The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024

• (3) The trustees of a scheme that is pursuing continuity option 1 may, where appropriate, decline a member’s request for a drawdown pension (as defined in paragraph 4 of Schedule 28 to the Finance Act 2004[^f00072]) (drawdown pension) in the transferring scheme.

• (4) A transfer, transfer payment or alternative arrangement under this paragraph is prescribed for the purposes of section 69(4)(b) of the Pension Schemes Act (form of short service benefit and its alternatives).

Trustees’ first notice to employers and members

4

• (1) When the trustees have identified the trustee default scheme, they must send a notice to each participating employer, each member and the trustees of the trustee default scheme.

• (2) A notice under this paragraph must be sent within the period of 14 days beginning with—

• (a) the date on which the trustees identify the trustee default scheme, or

• (b) if later, the date on which the Regulator notifies the trustees that the implementation strategy has been approved.

• (3) A notice sent to a member under this paragraph must include information about—

• (a) where the member can obtain guidance about the proposed transfer;

• (b) the member’s right to choose whether his or her accrued rights and benefits in the transferring scheme are transferred to—

• (i) a scheme selected by the trustees or, where applicable, the member’s employer, or

• (ii) an alternative scheme selected by the member;

• (c) the member’s right to require the cash equivalent of his or her accrued rights and benefits to be used to buy one or more policies as set out in paragraph 7(1)(b), and

• (d) the timetable for future communication with the member.

• (4) A notice sent to an employer under this paragraph must include information about—

• (a) the trustee default scheme, including its name;

• (b) the expected date on which the transferring scheme will stop accepting contributions;

• (c) the employer’s options for complying with its automatic enrolment duties when the transferring scheme has stopped accepting contributions;

• (d) where the employer can obtain guidance about the proposed transfer;

• (e) the employer’s option to nominate an employer default scheme in respect of its workers who are active members of the transferring scheme;

• (f) the fact that if the employer does not nominate an employer default scheme, active members will be transferred to the trustee default scheme, and

• (g) the timetable for future communication with the employer.

• (5) A notice sent to the trustees of the trustee default scheme under this paragraph must state that the trustee default scheme has been selected under section 24(1)(a) of the Act (continuity option 1: transfer out and winding up).

Employer’s response to trustees

5

• (1) Each employer which receives a notice under paragraph 4 must give notice to the trustees of whether—

• (a) it accepts the choice of trustee default scheme in relation to members then employed by it, or

• (b) it opts to nominate an alternative scheme (the trustees of which are able and willing to accept the transfer) as the employer default scheme for those members, in which case it must state the name of that scheme and inform the trustees of that scheme that it has been so nominated.

• (2) Each employer that has opted to nominate an alternative scheme as the employer default scheme must give notice of that nomination to those of its workers who are active members of the transferring scheme.

• (3) A notice to trustees or workers under this paragraph must be sent within the period of 8 weeks beginning with the date when the employer received the notice under paragraph 4.

• (4) If the trustees receive no notice from an employer under this paragraph, the employer is deemed to have accepted the trustee default scheme as the default scheme for members then employed by it.

Trustees’ second notice to members

6

• (1) After the period allowed for employers to send notice to the trustees under paragraph 5, the trustees must send a second notice to each member of the transferring scheme.

• (2) A notice under this paragraph must be sent within the period of 3 months beginning with the day on which the trustees sent notice to members and employers under paragraph 4.

• (3) A notice under this paragraph must state—

• (a) the proposed transfer date;

• (b) if the member’s employer has not nominated an employer default scheme—

• (i) the fact that the member will be transferred to the trustee default scheme unless the member specifies otherwise, and

• (ii) the name of, and information about—

• (aa) the trustee default scheme, and

• (bb) the default arrangement in that scheme;

• (c) if the member’s employer has nominated an employer default scheme—

• (i) the fact that the member will be transferred to the employer default scheme unless the member specifies otherwise, and

• (ii) the name of, and information about—

• (aa) the employer default scheme, and

• (bb) the default arrangement in that scheme;

• (d) the member’s ability to obtain information about arrangements from the applicable scheme;

• (e) the fact that the member’s funds will be allocated to the default arrangement unless the member specifies otherwise;

• (f) where the member can obtain guidance about the proposed transfer;

• (g) the member’s right to choose whether the member’s accrued rights and benefits in the transferring scheme are transferred to—

• (i) the applicable scheme, or

• (ii) an alternative scheme selected by the member;

• (h) the requirement for a member who has selected an alternative scheme to send the trustees of the transferring scheme a notice that meets the requirements of paragraph 7(2);

• (i) the member’s rights under Part 4ZA[^f00073] of the Pension Schemes Act (transfers and contribution refunds);

• (j) the member’s right to require the cash equivalent of the member’s accrued rights and benefits to be used to buy one or more policies as set out in paragraph 7(1)(b);

• (k) the consequences for the member of his or her choice of receiving scheme, with particular reference to its effect on payment of contributions by the member’s employer;

• (l) the timetable for future communication with members.

