2019 No. 192
The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019
Made
Coming into force in accordance with regulation 1
The Secretary of State for Work and Pensions makes these Regulations in exercise of the powers conferred by section 8(1) of the European Union (Withdrawal) Act 20181.
In accordance with paragraph 1(1) of Schedule 7 to that Act, a draft of this instrument has been laid before Parliament and approved by a resolution of each House of Parliament.
PART 1Introduction
Citation and commencement1
These Regulations may be cited as the Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 and come into force on exit day.
PART 2Amendment of primary legislation
Amendment of the Pension Schemes Act 19932
1
The Pension Schemes Act 19932 is amended as follows.
2
In section 1 (categories of pension schemes)3, in subsection (1), in the definition of “occupational pension scheme” omit paragraph (b) and the “and” before it.
3
In section 19 (discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts)4, in subsection (4)(a)(i) omit “or any other EEA State”.
4
In section 149 (procedure on an investigation)5, in subsection (6)—
a
in paragraph (l), omit “, EEA central counterparty” and “, EEA CSD”, and
b
in paragraph (n), omit “other than the United Kingdom”.
5
In section 158A (other disclosures by the Secretary of State)6, in the table in subsection (1), in the entry beginning “A recognised investment exchange”—
a
in column 1 omit “, EEA central counterparty” and “, EEA CSD”, and
b
in column 2, for the words from “or central securities depository” to the end of the entry substitute “, central securities depository or central counterparty”.
6
In section 165 (application of certain provisions to cases with foreign element)7, in subsection (7), for “territory of the member States” substitute “United Kingdom”.
7
In section 180A (insurer and long-term insurance business)8, in subsection (1) omit paragraph (b) and the “or” before it.
Amendment of the Pensions Act 19953
1
The Pensions Act 19959 is amended as follows.
2
In section 49 (other responsibilities of trustees, employers, etc), in subsection (8A)—
a
omit paragraph (b), and
b
in paragraph (c), omit the words after “Bank of England”.
Amendment of the Welfare Reform and Pensions Act 19994
1
The Welfare Reform and Pensions Act 199910 is amended as follows.
2
In Schedule 5 (pension credits: mode of discharge), in paragraph 6(2)(a), omit “or any other EEA state”.
Amendment of the Pensions Act 20045
1
The Pensions Act 200411 is amended as follows.
2
In section 73 (inspection of premises), in subsection (2)(a), in the list of provisions—
a
in the parenthetical description of section 253, for “non-European” substitute “non-UK”, and
b
omit “Part 7 (cross-border activities within European Union);”.
3
In section 87 (other permitted disclosures), in subsection (2)(h)12, for “an EU obligation” substitute “retained EU law”.
4
In section 115 (borrowing), in subsection (3)13, in the definition of “deposit-taker” omit paragraph (b) and the “or” before it.
5
In section 201 (other permitted disclosures), in subsection (2)(g)14, for “an EU obligation” substitute “retained EU law”.
6
In section 249A (requirement for internal controls)15, omit subsection (4).
7
In section 253 (non-European scheme to be trust with UK-resident trustee)16—
a
in the heading, for “Non-European” substitute “Non-UK”, and
b
in subsections (1) and (6), for “EEA states” substitute “United Kingdom”.
8
In section 254 (representative of non-European scheme to be treated as trustee)17—
a
in the heading, for “non-European” substitute “non-UK”, and
b
in subsection (1), for “EEA states” substitute “United Kingdom”.
9
Omit Part 7 (cross-border activities within European Union).
10
In section 307(2) (modification of this Act in relation to certain categories of schemes) omit paragraph (f) and the “and” before it.
11
In Schedule 3 (restricted information held by the Regulator) and Schedule 8 (restricted information held by the Board)18, in the entry in the table relating to a recognised investment exchange, in the first column omit “, EEA CSD” and “, EEA central counterparty”.
Amendment of the Pensions Act 20086
1
The Pensions Act 200819 is amended as follows.
2
In section 18 (occupational pension schemes)—
a
omit paragraph (b), and
b
in paragraph (c), for “an EEA State” substitute “the United Kingdom”.
3
In section 99 (interpretation of Part 1), omit the definition of the “IORP Directive”.
Amendment of the Pension Schemes Act 20157
1
The Pension Schemes Act 201520 is amended as follows.
2
In section 42 (regulatory own fund schemes exempt from indexation), in subsection (3), for inserted subsections (9) and (10) substitute—
9
In subsection (1)(a)(ii) “regulatory own fund scheme” means a scheme where the scheme and not any employer in relation to that scheme—
a
underwrites any liability to cover against biometric risk;
b
guarantees an investment performance; or
c
guarantees a level of benefits.
10
In subsection (9)—
“biometric risk” means liability risks linked to death, disability and longevity;
“employer” has the meaning given by section 318(1) of the Pensions Act 2004.
