The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022

Made: 16th March 2022

Coming into operation: 6th April 2022

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Citation and commencement

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Interpretation and notices

2

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Connected employers

3

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Application for authorisation

4

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Fit and proper persons requirement

5

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Financial sustainability requirement

6

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Financial sustainability requirement: business plan

7

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Scheme funder requirements: activities

8

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Scheme funder requirements: accounts

9

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Systems and processes requirements

10

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Continuity strategy: administration charges

11

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Continuity strategy: information

12

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Supervisory return: contents

13

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Significant events: notifying the Regulator

14

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Fixed and escalating penalties

15

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Triggering events: notification requirements

16

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Implementation strategy: approval

17

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Implementation strategy: administration charges

18

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Implementation strategy: content

19

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Continuity option 1: transfer out and winding up

20

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Continuity option 2: resolving triggering event

21

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Periodic reporting requirement

22

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Fraud compensation

23

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Pause orders

24

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Administration charges

25

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Application of Part 1 of the Act

26

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27

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28

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29

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Amendment of the Companies Act

30

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Amendment of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations

31

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Amendment of the Overseas Companies Regulations

32

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SCHEDULE 1 — FIT AND PROPER PERSONS REQUIREMENT

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4

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SCHEDULE 2 — FINANCIAL SUSTAINABILITY REQUIREMENT

PART 1 — Matters which the Regulator must take into account

1

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3

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4

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PART 2 — Requirements to be met by Master Trust schemes and scheme funders

5

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6

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SCHEDULE 3 — THE BUSINESS PLAN

PART 1 — Information to be included in the business plan

General

1

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2

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3

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4

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5

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Information about the Master Trust scheme

6

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7

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9

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10

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11

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12

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13

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14

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15

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16

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Information about scheme funders

17

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18

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19

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Information about the scheme strategist

20

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Information following a triggering event

21

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PART 2 — Requirements relating to the business plan to be set out in a Code

22

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23

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24

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25

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26

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27

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SCHEDULE 4 — SYSTEMS AND PROCESSES REQUIREMENTS

Features and functionality of IT systems

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Standards required of IT systems

2

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Maintenance of IT systems

3

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Member records

4

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Trustees and others

5

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Contracts and service providers

6

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Risk management

7

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Security

8

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Resource planning

9

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Investments

10

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Member communication

11

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SCHEDULE 5 — CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP

Interpretation

1

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Calculation of cash equivalent

2

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Trustees’ powers

3

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Trustees’ first notice to employers and members

4

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Employer’s response to trustees

5

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Trustees’ second notice to members

6

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Member’s response to trustees

7

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Trustees’ duty to transfer

8

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Notice of expected transfer date

9

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Transfer requirements: choice of arrangements

10

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Requirements to be met by default schemes

11

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Trustees’ power to transfer otherwise than to a scheme

12

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Administration charges

13

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Future contributions

14

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Cessation of accruals

15

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Winding up

16

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Regulator’s power to direct

17

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Civil penalties

18

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Signed

Sealed with the Official Seal of the Department for Communities on 16th March 2022

Anne McCleary — A senior officer of the Department for Communities

Explanatory note

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Footnotes

[^f00001]: 2021 c. 6 (N.I.)

[^f00002]: S.R. 1997 No. 94

[^f00003]: S.R. 2015 No. 309

[^f00004]: 2006 c. 46

[^f00005]: See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015 (c.8)

[^f00006]: S.I. 2006/246

[^f00007]: There are further provisions about relevant transfers in regulation 3 of S.I. 2006/246, which was amended by regulation 5 of S.I. 2014/16

[^f00008]: 1997 c. 50; section 112(1) was amended by Part 8 of Schedule 8 to the Policing and Crime Act 2009 (c. 26), section 80(1) of the Protection of Freedoms Act 2012 (c. 9) and Article 37(a) of S.I. 2012/3006

[^f00009]: Regulation 23 was added by regulation 17(1) of S.R. 2015 No. 309 and amended by regulation 5 of S.R. 2016 No. 192, regulation 2 of S.R. 2018 No. 53 and regulation 2(2) of S.R. 2021 No. 272

