The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005

Partially guaranteed schemes

11.  The fraud compensation provisions (except Articles 165(4) and 166) shall be modified in their application to partially guaranteed schemes so that they shall be read as if—

(a) in Article 165—

(i) in paragraph (1)—

(aa) for “an occupational pension scheme” there were substituted “a partially guaranteed scheme”, and

(bb) in sub-paragraph (b) for “the scheme” there were substituted “the unsecured part”;

(ii) after paragraph (1) there were inserted the following paragraph—

“(1A) For the purposes of Article 165 (except paragraph (4)) and Articles 167 to 169 “unsecured part” means any part of a partially guaranteed scheme—

(a) in respect of which no guarantee has been given by a relevant public authority, and

(b) which relates to benefits payable under the scheme in respect of which—

(i) no such guarantee has been given, and

(ii) no other arrangements referred to in Article 280(3)(b) have been made.”, and

(iii) in paragraph (7) for “a scheme” there were substituted “an unsecured part” and for “the scheme” there were substituted “the unsecured part”;

(b) in Article 167(3) for “the value of the assets of the scheme” there were substituted “the value of the assets of the unsecured part”;

(c) in Article 168 after paragraph (2) there were inserted the following paragraph—

“(2A) Fraud compensation payments must be added to the assets of the unsecured part of a partially guaranteed scheme to which the amount of the reduction (or, if there has been more than one reduction, the aggregate amount of the reductions) referred to in Article 165(1)(b) relates.”, and

(d) in Article 169—

(i) in paragraph (1) for “an occupational pension scheme” there were substituted “a partially guaranteed scheme”, and

(ii) after paragraph (2) there were inserted the following paragraph—

“(2A) Amounts payable under this Article must be added to the assets of the unsecured part of a partially guaranteed scheme to which the amount of the reduction (or, if there has been more than one reduction, the aggregate amount of the reductions) referred to in Article 165(1)(b) relates.”.