "the pension" are to be construed in accordance with paragraph 11.
13.
- (1) This paragraph applies where the active member dies on or after the assessment date.
(2) Subject to sub-paragraph (4), the widow or widower of the active member is entitled to periodic compensation commencing on the day following the active member's death and continuing for life.
(3) The annual rate of the periodic compensation at any time is -
(4) The active member's widow or widower is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.
(5) In this paragraph "the pension" and "the active member" are to be construed in accordance with paragraph 11.
14.
- (1) Compensation is payable in accordance with this paragraph where immediately before the assessment date, under the admissible rules of the scheme, an active member of the scheme has not attained normal pension age in respect of his rights to a lump sum ("the scheme lump sum").
(2) If the active member survives to attain normal pension age in respect of the scheme lump sum, he is entitled to compensation in respect of the scheme lump sum when he attains that age.
(3) The compensation is a lump sum equal to 90% of the protected amount.
(4) In sub-paragraph (3) "the protected amount" means the aggregate of -
(5) Subject to sub-paragraphs (6) and (7), the accrued amount is -
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(6) If the accrual rates or pensionable earnings differ in respect of different parts of the active member's pensionable service relating to the scheme lump sum, an amount is calculated in accordance with the formula in sub-paragraph (5) in respect of each of those parts and the accrued amount is the aggregate of those amounts.
(7) In any case where the Board is satisfied that it is not possible to identify one or more of the elements of the formula in sub-paragraph (5), the Board may, having regard to the admissible rules, determine how the accrued amount is to be calculated.
(8) Paragraph 12 applies for the purpose of determining the revaluation amount except that -
(9) This paragraph is subject to -
15.
- (1) Compensation is payable in accordance with this paragraph where, under the admissible rules of the scheme, a person who is a deferred member immediately before the assessment date has not attained normal pension age, in respect of his rights to a pension under the scheme, before that date.
(2) If that person ("the deferred member") survives to attain normal pension age in respect of that pension ("the pension"), he is entitled to periodic compensation in respect of the pension commencing at that age and continuing for life.
(3) The annual rate of the periodic compensation is 90% of the aggregate of -
(4) In sub-paragraph (3) "the protected pension rate" means the aggregate of -
(5) In sub-paragraph (4) "the accrued amount" means an amount equal to the initial annual rate of the pension to which the deferred member would have been entitled in accordance with the admissible rules had he attained normal pension age when the pensionable service relating to the pension ended.
(6) This paragraph is subject to -
16.
- (1) This paragraph applies for the purposes of paragraph 15(4)(b).
(2) The first revaluation period is the period which -
(3) The revaluation amount for the first revaluation period is -
(4) In this paragraph "the deferred member" and "the pension" are to be construed in accordance with paragraph 15.
17.
- (1) This paragraph applies for the purposes of paragraph 15(4)(c).
(2) The second revaluation period is the period which -
(3) The revaluation amount for the second revaluation period is -
(4) In sub-paragraph (3) "the revaluation percentage" means the lesser of -
(5) For the purposes of sub-paragraph (4)(b) "the maximum revaluation rate", in relation to the second revaluation period, is -
(6) In this paragraph "the deferred member", "the accrued amount" and "the pension" are to be construed in accordance with paragraph 15.
18.
- (1) This paragraph applies where -
(2) Subject to sub-paragraph (4), the widow or widower of the deferred member is entitled to periodic compensation commencing on the day following the deferred member's death and continuing for life.
(3) The annual rate of the periodic compensation at any time is -
(4) The deferred member's widow or widower is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.
(5) In this paragraph "the deferred member" and "the pension" are to be construed in accordance with paragraph 15.
19.
- (1) Compensation is payable in accordance with this paragraph where, under the admissible rules of the scheme, a deferred member has not attained normal pension age in respect of his rights to a lump sum under the scheme ("the scheme lump sum") before the assessment date.
(2) If the deferred member survives to attain normal pension age in respect of the scheme lump sum, he is entitled to compensation under this paragraph on attaining that age.
(3) The compensation is a lump sum equal to 90% of the protected amount.
(4) In sub-paragraph (3) "the protected amount" means the aggregate of -
(5) In sub-paragraph (4) "the accrued amount" means an amount equal to the amount of the scheme lump sum to which the deferred member would have been entitled in accordance with the admissible rules had normal pension age been the actual age attained by the deferred member when the pensionable service relating to the lump sum ended.
(6) Paragraphs 16 and 17 apply in relation to this paragraph as if in those paragraphs -
(7) This paragraph does not apply in relation to a lump sum to which a person is entitled by reason of commuting any part of a pension under the scheme.
(8) This paragraph is subject to -
20.
- (1) Compensation is payable in accordance with this paragraph where -
(c) Chapter 5 of Part IV of the Pension Schemes Act (early leavers: cash transfer sums and contribution refunds) does not apply to him, and
(d) he does not have relevant accrued rights to benefit (within the meaning of section 97AA(4) of that Act).
(2) That person is entitled to compensation in the form of a lump sum in respect of the protected transfer payment or protected contribution repayment.
(3) The amount of the compensation is 90% of the amount of the protected transfer payment or protected contribution repayment (whichever is the greater).
(4) For the purposes of sub-paragraph (3), the amount of the protected transfer payment or protected contribution repayment is to be calculated in accordance with the admissible rules, which are to be applied for this purpose subject to any prescribed modifications.
(5) The compensation is payable immediately after the transfer notice given under Article 144 is received by the trustees or managers of the scheme.
(6) This paragraph is subject to paragraph 30 (power of Department to change percentage rates by order).