Member’s response to trustees

7

• (1) A member who has received notice from the trustees under paragraph 6 may give notice to the trustees requiring them—

• (a) to transfer the member’s accrued rights and benefits in the transferring scheme to—

• (i) the applicable scheme, or

• (ii) an alternative scheme selected by the member, the trustees of which are able and willing to accept the transfer, or

• (b) to use the cash equivalent of the member’s accrued rights and benefits to purchase one or more policies from one or more insurers authorised by the Financial Conduct Authority[^f00074] for carrying on long-term insurance business in the United Kingdom.

• (2) A notice under this paragraph—

• (a) must be sent within the period of 3 months beginning with the day when the member received notice from the trustees under paragraph 6 (“the option period”), and

• (b) must contain sufficient information about the alternative scheme referred to in sub-paragraph (1)(a)(ii) or the destination of the cash equivalent referred to in sub-paragraph (1)(b), including bank account details, necessary for the trustees to comply with paragraph 8(1).

• (3) An alternative scheme selected by the member must be—

• (a) a Master Trust scheme authorised under the Act, or

• (b) a personal pension scheme as defined in section 1 of the Pension Schemes Act (categories of pension schemes).

Trustees’ duty to transfer

8

• (1) If the trustees receive notice from a member in accordance with paragraph 7, they must—

• (a) arrange for the member’s accrued rights and benefits to be transferred, or the member’s cash equivalent applied, as specified in the notice;

• (b) notify the member of the value of the cash equivalent of his or her accrued rights if the member is not yet receiving benefits under the transferring scheme, and

• (c) notify the member of the value of his or her remaining benefits if the member is receiving benefits under the transferring scheme.

• (2) If the trustees do not receive notice from a member under paragraph 7, the member’s accrued rights and benefits must be transferred to the applicable scheme.

• (3) Any transfer of a member’s rights and benefits, and any application of a member’s cash equivalent, under this paragraph must be made within the period of 3 months beginning with the end of the option period referred to in paragraph 7(2)(a).

Notice of expected transfer date

9

Not less than one month before the expected transfer date, the trustees must notify each participating employer of the expected transfer date.

Transfer requirements: choice of arrangements

10

• (1) The trustees of the applicable scheme must, as soon as reasonably practicable, contact each member whose accrued rights or benefits are to be transferred to that scheme and must invite them to select an arrangement of the applicable scheme into which those rights or benefits are to be transferred.

• (2) The accrued rights of members who do not respond to the applicable scheme within 8 weeks after the date on which they received the invitation referred to in sub-paragraph (1) must remain in an arrangement which—

• (a) meets the conditions for use as the default arrangement of the applicable scheme, and

• (b) complies with Chapter 1[^f00075] (default arrangements, non-contributing members and payments to advisers) of Part 2 (restrictions on charges) of the Charges and Governance Regulations.

Requirements to be met by default schemes

11

The trustee default scheme and any employer default scheme must each be—

• (a) a Master Trust scheme authorised under the Act, and

• (b) an automatic enrolment scheme in relation to the members being transferred, as defined in section 17 of the Pensions (No. 2) Act (automatic enrolment schemes), or a scheme which would be an automatic enrolment scheme if the members being transferred were jobholders as defined in section 16(1) of that Act.

Trustees’ power to transfer otherwise than to a scheme

12

• (1) Where the trustees cannot identify a scheme which they consider appropriate for use as a default scheme in respect of a member of the transferring scheme, the trustees may make arrangements to transfer that member’s accrued rights and benefits to a vehicle which will secure suitable benefits for the member that are comparable to those in the transferring scheme.

• (2) Before making arrangements under sub-paragraph (1), the trustees must notify the members to whom the arrangements relate of their intention to do so.

