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The Pensions (Northern Ireland) Order 2005

Status:

This is the original version (as it was originally made).

  1. Introductory Text

  2. PART I INTRODUCTORY

    1. 1.Title and commencement

    2. Interpretation

      1. 2.General interpretation

  3. PART II THE PENSIONS REGULATOR

    1. General provisions about functions

      1. 3.Regulator’s functions

      2. 4.Regulator’s objectives

      3. 5.Supplementary powers

      4. 6.Transfer of OPRA’s functions to the Regulator

    2. The Determinations Panel

      1. 7.Functions exercisable by the Determinations Panel

    3. Provision of information, education and assistance

      1. 8.Provision of information, education and assistance

    4. New powers in respect of occupational and personal pension schemes

      1. 9.Improvement notices

      2. 10.Third party notices

      3. 11.Injunctions

      4. 12.Restitution

      5. 13.Power of the Regulator to recover unpaid contributions

      6. 14.Pension liberation: interpretation

      7. 15.Pension liberation: Court’s power to order restitution

      8. 16.Pension liberation: restraining orders

      9. 17.Pension liberation: repatriation orders

    5. Powers in relation to winding up of occupational pension schemes

      1. 18.Powers to wind up occupational pension schemes

      2. 19.Freezing orders

      3. 20.Consequences of freezing order

      4. 21.Period of effect etc. of freezing order

      5. 22.Validation of action in contravention of freezing order

      6. 23.Effect of determination to wind up scheme on freezing order

      7. 24.Effect of winding up order on freezing order

      8. 25.Effect of assessment period under Part III on freezing order

      9. 26.Power to give a direction where freezing order ceases to have effect

      10. 27.Notification of trustees, managers, employers and members

      11. 28.Articles 19 to 27: supplementary

    6. Trustees of occupational pension schemes

      1. 29.Prohibition orders

      2. 30.Suspension orders

      3. 31.Appointment of trustees by the Regulator

      4. 32.Independent trustees

      5. 33.Disqualification

    7. Contribution notices where avoidance of employer debt

      1. 34.Contribution notices where avoidance of employer debt

      2. 35.The sum specified in an Article 34 contribution notice

      3. 36.Content and effect of an Article 34 contribution notice

      4. 37.Article 34 contribution notice: relationship with employer debt

      5. 38.Article 34 contribution notice: clearance statements

    8. Financial support directions

      1. 39.Financial support directions

      2. 40.Meaning of “service company” and “insufficiently resourced”

      3. 41.Meaning of “financial support”

      4. 42.Financial support directions: clearance statements

      5. 43.Contribution notices where non-compliance with financial support direction

      6. 44.The sum specified in an Article 43 contribution notice

      7. 45.Content and effect of an Article 43 contribution notice

      8. 46.Article 43 contribution notice: relationship with employer debt

      9. 47.Articles 39 to 46: interpretation

    9. Transactions at an undervalue

      1. 48.Restoration orders where transactions at an undervalue

      2. 49.Restoration orders: supplementary

      3. 50.Content and effect of a restoration order

      4. 51.Contribution notice where failure to comply with a restoration order

      5. 52.Content and effect of an Article 51 contribution notice

    10. Articles 34 to 52: partnerships and limited liability partnerships

      1. 53.Articles 34 to 52: partnerships and limited liability partnerships

    11. Applications under the Insolvency Order

      1. 54.Regulator’s right to apply under Article 367 of the Insolvency Order

    12. Register of schemes

      1. 55.Registrable information

      2. 56.The register: inspection, provision of information and reports etc.