[^f00010]: “Statement of investment principles” is defined in Article 35(2) of the Pensions (Northern Ireland) Order 1995 (S.I.1995/3213 (N.I. 22)); Article 35 was substituted by Article 221 of the Pensions (Northern Ireland) Order 2005 (S.I.2005/255 (N.I. 1))

[^f00011]: S.R. 2005 No. 569; regulation 2 was amended by regulation 4 of S.R. 2018 No. 165 and regulation 2 of S.R. 2019 No. 115

[^f00013]: Article 49(8A) was inserted by Article 154(5) of S.I. 2001/3649 and amended by Article 4 of S.I. 2013/472 and regulation 3 of S.I. 2019/193

[^f00014]: S.I. 2008/569. Regulation 3 was substituted by regulation 4(3) of S.I. 2013/2005. Regulation 4 was amended by regulation 4(4) of S.I. 2013/2005. Regulation 7 was amended by paragraph 10 of Schedule 3 to S.I. 2019/145. Regulation 9 was amended by regulation 14(2) of S.I. 2016/649

[^f00015]: Article 225 was amended by paragraph 252(9) of Schedule 1 to S.I. 2009/1941

[^f00016]: S.R. 1997 No. 40; the definition of “ear-marked scheme” was amended by paragraph 14(2) of the Schedule to S.R.1997No.160

[^f00017]: Section 399 was amended by regulation 5(6) of S.I. 2015/980 and regulation 3(4) of S.I. 2016/1245

[^f00018]: “Statement of investment principles” is defined in Article 35(2) of the Pensions (Northern Ireland) Order 1995; Article 35 was substituted by Article 221 of the Pensions (Northern Ireland) Order 2005

[^f00019]: Item 2A of the table is substituted for item 2 by paragraph 10(c) of Schedule 2 to the Pension Schemes Act (Northern Ireland) 2021 in respect of Master Trust schemes in operation before the commencement date

[^f00020]: Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005

[^f00021]: S.R. 2005 No. 381 to which there are amendments not relevant to these Regulations

[^f00022]: 2021 c. 6 (N.I.)

[^f00023]: Section 95 was amended by paragraph 59 of Schedule 4 to the Pension Schemes Act 2015

[^f00024]: S.R. 1996 No. 619; regulation 13 was amended by regulation 4(3) of S.R. 2005 No. 114, regulation 5 of S.R. 2015 No. 164 and Article 27(2) of S.R. 2016 No. 158

[^f00025]: S.I. 1999/3147 (N.I.11); Article 22 was amended by paragraph 52 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 109 of Schedule 29 and Schedule 30 to the Civil Partnership Act 2004 (c. 33)

[^f00026]: S.I. 2001/544; the definition of “financial instrument” was inserted by Article 3(b) of S.I. 2006/3384 and amended by Article 2(4) of S.I. 2017/488 and Article 121(4) of S.I. 2019/632

[^f00027]: Regulation 1(2ZB) was inserted by regulation 14(b) of S.R. 2015 No. 309

[^f00028]: Article 7 was amended by Article 31(1) of, and paragraph 30 of Schedule 10 and Schedule 11 to, the Pensions (Northern Ireland) Order 2005, section 106(1) of the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) and paragraph 3 of Schedule 19 to the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))

[^f00030]: 2021 c. 6 (N.I.)

[^f00034]: Section 478 was amended by regulation 3(5) of S.I. 2007/2932 and regulation 30(4) of S.I. 2018/1030

[^f00035]: Section 479B was inserted by regulation 7 of S.I. 2012/2301 and amended by regulation 10(3) of S.I. 2015/980 and regulation 30(5) of S.I. 2018/1030

[^f00036]: S.I. 2008/1911

[^f00037]: Section 384, as modified by regulation 5, was amended by regulation 3(2) of S.I. 2013/2005, regulation 5(4) of S.I.2016/575 and regulation 31(2) of S.I. 2018/1030

[^f00038]: Section 467, as modified by regulation 26, was amended by regulation 3(3) of S.I. 2013/2005, regulation 17(4) of S.I.2016/575 and regulation 31(3) of S.I. 2018/1030

[^f00039]: Section 478, as modified by regulation 34, was amended by regulation 31(4) of S.I. 2018/1030