• (3) The arrangements permitted by sub-paragraph (1) are the purchase of one or more policies from one or more insurers authorised by the Financial Conduct Authority for carrying on long-term insurance business in the United Kingdom.

• (4) A transfer under sub-paragraph (1) is prescribed for the purposes of section 69(4)(b) of the Pension Schemes Act (form of short service benefit and its alternatives).

Administration charges

13

• (1) For the purposes of section 24(5)(i) of the Act (continuity option 1: transfer out and winding up), the trustees of an applicable scheme must provide to the Regulator a document setting out the administration charges in accordance with the following provisions.

• (2) The document must be provided within the period of 28 days beginning with—

• (a) in the case of the trustee default scheme, the date on which the trustees received notice from the trustees of the transferring scheme under paragraph 4(1), or

• (b) in the case of an employer default scheme, the date on which the trustees received notice from the employer under paragraph 5(1)(b).

• (3) The document must set out all levels of administration charges for each charge structure, including any discounted levels—

• (a) for each arrangement, including a default arrangement, and any different levels in relation to any one arrangement;

• (b) for any additional charges, including the reason for imposing them;

• (c) for any third-party charges, including the reason for imposing them, and

• (d) for any other type of administration charge in the scheme, including the reason for imposing it.

• (4) The charges must be set out as at the most recent date, not falling within a triggering event period in relation to the transferring scheme, on which the applicable scheme submitted a continuity strategy to the Regulator.

• (5) The levels must be set out on an annualised basis.

• (6) Where there is a discounted level, the reason for charging the lower level must also be set out.

• (7) The document must include a statement explaining—

• (a) how the applicable scheme has complied with section 33(2) of the Act (prohibition on increasing charges during triggering event period);

• (b) whether the applicable scheme is liable for the costs mentioned in section 33(3) of the Act, and

• (c) if the applicable scheme is liable for those costs, how it is to meet them.

Future contributions

14

The trustees of a scheme that is pursuing continuity option 1 may—

• (a) arrange for the future contributions of employers and active members to be paid to the trustee default scheme from a date to be decided by the trustees, and

• (b) arrange for any contributions received from employers and active members after the date referred to in sub-paragraph (a) to be forwarded to the trustees of the applicable scheme.

Cessation of accruals

15

• (1) On the transfer date, the trustees of the transferring scheme are discharged from any obligation to receive contributions from members or maintain arrangements for the accrual of rights to benefits in respect of them.

• (2) When the accrued rights and benefits of members of the transferring scheme have been transferred to a receiving scheme, the trustees of the transferring scheme are discharged from any obligation to provide benefits to those members.

• (3) This paragraph does not apply in respect of members who are transferring out of the scheme in accordance with Part 4ZA of the Pension Schemes Act (transfers and contribution refunds).

Winding up

16

The Regulator may direct the trustees of the transferring scheme to wind up the scheme where continuity option 1 is being pursued.

Regulator’s power to direct

17

The trustees of a Master Trust scheme must comply with a direction issued by the Regulator requiring them to do anything permitted or required by this Schedule.

Civil penalties

18

Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a requirement imposed by this Schedule, including where the requirement is contained in a direction made under it.

Signed

Sealed with the Official Seal of the Department for Communities on 26th March 2024

Patrick Rooney — A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations revoke and re-enact the Occupational Pension Schemes (Master Trusts) (No.2) Regulations (Northern Ireland) 2023 (“the Master Trusts Regulations”) which would otherwise cease to have effect by virtue of section 42(2)(b) of the Pension Schemes Act (Northern Ireland) 2021 (“the Act”). Like the Master Trusts Regulations, the Regulations implement the new authorisation and supervisory regime for Master Trust pension schemes under the provisions of the Act.

Regulation 3 sets out when one employer is treated as connected with another employer for the purpose of section 1(3)(b) of the Act.

Regulation 4 sets out the information to be included in a Master Trust scheme’s application for authorisation by the Pensions Regulator (“the Regulator”) under section 4 of the Act, and specifies the application fee payable to the Regulator.

Regulation 5 introduces Schedule 1, which sets out the matters that the Regulator must take into account in assessing whether a person involved in a Master Trust scheme is a fit and proper person.

Regulation 6 introduces Schedule 2, which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that a Master Trust scheme is financially sustainable.

Regulation 7 and Schedule 3 contain requirements in relation to the business plan which a Master Trust scheme must submit to the Regulator under section 9 of the Act.