      3. 57.The register: duties of trustees or managers

      4. 58.Duty of the Regulator to issue scheme return notices

      5. 59.Duty of trustees or managers to provide scheme return

      6. 60.Scheme returns: supplementary

    13. Register of prohibited trustees

      1. 61.Register of prohibited trustees

      2. 62.Accessibility of register of prohibited trustees

    14. Collecting information relevant to the Board

      1. 63.Information relevant to the Board

      2. 64.Duty to notify the Regulator of certain events

    15. Reporting breaches of the law

      1. 65.Duty to report breaches of the law

    16. Reports by skilled persons

      1. 66.Reports by skilled persons

    17. Gathering information

      1. 67.Provision of information

      2. 68.Inspection of premises

      3. 69.Inspection of premises in respect of employers' obligations

      4. 70.Inspection of premises: powers of inspectors

      5. 71.Inspection of premises: supplementary

      6. 72.Penalties relating to Articles 67 to 70

      7. 73.Warrants

      8. 74.Articles 67 to 73: interpretation

    18. Provision of false or misleading information

      1. 75.Offences of providing false or misleading information

    19. Use of information

      1. 76.Use of information

    20. Disclosure of information

      1. 77.Restricted information

      2. 78.Information supplied to the Regulator by corresponding overseas authorities

      3. 79.Disclosure for facilitating exercise of functions by the Regulator

      4. 80.Disclosure for facilitating exercise of functions by the Board

      5. 81.Disclosure for facilitating exercise of functions by other supervisory authorities

      6. 82.Other permitted disclosures

      7. 83.Tax information

    21. Reports

      1. 84.Publishing reports etc.

    22. Codes of practice

      1. 85.Codes of practice

      2. 86.Procedure for issue and publication of codes of practice

      3. 87.Revocation of codes of practice

    23. Exercise of regulatory functions

      1. 88.The Regulator’s procedure in relation to its regulatory functions

      2. 89.Publication of procedure in relation to regulatory functions

      3. 90.Application of standard and special procedure

      4. 91.Standard procedure

      5. 92.Special procedure: applicable cases

      6. 93.Special procedure

      7. 94.Compulsory review

      8. 95.Duty to have regard to the interests of members etc.

      9. 96.Powers to vary or revoke orders, notices or directions etc.

    24. The Pensions Regulator Tribunal

      1. 97.References to the Tribunal

      2. 98.Appeal on a point of law

      3. 99.Redetermination etc. by the Tribunal

      4. 100.Disclosure of information

  4. PART III THE BOARD OF THE PENSION PROTECTION FUND

    1. CHAPTER 1 THE BOARD

      1. General provision about functions

        1. 101.Board’s functions and supplementary powers etc.

      2. Financial matters

        1. 102.Grants

        2. 103.Administration levy

    2. CHAPTER 2 INFORMATION RELATING TO EMPLOYER'S INSOLVENCY ETC.

      1. Insolvency events

        1. 104.Duty to notify insolvency events in respect of employers

        2. 105.Insolvency event, insolvency date and insolvency practitioner

      2. Status of scheme

        1. 106.Insolvency practitioner’s duty to issue notices confirming status of scheme

        2. 107.Approval of notices issued under Article 106

      3. Board’s duties

        1. 108.Board’s duty where there is a failure to comply with Article 106

        2. 109.Binding notices confirming status of scheme

    3. CHAPTER 3 PENSION PROTECTION

      1. Eligible schemes

        1. 110.Eligible schemes

      2. Circumstances in which Board assumes responsibility for eligible schemes

        1. 111.Duty to assume responsibility for schemes following insolvency event

        2. 112.Duty to assume responsibility for schemes following application or notification

        3. 113.Applications and notifications for the purposes of Article 112

        4. 114.Board’s duty where application or notification received under Article 113

        5. 115.Protected liabilities

      3. Restrictions on schemes during the assessment period

        1. 116.Assessment periods

        2. 117.Admission of new members, payment of contributions etc.

        3. 118.Directions

        4. 119.Restrictions on winding up, discharge of liabilities etc.

        5. 120.Power to validate contraventions of Article 119

        6. 121.Board to act as creditor of the employer

        7. 122.Payment of scheme benefits

        8. 123.Loans to pay scheme benefits

      4. Ill health pensions

        1. 124.Reviewable ill health pensions

        2. 125.Effect of a review

        3. 126.Articles 124 and 125: interpretation

      5. Valuation of assets and liabilities

        1. 127.Board’s obligation to obtain valuation of assets and protected liabilities

