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The Pensions (Northern Ireland) Order 1995
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The Pensions (Northern Ireland) Order 1995, Section 47 is up to date with all changes known to be in force on or before 25 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Article 47:
- Instrument amended by 1998 c. 11 s.23 Sch.5 Pt.IV Ch.II para.72
- power to am. (prosp.) by 1998 c. 47 s.87
Changes and effects yet to be applied to the whole Order associated Parts and Chapters:
Whole provisions yet to be inserted into this Order (including any effects on those provisions):
- Sch. 2 para. 18(15)(16) repealed by 2012 c. 3 (N.I.) Sch. 2 para. 4(b)
- Sch. 2 Pt. 3 para. 18(8) repealed by 2008 c. 1 (N.I.) Sch. 6 Pt. 1 (Amendment could not be applied - affected provision not available on legislation.gov.uk)
- Sch. 2 Pt. 3 para. 18(18) repealed by 2008 c. 1 (N.I.) Sch. 6 Pt. 1 (Amendment could not be applied - affected provision not available on legislation.gov.uk)
- art. 37(1A)(a) word inserted by 2016 c. 1 (N.I.) Sch. 2 para. 7(a)
- art. 37(1A)(b) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 7(b)
- art. 51(5A)-(5C) inserted by 2016 c. 1 (N.I.) s. 43(1)
- art. 51(7A) inserted by 2016 c. 1 (N.I.) s. 41(1)(b)
- art. 51(9)(10) inserted by 2016 c. 1 (N.I.) s. 42(3) (This amending provision is itself amended by S.I. 2019/193, reg. 7)
- art. 67A(3)(aa)-(ac) inserted by 2016 c. 1 (N.I.) s. 45(3)
- art. 67A(9)(b)(viii)-(x) inserted by 2016 c. 1 (N.I.) s. 45(6)(b)
- art. 73(2)(2A) substituted for art. 73(2) by 2016 c. 1 (N.I.) Sch. 2 para. 11
- art. 75(1)-(1B) substituted for art. 75(1) by 2016 c. 1 (N.I.) Sch. 2 para. 12
- art. 167(3)(aa) inserted by 2016 c. 1 (N.I.) s. 43(2)
Professional advisersN.I.
47.—(1) For every occupational pension scheme there shall be—
(a)an individual, or a firm, appointed by the trustees or managers as auditor (referred to in this Part, in relation to the scheme, as “the auditor”), and
(b)an individual appointed by the trustees or managers as actuary (referred to in this Part, in relation to the scheme, as “the actuary”).
(2) For every occupational pension scheme the assets of which consist of or include investmentsF1. . . there shall be an individual or a firm appointed by or on behalf of the trustees or managers as fund manager.
[F1(2A) References in this Article to investments must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
(3) If in the case of an occupational pension scheme any person—
(a)is appointed otherwise than by the trustees or managers as legal adviser or to exercise any prescribed functions in relation to the scheme, or
(b)is appointed otherwise than by or on behalf of the trustees or managers as a fund manager,
[F2Article 10 applies to any trustee, and] to any manager, who in exercising any of his functions places reliance on the skill or judgement of that person.
(4) In this Part, in relation to an occupational pension scheme—
(a)the auditor, actuary and legal adviser appointed by the trustees or managers,
(b)any fund manager appointed by or on behalf of the trustees or managers, and
(c)any person appointed by the trustees or managers to exercise any of the functions referred to in paragraph (3)(a),
are referred to as “professional advisers”.
(5) This Article does not apply to an occupational pension scheme falling within a prescribed class or description and regulations may—
(a)make exceptions to paragraphs (1) to (3),
(b)specify the qualifications and experience, or approval, required for appointment as a professional adviser.
(6) Regulations may make provision as to—
(a)the manner in which professional advisers may be appointed and removed,
(b)the terms on which professional advisers may be appointed (including the manner in which the professional advisers may resign).
(7) Subject to regulations made by virtue of paragraph (6), professional advisers shall be appointed on such terms as the trustees or managers may determine.
(8) If in the case of an occupational pension scheme an auditor, actuary or fund manager is required under this Article to be appointed but the appointment has not been made, or not been made in accordance with any requirements imposed under this Article,[F3 Article 10 applies to any trustee, and] to any manager, who has failed to take all such steps as are reasonable to secure compliance.
(9) Regulations may in the case of occupational pension schemes—
(a)impose duties on any person who is or has been the employer, and on any person who acts as auditor or actuary to such a person, to disclose information to the trustees or managers and to the scheme's professional advisers.
(b)impose duties on the trustees or managers to disclose information to, and make documents available to, and make documents available to, the scheme's professional advisers.
(10) If in the case of an occupational pension scheme a person fails to comply with any duty imposed under paragraph (9)(a), Article 10 applies to him.
(11) If in the case of an occupational pension scheme any duty imposed under paragraph (9)(b) is not complied with,[F4 Article 10 applies to any trustee, and] to any manager, who has failed to take all such steps as are reasonable to secure compliance.
F1SI 2001/3649
F2Words in art. 47(3) substituted (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 290(1), Sch. 10 para. 47; S.R. 2005/543, art. 2(6), Sch. Pt. 6
F3Words in art. 47(8) substituted (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 290(1), Sch. 10 para. 47; S.R. 2005/543, art. 2(6), Sch. Pt. 6
F4Words in art. 47(11) substituted (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 290(1), Sch. 10 para. 47; S.R. 2005/543, art. 2(6), Sch. Pt. 6
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