Regulation 8 sets out the requirements on scheme funders which are applying for exemption from the requirement, in section 10(3) of the Act, that they should only carry out activities that relate directly to Master Trust schemes that they are, or will be, funding.

Regulation 9 contains requirements in respect of a scheme funder’s accounts and auditing, and requirements in respect of any undertaking funding a scheme funder.

Regulation 10 introduces Schedule 4, which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that the systems and processes used in running a Master Trust scheme are sufficient to ensure that it is run effectively.

Regulation 11 contains requirements in respect of the section of a Master Trust scheme’s continuity strategy which sets out the levels of administration charges imposed by the scheme. (The continuity strategy is a document addressing how members’ interests will be protected if a triggering event occurs in relation to the scheme.)

Regulation 12 specifies the information which the continuity strategy must contain, and how it must be prepared.

Regulation 13 sets out the information which the Regulator may require to be included in the supervisory return (a document which it may require schemes to submit in writing).

Regulation 14 lists the significant events in relation to the scheme which must be notified to the Regulator.

Regulation 15 sets out the fixed and escalating penalties that the Regulator can impose on a person that has not complied with a request for information.

Regulation 16 contains the matters which the trustees of a scheme must notify to employers who use the scheme when a triggering event occurs in relation to the scheme.

Regulation 17 sets the deadlines for a scheme’s implementation strategy to be submitted when it requires approval by the Regulator (the implementation strategy is a document setting out how members’ interests are to be protected after a triggering event has occurred in relation to the scheme).

Regulation 18 states how a scheme’s administration charges must be calculated and set out in the implementation strategy.

Regulation 19 stipulates what a scheme’s implementation strategy must contain and how it must be prepared and made available to employers.

Regulation 20 introduces Schedule 5, which sets out the procedure to be followed when a triggering event has occurred and the scheme’s trustees are pursuing continuity option 1, under which members’ accrued rights and benefits are transferred out of the scheme and the scheme is wound up.

Regulation 21 prescribes the deadline for a scheme’s trustees to notify the Regulator when they believe that a triggering event has been resolved.

Regulation 22 prescribes the deadline for a scheme’s trustees to submit their first periodic report to the Regulator during a triggering event period, and specifies the information which reports must contain in addition to that required by the Act.

Regulation 23 modifies various Articles of the Pensions (Northern Ireland) Order 2005 on fraud compensation, as they apply to Master Trust schemes or other schemes to which Part 1 of the Act applies. Consequential modifications are also made to the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005.

Regulation 24 modifies section 95 of the Pension Schemes (Northern Ireland) Act 1993 (trustees’ duties) as it applies to a Master Trust scheme in respect of which the Regulator has made a pause order under section 31 of the Act. Consequential modifications are also made to the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996.

Regulation 25 sets out the types of costs that must not be included in the administration charges that apply in relation to the members of a Master Trust.

Regulation 26 provides that the authorisation and regulatory regime in Part 1 of the Act does not apply to hybrid schemes whose membership is limited to members or former members of a statutory pension scheme and which are closed to new members.

Regulation 27 provides that the regime in Part 1 of the Act does not apply to schemes whose only member is employed by 2 or more employers; to small self-administered schemes; or to schemes where the only money purchase benefits provided are those attributable to additional voluntary contributions made by non-money purchase members or to transfers from other schemes in respect of those members.

Regulation 28 modifies Part 1 of the Act to disapply certain requirements relating to scheme funders in respect of existing hybrid schemes which have more than one scheme funder, each of which is a participating employer.

Regulation 29 provides that 2 or more pension schemes under common control are treated as a single Master Trust scheme for the purposes of Part 1 of the Act if they are money purchase or hybrid schemes, each of which is used by one employer or multiple connected employers, or if they comprise a Master Trust scheme and its associated decumulation-only scheme.

Regulation 30 amends the Companies Act 2006 to exclude scheme funders of Master Trust schemes from the less stringent regime available to small and medium-sized companies, and certain subsidiaries, under that Act.

Regulation 31 amends the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 to exclude scheme funders which are limited liability partnerships from the less stringent regime available to small and medium-sized LLPs, and certain subsidiaries, under those Regulations.

Regulation 32 amends the Overseas Companies Regulations 2009 to exclude scheme funders of Master Trust schemes which are registered outside the UK from the less stringent accounting requirements which would otherwise apply to such overseas companies.

