PART 2Collective money purchase benefits: Northern Ireland

Supplementary

100Interpretation of Part 2

(1)

In this Part—

F1“the accounts of an unconnected multiple employer scheme” means the accounts audited by the person appointed as auditor in relation to the scheme under Article 47(1)(a) of the Pensions (Northern Ireland) Order 1995 (professional advisers) (and see subsection (1A) below);

“administration charge” has the same meaning as in paragraph 1 of Schedule 18 to the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.));

“authorisation” means authorisation under section 60 or by virtue of regulations under section 56(2) (and related expressions are to be read accordingly);

“authorisation criteria” has the meaning given in section 60(3);

F2“chief or other senior financial officer”, in relation to an unconnected multiple employer scheme, means a person acting in a capacity in which that person has significant influence over either or both of the following—

(a)

the management and use of financial resources of the scheme;

(b)

business decisions relating to the commercial activities of the scheme;

F2“chief or other senior investment officer”, in relation to an unconnected multiple employer scheme, means a person who—

(a)

is acting in a capacity in which that person has significant influence over either or both of the following—

  1. (i)

    the contents of the scheme’s investment strategy;

  2. (ii)

    the implementation, management and communication of the scheme’s investment strategy, but

(b)

does not have that influence by virtue of a contract or other arrangement—

  1. (i)

    under which services relating to investments are provided in relation to the scheme, and

  2. (ii)

    by virtue of which the scheme, or a person acting on behalf of the scheme, has the status of client or customer;

F2“Code” means a code of practice issued by the Pensions Regulator under Article 85 of the Pensions (Northern Ireland) Order 2005;

“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

“the Department” means the Department for Communities in Northern Ireland;

“employer”, in relation to an occupational pension scheme, means a person who employs or engages persons who are, or are entitled to become, members of the scheme;

“implementation strategy” has the meaning given in section 90;

“insolvency event” has the meaning given in Article 105 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));

F3“investment strategy”, in relation to an unconnected multiple employer scheme, means a document prepared by the trustees setting out the strategy for investing the assets that arise or derive from the payments made by or in respect of members of the scheme;

“Master Trust scheme” means a Master Trust scheme within the meaning of the Pension Schemes Act 2017 or any corresponding statutory provision;

“member” has the meaning given in Article 121(1) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (read with regulations made under Article 122(4) of that Order);

“occupational pension scheme” has the same meaning as in the Pension Schemes (Northern Ireland) Act 1993 (see section 1(1) of that Act);

“pension scheme” has the meaning given in section 1(5) of the Pension Schemes (Northern Ireland) Act 1993;

“the scheme actuary”, in relation to a pension scheme, means the person appointed under Article 47(1)(b) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (professional advisers) in relation to the scheme;

F4“the scheme proprietor”, in relation to an unconnected multiple employer scheme, has the meaning given in section 65B(3);

“scheme rules” has the meaning given in Article 2(3) and (4) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));

“statutory provision” has the meaning given in section 1(f) of the Interpretation Act (Northern Ireland) 1954 (c. 33 (N.I.));

“triggering event” has the meaning given in section 82;

F5“undertaking” has the meaning given in section 1161 of the Companies Act 2006;

F5“unincorporated association” means any body of persons unincorporate but does not include a partnership.

F6(1A)

In relation to an unconnected multiple employer scheme which is a section of a qualifying scheme, references in this Part to the scheme’s accounts are to be read as references to the accounts of the qualifying scheme as a whole.

(2)

For the purposes of this Part, an employer (“A”) is connected with another employer (“B”)—

(a)

where A is, or has been, a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, or

(b)

in circumstances specified in regulations made by the Department.

(3)

This Part applies to a qualifying scheme—

(a)

which provides both qualifying benefits and other benefits, and

(b)

for which there is no power to wind up the scheme to the extent only that it provides qualifying benefits,

as if references to winding up the scheme, or to the scheme being wound up, were to ceasing to operate the scheme, or the scheme ceasing to operate, to the extent that it provides qualifying benefits.

(4)

Regulations made by the Department may make provision to the effect that, for the purposes of any specified provisions of this Part, a reference in this Part to a collective money purchase scheme includes a scheme that—

(a)

is in the process of being wound up, and

(b)

was a collective money purchase scheme immediately before the beginning of that process.

“Specified” here means specified in the regulations.

(5)

Regulations under subsection (2) or (4) are subject to confirmatory procedure.