The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2011

Made: 5th March 2011

Laid before Parliament: 10th March 2011

Coming into force: 6th April 2011

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 77 and 144(2) and (4) of the Pensions Act 2008 .

Citation, commencement and interpretation

1

• (1) These Regulations may be cited as the Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2011 and shall come into force on 6th April 2011.

• (2) In these Regulations—

The Application of the Occupational Pension Schemes (Disclosure of Information) Regulations 1996

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of the Occupational Pension Schemes (Investment) Regulations 2005

4

The Occupational Pension Schemes (Investment) Regulations 2005 apply in relation to the corporation as if for paragraph (2) of regulation 5 there was substituted—

(2) Paragraph (1) does not preclude borrowing made by the National Employment Savings Trust Corporation for the purpose of— (a) providing liquidity for a pension scheme established under section 67 of the Pensions Act 2008 and on a temporary basis; or (b) meeting costs of establishing, administering or managing that pension scheme, or for both of those purposes.

Signed

Signed by authority of the Secretary of State for Work and Pensions.

Steve Webb — Minister of State, — 5th March 2011

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 2008 c.30.

[^f00002]: The corporation was so named by S.I. 2010/3. Under section 76(1) of the Pensions Act 2008, the corporation has the function of acting as a trustee of a scheme established under section 67 of the Act.

[^f00003]: S.I. 1996/1655.

[^f00004]: 2008 c.30.

[^f00005]: The relevant provisions have not yet been commenced.

[^f00006]: S.I. 2010/917.

[^f00007]: A copy of the scheme rules are available from the National Employment Savings Trust website.

[^f00008]: Paragraph 16 was substituted by S.I. 1997/786.

[^f00009]: Under regulations 12(2) and 16(5) of S.I. 2005/3378 as applied to the corporation by S.I. 2010/8, not more than 5% of the current market value of the resources of the scheme may at any time be invested in investments which are employer-related investments (as defined by section 40 of the Pensions Act 1995 (c.26)) in relation to a particular employer.

[^f00010]: S.I. 1996/1975.

[^f00011]: Paragraph 5 was substituted by S.I. 1997/3038 and the substituted paragraph was amended by S.I. 2006/778.

[^f00012]: S.I. 2005/3378.

Editorial notes

[^c2074877]: 2008 c.30.

[^c2074878]: The corporation was so named by S.I. 2010/3. Under section 76(1) of the Pensions Act 2008, the corporation has the function of acting as a trustee of a scheme established under section 67 of the Act.

[^c2074888]: S.I. 2005/3378.

[^key-2a05abcf9500b6c918dbda6ef37d7802]: Reg. 3 omitted (6.4.2014) by virtue of The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734), reg. 1(1), Sch. 9 para. 17