(This note is not part of the Regulations.)
These Regulations are made under the Pension Schemes (Northern Ireland) Act 1993 and the Pensions (Northern Ireland) Order 1995 (“the Order”).
Regulation 1 provides for citation, commencement and interpretation.
Regulation 2 amends the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997 so as to apply a civil penalty under Article 10 of the Order (power of the Occupational Pensions Regulatory Authority (“the Authority”) to impose civil penalties), instead of a criminal penalty, in respect of any failure to comply with the requirement to obtain accounts audited by the auditor of the scheme or a statement from the auditor about contributions to the scheme. It also inserts regulation 2(4) into those Regulations under which the trustees of the scheme are liable to the imposition of a prohibition order under Article 3 of the Order in respect of any such failure.
Regulation 3 amends the Register of Occupational and Personal Pension Schemes Regulations (Northern Ireland) 1997 so as to provide that, for the future, a breach of the requirements imposed by regulation 2, 3 or 6(3) of those Regulations renders the trustees or managers of the scheme liable to the imposition of a civil penalty by the Authority instead of a criminal penalty.
As these Regulations, in so far as they are made under Part II of the Order, make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Social Security in relation to Great Britain, the requirement for consultation under Article 117(1) of the Order does not apply by virtue of paragraph (2)(e) of that Article.