Regulation 33 revokes the Master Trusts Regulations.

An assessment of the impact of this legislation is included in the Regulatory Impact Assessment which accompanied the Act, a copy of which has been laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Assessment are available from the Department for Communities, Social Security Policy, Legislation and Decision Making Services, Level 8, Causeway Exchange, 1-7 Bedford Street, Belfast BT2 7EG or from the website: https://www.communities-ni.gov.uk/articles/pension-information.

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, regulation 2(3) of S.R. 2023 No. 158 and paragraph 1(4) of Schedule 7 to S.R. 2024 No. 15

[^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 and amended by section 76(4) of the Pension Schemes Act 2021 (c. 1)

[^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, Articles 27(2) and 33(2) of S.R. 2016 No. 158, regulation 3(8) of S.R. 2022 No. 192 and regulation 24(2) of S.R. 2023 No.148

[^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

[^f00030]: 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.))

[^f00032]: 2021 c. (N.I.)6

[^f00036]: 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. 2023 No. 148

[^f00037]: 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. 2023 No. 148

[^f00038]: S.I. 2008/1911

[^f00039]: 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. 2023 No. 148

[^f00040]: 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. 2023 No. 148

[^f00041]: 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.2023No.148

[^f00042]: Regulation 34A was inserted by regulation 20(4) of S.I. 2012/2301

[^f00043]: 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. 2023 No. 148

[^f00044]: S.I. 2009/1801; regulation 38 was amended by regulation 32(2) of S.I. 2018/1030 and regulation 32 of S.R. 2023 No. 148

[^f00045]: S.R. 2023 No. 148

[^f00046]: Schedule 2A was inserted by Schedule 5 to the Insolvency (Northern Ireland) Order 2005 (S.I.2005/1455(N.I.10))

[^f00047]: Section 263H was inserted by Schedule 18 to the Enterprise and Regulatory Reform Act 2013 (c. 24)

[^f00048]: Section 381(2) was amended by paragraph 52(4) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00049]: Section 381(1) was amended by paragraph 52(2) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00050]: Schedule 4A was inserted by Schedule 20 to the Enterprise Act 2002 (c. 40)

[^f00051]: “Director” is defined in section 250 of the Companies Act 2006

[^f00052]: S.I. 1978/1908 (N.I. 27)

[^f00053]: 1974 c. 53

[^f00054]: 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))

[^f00055]: 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)

[^f00056]: “Registrar of companies” is defined in section 1060(3) of the Companies Act 2006

[^f00057]: 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.))

[^f00058]: 1995 c. 26

[^f00059]: 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

[^f00060]: 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

[^f00061]: 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

[^f00062]: 2016 asp 21

[^f00063]: 1986 c. 45

[^f00064]: S.I. 1989/2405 (N.I. 19)

[^f00065]: S.R. 1991 No. 364

[^f00066]: The definition of “adjudicator” was inserted by paragraph 55(a) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00067]: 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

[^f00068]: 2000 c.8

[^f00069]: Article 35 was substituted by Article 221 of the Pensions (Northern Ireland) Order 2005

[^f00071]: Regulation 24 was added by regulation 18 of S.R. 2015 No. 309

[^f00072]: 2004 c. 12; paragraph 4 was amended by paragraph 3 of Schedule 16 to the Finance Act 2011 (c. 11)

[^f00073]: See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015

[^f00074]: 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

[^f00075]: Chapter 1 was inserted by regulation 6(3) of S.R. 2021 No. 272

Editorial notes

[^key-b983f412d70d023213e37abe0f59b0df]: Reg. 1 in operation at 27.3.2024, see reg. 1

[^key-1a38b0313be8248b5fc81ea12da5ff16]: Reg. 2 in operation at 27.3.2024, see reg. 1

[^key-4e8dc47e700303db1d35dd6de3bdf6e3]: Reg. 3 in operation at 27.3.2024, see reg. 1

[^key-747c81c26f7d5c1bdf7482de9c154b49]: Reg. 4 in operation at 27.3.2024, see reg. 1

[^key-16b72976e883e01778e6f157a33b362e]: Reg. 5 in operation at 27.3.2024, see reg. 1

[^key-e3e158cb58615bda305ab00d45b84905]: Reg. 6 in operation at 27.3.2024, see reg. 1

[^key-504529c8e43dad47efaa2c3a8bd64bd2]: Reg. 7 in operation at 27.3.2024, see reg. 1