        2. 128.Approval of valuation

        3. 129.Binding valuations

      6. Refusal to assume responsibility

        1. 130.Schemes which become eligible schemes

        2. 131.New schemes created to replace existing schemes

        3. 132.Withdrawal following issue of Article 106(4) notice

      7. Cessation of involvement with a scheme

        1. 133.Circumstances in which Board ceases to be involved with an eligible scheme

        2. 134.Consequences of the Board ceasing to be involved with a scheme

      8. Reconsideration

        1. 135.Application for reconsideration

        2. 136.Duty to assume responsibility following reconsideration

      9. Closed schemes

        1. 137.Closed schemes

      10. Winding up

        1. 138.Requirement to wind up schemes with sufficient assets to meet protected liabilities

      11. Provisions applying to closed schemes

        1. 139.Treatment of closed schemes

        2. 140.Valuations of closed schemes

      12. Reconsideration of closed schemes

        1. 141.Applications and notifications where closed schemes have insufficient assets

        2. 142.Duty to assume responsibility for closed schemes

        3. 143.Closed schemes: further assessment periods

      13. Assumption of responsibility for a scheme

        1. 144.Transfer notice

        2. 145.Effect of Board assuming responsibility for a scheme

        3. 146.The pension compensation provisions

        4. 147.Adjustments to be made where the Board assumes responsibility for a scheme

        5. 148.Postponement of compensation entitlement for the assessment period

        6. 149.Guaranteed minimum pensions

        7. 150.Duty to pay scheme benefits unpaid at assessment date etc.

        8. 151.Modification of Chapter where liabilities discharged during assessment period

        9. 152.Administration of compensation

      14. Discharge of Board’s liabilities

        1. 153.Discharge of liabilities in respect of compensation

        2. 154.Discharge of liabilities in respect of money purchase benefits

      15. Equal treatment

        1. 155.Equal treatment

      16. Relationship with fraud compensation regime

        1. 156.Relationship with fraud compensation regime

      17. The levies

        1. 157.Initial levy

        2. 158.Pension protection levies

        3. 159.Supplementary provisions about pension protection levies

        4. 160.Amounts to be raised by the pension protection levies

        5. 161.The levy ceiling

        6. 162.Valuations to determine scheme underfunding

        7. 163.Pension protection levies during the transitional period

        8. 164.Calculation, collection and recovery of levies

    4. CHAPTER 4 FRAUD COMPENSATION

      1. Entitlement to fraud compensation

        1. 165.Cases where fraud compensation payments can be made

        2. 166.Board’s duties in respect of certain applications under Article 165

        3. 167.Recovery of value

        4. 168.Fraud compensation payments

        5. 169.Interim payments

        6. 170.Board’s powers to make fraud compensation transfer payments

      2. The levy

        1. 171.Fraud compensation levy

    5. CHAPTER 5 GATHERING INFORMATION

      1. 172.Information to be provided to the Board etc.

      2. 173.Notices requiring provision of information

      3. 174.Entry of premises

      4. 175.Penalties relating to Articles 173 and 174

      5. 176.Warrants

      6. Provision of false or misleading information

        1. 177.Offence of providing false or misleading information to the Board

      7. Use of information

        1. 178.Use of information

      8. Disclosure of information

        1. 179.Restricted information

        2. 180.Disclosure for facilitating exercise of functions by the Board

        3. 181.Disclosure for facilitating exercise of functions by the Regulator

        4. 182.Disclosure for facilitating exercise of functions by other supervisory authorities

        5. 183.Other permitted disclosures

        6. 184.Tax information

      9. Provision of information to members of schemes etc.

        1. 185.Provision of information to members of schemes etc.

      10. Interpretation

        1. 186.Articles 172 to 185: interpretation

      11. Reports

        1. 187.Publishing reports etc.

    6. CHAPTER 6 REVIEWS, APPEALS AND MALADMINISTRATION

      1. Review etc. by the Board

        1. 188.Meaning of “reviewable matters”

        2. 189.Review and reconsideration by the Board of reviewable matters

        3. 190.Investigation by the Board of complaints of maladministration

      2. The PPF Ombudsman

        1. 191.The PPF Ombudsman

      3. References to the PPF Ombudsman

        1. 192.Reference of reviewable matter to the PPF Ombudsman

        2. 193.Investigation by PPF Ombudsman of complaints of maladministration

        3. 194.Referral of questions of law

        4. 195.Publishing reports etc.

