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The Occupational Pension Schemes (Regulatory Own Funds) Regulations (Northern Ireland) 2005

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Postponement

10.—(1) If an occupational pension scheme had insufficient assets on 23rd September 2005 to comply with the regulatory own funds requirement, compliance with regulation 3(1) is postponed until 22nd September 2010 (“the postponement period”) after which date compliance with the regulatory own funds requirement cannot be further postponed.

(2) If compliance with regulation 3(1) is postponed in accordance with paragraph (1), the trustees or managers must notify the Regulator of the postponement and the postponement period within a reasonable period after the effective date of the first valuation under Part IV of the Order (scheme funding).

(3) During the postponement period a trustee or manager must not—

(a)accept any contributions from a European employer under Article 263 (occupational pension scheme receiving contributions from European employer);

(b)apply for authorisation by the Regulator to accept any contributions from a European employer under Article 264 (general authorisation to accept contributions from European employers), or

(c)apply for approval by the Regulator in relation to a particular European employer under Article 265 (approval in relation to particular European employer).

(4) If, at any time during the postponement period, the trustees or managers are satisfied, having taken actuarial advice, that the scheme has sufficient assets to meet the regulatory own funds requirement, they may resolve or determine that the regulatory own funds requirement applies to the scheme.

(5) If the trustees or managers resolve or determine in accordance with paragraph (4) that the regulatory own funds requirement applies to the scheme from a date before the expiry of the postponement period, they must, within one month of the resolution or determination, notify the Regulator of the resolution or determination and the date from which the regulatory own funds requirement applies to the scheme.

(6) If the trustees or managers resolve or determine in accordance with paragraph (4) that the regulatory own funds requirement applies to the scheme from a date before the expiry of the postponement period, they must not subsequently resolve or determine to reapply the postponement period to the scheme.

(7) Where any requirement of this regulation is not complied with, Article 10(3) to (9) of the 1995 Order (civil penalties) shall apply to a trustee or manager who has failed to take all reasonable steps to ensure compliance as if this regulation were made under Part II of that Order (occupational pensions).

(8) In this regulation, “European employer” has the meaning given in regulation 11.

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