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

Citation, commencement and interpretation

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(1).

Application of section 248 of the Pensions Act 2004

2.—(1) Section 248 of the Pensions Act 2004(2) 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,”.

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

3.  The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996(3) 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.”.

Application of the Occupational Pension Schemes (Investment) Regulations 2005

4.  The Occupational Pension Schemes (Investment) Regulations 2005(4) 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) in regulation 16—

(i) in paragraph (5), at the beginning, there were inserted “Subject to paragraph (6),”; and

(ii) after paragraph (5), there were added—

“(6) In relation to a pension scheme established under section 67 of the Pensions Act 2008, paragraph (5)(a) shall apply with the omission of “and in any event must not exceed 20 per cent. of the current market value of the scheme”.

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

(8) In paragraph (7), “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 2005

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)”(5).

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

Angela Eagle

Minister of State,

Department of Work and Pensions

5th January 2010