[^key-fe1a56159eaaae90c743503ef605c3fb]: Reg. 8 in operation at 27.3.2024, see reg. 1

[^key-85a9156da9df1b70bb1e0ecba155e670]: Reg. 9 in operation at 27.3.2024, see reg. 1

[^key-66ce276210ad1213d39e7f0d0c3d4a34]: Reg. 10 in operation at 27.3.2024, see reg. 1

[^key-44fbbae1a4fbaccaa19a0b34921f0ad5]: Reg. 11 in operation at 27.3.2024, see reg. 1

[^key-07a738f206e4cb15db0e3338ef1e6175]: Reg. 12 in operation at 27.3.2024, see reg. 1

[^key-e66fd3839115396a219307807c539182]: Reg. 13 in operation at 27.3.2024, see reg. 1

[^key-3b4a200fcf305701ea0aa66ee330f966]: Reg. 14 in operation at 27.3.2024, see reg. 1

[^key-e77cb12cacc1ef33c4a877e20b27fdac]: Reg. 15 in operation at 27.3.2024, see reg. 1

[^key-57070f6549916d3630f5a8637b820b3a]: Reg. 16 in operation at 27.3.2024, see reg. 1

[^key-1198d9110788982cce57cc78e17bfbd1]: Reg. 17 in operation at 27.3.2024, see reg. 1

[^key-71dbea729d54c2a02bb9f779e313c1cf]: Reg. 18 in operation at 27.3.2024, see reg. 1

[^key-572a51bc568a7802b30abbc7c4174a6e]: Reg. 19 in operation at 27.3.2024, see reg. 1

[^key-90b2e74889ed8a0a788ba1bf8ec02d46]: Reg. 20 in operation at 27.3.2024, see reg. 1

[^key-2b151c2ae7b2ffa61388693f33bc7b8a]: Reg. 21 in operation at 27.3.2024, see reg. 1

[^key-daf5e5f831fa59a23737c04e8afe0b67]: Reg. 22 in operation at 27.3.2024, see reg. 1

[^key-edbe8c1157d0df1fc053f24ed6390824]: Reg. 23 in operation at 27.3.2024, see reg. 1

[^key-3ed030137d83ab7a86ab849c7c3a01cc]: Reg. 24 in operation at 27.3.2024, see reg. 1

[^key-3f52216d2f5e419983fdd4ddea32297d]: Reg. 25 in operation at 27.3.2024, see reg. 1

[^key-4453795fbcd706a000e561296a72c0c8]: Reg. 26 in operation at 27.3.2024, see reg. 1

[^key-e3bcf94cf6e8eab0a3f28a0d0ab93037]: Reg. 27 in operation at 27.3.2024, see reg. 1

[^key-a128a7abb0514a4966af8b1e7e167511]: Reg. 28 in operation at 27.3.2024, see reg. 1

[^key-ffd4ed8afa0d6c908277712ac1f1bab2]: Reg. 29 in operation at 27.3.2024, see reg. 1

[^key-99726aaf8061eeb85c95229296c9a342]: Reg. 30 in operation at 27.3.2024, see reg. 1

[^key-6350a3ad160c39d2a7852c0c089649c3]: Reg. 31 in operation at 27.3.2024, see reg. 1

[^key-f868057f505bbe5b7325c83e8af72422]: Reg. 32 in operation at 27.3.2024, see reg. 1

[^key-facce7ceda94251cf4e213a71a8808e7]: Reg. 33 in operation at 27.3.2024, see reg. 1

[^key-14aa157344d75181b9f94afeabb0c8ae]: Sch. 1 para. 1 in operation at 27.3.2024, see reg. 1

[^key-408468753616b1e6168b768cb30846f3]: Sch. 1 para. 2 in operation at 27.3.2024, see reg. 1

[^key-3cf8949d7c2a79c7bb9289f40478219d]: Sch. 1 para. 3 in operation at 27.3.2024, see reg. 1

[^key-001c3106ed909d3acc9472bc30cb3901]: Sch. 1 para. 4 in operation at 27.3.2024, see reg. 1

[^key-33cc7730253383c57aa0961d5ea6f652]: Sch. 2 para. 1 in operation at 27.3.2024, see reg. 1

[^key-04154e44c9ab606b09af26b03e64fcaa]: Sch. 2 para. 2 in operation at 27.3.2024, see reg. 1