(7) Regulations may modify any provision of paragraph 8, 10, 11 or 14 (compensation for persons who were active members immediately before assessment date) as it applies in the case of a person who is entitled to compensation under this paragraph.
(8) Regulations may modify any provision of sub-paragraphs (1) to (6) as it applies in the case of a person who is entitled to compensation under paragraph 8, 10, 11 or 14.
(e) in paragraph 19(1) and (2) the references to normal pension age are to be read as references to normal benefit age,
(f) in paragraph 19(4) for the words "from the aggregate of" to the end substitute "the accrued amount",
(g) for paragraph 19(5) substitute -
22.
- (1) Compensation is payable in accordance with this paragraph where -
(2) The survivor is entitled to periodic compensation in respect of that pension ("the pension") -
(3) The annual rate of the periodic compensation is 100% of the aggregate of -
(4) This paragraph is subject to paragraph 30 (power of Department to change percentage rates by order).
(2) Regulations may in particular -
24.
- (1) In prescribed circumstances, a person entitled to periodic compensation under paragraph 5, 8, 11 or 15 may opt to commute for a lump sum a portion of the periodic compensation with effect from the time it becomes payable.
(2) Except in such circumstances as may be prescribed, the portion commuted under sub-paragraph (1) must not exceed 25%.
(3) Any reduction required to be made under paragraph 26 (compensation cap) must be made before determining the amount of a person's periodic compensation which may be commuted under this paragraph.
(4) Where a person opts to commute any part of his periodic compensation under this paragraph, the lump sum payable under sub-paragraph (1) is the actuarial equivalent of the commuted portion of the periodic compensation calculated from tables designated for this purpose by the Board.
(5) The Board must publish in such manner as it considers appropriate the tables designated by it for the purposes of sub-paragraph (4).
(6) Regulations may prescribe the manner in which an option to commute periodic compensation under this paragraph may be exercised.
(7) This paragraph does not apply where -
(8) The Department may, by order, amend sub-paragraph (2) to substitute a different percentage for the percentage for the time being specified in that sub-paragraph.
before he attains normal pension age (or, in a case to which paragraph 21 applies, normal benefit age).
(2) The Board must determine the amount of the actuarial reduction to be applied to compensation where a person becomes so entitled by virtue of regulations under this paragraph.
(3) Where, by virtue of this paragraph, periodic compensation is payable to a person under paragraph 11 or 15 before that person attains normal pension age -
26.
- (1) Where -
the amount of the compensation must be restricted in accordance with sub-paragraph (3).
(2) For the purposes of sub-paragraph (1) -
(b) this paragraph applies if -
(3) Where the relevant compensation in respect of benefit A is required to be restricted in accordance with this sub-paragraph -
(4) For the purposes of this paragraph "relevant compensation" means -
(5) For the purposes of this paragraph, "the cap fraction" means -
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(6) For the purposes of this paragraph the "annual value" of a benefit in respect of which a person has become entitled to relevant compensation means -
(d) if the relevant compensation is within sub-paragraph (4)(b), the amount of the protected notional pension for the purposes of paragraph 11(3)(a);
(e) if the relevant compensation is within sub-paragraph (4)(c), the annualised value of the protected amount for the purposes of paragraph 14(3);
(f) if the relevant compensation is within sub-paragraph (4)(d), the amount of the protected pension rate for the purposes of paragraph 15(3)(a);
(g) if the relevant compensation is within sub-paragraph (4)(e), the annualised value of the protected amount for the purposes of paragraph 19(3);
and for the purposes of determining the annual value of a benefit any reduction required to be made by this paragraph is to be disregarded.
(7) In this paragraph -
at the time he first becomes entitled to that compensation, that amount as adjusted by the Board in accordance with actuarial adjustment factors published by it;
and for the purposes of this paragraph, except in prescribed circumstances, the scheme is connected with another occupational pension scheme if the same person is or was an employer in relation to both schemes.
(8) For the purposes of sub-paragraph (6)(c) a lump sum under the scheme is a relevant lump sum if the person's entitlement to the lump sum -
(9) Regulations may provide for this paragraph to apply with prescribed modifications where a person becomes entitled to relevant compensation in respect of a benefit and he has previously -
(10) Regulations may prescribe sums which are to be disregarded for the purposes of this paragraph.
(3) In sub-paragraph (2) -
(4) Where paragraph 26(3) (compensation cap) applies to restrict the amount of periodic compensation under one of the paragraphs mentioned in sub-paragraph (1), the amount mentioned in sub-paragraph (3)(a) of the paragraph in question is attributable to post-1997 service and pre-1997 service in the same proportions as the amount so mentioned would have been so attributable had paragraph 26(3) not applied.
(5) Where a portion of periodic compensation under one of the paragraphs mentioned in sub-paragraph (1) has been commuted under paragraph 24 -
(6) In this paragraph -
(7) But in this paragraph, in relation to any relevant pension credit amount, "post-1997 service" and "pre-1997 service" have such meanings as may be prescribed.
(8) In sub-paragraph (7), "relevant pension credit amount" means an amount mentioned in sub-paragraph (3)(a) of -
which is attributable (directly or indirectly) to a pension credit.
(9) This paragraph is subject to paragraph 29 (Board's power to alter rates of revaluation and indexation).
(4) The rate determined under this paragraph may be nil.
(5) A determination under this paragraph may be expressed so as to have effect for a limited period.
(6) A determination under sub-paragraph (2) -
(7) Notice of any determination under this paragraph must be published in such manner as the Board considers appropriate.
