(This note is not part of the Regulations.)
These Regulations make further provision relating to the “moral hazard” provisions in Articles 34 and 48 of the Pensions (Northern Ireland) Order 2005 (“the Order”). These Articles provide for two of the powers of the Pensions Regulator known as the “moral hazard” provisions, that is, the Regulator’s power to issue contribution notices and to make restoration orders.
Regulation 2 prescribes those schemes to which Articles 34 and 48 of the Order do not apply.
Regulation 3 prescribes “appropriate persons” who may be involved in a transaction involving scheme assets which is at an undervalue.
The Pensions (2005 Order) (Commencement No. 1 and Consequential and Transitional Provisions) Order (Northern Ireland) 2005 (S.R. 2005 No. 48 (C. 5)) provides for the coming into operation of Article 34(1)(b), 48(1)(b) and (7)(a), some of the enabling provisions under which these Regulations are made, on 25th February 2005 for the purpose only of authorising the making of regulations and on 6th April 2005 for all other purposes.
As these Regulations are made before the end of the period of six months beginning with the coming into operation of the provisions of the Order by virtue of which they are made, the requirement to consult under Article 289(1) of the Order does not apply by virtue of paragraph (2)(c) of that Article.