        5. 196.Determinations of the PPF Ombudsman

        6. 197.Obstruction etc. of the PPF Ombudsman

    7. CHAPTER 7 MISCELLANEOUS

      1. Backdating the winding up of eligible schemes

        1. 198.Backdating the winding up of eligible schemes

      2. Pension sharing

        1. 199.Pension sharing

  5. PART IV SCHEME FUNDING

    1. Introductory

      1. 200.Pension schemes to which this Part applies

    2. Scheme funding

      1. 201.The statutory funding objective

      2. 202.Statement of funding principles

      3. 203.Actuarial valuations and reports

      4. 204.Certification of technical provisions

      5. 205.Recovery plan

      6. 206.Schedule of contributions

      7. 207.Failure to make payments

      8. 208.Matters requiring agreement of the employer

      9. 209.Matters on which advice of actuary must be obtained

      10. 210.Powers of the Regulator

    3. Supplementary provisions

      1. 211.Power to modify provisions of this Part

      2. 212.Construction as one with the 1995 Order

  6. PART V FINANCIAL PLANNING FOR RETIREMENT

    1. Retirement planning

      1. 213.Supply of housing benefit information

      2. 214.Combined pension forecasts

    2. Employee information and advice

      1. 215.Information and advice to employees

  7. PART VI OCCUPATIONAL AND PERSONAL PENSION SCHEMES: MISCELLANEOUS PROVISIONS

    1. Categories of pension scheme

      1. 216.Categories of pension scheme

      2. 217.Meaning of employer in Part II of the 1995 Order

    2. Requirements for member-nominated trustees and directors

      1. 218.Requirement for member-nominated trustees

      2. 219.Requirement for member-nominated directors of corporate trustees

      3. 220.Member-nominated trustees and directors: supplementary

    3. Obligations of trustees of occupational pension schemes

      1. 221.Investment principles

      2. 222.Power to make regulations governing investment by trustees

      3. 223.Borrowing by trustees

      4. 224.Requirement for knowledge and understanding: individual trustees

      5. 225.Requirement for knowledge and understanding: corporate trustees

      6. 226.Requirement for knowledge and understanding: supplementary

    4. Payment of surplus to employer

      1. 227.Payment of surplus to employer

      2. 228.Payment of surplus to employer: transitional power to amend scheme

    5. Restrictions on payment into occupational pension schemes

      1. 229.UK-based scheme to be trust with effective rules

      2. 230.Non-European scheme to be trust with UK-resident trustee

      3. 231.Representative of non-European scheme to be treated as trustee

    6. Activities of occupational pension schemes

      1. 232.Activities of occupational pension schemes

    7. No indemnification for fines or civil penalties

      1. 233.No indemnification for fines or civil penalties

    8. Pension protection on transfer of employment

      1. 234.Conditions for pension protection

      2. 235.Form of protection

    9. Consultation by employers

      1. 236.Consultation by employers: occupational pension schemes

      2. 237.Consultation by employers: personal pension schemes

      3. 238.Further provisions about regulations relating to consultation

    10. Modification of pension rights

      1. 239.Modification of subsisting rights

    11. Short service benefit

      1. 240.Increase in age at which short service benefit must be payable

    12. Early leavers

      1. 241.Early leavers: cash transfer sums and contribution refunds

    13. Safeguarding pension rights

      1. 242.Paternity leave and adoption leave

      2. 243.Inalienability of occupational pension

    14. Voluntary contributions

      1. 244.Voluntary contributions

    15. Payments by employers

      1. 245.Payments made by employers to personal pension schemes

      2. 246.Payments made by employers and members to occupational pension schemes

    16. Winding up

      1. 247.Winding up

    17. Deficiency in assets of certain occupational pension schemes

      1. 248.Debt due from the employer when assets insufficient

      2. 249.Debt due from the employer in the case of multi-employer schemes

    18. Pension disputes

      1. 250.Resolution of disputes

    19. The Pensions Ombudsman

      1. 251.Deputy Pensions Ombudsman

      2. 252.Jurisdiction

      3. 253.Investigations

    20. Pension compensation

      1. 254.Amendments relating to the Pensions Compensation Board

    21. Annual increases in rate of pensions

      1. 255.Annual increase in rate of certain occupational pensions

      2. 256.Annual increase in rate of certain personal pensions

      3. 257.Power to increase pensions giving effect to pension credits etc.

