LegalizeThe Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023
Made: 30th March 2023
Coming into operation: 1st April 2023
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Citation and commencement
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Interpretation and notices
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Connected employers
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Application for authorisation
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Fit and proper persons requirement
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Financial sustainability requirement
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Financial sustainability requirement: business plan
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Scheme funder requirements: activities
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Scheme funder requirements: accounts
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Systems and processes requirements
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Continuity strategy: administration charges
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Continuity strategy: information
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Supervisory return: contents
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Significant events: notifying the Regulator
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Fixed and escalating penalties
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Triggering events: notification requirements
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Implementation strategy: approval
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Implementation strategy: administration charges
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Implementation strategy: content
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Continuity option 1: transfer out and winding up
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Continuity option 2: resolving triggering event
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Periodic reporting requirement
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Fraud compensation
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Pause orders
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Administration charges
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Application of Part 1 of the Act
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Amendment of the Companies Act
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Amendment of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations
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Amendment of the Overseas Companies Regulations
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Revocation
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SCHEDULE 1 — FIT AND PROPER PERSONS REQUIREMENT
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SCHEDULE 2 — FINANCIAL SUSTAINABILITY REQUIREMENT
PART 1 — Matters which the Regulator must take into account
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PART 2 — Requirements to be met by Master Trust schemes and scheme funders
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SCHEDULE 3 — THE BUSINESS PLAN
PART 1 — Information to be included in the business plan
General
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Information about the Master Trust scheme
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Information about scheme funders
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Information about the scheme strategist
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Information following a triggering event
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PART 2 — Requirements relating to the business plan to be set out in a Code
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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
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Maintenance of IT systems
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Member records
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Trustees and others
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Contracts and service providers
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Risk management
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Security
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Resource planning
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Investments
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Member communication
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SCHEDULE 5 — CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP
Interpretation
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Calculation of cash equivalent
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Trustees’ powers
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Trustees’ first notice to employers and members
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Employer’s response to trustees
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Trustees’ second notice to members
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Member’s response to trustees
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Trustees’ duty to transfer
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Notice of expected transfer date
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Transfer requirements: choice of arrangements
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Requirements to be met by default schemes
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Trustees’ power to transfer otherwise than to a scheme
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Administration charges
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Future contributions
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Cessation of accruals
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Winding up
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Regulator’s power to direct
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Civil penalties
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Signed
Sealed with the Official Seal of the Department for Communities on 30th March 2023
Anne McCleary — A senior officer of the Department for Communities
Explanatory note
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Footnotes
See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015 (c. 8)
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
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
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
“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))
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
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
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
Article 225 was amended by paragraph 252(9) of Schedule 1 to S.I. 2009/1941
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
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
“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
Section 17(1) was amended by paragraph 21 of Schedule 3 to the Pension Schemes Act (Northern Ireland) 2021
Section 18(1) was amended by paragraph 22(2) and (3) of Schedule 3 to the Pension Schemes Act (Northern Ireland) 2021
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
Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005
S.R. 2005 No. 381 to which there are amendments not relevant to these Regulations
Section 95(2) was substituted by paragraph 59 of Schedule 4 to the Pension Schemes Act 2015
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. 234
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)
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
Regulation 1(2ZB) was inserted by regulation 14(b) of S.R. 2015 No. 309
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.))
Subsection (1) was amended by regulation 3(2)(a) of S.I. 2007/2932, regulation 4(5)(a) of S.I. 2015/980, regulation 30(2)(a) of S.I. 2018/1030 and regulation 30(2)(a) of S.R. 2022 No. 234
Subsection (2) was amended by regulation 3(2)(b) of S.I. 2007/2932, regulation 2(2) of S.I. 2013/2005, paragraph 113 of Schedule 18 to the Financial Services Act 2012 (c. 21), regulation 4(5)(b) of S.I. 2015/980, regulation 30(2)(b) of S.I.2018/1030 and regulation 30(2)(b) of S.R. 2022 No. 234
Subsection (1) was amended by paragraph 111 of Schedule 18 to the Financial Services Act 2012, regulation 2(7)(a) of S.I.2013/2005, regulation 30(3)(a) of S.I. 2018/1030 and regulation 30(3)(a) of S.R. 2022 No. 234
Subsection (2) was amended by regulation 3(3) of S.I. 2007/2932, paragraph 111 of Schedule 18 to the Financial Services Act 2012, regulation 2(7)(b) and (c) of S.I. 2013/2005, regulation 9(4) of S.I. 2015/980, regulation 30(3)(b) of S.I.2018/1030 and regulation 30(3)(b) of S.R. 2022 No. 234
Section 478 was amended by regulation 3(5) of S.I. 2007/2932, regulation 30(4) of S.I. 2018/1030 and regulation 30(4) of S.R. 2022 No. 234
Section 479B was inserted by regulation 7 of S.I. 2012/2301 and amended by regulation 10(3) of S.I. 2015/980, regulation 30(5) of S.I. 2018/1030 and regulation 30(5) of S.R. 2022 No. 234
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, regulation 31(2) of S.I. 2018/1030 and regulation 31(2) of S.R. 2022 No. 234
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, regulation 31(3) of S.I. 2018/1030 and regulation 31(3) of S.R. 2022 No. 234
Section 478, as modified by regulation 34, was amended by regulation 31(4) of S.I. 2018/1030 and regulation 31(4) of S.R.2022No.234
Regulation 34A was inserted by regulation 20(4) of S.I. 2012/2301
Section 479B, as modified by regulation 34A, was amended by regulation 22(3) of S.I. 2016/575, regulation 31(5) of S.I.2018/1030 and regulation 31(5) of S.R. 2022 No. 234
S.I. 2009/1801; regulation 38 was amended by regulation 32(2) of S.I. 2018/1030 and regulation 32 of S.R. 2022 No. 234
Schedule 2A was inserted by Schedule 5 to the Insolvency (Northern Ireland) Order 2005 (S.I.2005/1455(N.I.10))
Section 263H was inserted by Schedule 18 to the Enterprise and Regulatory Reform Act 2013 (c. 24)
Section 381(2) was amended by paragraph 52(4) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013
Section 381(1) was amended by paragraph 52(2) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013
Schedule 4A was inserted by Schedule 20 to the Enterprise Act 2002 (c. 40)
“Director” is defined in section 250 of the Companies Act 2006
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))
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)
“Registrar of companies” is defined in section 1060(3) of the Companies Act 2006
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.))
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
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
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
The definition of “adjudicator” was inserted by paragraph 55(a) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013
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
Article 35 was substituted by Article 221 of the Pensions (Northern Ireland) Order 2005
Paragraph (8A) was inserted by Article 154(5) of S.I. 2001/3649 and amended by regulation 3 of S.R. 2007 No. 457 and Article 4 of S.I. 2013/472
Regulation 24 was added by regulation 18 of S.R. 2015 No. 309
2004 c. 12; paragraph 4 was amended by paragraph 3 of Schedule 16 to the Finance Act 2011 (c. 11)
See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015
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
Chapter 1 was inserted by regulation 6(3) of S.R. 2021 No. 272
Editorial notes
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