(4) Sub-paragraph (3) does not prevent an order under sub-paragraph (1) having effect to the extent that it provides for paragraph 3(4)(a), 11(3), 14(3), 15(3), 19(3) or 20(3) (provisions where the original percentage is 90%) to have effect as if for the original percentage there were substituted a higher percentage.
(5) Before making a recommendation for the purposes of sub-paragraph (1) the Board must -
(6) Subject to sub-paragraph (3), an order under this paragraph may have effect -
(7) The date specified under sub-paragraph (6)(b)(i) or (ii) must not be earlier than the date of the order.
(2) Regulations may provide -
(3) Regulations may also provide, in cases where -
for any provision of this Schedule to apply with such modifications as may be prescribed.
(2) Where this paragraph applies, for the purposes of this Schedule the member is to be treated as if, immediately before the assessment date, he -
33.
Where the scheme is a prescribed scheme or a scheme of a prescribed description, this Schedule applies with such modifications as may be prescribed.
admissible rules as the earliest age at which that part becomes payable under the scheme without actuarial adjustment (disregarding any special provision as to early payment on grounds of ill health or otherwise).
(3) In any case where the Board is satisfied that it is not possible to identify the normal pension age from the admissible rules of the scheme, it may, having regard to those rules, determine how the normal pension age is to be determined.
(2) "The admissible rules" means the scheme rules disregarding -
(3) This sub-paragraph applies if the combined effect of the recent rule changes and recent discretionary increases is such that, if account were taken of those changes and increases in calculating the protected liabilities in relation to the scheme at the relevant time, those protected liabilities would be greater than they would be if all those changes and increases were disregarded.
(4) In sub-paragraph (3) "the relevant time" means the time immediately before the assessment period which begins on the assessment date.
(5) Subject to sub-paragraph (6), "recent rule changes" means -
(6) "Recent rule changes" does not include -
(7) "Recent discretionary increase" means an increase in the rate of any pension in payment or postponed pension under the scheme rules which took effect in the period mentioned in sub-paragraph (5)(a).
(8) For the purposes of sub-paragraph (7) an increase ("the relevant increase") in the rate of a pension in payment or postponed pension is to be disregarded to the extent that it does not exceed -
(b) if greater, the appropriate percentage of the rate of that pension.
(9) For the purposes of sub-paragraph (8)(a), no increase in the rate of a pension which is made at the discretion of the trustees or managers of the scheme, the employer or any other person is to be regarded as an increase required by virtue of the admissible rules.
(10) For the purposes of sub-paragraph (8)(b), "the appropriate percentage" is the percentage increase referred to in paragraph 35(10) of Schedule 7 to the Pensions Act 2004.
(2) "Accrual rate" means the rate at which under the admissible rules rights to the benefits accrue over time by reference to periods of pensionable service.
(3) "Pensionable earnings" means the earnings by reference to which the benefits are calculated under the admissible rules.
(4) Subject to sub-paragraph (5), "pensionable service" means -
(5) The service within sub-paragraph (4)(b) does not include -
37.
- (1) In this Schedule -
(2) For the purposes of this Schedule the accrued rights of a member of the scheme at any time are the rights (other than rights attributable (directly or indirectly) to a pension credit) which, in accordance with the admissible rules, have accrued to or in respect of him at that time to future benefits.
(3) In this Schedule references to a pension or lump sum under the admissible rules of the scheme, or a right to such a pension or lump sum, do not include a pension or lump sum, or right to a pension or lump sum, which is a money purchase benefit.
(4) In this Schedule references to "ill health" are to be construed in accordance with regulations under this sub-paragraph.
Persons | Functions |
The Department. |
Functions under -
(b) Part III of the Pension Schemes Act, or (c) this Order. |
The Department of Enterprise, Trade and Investment. |
Functions under -
(b) the Insolvency Order, or (c) Part II of the Companies (No. 2) (Northern Ireland) Order 1990 (NI 10). |
The Secretary of State. |
Functions under -
(b) the Insolvency Act 1986 (c. 45), (c) Part III of the Companies Act 1989 (c. 40), (d) Part I of the Export and Investment Guarantees Act 1991 (c. 67) (apart from sections 5 and 6), (e) Part III of the Pension Schemes Act 1993 (c. 48), (f) Part V of the Police Act 1997 (c. 50), (g) the Financial Services and Markets Act 2000 (c. 8), or (h) the Pensions Act 2004 (c. 35),
and functions of co-operating with overseas government authorities and bodies in relation to criminal matters. |
The Bank of England. | Any of its functions. |
The Financial Services Authority. |
Functions under -
(b) the Building Societies Act 1986 (c. 53), or (c) the Financial Services and Markets Act 2000. |
The Charity Commissioners. | Functions under the Charities Act 1993 (c. 10). |
The Pensions Regulator Tribunal. | Any of its functions. |
The Pensions Ombudsman. |
Functions under -
(b) the Pension Schemes Act 1993. |
The Ombudsman for the Board of the Pension Protection Fund. | Any of his functions. |
The Comptroller and Auditor General for Northern Ireland. | Any of his functions. |
The Comptroller and Auditor General. | Any of his functions. |
The Auditor General for Wales. | Any of his functions. |
The Auditor General for Scotland. | Any of his functions. |
The Commissioners of Inland Revenue or their officers. |
Functions under -
(b) the Taxation of Chargeable Gains Act 1992 (c. 12), (c) Part III of the Pension Schemes Act, (d) Part III of the Pension Schemes Act 1993 (c. 48), or (e) the Income Tax (Earnings and Pensions) Act 2003 (c. 1). |
The Commissioners of Customs and Excise. | Functions under any enactment. |
The Official Receiver for Northern Ireland or the Official Receiver in England and Wales. | Functions under the enactments relating to insolvency. |
An inspector appointed by the Department of Enterprise, Trade and Investment. | Functions under Part XV of the Companies Order. |
An inspector appointed by the Secretary of State. | Functions under Part XIV of the Companies Act 1985 (c. 6). |
