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The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996

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Special provision for overseas schemes

48.—(1) In the case of an overseas scheme the modification and, as the case may be, the additional requirements specified in this regulation apply.

(2) A notice of intention to make an election which relates to an overseas scheme shall, in addition to the requirements of regulation 3(2), specify that the scheme is an overseas scheme.

(3) An overseas scheme shall have an administrator for the scheme who is resident in the United Kingdom and appointed in accordance with section 590(2)(c) of the Taxes Act.

(4) Any obligation placed on an employer by Part II (certification of employments) may be discharged by an administrator for the scheme appointed in accordance with paragraph (3).

(5) In the case of an overseas scheme which is a salary related scheme—

(a)the trustees or managers must appoint an actuary to the scheme who satisfies the requirements of regulations made under Article 47(5) of the Order and such an actuary may provide certification to the Department in accordance with section 8A(6) of the Act(1);

(b)regulation 18 shall not apply;

(c)subject to regulation 73, for the purposes of section 5(2B)(c)(i) of the Act(2), the requirement as to the amount of resources of the scheme is that such resources, were the scheme to wind up at any time, are sufficient to meet any liability for the following—

(i)pensions or other benefits which, in the opinion of the trustees, are derived from the payment by any member of the scheme of voluntary contributions;

(ii)where a person’s entitlement to payment of a pension or other benefit has arisen, liability for that pension or benefit and for any pension or other benefit which will be payable to dependants of that person on his death and any increases to such pensions;

(iii)equivalent pension benefits, guaranteed minimum pensions and protected rights which have accrued to or in respect of any members of the scheme and any increases to such pensions;

(iv)pensions or other benefits which have accrued after the principal appointed day to or in respect of members whose employment is contracted out by reference to the scheme and any increases to such pensions;

(v)in respect of members with less than two years' pensionable service who are not entitled to accrued rights under the scheme, the return of contributions,

and such liabilities and resources shall be calculated, determined and valued in a manner approved by the Department, and

(d)section 5(2B)(b) of the Act is modified with effect that the Department must be satisfied that not more than 5 per cent. of the current market value of the scheme’s resources are invested in a person who is an employer, or connected with an employer, in relation to the scheme if such investments are required to meet the liabilities specified in sub-paragraph (c) and the value of such investments shall be calculated and determined in a manner approved by the Department.

(6) In the case of an overseas scheme which is a money purchase scheme—

(a)the trustees or managers of the scheme must appoint an auditor who satisfies the requirements of regulations made under Article 47(5) of the Order;

(b)regulation 30(1)(a) shall not apply, and

(c)the Department must be satisfied that not more than 5 per cent. of the current market value of the scheme’s resources are invested in a person who is an employer, or connected with an employer, in relation to the scheme if such investments are required to meet the scheme’s liabilities for protected rights and the value of such investments shall be calculated and determined in a manner approved by the Department.

(7) An overseas scheme must provide, in respect of any members who are resident in Northern Ireland, for revaluation of accrued rights in accordance with sections 79 to 82 of the Act(3) and for indexation of pensions in accordance with Articles 51 to 54 of the Order.

(1)

Section 8A was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995

(2)

Section 5(2B) was substituted by Article 133(3) of the Pensions (Northern Ireland) Order 1995

(3)

Section 80(5) is amended by paragraph 52 of Schedule 3 to the Pensions (Northern Ireland) Order 1995

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