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The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015

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2.—(1) In these Regulations—

“the Administration Regulations” means the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(1);

“annually” means per charges year;

“arrangement” means an allocation of contributions to—

(a)

an investment, or

(b)

more than one investment according to a strategy adopted by the trustees or managers;

“charges” means administration charges other than—

(c)

transaction costs;

(d)

where an order of the court provides for the recovery by the trustees or managers of costs incurred in complying with the order, the amount of those costs;

(e)

charges permitted by regulations made under Article 22(2) (charges by pension arrangements in relation to earmarking orders) or 38 (charges in respect of pension sharing costs) of the Welfare Reform and Pensions (Northern Ireland) Order 1999;

(f)

winding-up costs;

(g)

costs solely associated with the provision of death benefits;

“charges year” means a period of 12 months specified for the purposes of the scheme in any scheme document or, if no such year is specified, a period of 12 months commencing on—

(h)

either 1st or 6th April as the trustees or managers may decide, or

(i)

if no such decision is made, 1st April;

“combination charge structure” has the meaning given in regulation 5(3);

“contributing member” is a member of a relevant scheme in relation to whom a contribution is being made to that scheme for the purposes of accruing money purchase benefits;

“contribution”, in relation to a member, means a payment made by, or on behalf or in respect of, that member;

“contribution percentage charge” has the meaning given in regulation 5(3);

“default arrangement” has the meaning given in regulation 3;

“employer” has the meaning given in section 78 of the Pensions (No. 2) Act;

“executive pension scheme” means a scheme—

(j)

in relation to which a company is the only employer and the sole trustee, and

(k)

the members of which are either current or former directors of the company and include at least one third of the current directors;

“existing rights charge” has the meaning given in regulation 5(3);

“flat fee charge” has the meaning given in regulation 5(3);

“jobholder” has the meaning given in section 78 of the Pensions (No. 2) Act;

“qualifying scheme” has the meaning given in section 78 of the Pensions (No. 2) Act;

“relevant small scheme” means a scheme with fewer than 12 members, where—

(l)

all the members are trustees of the scheme and either—

(i)

the provisions of the scheme provide that any decision made by the trustees is made by the unanimous agreement of the trustees who are members of the scheme, or

(ii)

the scheme has a trustee who is independent in relation to the scheme for the purposes of Article 23(3) of the 1995 Order (power to appoint independent trustees), and is registered in the register maintained by the Regulator in accordance with regulations made under Article 23(4) of the 1995 Order, or

(m)

all the members are directors of a company which is the sole trustee of the scheme and either—

(i)

the provisions of the scheme provide that any decision made by the company in its capacity as a trustee is made by the unanimous agreement of the directors who are members of the scheme, or

(ii)

one of the directors of the company is independent in relation to the scheme for the purposes of Article 23 of the 1995 Order and is registered in the register maintained by the Regulator in accordance with regulations made under Article 23(4) of the 1995 Order;

“single charge structure” has the meaning given in regulation 5(2);

“transaction costs” means the costs incurred as a result of the buying, selling, lending or borrowing of investments;

“winding-up costs” means the costs of winding up the pension scheme including (but not limited to) the cost of—

(n)

legal advice;

(o)

tracing, consulting and communicating with members;

(p)

advice on exiting investments, and

(q)

selection of an alternative scheme or investments;

“worker” has the meaning given in section 78 of the Pensions (No. 2) Act;

“writing”’ includes by electronic communication and “electronic communication” has the meaning given in section 4(1) of the Electronic Communications Act (Northern Ireland) 2001(4).

(2) For the purposes of paragraph 1(5) of Schedule 18 to the Pensions Act (Northern Ireland) 2015, “relevant scheme” means—

(a)an occupational pension scheme under which all the benefits which may be provided are money purchase benefits, or

(b)where some but not all the benefits which may be provided under an occupational pension scheme are money purchase benefits, that scheme in so far as it relates to those benefits,

other than a scheme with only one member, an executive pension scheme or a relevant small scheme.

(3) Where, in these Regulations, the circumstances require one or more of the calculations listed in paragraph (4) to be made in relation to a period of less than a charges year, that calculation shall be done on a pro rata basis.

(4) The calculations referred to in paragraph (3) are—

(a)a charge under a single charge structure;

(b)a flat fee charge;

(c)an existing rights charge.

(5) The Interpretation Act (Northern Ireland) 1954(5) shall apply to these Regulations as it applies to an Act of the Assembly.

(2)

Article 22 was amended by paragraph 52 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 109 of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

(3)

Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005

(4)

2001 c. 9 (N.I.); the definition of “electronic communication” in section 4(1) was amended by paragraph 170 of Schedule 17 to the Communications Act 2003 (c. 21)

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