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The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2006

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Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations

3.—(1) The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 1(2) (interpretation)—

(a)after the definition of “business days” there shall be inserted the following definitions—

“insurance policy” means a contract of a kind referred to in Article 2 of the Life Directive, but excluding a contract of a kind referred to in Article 2(2)(c) or (d) of that Directive;

“the Life Directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance(2);;

(b)after the definition of “money purchase scheme”(3) there shall be inserted the following definition—

“qualifying insurance policy” means an insurance policy issued by an insurer which is—

(a)

a person who has permission under Part IV of the 2000 Act(4) to effect or carry out contracts of long term insurance, or

(b)

an undertaking established in an EEA State (as defined in paragraph 8 of Schedule 3 to the 2000 Act) other than the United Kingdom, which is authorised by the competent authorities of that State to carry on the business of direct insurance for the class of assurance as listed in Annex I to the Life Directive in which the insurance policy falls;;

(c)after the definition of “scheme year” there shall be inserted the following definition—

“specified qualifying insurance policy” means a qualifying insurance policy which is a contract falling within paragraph I or III of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(5) (contracts of insurance);;

(d)for the definition of “wholly insured scheme”(6) there shall be substituted the following definition—

“wholly insured scheme” means a trust scheme, other than a stakeholder pension scheme within the meaning of Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999(7), which has no investments other than specified qualifying insurance policies., and

(e)after paragraph (2) there shall be inserted the following paragraph—

(2A) For the purposes of the definition of “wholly insured scheme”, “investments” shall not include—

(a)cash held on deposit by the trustees or managers pending payment to the insurer or to members of the scheme;

(b)cash held on deposit by trustees or managers to meet the accrued liabilities or administrative expenses, or

(c)any investments arising from voluntary contributions..

(3) In regulation 21 (circumstances where notice of non-payment of any amount payable to a scheme need not be given) for paragraph (4)(8) there shall be substituted the following paragraph—

(4) Where, under Article 49(9)(b) (other responsibilities of trustees, employers, etc.), there is a requirement on the trustees or managers to give notice within a reasonable time of a failure to pay within a prescribed time an amount corresponding to any contribution payable on behalf of an active member which has been deducted from the member’s earnings, the trustees or managers shall not be required to give notice of a failure to pay such amount by the due date for the purposes of paragraph (1) of Article 86 (schedules of payments to money purchase schemes: supplementary), in a case to which that paragraph would otherwise apply..

(2)

O.J. No. L345, 19.12.2002, p.1

(3)

The definition of “money purchase scheme” was inserted by paragraph 16(2)(a) of the Schedule to S.R. 1997 No. 160

(5)

S.I. 2001/544

(6)

The definition of “wholly insured scheme” was substituted by regulation 3(2) of S.R. 2005 No.421

(7)

S.I. 1999/3147 (N.I. 11); Article 3 was amended by Article 262(2) to (4) of the Pensions (Northern Ireland) Order 2005

(8)

Paragraph 4 was added by regulation 2(4) of S.R. 2000 No. 69

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