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The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006 No. 84
URL: http://www.bailii.org/nie/legis/num_reg/2006/20060084.html
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STATUTORY RULES OF NORTHERN IRELAND
2006 No. 84
PENSIONS
The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006
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Made |
6th March 2006 | |
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Coming into operation |
30th March 2006 | |
The Department for Social Development makes the following Regulations in exercise of the powers conferred by Articles 163(1)(a) and (3) and 287(2) and (3) of the Pensions (Northern Ireland) Order 2005[
1].
Citation, commencement and interpretation
1.
—(1) These Regulations may be cited as the Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006 and shall come into operation on 30th March 2006.
(2) In these Regulations—
"employer" has the meaning given by regulation 1(3)[2] of the Multi-employer Regulations (interpretation of "employer" in relation to certain multi-employer schemes);
"member" has the meaning given by Article 2(2) except that it does not include a person who is entitled only to money purchase benefits;
"the Multi-employer Regulations" means the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005[3];
"multi-employer section" means a section of a segregated scheme which has at least two employers in relation to that section;
"non-segregated scheme" means a multi-employer scheme which is not divided into two or more sections;
"segregated scheme" means a multi-employer scheme which is divided into two or more sections where—
(a) any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer's or that member's section, and
(b) a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.
(3) In these Regulations, any reference to a numbered Article is a reference to the Article of the Pensions (Northern Ireland) Order 2005 bearing that number.
Transitional period
2.
For the purposes of Article 163 (pension protection levies during the transitional period), the transitional period is the period of 12 months beginning on 1st April 2006.
Modification of Article 158 for the financial year beginning on 1st April 2006: segregated schemes
3.
—(1) This regulation applies to a segregated scheme for the financial year beginning on 1st April 2006.
(2) In the case of a segregated scheme to which this regulation applies—
(a) Article 158[4] (pension protection levies) shall have effect as if each section of the scheme were a separate scheme, and
(b) references in Article 158(1) to "eligible schemes" shall be read as if they were references to sections of a scheme in circumstances where those sections, if they were schemes, would not be—
(i) money purchase schemes;
(ii) schemes which are schemes prescribed or schemes of a description prescribed by virtue of regulations[5] made under Article 110(1)(b) (eligible schemes);
(iii) schemes to which Article 110(2) applies, or
(iv) schemes which are not eligible schemes by virtue of regulations made under Article 110(5).
Modification of Article 158 for the financial year beginning on 1st April 2006: non-segregated schemes
4.
—(1) This regulation applies to a non-segregated scheme for the financial year beginning on 1st April 2006.
(2) Article 158 (pension protection levies) shall be modified so that it shall be read as if—
(a) in the case of a scheme—
(b) in the case of a scheme—
(i) to which this regulation applies, and
(ii) the rules of which give the trustees or managers an option to segregate such part of the assets as is attributable to the liabilities of the scheme to provide pensions or other benefits to, or in respect of, the pensionable service of some, or all, of the members of the scheme by reference to an employer in relation to that scheme when an employer in relation to the scheme ceases to participate in the scheme,
for sub-paragraph (a) of paragraph (2) there were substituted the following sub-paragraph—
(c) in the case of a scheme—
Modification of Article 158 for the financial year beginning on 1st April 2006: multi-employer sections of segregated schemes
5.
—(1) This regulation applies to a multi-employer section of a segregated scheme for the financial year beginning on 1st April 2006.
(2) Article 158 (pension protection levies) shall be modified so that it shall be read as if—
(a) in the case of a section of a scheme—
(b) in the case of a section of a scheme—
(i) to which this regulation applies, and
(ii) the rules of which give the trustees or managers an option to segregate such part of the assets as is attributable to the liabilities of the section to provide pensions or other benefits to, or in respect of, the pensionable service of some, or all, of the members of the section by reference to an employer in relation to that section when an employer in relation to the section ceases to participate in the section,
for sub-paragraph (a) of paragraph (2) there were substituted the following sub-paragraph—
(c) in the case of a section of a scheme—
Application of regulations 73 to 75 of the Multi-employer Regulations for the financial year beginning on 1st April 2006
6.
For the financial year beginning on 1st April 2006, regulations 73(2), 74 and 75 of the Multi-employer Regulations shall not apply.
Sealed with the Official Seal of the Department for Social Development on
6th March 2006.
L.S.
John O'Neill
A senior officer of the Department for Social Development
EXPLANATORY NOTE
(This note is not part of the Regulations)
Article 163 of the Pensions (Northern Ireland) Order 2005 ("the Order") provides for the pension protection levy during the transitional period and these Regulations specify the duration of that period. The Regulations also make provision in relation to the imposition of a risk-based pension protection levy, in respect of multi-employer schemes, for the financial year beginning on 1st April 2006.
Regulation 2 provides that the transitional period is a period of 12 months beginning on 1st April 2006.
Regulation 3 modifies Article 158 of the Order, in relation to segregated schemes, for the financial year beginning on 1st April 2006.
Regulation 4 modifies Article 158 of the Order, in relation to non-segregated schemes, for the financial year beginning on 1st April 2006.
Regulation 5 modifies Article 158 of the Order, in relation to multi-employer sections of segregated schemes, for the financial year beginning on 1st April 2006.
Regulation 6 makes provision consequential to regulations 2 to 5.
The Pensions (2005 Order) (Commencement No. 7) Order (Northern Ireland) 2005 (S.R. 2005 No. 543 (C. 37)) provides for the coming into operation of Article 163(1)(a) and (3), some of the enabling provisions under which these Regulations are made, on 9th December 2005.
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.
Notes:
[1]
S.I. 2005/255 (N.I. 1); Part III is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55, 84 and 91 (as amended by S.R. 2005 Nos. 194 and 357)back
[2]
Regulation 1(3) of S.R. 2005 No. 91 was substituted by regulation 3(2)(b) of S.R. 2005 No. 357back
[3]
S.R. 2005 No. 91; relevant amending Regulations are S.R 2005 No. 357back
[4]
Article 158 is modified in relation to segregated schemes by regulation 73, in relation to non-segregated schemes by regulation 74, and in relation to multi-employer sections of segregated schemes by regulation 75, of S.R. 2005 No. 91back
[5]
The regulations made under Article 110(1)(b) and (5) are S.R 2005 No. 126 as amended by S.R. 2005 Nos. 194, 357, 364 and 387back
ISBN
0 337 96385 1
| © Crown copyright 2006 |
Prepared
13 March 2006
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