[^f00040]: Regulation 34A was inserted by regulation 20(4) of S.I. 2012/2301

[^f00041]: Section 479B, as modified by regulation 34A, was amended by regulation 22(3) of S.I. 2016/575 and regulation 31(5) of S.I. 2018/1030

[^f00042]: S.I. 2009/1801; regulation 38 was amended by regulation 32(2) of S.I. 2018/1030

[^f00043]: Schedule 2A was inserted by Schedule 5 to the Insolvency (Northern Ireland) Order 2005 (S.I.2005/1455(N.I.10))

[^f00044]: Section 263H was inserted by Schedule 18 to the Enterprise and Regulatory Reform Act 2013 (c. 24)

[^f00045]: Section 381(2) was amended by paragraph 52(4) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00046]: Section 381(1) was amended by paragraph 52(2) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00047]: Schedule 4A was inserted by Schedule 20 to the Enterprise Act 2002 (c. 40)

[^f00048]: “Director” is defined in section 250 of the Companies Act 2006

[^f00049]: S.I. 1978/1908 (N.I.27)

[^f00050]: 1974 c. 53

[^f00051]: S.I. 2002/3150 (N.I.4); Article 3(1) was amended by Article 4(3) of the Company Directors Disqualification (Amendment) Order (Northern Ireland) 2005 (S.I. 2005/1454 (N.I.9))

[^f00052]: 1986 c. 46. Section 1(1) was amended by section 5(1) of the Insolvency Act 2000 (c.39) and section 204(3) of the Enterprise Act 2002 (c.40). Section 1A was inserted by section 6(2) of the Insolvency Act 2000 and amended by paragraph 3 of Schedule 7 to the Small Business, Enterprise and Employment Act 2015 (c. 26)

[^f00053]: “Registrar of companies” is defined in section 1060(3) of the Companies Act 2006

[^f00054]: Article 3 was substituted by Article 29 of the Pensions (Northern Ireland) Order 2005 and amended by paragraph 3 of Schedule 1 to the Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c.4(N.I.))

[^f00055]: 1995 c. 26

[^f00056]: Section 3 was substituted by section 33 of the Pensions Act 2004 (c. 35) and amended by paragraph 22 of Schedule 2 to S.I.2010/22

[^f00057]: Article 29 was amended by paragraph 11 of Schedule 3 to the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I.1), paragraph 39 of Schedule 10 and Schedule 11 to the Pensions (Northern Ireland) Order 2005, paragraph 5 of the Schedule to S.R. 2008 No. 94 and paragraph 16(2)(c) of the Schedule to S.R. 2016 No. 108

[^f00058]: Section 29 was amended by paragraph 45 of Schedule 12 and Schedule 13 to the Pensions Act 2004, paragraph 6 of the Schedule to S.I. 2004/1941, paragraph 5 of Schedule 2 to S.I. 2006/1722, paragraph 155(4) of Schedule 1 to S.I. 2009/1941, paragraph 34(3) of Schedule 2 to S.I. 2012/2404 and paragraph 11(3) of Schedule 1 to S.I. 2016/481

[^f00059]: 2016 asp 21

[^f00060]: 1986 c. 45

[^f00061]: S.I. 1989/2405 (N.I.19)

[^f00062]: S.R. 1991 No. 364

[^f00063]: The definition of “adjudicator” was inserted by paragraph 55(a) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00064]: Section 383(1) was amended by Schedule 16 to the Criminal Justice Act 1988 (c. 33) and paragraph 53 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00065]: 2000 c.8

[^f00066]: Article 35 was substituted by Article 221 of the Pensions (Northern Ireland) Order 2005

[^f00068]: Regulation 24 was added by regulation 18 of S.R. 2015 No. 309

[^f00069]: 2004 c. 12; paragraph 4 was amended by paragraph 3 of Schedule 16 to the Finance Act 2011 (c. 11)

[^f00070]: See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015

[^f00071]: The Financial Conduct Authority is described in section 1A of the Financial Services and Markets Act 2000, as substituted by section 6(1) of the Financial Services Act 2012 (c.21); Part 3 of the Financial Services and Markets Act 2000 contains provisions on authorisation

[^f00072]: Chapter 1 was inserted by regulation 6(3) of S.R. 2021 No. 272

Editorial notes