A person authorised to exercise powers under -
(b) Article 440 of the Companies Order, or (c) section 84 of the Companies Act 1989 (c. 40). |
Functions under those sections or that Article. |
A person appointed under -
(b) section 168(3) or (5) of that Act, or (c) section 284 of that Act,
to conduct an investigation. |
Functions in relation to that investigation. |
A body designated under section 326(1) of that Act. | Functions in its capacity as a body designated under that section. |
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act). | Functions in its capacity as an exchange or clearing house recognised under that Act. |
A body corporate established in accordance with section 212(1) of that Act. | Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act. |
The Panel on Takeovers and Mergers. | Functions under the City Code on Takeovers and Mergers and the Rules Governing Substantial Acquisitions of Shares for the time being issued by the Panel. |
The General Insurance Standards Council. | Functions of regulating sales and advisory and service standards in relation to insurance. |
A recognised professional body (within the meaning of Article 350 of the Insolvency Order). | Functions in its capacity as such a body under that Order. |
A person on whom functions are conferred by or under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 (c. 29). | The functions so conferred. |
The Counter Fraud and Security Management Service established under the Counter Fraud and Security Management Service (Establishment and Constitution) Order 2002 (S.I. 2002/3039). | Any of its functions. |
A recognised professional body (within the meaning of section 391 of the Insolvency Act 1986 (c. 45)). under that Act. | Functions in its capacity as such a body |
The Gaming Board for Great Britain. |
Functions under -
(b) the Lotteries and Amusements Act 1976 (c. 32). |
5.
Any direction given under paragraph (2) of Article 118 (directions during an assessment period) or any variation or revocation of such a direction under paragraph (4) of that Article.
6.
The issue of a notice under Article 120(2) (power to validate contraventions of Article 119).
7.
The making of a loan under Article 123(2) (loans to pay scheme benefits), the amount of any such loan or the failure to make such a loan.
8.
The failure by the Board to obtain an actuarial valuation of a scheme under Article 127(2).
9.
The approval of, or failure to approve, a valuation in respect of an eligible scheme under Article 128(2).
10.
The issue of, or failure to issue, a withdrawal notice under or by virtue of -
11.
The issue of, or failure to issue, a withdrawal notice under Article 132 (no insolvency event has occurred or is likely to occur).
12.
The issue of, or failure to issue, a determination notice under Article 136(3) (whether value of scheme assets less than aggregate of liabilities etc.).
13.
The issue of, or failure to issue, a determination notice under Article 137(6) (authorisation to continue as closed scheme).
14.
Any direction given under Article 138(7) (directions about winding up of scheme with sufficient assets to meet protected liabilities) and any variation or revocation of such a direction.
15.
The failure by the Board to give a transfer notice under Article 144.
16.
Any determination by the Board of a person's entitlement to compensation under the pension compensation provisions or the failure in any case to make such a determination.
17.
Any failure by the Board to make a payment required by Article 147(4)(b) (adjustments to be made where Board assumes responsibility for a scheme).
18.
Any determination by the Board under Article 164(3)(a) (the eligible schemes in respect of which the initial levy or the pension protection levy is imposed) or the failure to make such a determination.
19.
The amount of the initial levy or any pension protection levy payable in respect of an eligible scheme determined by the Board under Article 164(3)(b).
20.
The making of a fraud compensation payment under Article 165(1), the amount of any such payment or the failure to make such a payment.
21.
The issue of, or failure to issue, a notice under Article 166(2) (scheme rescue not possible or having occurred in case of scheme which is not eligible etc.).
22.
Any settlement date determined by the Board under Article 167(2) (recovery of value) or the failure to determine a settlement date under that provision.
23.
Any determination by the Board under Article 167(4) (recovery of value: whether amount received in respect of particular act or omission) or the failure to make such a determination.
24.
The making of a payment under Article 169(1) (interim payments), the amount of any such payment or the failure to make such a payment.
25.
Any term or condition imposed by the Board -
26.
Any determination by the Board under Article 169(3)(b) (interim payments) that the amount of a payment was excessive.
27.
Any date determined by the Board under Article 170(4) (earliest date for making a fraud compensation transfer payment).
28.
Any determination by the Board under Article 170(6) (fraud compensation transfer payments: whether payment is received in respect of particular act or omission).
29.
Any determination by the Board under Article 171(7)(a) (occupational pension schemes in respect of which any fraud compensation levy is imposed) or the failure to make such a determination.
30.
The amount of any fraud compensation levy payable in respect of an occupational pension scheme determined by the Board under Article 171(7)(b).
(2) If no election under sub-paragraph (1) is made within the period prescribed under that sub-paragraph, the person is to be treated as having made an election under sub-paragraph (1)(b).
(3) Regulations -
(4) Where the Category A or Category B retirement pension includes any increase under paragraphs 5 to 6, no election under sub-paragraph (1) applies to so much of the pension as consists of that increase (an entitlement to an increase of pension in respect of such an increase after a period of deferment being conferred either by paragraphs 1 and 2 or by paragraph 2A).".
4.
For paragraph 1 (increase of pension where pensioner's entitlement is deferred) substitute -
(2) The rate of the person's Category A or Category B retirement pension shall be increased by an amount equal to the aggregate of the increments to which he is entitled under paragraph 2, but only if that amount is enough to increase the rate of the pension by at least 1 per cent.".