[^key-09b7946b0493c6563034d4e0f4ddd265]: Sch. 2 para. 3 in operation at 27.3.2024, see reg. 1

[^key-05aaec3241c26b3f050f04d86261f571]: Sch. 2 para. 4 in operation at 27.3.2024, see reg. 1

[^key-ef54c17dc2e4f5f1507266484317641a]: Sch. 2 para. 5 in operation at 27.3.2024, see reg. 1

[^key-d16efc08f9f9b4ead208f0bdcbb4a543]: Sch. 2 para. 6 in operation at 27.3.2024, see reg. 1

[^key-69a9c097caa05ca7482a72a774184c97]: Sch. 3 para. 1 in operation at 27.3.2024, see reg. 1

[^key-a9df1472e2fd7ea9d3283065b342c4e0]: Sch. 3 para. 2 in operation at 27.3.2024, see reg. 1

[^key-1a0931b3f9e865e830923ccb3f4bdac1]: Sch. 3 para. 3 in operation at 27.3.2024, see reg. 1

[^key-c99003e7e0ceaf1771daa0d7ab75016a]: Sch. 3 para. 4 in operation at 27.3.2024, see reg. 1

[^key-9019bb5249c1d9c48b23503cd6715fc1]: Sch. 3 para. 5 in operation at 27.3.2024, see reg. 1

[^key-a26b38c51183b05098d9efeb91abd61d]: Sch. 3 para. 6 in operation at 27.3.2024, see reg. 1

[^key-94f51e9581240383991077cf66f15935]: Sch. 3 para. 7 in operation at 27.3.2024, see reg. 1

[^key-57835151de4eb63b80853827d0800cda]: Sch. 3 para. 8 in operation at 27.3.2024, see reg. 1

[^key-1d2a0dc068e287f993ab516ce11c469d]: Sch. 3 para. 9 in operation at 27.3.2024, see reg. 1

[^key-d818faf0959212432c9b9bc6f6df7583]: Sch. 3 para. 10 in operation at 27.3.2024, see reg. 1

[^key-7955f78cce41ccda9e7c5dc55b36a5b7]: Sch. 3 para. 11 in operation at 27.3.2024, see reg. 1

[^key-1c8c5b4159c2b6cbf9668a72ec2509ad]: Sch. 3 para. 12 in operation at 27.3.2024, see reg. 1

[^key-543a23455187e9fc871ea8c8fb375fb7]: Sch. 3 para. 13 in operation at 27.3.2024, see reg. 1

[^key-12768827c2164a1effc84546715f5ad8]: Sch. 3 para. 14 in operation at 27.3.2024, see reg. 1

[^key-63ddc82ac148ae28bea9765cc7211d0a]: Sch. 3 para. 15 in operation at 27.3.2024, see reg. 1

[^key-260431541a24b4baed11bbc60b893be2]: Sch. 3 para. 16 in operation at 27.3.2024, see reg. 1

[^key-366aa26bae8d80f5ed4f030bd610e89f]: Sch. 3 para. 17 in operation at 27.3.2024, see reg. 1

[^key-9adc03a08163e405e736210e9b833fcb]: Sch. 3 para. 18 in operation at 27.3.2024, see reg. 1

[^key-2c57b986c7230635bb1cd78acc1d06af]: Sch. 3 para. 19 in operation at 27.3.2024, see reg. 1

[^key-94e3d1eddafa1cc7b20361e0d3700c84]: Sch. 3 para. 20 in operation at 27.3.2024, see reg. 1

[^key-4390df63afb425b3758cb25f9c384b96]: Sch. 3 para. 21 in operation at 27.3.2024, see reg. 1

[^key-07890081774203b36b120e040d7ef2cf]: Sch. 3 para. 22 in operation at 27.3.2024, see reg. 1

[^key-0bdf408134b2677303df3957d68e9fa5]: Sch. 3 para. 23 in operation at 27.3.2024, see reg. 1

[^key-d9ab4bf14fb3e380e20376b954cd947f]: Sch. 3 para. 24 in operation at 27.3.2024, see reg. 1

[^key-a62d295294ffcd67054eff368d03b94f]: Sch. 3 para. 25 in operation at 27.3.2024, see reg. 1

[^key-2840b08aa39df4bc32dfdcecf0bfbada]: Sch. 3 para. 26 in operation at 27.3.2024, see reg. 1

