LegalizeThe Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2022
Made: 29th September 2022
Coming into operation: 3rd October 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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Revocation
33
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SCHEDULE 1 — FIT AND PROPER PERSONS REQUIREMENT
1
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3
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4
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SCHEDULE 2 — FINANCIAL SUSTAINABILITY REQUIREMENT
PART 1 — Matters which the Regulator must take into account
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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
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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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8
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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
1
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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 29th September 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, regulation 2(2) of S.R. 2021 No. 272 and paragraph 1(4) of Schedule 7 to S.R.2022No.191
[^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, regulation 3(4) of S.I. 2016/1245 and paragraph 8 of Schedule 2 to S.I. 2019/145
[^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]: Section 17(1) was amended by paragraph 21 of Schedule 3 to the Pension Schemes Act (Northern Ireland) 2021
[^f00020]: Section 18(1) was amended by paragraph 22(2) and (3) of Schedule 3 to the Pension Schemes Act (Northern Ireland) 2021
[^f00021]: Item 2A of the table was inserted 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
[^f00022]: Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005
[^f00023]: S.R. 2005 No. 381 to which there are amendments not relevant to these Regulations
[^f00024]: 2021 c. 6 (N.I.)
[^f00025]: Section 95(2) was substituted by paragraph 59 of Schedule 4 to the Pension Schemes Act 2015
[^f00026]: 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, Article 27(2) of S.R. 2016 No. 158 and regulation 24(2) of S.R. 2022 No. 121
[^f00027]: 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)
[^f00028]: 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
[^f00029]: Regulation 1(2ZB) was inserted by regulation 14(b) of S.R. 2015 No. 309
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