5.
- (1) In paragraph 2 (calculation of increment), in sub-paragraph (5)(b), for "83 or" substitute "83A or".
(2) In relation to any incremental period (within the meaning of Schedule 5 to the Contributions and Benefits Act) beginning before 6th April 2010, the reference in paragraph 2(5)(b) of that Schedule to section 83A of that Act is to be read as a reference to section 83 or 84 of that Act.
6.
After paragraph 2 insert -
(2) The rate of the person's Category A or Category B retirement pension shall be increased by an amount equal to the aggregate of the increments to which he is entitled under sub-paragraph (3).
(3) For each complete incremental period in the person's period of deferment, the amount of the increment shall be 1/5th per cent. of the weekly rate of the increase to which the person would have been entitled under paragraphs 5 to 6 for the period if his entitlement to the Category A or Category B retirement pension had not been deferred.".
7.
- (1) After paragraph 3 insert -
(2) The person is entitled to an amount calculated in accordance with paragraph 3B (a "lump sum").
Calculation of lump sum
3B.
- (1) The lump sum is the accrued amount for the last accrual period beginning during the period of deferment.
(2) In this paragraph -
(3) The accrued amount for an accrual period for a person is -
(4) For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect -
(5) For the purposes of the calculation of the lump sum, the amount of Category A or Category B retirement pension to which the person would have been entitled for an accrual period -
(6) The reference in sub-paragraph (5)(a) to any increase under subsection (1) of section 47 shall be taken as a reference to any increase that would take place under that subsection if subsection (2) of that section and section 42(5) of the Pensions Act were disregarded.".
(2) In relation to any accrual period (within the meaning of Schedule 5 to the Contributions and Benefits Act as amended by this paragraph) ending before 6th April 2010 the reference in paragraph 3B(5)(b) of that Schedule to section 83A of that Act is to be read as a reference to section 83 or 84 of that Act.
8.
After paragraph 3B (inserted by paragraph 7) insert -
(2) W shall within the prescribed period elect in the prescribed manner either -
(3) If no election under sub-paragraph (2) is made within the period prescribed under that sub-paragraph, W is to be treated as having made an election under sub-paragraph (2)(b).
(4) Regulations -
(5) The making of an election under sub-paragraph (2)(b) does not affect the application of paragraphs 5 to 6 (which relate to an increase in pension where the pensioner's deceased spouse had deferred an entitlement to a guaranteed minimum pension).".
9.
- (1) Paragraph 4 (increase of pension where pensioner's deceased spouse has deferred entitlement) is amended as follows.
(2) For sub-paragraph (1) substitute -
(1A) Subject to sub-paragraph (3), the rate of W's pension shall be increased -
10.
- (1) After paragraph 7 insert -
(2) In this paragraph -
(3) The accrued amount for an accrual period for W is -
to which S would have been entitled for the accrual period if his entitlement had not been deferred during the period mentioned in sub-paragraph (1);
(4) For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect -
(5) For the purposes of the calculation of the widowed person's lump sum, the amount of Category A or Category B retirement pension to which S would have been entitled for an accrual period -
(6) The reference in sub-paragraph (5)(a) to any increase under subsection (1) of section 47 shall be taken as a reference to any increase that would take place under that subsection if subsection (2) of that section and section 42(5) of the Pensions Act were disregarded.
(7) In any case where -
the amount of the lump sum shall be increased in accordance with that order or those orders.".
(2) In relation to any accrual period (within the meaning of Schedule 5 to the Contributions and Benefits Act) ending before 6th April 2010 the reference in paragraph 7B(5)(b) of that Schedule to section 83A of that Act is to be read as a reference to section 83 or 84 of that Act.
11.
After paragraph 7B (inserted by paragraph 10) insert -
12.
For the heading immediately preceding paragraph 8 substitute "Married couples".
13.
In paragraph 8 (married couples) -
14.
After Schedule 5 to the Contributions and Benefits Act insert -
(2) If no election under sub-paragraph (1) is made within the period prescribed under that sub-paragraph, the person is to be treated as having made an election under sub-paragraph (1)(b).
(3) Regulations -
Increase of pension where entitlement deferred
2.
- (1) This paragraph applies where a person's entitlement to a shared additional pension is deferred and either -
(2) The rate of the person's shared additional pension shall be increased by an amount equal to the aggregate of the increments to which he is entitled under paragraph 3, but only if that amount is enough to increase the rate of the pension by at least 1 per cent.
Calculation of increment
3.
- (1) A person is entitled to an increment under this paragraph for each complete incremental period in his period of deferment.
(2) The amount of the increment for an incremental period shall be 1/5th per cent. of the weekly rate of the shared additional pension to which the person would have been entitled for the period if his entitlement had not been deferred.
(3) Amounts under sub-paragraph (2) shall be rounded to the nearest penny, taking any 1/2p as nearest to the next whole penny.
(4) Where an amount under sub-paragraph (2) would, apart from this sub-paragraph, be a sum less than 1/2p, the amount shall be taken to be zero, notwithstanding any other provision of this Act, the Pensions Act or the Administration Act.
(5) In this paragraph "incremental period" means any period of six days which are treated by regulations as days of increment for the purposes of this paragraph in relation to the person and pension in question.
(6) Where one or more orders have come into force under section 132 of the Administration Act during the period of deferment, the rate for any incremental period shall be determined as if the order or orders had come into force before the beginning of the period of deferment.
(7) The sums which are the increases in the rates of shared additional pension under this paragraph are subject to alteration by order made by the Department under section 132 of the Administration Act.