PART 3Amendment of secondary legislation
Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 19968
1
The Occupational Pension Schemes (Contracting-out) Regulations 199621 are amended as follows.
2
In regulation 1(2), in the definition of “overseas scheme”, for “EEA states” substitute “United Kingdom”.
Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations 19969
1
The Contracting-out (Transfer and Transfer Payment) Regulations 199622 are amended as follows.
2
In regulation 1(2), in the definition of “overseas scheme”—
a
in paragraph (a), for “EEA states” substitute “United Kingdom”;
b
omit paragraph (b) and the “or” before it.
Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 199610
1
The Occupational Pension Schemes (Scheme Administration) Regulations 199623 are amended as follows.
2
In regulation 1(2), in the definition of “qualifying insurance policy” omit paragraph (b) and the “or” before it.
3
In regulation 11—
a
in paragraph (3)(a) omit “or the central bank of another EEA State”;
b
omit paragraph 4(a).
4
In regulation 15, omit paragraph (2)(a)(ii) and the “or” before it.
Amendment of the Occupational Pension Schemes (Winding Up) Regulations 199611
1
The Occupational Pension Schemes (Winding Up) Regulations 199624 are amended as follows.
2
In regulation 10, omit paragraph (1)(d).
Amendment of the Occupational Pension Schemes (Discharge of Liability) Regulations 199712
1
The Occupational Pension Schemes (Discharge of Liability) Regulations 199725 are amended as follows.
2
In regulation 2—
a
omit paragraph (1)(b) and the “or” before it;
b
in paragraph (2), for “Sub-paragraphs (a) and (b)” substitute “Sub-paragraph (a)”.
Amendment of the Pension Sharing (Implementation and Discharge of Liability) Regulations 200013
1
The Pension Sharing (Implementation and Discharge of Liability) Regulations 200026 are amended as follows.
2
In regulation 11—
a
omit paragraph (1)(b) and the “or” before it;
b
in paragraph (2), omit “and (b)”.
Amendment of the Pension Sharing (Pension Credit Benefit) Regulations 200014
1
The Pension Sharing (Pension Credit Benefit) Regulations 200027 are amended as follows.
2
In regulation 5—
a
omit paragraph (3)(b) and the “or” before it;
b
in the opening words of paragraph (4), omit “and (b)”.
Amendment of the Stakeholder Pension Schemes Regulations 200015
1
The Stakeholder Pension Schemes Regulations 200028 are amended as follows.
2
In regulation 1(3), in the definition of “insurer” omit paragraph (b) and the “or” before it.
Amendment of the Register of Occupational and Personal Pension Schemes Regulations 200516
1
The Register of Occupational and Personal Pension Schemes Regulations 200529 are amended as follows.
2
In regulation 1(4), omit the definition of “scheme undertaking cross-border activities”.
3
In regulation 2(1), omit sub-paragraph (c) and the “or” before it.
4
In regulation 3(1), omit sub-paragraph (j) and the “and” before it.
Amendment of the Pension Protection Fund (Appointment of Ordinary Members) Regulations 200517
1
The Pension Protection Fund (Appointment of Ordinary Members) Regulations 200530 are amended as follows.
2
In Schedule 1, in paragraph 14(c) omit “members of the European Parliament,”.
Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations 200518
1
The Occupational and Personal Pension Schemes (General Levy) Regulations 200531 are amended as follows.
2
In regulation 2(1), omit the definition of “cross-border section 615 scheme”.
3
In regulation 3(1), omit “, other than such a scheme which is a cross-border section 615 scheme,”.
Amendment of the Occupational Pension Schemes (Employer Debt) Regulations 200519
1
The Occupational Pension Schemes (Employer Debt) Regulations 200532 are amended as follows.
2
In regulation 4(1), omit sub-paragraph (g)(ii) and the “and” before it.
Amendment of the Occupational Pension Schemes (Winding up etc.) Regulations 200520
1
The Occupational Pension Schemes (Winding up etc.) Regulations 200533 are amended as follows.
2
In regulation 3(1), omit sub-paragraph (h)(ii) and the “and” before it.
Amendment of the Pension Protection Fund (PPF Ombudsman) Order 200521
1
The Pension Protection Fund (PPF Ombudsman) Order 200534 is amended as follows.
2
In Article 7(2)(j), omit “, an EEA central counterparty” and “, an EEA CSD”.
Amendment of the Pensions Regulator (Contribution Notices and Restoration Orders) Regulations 200522
1
The Pensions Regulator (Contribution Notices and Restoration Orders) Regulations 200535 are amended as follows.
2
In regulation 3(1), omit sub-paragraph (i)(ii) and the “and” before it.
Amendment of the Financial Assistance Scheme Regulations 200523
1
The Financial Assistance Scheme Regulations 200536 are amended as follows.
2
In regulation 2(3), omit sub-paragraph (b) and the “or” before it.