    22. Revaluation

      1. 258.Exemption from statutory revaluation requirement

    23. Contracting out

      1. 259.Meaning of “working life” in Pension Schemes Act

      2. 260.Power to prescribe conditions by reference to Inland Revenue approval

      3. 261.Restrictions on commutation and age at which benefits may be received

    24. Stakeholder pensions

      1. 262.Meaning of “stakeholder pension scheme”

  8. PART VII CROSS-BORDER ACTIVITIES WITHIN EUROPEAN UNION

    1. UK occupational pension scheme receiving contributions from European employer

      1. 263.Occupational pension scheme receiving contributions from European employer

      2. 264.General authorisation to accept contributions from European employers

      3. 265.Approval in relation to particular European employer

      4. 266.Notification of legal requirements of host member State outside United Kingdom

      5. 267.Duty of trustees or managers to act consistently with law of host member State

      6. 268.Power of Regulator to require ring-fencing of assets

    2. European occupational pension scheme receiving contributions from UK employer

      1. 269.Functions of Regulator in relation to institutions administered in other member States

    3. Assistance for other European regulators

      1. 270.Stopping disposal of assets of institutions administered in other member States

    4. Interpretation

      1. 271.Interpretation of Part

  9. PART VIII STATE PENSIONS

    1. Entitlement to more than one pension

      1. 272.Persons entitled to more than one Category B retirement pension

    2. Deferral of state pension

      1. 273.Deferral of retirement pensions and shared additional pensions

    3. Miscellaneous

      1. 274.Disclosure of state pension information

  10. PART IX MISCELLANEOUS AND SUPPLEMENTARY

    1. Dissolution of existing bodies – information

      1. 275.Information obtained by the Regulator

      2. 276.Information obtained by the Board

    2. Electronic working

      1. 277.Notification and documents in electronic form

      2. 278.Timing and location of things done electronically

    3. General

      1. 279.Overriding requirements

      2. 280.Modification of this Order in relation to certain categories of schemes

      3. 281.Modification of pensions legislation that refers to employers

      4. 282.Admissibility of statements

      5. 283.Protected items

      6. 284.Liens

      7. 285.Crown application

    4. Regulations and orders

      1. 286.Breach of regulations

      2. 287.Orders and regulations (general provisions)

      3. 288.Assembly etc. control of orders and regulations

      4. 289.Consultations about regulations

    5. Miscellaneous and supplementary

      1. 290.Minor and consequential amendments

      2. 291.Repeals

      3. 292.Transitional adaptations etc.: section 322(1) of the Pensions Act 2004

      4. 293.Power to make further provision in connection with civil partnership

      5. 294.Pre-consolidation amendments

  11. Signature

  12. SCHEDULES:

    1. Schedule 1

      The Pensions Regulator

      1. Part 1 Delegation

      2. Part 2 Funding and accounts

    2. Schedule 2

      The reserved regulatory functions

      1. Part 1 Functions under the Pension Schemes Act

      2. Part 2 Functions under the 1995 Order

      3. Part 3 Functions under the 1999 Order

      4. Part 4 Functions under this Order

    3. Schedule 3

      Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions

    4. Schedule 4

      The Board of the Pension Protection Fund

    5. Schedule 5

      Transfer of property, rights and liabilities to the Board

    6. Schedule 6

      Pension compensation provisions

    7. Schedule 7

      Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

    8. Schedule 8

      Reviewable matters

    9. Schedule 9

      Deferral of retirement pensions and shared additional pensions

      1. Part 1 Principal amendments of Contributions and Benefits Act

      2. Part 2 Consequential amendments

      3. Part 3 Transitional provisions

    10. Schedule

      10Minor and consequential amendments

    11. Schedule

      11Repeals

  13. Explanatory Note

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