Lump sum where entitlement to shared additional pension is deferred
4.
- (1) This paragraph applies where -
(2) The person is entitled to an amount calculated in accordance with paragraph 5 (a "lump sum").
Calculation of lump sum
5.
- (1) The lump sum is the accrued amount for the last accrual period beginning during the period of deferment.
(2) In this paragraph -
(3) The accrued amount for an accrual period for a person is -
(4) For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect -
(5) For the purposes of the calculation of the lump sum, the amount of the shared additional pension to which the person would have been entitled for an accrual period does not include, in prescribed circumstances, such amount as may be prescribed.
(6) The lump sum must be rounded to the nearest penny, taking any 1/2p as nearest to the next whole penny.".
17.
In section 121(1) (interpretation of Parts I to VI) -
(b) for the definitions of "deferred" and "period of deferment" substitute -
The 1999 Order
18.
The 1999 Order is amended as follows.
19.
In Article 47, omit paragraph (2) (which amends provisions relating to the deferment of shared additional pensions and is superseded by Part 1 of this Schedule).
20.
In Article 49(2) (power to make regulations preserving rights in respect of additional pensions), in sub-paragraph (b) -
and, accordingly, in relation to PPF compensation, Article 27(2)(a) shall have effect as if "in the foreseeable future" were omitted.
(2) Paragraph (3) applies in relation to an order under Article 25 so far as it includes provision made by virtue of Article 27B(4) which -
(3) The order is to have effect from the time when the trustees or managers of the scheme receive the transfer notice -
(b) subject to such other modifications as may be prescribed.
(4) Paragraph (5) applies to an order under Article 25 if -
(5) From the time the trustees or managers of the scheme receive the transfer notice, the order is to have effect with such modifications as may be prescribed.
(6) Regulations may modify Article 27C as it applies in relation to an occupational pension scheme at any time when there is an assessment period in relation to the scheme.
(7) Where the court makes a pension sharing order in respect of a person's shareable rights under an occupational pension scheme, or an order which includes provision made by virtue of Article 27B(4) or (7) in relation to such a scheme, the Board subsequently assuming responsibility for the scheme as mentioned in paragraph (2)(a) does not affect -
(8) Regulations may make such consequential modifications of any provision of, or made by virtue of, this Part as appear to the Lord Chancellor necessary or expedient to give effect to the provisions of this Article.
(9) In this Article -
(10) Regulations under this Article shall be subject to annulment in pursuance of a resolution of either House of Parliament in like manner as a statutory instrument and section 5 of the Statutory Instruments Act 1946 shall apply accordingly.".
The Companies Order
2.
In Article 442 of the Companies Order (provision for security of information obtained), for paragraph (1)(dg) substitute -
The Matrimonial and Family Proceedings (Northern Ireland) Order 1989 (NI 4)
3.
- (1) The Matrimonial and Family Proceedings (Northern Ireland) Order 1989 is amended as follows.
(2) In Article 22 (matters to which the court is to have regard in exercising its powers under Article 21) -
(b) in paragraph (7), after sub-paragraph (b) add
(3) In Article 25 (application to orders under Articles 18 and 21 of certain provisions of Part III of the Matrimonial Causes (Northern Ireland) Order 1978), after paragraph (1)(be) insert -
The Social Security Administration (Northern Ireland) Act 1992 (c. 8)
4.
In section 116AA of the Social Security Administration (Northern Ireland) Act 1992 (disclosure of contributions, etc. information by Inland Revenue), in subsection (2)(d), for "Occupational Pensions Regulatory Authority" substitute "Pensions Regulator".
The Pension Schemes Act
5.
The Pension Schemes Act is amended as follows.
6.
In section 49 (supervision: former contracted-out schemes), after subsection (1B) insert -
7.
- (1) Section 52 (provision supplementary to section 51) is amended as follows.
(2) In subsection (4) for the words from the beginning to "another scheme," substitute -
(3) After subsection (7) add -
8.
In section 57 (deduction of contributions equivalent premium from refund of scheme contributions), after subsection (9) insert -
9.
- (1) Section 90 (right to cash equivalent) is amended as follows.
(2) In subsection (2), for the definition of "the applicable rules" substitute -
(3) After that subsection insert -
(b) a relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions -
10.
In section 95 (trustees' duties after exercise of option) -
11.
In section 97J (time for compliance with transfer notice) -
12.
In section 107A (monitoring of employers' payments to personal pension schemes) omit subsection (10).
13.
In section 109 (disclosure of information about schemes to members etc.), after subsection (2)(d) add -
14.
After that section insert -
the trustees or managers of the first scheme must, in prescribed circumstances and in the prescribed manner, provide to the trustees or managers of the other scheme prescribed information relating to the payment.".
15.
In section 119 (interpretation of Chapter 2 of Part VII) omit -
16.
In section 120 (duty of Department for Employment and Learning to pay unpaid contributions), after subsection (5) add -
17.
In section 125(1) (overriding requirements) -
18.
In section 126(b), (extra-statutory requirements), for "or IV" substitute ", IV or V".
19.
In section 142 (functions of the Pensions Ombudsman) -
(b) after subsection (6) insert -
(c) in subsection (8), in paragraph (a) of the definition of "independent trustee" for the words from "Article 23(1)(b)" to the end substitute "Article 23(1) of the Pensions (Northern Ireland) Order 1995 (appointment of independent trustee by the Regulatory Authority)".
20.
In section 145 (procedure on investigation by Pensions Ombudsman), in subsection (6) -
(b) at the end add -
21.
- (1) Section 154A (other disclosures by the Department) is amended as follows.
