Search Legislation

The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2010

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening Options

Changes over time for: The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2010

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2010. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Statutory Instruments

2010 No. 8

Pensions

The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2010

Made

5th January 2010

Laid before Parliament

12th January 2010

Coming into force

5th July 2010

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 77 and 144(2) and (4) of the Pensions Act 2008(1).

Citation, commencement and interpretationU.K.

1.—(1) These Regulations may be cited as The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2010.

(2) Regulation 5 shall come into force on the 5th of July 2010 and shall cease to have effect on 23rd September 2010.

(3) The remaining provisions of the Regulations shall come into force on 5th July 2010.

(4) In these Regulations, “the corporation” means the National Employment Savings Trust Corporation established under section 75(1) of the Pensions Act 2008(2).

Commencement Information

I1Reg. 1 in force at 5.7.2010, see reg. 1(3)

Application of section 248 of the Pensions Act 2004U.K.

2.—(1) Section 248 of the Pensions Act 2004(3) applies in relation to the corporation as it applies in relation to a company that is a trustee of an occupational pension scheme, with the modification specified in paragraph (2).

(2) For subsection (4)(a), substitute—

(a)any order and rules made under section 67 of the Pensions Act 2008,.

Commencement Information

I2Reg. 2 in force at 5.7.2010, see reg. 1(3)

Application of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996U.K.

3.  The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996(4) apply in relation to the corporation as if—

(a)  in regulation 2(1), after “Subject to paragraphs” there were inserted “(1A),”; and

(b)  after regulation 2(1), there were inserted—

(1A) Paragraph (1)(b) does not apply to a pension scheme established under section 67 of the Pensions Act 2008..

Commencement Information

I3Reg. 3 in force at 5.7.2010, see reg. 1(3)

Application of the Occupational Pension Schemes (Investment) Regulations 2005U.K.

4.  The Occupational Pension Schemes (Investment) Regulations 2005(5) apply in relation to the corporation as if—

(a)in regulation 3—

(i)in paragraph (1), at the beginning, there were inserted “Subject to paragraph (3),”; and

(ii)after paragraph (2), there were added—

(3) In the application of regulation 2 to a pension scheme established under section 67 of the Pensions Act 2008, the requirement imposed by paragraph (2)(b) of that regulation—

(a)where the employers’ panel referred to in section 69(2)(b) of that Act has been established, is to consult that panel; and

(b)where that panel has not been established, does not apply.; and

(b)[F1in regulation 16 (multi-employer schemes), after paragraph (5), there were added—

(6) In relation to a pension scheme established under section 67 of the Pensions Act 2008 (duty to establish a pension scheme), government bonds are not to be regarded as employer-related investments for the purposes of regulation 12(2) (restrictions on employer-related investments) as modified by paragraph (5)(a).

(7) In paragraph (6), “government bonds” means bonds creating or acknowledging indebtedness issued by Her Majesty’s Government in the United Kingdom.].

Transitional provision – application of the Occupational Pension Schemes (Investment) Regulations 2005U.K.

5.  In regulation 4(b)(ii), in the new paragraph (7) of regulation 16 that is to be treated as added, for “for regulation 12(2)” substitute “regulation 12(2)(a)”(6).

Commencement Information

I5Reg. 5 in force at 5.7.2010, see reg. 1(2)

Signed by authority of the Secretary of State for Work and Pensions.

Angela Eagle

Minister of State,

Department of Work and Pensions

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations provide that legislation that applies in relation to a person as trustee of an occupational pension scheme applies in relation to the National Employment Savings Trust Corporation (“the corporation”), which has a function of acting as trustee of the National Employment Savings Trust pension scheme established under section 67 of the Pensions Act 2008 (c.30), with prescribed modifications.

Regulation 2 provides that section 248 of the Pensions Act 2004 (c.35) (which prescribes knowledge requirements for individuals who exercise functions of the trustee, in respect of pension law and other matters) applies in relation to the corporation as if it were a company that is a trustee of an occupational pension scheme.

Regulation 3 modifies the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996 ( S.I. 1996/1975). The regulation exempts the corporation from the requirement, under regulation 2(1)(b) of those Regulations, to obtain an auditor’s statement prepared in accordance with regulation 4 of those Regulations about contributions made under an occupational pension scheme.

Regulation 4(a) modifies regulation 3 of the Occupational Pension Schemes (Investment) Regulations 2005 ( S.I. 2005/3378). It provides that the obligation imposed by regulation 2 of those Regulations on trustees of an occupational pension scheme to consult participating employers with respect to a proposed statement of investment principles is replaced by an obligation to consult the employers’ panel referred to in section 69 of the Pensions Act 2008.

Regulation 4(b) modifies regulation 16 of the Occupational Pension Schemes (Investment) Regulations 2005, by inserting new paragraphs (6) to (8) into that regulation. It disapplies the rule that employer-related investments made by trustees of a scheme must not exceed 20 per cent. of the current market value of the scheme. It also provides that government bonds are not to be regarded as employer-related investments for the purpose of the requirements that employer-related investments must not exceed a prudent level and that not more than 5% of the current market value of the scheme may be invested in investments which are employer-related investments in relation to a particular employer.

Regulation 5 contains a transitional provision with respect to the new regulation 16(7) inserted by regulation 4(b).

A full Impact Assessment has not been produced for these Regulations as they have no impact on the private or voluntary sectors.

(2)

The corporation was so named by S.I. 2010/ xxx. Under section 76 of the Pensions Act 2008, the corporation has the function of acting as trustee of a scheme established under section 67 of that Act.

(3)

2004 c.35. Section 248 was amended by S.I. 2009/1941.

(4)

S.I. 1996/1975. Regulation 2 was amended by S.I. 2005 / 2426.

(5)

S.I. 2005/3378. Regulation 16 was amended, with effect from 23rd September 2010, by S.I. 2009/615.

(6)

S.I. 2009/615 amends the Occupational Pension Schemes (Investment) Regulations 2005 and substitutes regulation 12(2) for regulation 12(2)(a) with effect from 23rd September 2010.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources