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The Occupational Pension Schemes (Fraud Compensation Payments) (Amendment) Regulations (Northern Ireland) 2010

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Statutory Rules of Northern Ireland

2010 No. 106

Pensions

The Occupational Pension Schemes (Fraud Compensation Payments) (Amendment) Regulations (Northern Ireland) 2010

Made

15th March 2010

Coming into operation

6th April 2010

The Department for Social Development makes the following Regulations in exercise of the powers conferred by Article 170(8) of the Pensions (Northern Ireland) Order 2005(1).

Citation and commencement

1.  These Regulations may be cited as the Occupational Pension Schemes (Fraud Compensation Payments) (Amendment) Regulations (Northern Ireland) 2010 and shall come into operation on 6th April 2010.

Amendment of the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations

2.—(1) The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005(2) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 1(3) (interpretation) after the definition of “stakeholder pension scheme” insert—

“transfer notice” is to be construed in accordance with Article 144;

“transfer payment” means a fraud compensation transfer payment made under Article 170(2);.

(3) After regulation 8 (interim payments) insert—

Amount of fraud compensation transfer payment

8A.(1) For the purpose of Article 170(8) (determination of amount of fraud compensation transfer payment) and subject to Article 170(7) (maximum payments) the amount of any transfer payment shall be calculated in accordance with this regulation.

(2) Subject to paragraph (4), the amount of the transfer payment shall be calculated in accordance with the formula P – Q where—

(a)P is—

(i)the value of the assets of the scheme—

(aa)as stated in the PPF valuation which immediately precedes the loss, and

(bb)adjusted by the relevant person to take account of any alterations in their value between the date which immediately precedes the loss and the date of the transfer notice;

(ii)if there is no such PPF valuation, the value of the assets of the scheme—

(aa)on such date as immediately precedes the loss;

(bb)as reported by an accountant, and

(cc)adjusted by an accountant so as to take account of any alterations in their value between the date which immediately precedes the loss and the date of the transfer notice, and

(b)Q is the value of the assets of the scheme immediately before the date of the transfer notice, as reported by an accountant.

(3) For the purposes of paragraph (2)—

(a)any adjustments made to take account of alterations in the value of the assets of the scheme shall—

(i)include alterations resulting from—

(aa)investment gains and losses;

(bb)payments made and received by the scheme, in accordance with the rules of the scheme, and

(ii)not include alterations resulting from the loss;

(b)a relevant person is a person with the qualifications or experience prescribed by regulations made under, or a person approved by the Department under, Article 127(11)(a)(ii) (valuation of assets and liabilities).

(4) In the case of—

(a)a section of a segregated scheme or a segregated part, paragraph (2) shall apply to the assets of the section or part to which the transfer notice related;

(b)except where paragraph (5) applies, an unsecured part of a partially guaranteed scheme, paragraph (2) shall apply to the assets of the unsecured part to which the transfer notice related.

(5) This paragraph applies to a scheme to which regulation 2A of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 2005(3) (schemes to which regulation 2(1) does not apply) applies..

Sealed with the Official Seal of the Department for Social Development on 15th March 2010

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

EXPLANATORY NOTE

(This note is not part of the Regulations)

Regulation 2 of these Regulations amends the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005 by inserting—

  • definitions of “transfer notice” and “transfer payment” (paragraph (2)); and

  • regulation 8A which sets out how the Board of the Pension Protection Fund (“the Board”) is to calculate fraud compensation transfer payments (“a transfer payment”) (paragraph (3)).

In essence, a transfer payment is to amount to the difference between the value of an eligible pension scheme’s assets immediately preceding the loss which the transfer payment is designed to compensate, and the value of those assets immediately preceding the issue of the transfer notice (a transfer notice is a notice by which the Board assumes responsibility for an eligible pension scheme under Part 3 of the Pensions (Northern Ireland) Order 2005 (“the Order”). The amount of the transfer payment (or if there is more than one, the aggregate) is not to exceed the amount specified in Article 170(7) of the Order.

The Pensions (2005 Order) (Commencement No. 14) Order (Northern Ireland) 2010 (S.R. 2010 No. 100 (C. 5)) provides for the coming into operation of Article 170 of the Order, the enabling provision under which these Regulations are made, for the purpose only of authorising the making of regulations on 15th March 2010 and for all other purposes on 6th April 2010.

As these Regulations are made before the end of the period of six months beginning with the coming into operation of the provision of the Order by virtue of which they are made, the requirement to consult under Article 289(1) of the Order does not apply by virtue of paragraph (2)(c) of that Article.

(2)

S.R. 2005 No. 381, to which there are amendments not relevant to these Regulations

(3)

S.R. 2005 No. 55; regulation 2A was inserted by regulation 2(4) of S.R. 2010 No. 32

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