(2) In subsection (1), for the words from "any information" to "the Pensions (Northern Ireland) Order 1995" substitute "any regulated information".
(3) In the Table in that subsection -
The Pensions Ombudsman. | Functions conferred by or by virtue of this Act or any enactment in force in Great Britain corresponding to it. |
The Board of the Pension | Functions conferred by or by virtue of Part |
Protection Fund. | III of the Pensions (Northern Ireland) Order 2005 or any enactment in force in Great Britain corresponding to that Part. |
The Ombudsman for the Board of | Functions conferred by or by virtue of Part |
the Pension Protection Fund. | III of the Pensions (Northern Ireland) Order 2005 or any enactment in force in Great Britain corresponding to that Part.". |
(4) After that subsection insert -
other than information supplied to it under section 235(2) of, or paragraph 2 of Schedule 10 to, the Pensions Act 2004 (supply of information for retirement purposes etc.).".
22.
In section 164(4) (penalties for contravention of regulations) after "the provision" insert "to be required by notice in writing".
23.
In section 170 (levies) -
24.
In section 173 (power to make regulations as to the persons to be regarded as trustees or managers of schemes for certain purposes), in paragraph (b) for "to 26C" substitute "to 26".
25.
- (1) Section 174 (linked qualifying service) is amended as follows.
(2) In subsection (1)(a) -
(c) for "and" at the end of sub-paragraph (ii), substitute "or", and
(d) after that sub-paragraph add -
(3) In subsection (1)(b), after "second scheme," insert "or the payment to the trustees or managers of that scheme,".
26.
In section 176(1) (general interpretation), in the definition of "transfer credits", for the words following "by reference to" substitute
27.
In section 178(3) (sub-delegation), after "93(1)" insert ", 97AF(1)".
The 1995 Order
28.
The 1995 Order is amended as follows.
29.
In Article 4 (suspension orders), in paragraphs (3) and (5) for "class" substitute "description".
30.
In Article 7 (appointment of trustees) -
31.
In Article 9 (removal and appointment of trustees: property), after "exercise" insert "by order".
32.
In Article 10 (civil penalties), in paragraph (5)(a) omit "as a trustee of a trust scheme".
33.
In Article 15(4) (failure to comply with Authority's direction) for "Articles 3 and 10 apply" substitute "Article 10 applies".
34.
In Article 22 (circumstances in which independent trustee provisions apply), in paragraphs (1) and (3) for "to 26A", in each place, substitute "to 26".
35.
In Article 25 (appointment and powers of independent trustees: further provisions) -
(c) in paragraph (3) for ", no independent trustee of the scheme may" substitute "and there is an independent trustee of the scheme appointed under Article 23(1), the independent trustee may not", and
(d) in paragraph (4) -
36.
In Article 26 (insolvency practitioner or official receiver to give information to trustees), in paragraph (1) after "a scheme" insert "by virtue of paragraph (1) of that Article".
37.
Omit Articles 26A to 26C.
38.
In Article 28 (consequences of prohibition on trustee being auditor of scheme etc.) omit paragraph (4).
39.
In Article 29 (persons disqualified for being trustees), in paragraph (5) for "class" substitute "description".
40.
In Article 30 (persons disqualified: consequences) -
41.
Omit Article 30A (accessibility of register of disqualified trustees).
42.
In Article 32 (decisions of trustees by a majority) -
43.
In Article 34 (powers of investment and delegation) in paragraph (1) after "subject to" insert "Article 36(1) and to".
44.
- (1) Article 38 (power to defer winding up) is amended as follows.
(2) In paragraph (2) -
(3) After paragraph (3) add -
45.
In Article 40 (restriction on employer-related investments), in paragraph (4) for "Articles 3 and 10 apply" substitute "Article 10 applies".
46.
In Article 41 (provision of documents for members) -
(b) in paragraph (5B) for "Articles 3 and 10 apply to any trustee, and Article 10 applies" substitute "Article 10 applies to any trustee, and".
47.
In Article 47 (professional advisers), in paragraphs (3), (8) and (11) for "Articles 3 and 10 apply to any trustee, and Article 10 applies" substitute "Article 10 applies to any trustee, and".
48.
In Article 49 (other responsibilities of trustees, employers, etc.) -
49.
In Article 49A (record of winding up decisions) omit paragraph (4).
50.
In Article 68 (power of trustees to modify schemes by resolution), in paragraph (2) -
51.
In Article 69 (grounds for applying for modifications) -
52.
In Article 71A(4)(d) (power to make provision in relation to applications for the purposes of that Article) -
53.
In Article 72A (reports to Authority about winding up) omit paragraph (9)(a) and the word "and" immediately after it.
54.
In Article 72C (duty to comply with directions for facilitating winding up) omit paragraph (2).
55.
In Article 73 (preferential liabilities on winding up), in paragraph (6), omit sub-paragraph (a) and the word "and" immediately after it.
56.
In Article 76 (excess assets on winding up) -
57.
In Article 77 (excess assets remaining after winding up: power to distribute) -
(c) in paragraph (5), for "Articles 3 and 10 apply" substitute "Article 10 applies".
58.
In Article 85 (schedules of payments to money purchase schemes) omit paragraph (5)(a) and the word "and" immediately after it.
59.
In Article 86 (provision supplementary to Article 85) omit paragraph (4)(a) and the word "and" immediately after it.
60.
In Article 87 (application of further provisions to money purchase schemes) -
(b) in paragraph (2) omit "insolvency".
61.
In Article 115 (powers to modify Part II of the 1995 Order) -
62.