[^key-2be13422ec3b0331e9b5d451e18517e6]: Sch. 3 para. 27 in operation at 27.3.2024, see reg. 1

[^key-6474d46cb609d346ddd706d08709aeec]: Sch. 4 para. 1 in operation at 27.3.2024, see reg. 1

[^key-47e66285fdf36f0d79a1851f1b7fba13]: Sch. 4 para. 2 in operation at 27.3.2024, see reg. 1

[^key-a73ae9269528fe84e0ae050698096e02]: Sch. 4 para. 3 in operation at 27.3.2024, see reg. 1

[^key-fbf2d7b53e649b76e5ca591a5799c067]: Sch. 4 para. 4 in operation at 27.3.2024, see reg. 1

[^key-d036f20501a2a5c767791649d96f62cc]: Sch. 4 para. 5 in operation at 27.3.2024, see reg. 1

[^key-98b08981639cd3d3eafa83fe60f65499]: Sch. 4 para. 6 in operation at 27.3.2024, see reg. 1

[^key-d7b49f35973abdb2462b01f67135aa92]: Sch. 4 para. 7 in operation at 27.3.2024, see reg. 1

[^key-6caed3e35d238d29b068ca88f6a20bcd]: Sch. 4 para. 8 in operation at 27.3.2024, see reg. 1

[^key-f6c92d5c42584f57935d0ea4387a9488]: Sch. 4 para. 9 in operation at 27.3.2024, see reg. 1

[^key-b6dc6026dd02c22eff6faf147e6059bd]: Sch. 4 para. 10 in operation at 27.3.2024, see reg. 1

[^key-c1807cd38b0ee9d65c18ea3145e8b527]: Sch. 4 para. 11 in operation at 27.3.2024, see reg. 1

[^key-2b4501e09442dedd5348f0834eb59abc]: Sch. 5 para. 1 in operation at 27.3.2024, see reg. 1

[^key-9cbd84f6c33703709cdf5cc9b54effe9]: Sch. 5 para. 2 in operation at 27.3.2024, see reg. 1

[^key-7a50230db0df9171bf8703aa39df9557]: Sch. 5 para. 3 in operation at 27.3.2024, see reg. 1

[^key-1d5d5f26dbcd5d5ab3475527146766b7]: Sch. 5 para. 4 in operation at 27.3.2024, see reg. 1

[^key-9b060a16cb26a625ecc0259ff61443a2]: Sch. 5 para. 5 in operation at 27.3.2024, see reg. 1

[^key-b6242990cb17810ebdc8cd9f1f228ec2]: Sch. 5 para. 6 in operation at 27.3.2024, see reg. 1

[^key-1deda9555a91fe9a481ecc4df5d943c8]: Sch. 5 para. 7 in operation at 27.3.2024, see reg. 1

[^key-ac627c798f0915806765985da8baab71]: Sch. 5 para. 8 in operation at 27.3.2024, see reg. 1

[^key-f53a03c70636b2e631697183153c7884]: Sch. 5 para. 9 in operation at 27.3.2024, see reg. 1

[^key-bb7bcb42193c266fd18bd4cf72db93b4]: Sch. 5 para. 10 in operation at 27.3.2024, see reg. 1

[^key-2054df2d4a544d3ef5dd3a113bf1ff2b]: Sch. 5 para. 11 in operation at 27.3.2024, see reg. 1

[^key-0917bb8da001577ff569abe00bd82764]: Sch. 5 para. 12 in operation at 27.3.2024, see reg. 1

[^key-3c8b36bba4d070d8457e4bd8e877e940]: Sch. 5 para. 13 in operation at 27.3.2024, see reg. 1

[^key-110bfc3c5f15c48cfd653d453ab80a7e]: Sch. 5 para. 14 in operation at 27.3.2024, see reg. 1

[^key-c3ec230e0ba09653ce7079f41c8b43f8]: Sch. 5 para. 15 in operation at 27.3.2024, see reg. 1

[^key-34dad3a109988ab56a138a6017589499]: Sch. 5 para. 16 in operation at 27.3.2024, see reg. 1

[^key-3ca9874ae816abaf138019ae55aa95f1]: Sch. 5 para. 17 in operation at 27.3.2024, see reg. 1

[^key-63e718dc754c726d93faea03216bd471]: Sch. 5 para. 18 in operation at 27.3.2024, see reg. 1