Amendment of the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 200524
1
The Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 200537 are amended as follows.
2
In regulation 2(2), omit sub-paragraph (b) and the “or” before it.
Amendment of the Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 200525
1
The Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 200538 are amended as follows.
2
In regulation 1(2), omit the definition of “scheme undertaking cross-border activities”.
3
Omit regulation 1A.
Amendment of the Pension Schemes (Categories) Regulations 200526
1
The Pension Schemes (Categories) Regulations 200539 are amended as follows.
2
In regulation 2, omit paragraph (2)(b) but not the final “and”.
Amendment of the Financial Assistance Scheme (Appeals) Regulations 200527
1
The Financial Assistance Scheme (Appeals) Regulations 200540 are amended as follows.
2
In regulation 28(3)(k), omit “, EEA central counterparty”, and “, EEA CSD”.
Amendment of the Occupational Pension Schemes (Scheme Funding) Regulations 200528
1
The Occupational Pension Schemes (Scheme Funding) Regulations 200541 are amended as follows.
2
For regulation 17(1)(d), substitute—
d
a scheme which is treated as such by virtue of paragraph 4 or 5 of Schedule 2 to these Regulations and applies to members in employment outside the United Kingdom;
3
In Schedule 2—
a
in paragraph 4, in sub-paragraphs (2)(b) and (d)(i) and (3)(a), for “EEA states” in each place where it occurs substitute “United Kingdom”;
b
omit paragraph 6 (schemes undertaking cross-border activities).
Amendment of the Occupational Pension Schemes (Investment) Regulations 200529
1
The Occupational Pension Schemes (Investment) Regulations 200542 are amended as follows.
2
In regulation 1(2)—
a
in the definition of “qualifying insurance policy”, omit paragraph (b) and the “or” before it;
b
omit the definition of “scheme undertaking cross-border activities”.
3
In regulation 4(11)—
a
in the definition of “derivative instrument”, for the words from “of Section C” to “financial instruments” substitute “of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 200143”;
b
in the definition of “regulated market”—
i
omit paragraph (a);
ii
for paragraph (b) substitute the following—
b
a UK regulated market or an EU regulated market within the meaning of Article 2.1.13A and 2.1.13B respectively of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments; or
4
In regulation 15A, omit paragraph (2)(b) but not the final “or”.
5
Omit regulation 17.
Amendment of the Occupational Pension Schemes (Regulatory Own Funds) Regulations 200530
1
The Occupational Pension Schemes (Regulatory Own Funds) Regulations 200544 are amended as follows.
2
In regulation 10, omit paragraphs (3) and (8).
3
In regulation 15—
a
in paragraph (1)(d)—
i
omit paragraph (i);
ii
in paragraph (ii), for “paragraphs 4(3) and 5(2)(b)” substitute “paragraphs 4(2) and (3) and 5(2)(a) and (b)”;
b
omit paragraph (2);
c
in paragraph (3), omit the definition of “scheme undertaking cross-border activities”.
Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 200631
1
The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 200645 are amended as follows.
2
In regulation 4(1), in sub-paragraph (e), for “EEA states” substitute “United Kingdom”.
Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 200632
1
The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 200646 are amended as follows.
2
In regulation 1(2), in the definition of “insurer” omit paragraph (b) and the “or” before it.
Amendment of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 201033
1
The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 201047 are amended as follows.
2
In regulation 32E, in paragraph (1), omit the words “or which is an occupational pension scheme within section 18(b) of the Act,”.
3
Omit regulation 32J.
4
In regulation 35—
a
in paragraph (1)(a)(i), omit “or (b)”;
b
omit paragraph (1)(b) together with the final “and”;
c
in paragraph (2), for the definition of “competent authority” substitute—
“competent authority” means the Financial Conduct Authority or the Pensions Regulator;
5
In regulation 39, omit paragraph (7)(a).
6
In regulation 44, in the heading and the body of the regulation, for “EEA States” substitute “United Kingdom”.
7
In regulation 45—
a
in paragraphs (1) to (5) and (7), for “18(b) or (c)” substitute “18(c)”;
b
in paragraphs (1), (3) and (7), omit sub-paragraph (b) and the “or” before it.
8
In regulation 46, omit paragraph (b) and the “or” before it.
Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 201334
1
The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 201348 are amended as follows.
2
In Schedule 1 (description of schemes), omit paragraph 1(2)(c) but not the final “or”.
Amendment of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 201435
1
The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 201449 are amended as follows.
2
Omit Part 18 (cross-border schemes).
Amendment of the Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 201536
1
The Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 201550 are amended as follows.
2
In regulation 6(2), for “EEA states” substitute “United Kingdom”.
PART 4Revocation of secondary legislation
37
The Occupational Pension Schemes (Cross-Border Activities) Regulations 200551 are revoked.
Signed by authority of the Secretary of State for Work and Pensions.
(This note is not part of the Regulations)