In Article 116 (calculations, etc. under regulations: sub-delegation), for "73(3)" substitute "73B(4)(a)".
63.
- (1) Article 121 (interpretation of Part II) is amended as follows.
(2) In paragraph (1), in the definition of "transfer credits", for the words following "by reference to" substitute
(3) In paragraph (4), after "(8)" insert "and to Articles 24, 138 and 198 of the Pensions (Northern Ireland) Order 2005".
(4) In paragraph (5), after "(8)" insert "and to Articles 138 and 198 of the Pensions (Northern Ireland) Order 2005".
The Deregulation and Contracting Out (Northern Ireland) Order 1996 (NI 11)
64.
In Article 17 of the Deregulation and Contracting Out (Northern Ireland) Order 1996 (social security: amendments following certain orders), at the end of paragraph (2) add "the Pensions Act 2004".
The 1999 Order
65.
The 1999 Order is amended as follows.
66.
In Article 3 (stakeholder pension schemes), in paragraph (6), after "members etc.)" insert "and of regulations under Article 214 of the Pensions (Northern Ireland) Order 2005 (combined pension forecasts)".
67.
In Article 4 (registration of stakeholder pension schemes) -
68.
In Article 9(2)(a) (providing for stakeholder pension schemes to be treated as personal pension schemes), after "is" insert "prescribed or is".
69.
In Article 35 (treatment in winding up) -
70.
- (1) Paragraph 1 of Schedule 1 (application of statutory provisions relating to occupational trust schemes to certain stakeholder schemes) is amended as follows.
(2) In sub-paragraph (2), in paragraph (b) -
(e) in sub-paragraph (vii) for "Article 50" substitute "Articles 50 to 50B".
(3) After that paragraph insert
(4) In sub-paragraph (5), after "Pensions Order" insert ", and Article 2(2) of the Pensions (Northern Ireland) Order 2005,".
(5) After sub-paragraph (5) add -
71.
- (1) Schedule 5 (pension credits: mode of discharge) is amended as follows.
(2) In paragraph 8(1)(b), for the words from "Article 56" to "related schemes)" substitute "Part IV of the Pensions (Northern Ireland) Order 2005 (scheme funding)".
(3) After paragraph 13 insert -
Short Title | Extent of repeal |
Pension Schemes (Northern Ireland) Act 1993 (c. 49). |
Section 2. In section 24 -
(b) subsections (4A) and (4B), and (c) in subsection (8), the words ", which must not be earlier than the member's 60th birthday," in the definition of "the starting date".
In section 25(1)(aa)(ii), the words from "and is not" to "75th birthday,".
(b) subsection (3)(b).
In section 127(b), the words "payable at any earlier time or".
(b) paragraph (d) and the word "and" immediately preceding it.
In section 145(6) -
(b) the word "and" at the end of paragraph (k).
Section 145(8).
(b) in paragraph (c) the words "any of paragraphs (a) to (bb)".
In section 154 -
(b) subsection (7).
Section 164A.
(b) subsections (4) to (7).
Section 172(6)(b).
(b) in subsection (3), the words "section 2,", and (c) in subsection (4), the word "2,".
In Schedule 8, paragraphs 5, 6 and 8(1). |
Pensions (Northern Ireland) Order 1995 (NI 22). |
Article 5. In Article 7(1), the words "a trustee of such a scheme ceases to be a trustee". Article 7(4). In Article 10(5)(a), the words "as a trustee of a trust scheme". Article 11(3). Article 13. Articles 16 to 21. In Article 22(1)(b), the word "or" at the end of head (i). In Article 25(2), the words from "but if" to the end. Articles 26A to 26C. Article 28(4). In Article 29 -
(b) in paragraph (6), the words "or revocation made".
In Article 30 -
(b) paragraphs (7) and (8).
Article 30A.
(b) in paragraph (4)(a), the words "(a) or", and (c) in paragraph (5)(a), the words "either of" and "(a) or".
In Article 71A(4), sub-paragraphs (f) and (g).
(b) in paragraph (4) the words "(including increases in pensions)", and (c) paragraph (5)(b) and the word "or" immediately preceding it.
Article 75(9).
(b) paragraph (5).
Article 77(2) and (3).
(b) sub-paragraph (c).
Article 115(3).
(b) the definitions of "member-nominated director", "member-nominated trustee" and "minimum funding requirement", (c) in the definition of "pensionable service", the words "or category".
Article 131(3). |
Employment Rights (Northern Ireland) Order 1996 (NI 16). | In Article 86(3)(b), the words "or category". |
Bank of England Act 1998 (c. 11). Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (SI 1999 No. 671). | In Schedule 5, paragraph 72. In Schedule 1, paragraphs 81 and 82. |
Welfare Reform and Pensions (Northern Ireland) Order 1999 (NI 11). |
Article 4(5). Articles 6 and 7. Article 16. Article 35(1). In Article 43(1), in the definition of "pensionable service", the words "or category". Article 47(2). In Schedule 1 -
(b) in paragraph 1(2)(b)(i) ", 13", (c) in paragraph 1(2)(b)(iii), the words from "except" to the end, (d) paragraph 1(2)(b)(ix) and (xi) to (xiii), and (e) paragraphs 2 and 3.
In Schedule 2, paragraphs 2(1)(a), 7 and 11 to 13. |
Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4). |
In section 38(7), the word "and" at the end of paragraph (c). Sections 39 to 42. Section 43(1), (2) and (4). Section 50. In Schedule 5 -
(b) paragraph 8, (c) paragraph 9, and (d) paragraph 10(2), (3) and (4).
In Schedule 9, Part III(9). |
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