The Pensions (Northern Ireland) Order 2005

2005 No. 255 (N.I. 1)

NORTHERN IRELAND

The Pensions (Northern Ireland) Order 2005

9thFebruary 2005

21stFebruary 2005

ARRANGEMENT OF ORDER

PART I

INTRODUCTORY

1.

Title and commencement

Interpretation

2.

General interpretation

PART II

THE PENSIONS REGULATOR

General provisions about functions

3.

Regulator's functions

4.

Regulator's objectives

5.

Supplementary powers

6.

Transfer of OPRA's functions to the Regulator

The Determinations Panel

7.

Functions exercisable by the Determinations Panel

Provision of information, education and assistance

8.

Provision of information, education and assistance

New powers in respect of occupational and personal pension schemes

9.

Improvement notices

10.

Third party notices

11.

Injunctions

12.

Restitution

13.

Power of the Regulator to recover unpaid contributions

14.

Pension liberation: interpretation

15.

Pension liberation: Court's power to order restitution

16.

Pension liberation: restraining orders

17.

Pension liberation: repatriation orders

Powers in relation to winding up of occupational pension schemes

18.

Powers to wind up occupational pension schemes

19.

Freezing orders

20.

Consequences of freezing order

21.

Period of effect etc. of freezing order

22.

Validation of action in contravention of freezing order

23.

Effect of determination to wind up scheme on freezing order

24.

Effect of winding up order on freezing order

25.

Effect of assessment period under Part III on freezing order

26.

Power to give a direction where freezing order ceases to have effect

27.

Notification of trustees, managers, employers and members

28.

Articles 19 to 27: supplementary

Trustees of occupational pension schemes

29.

Prohibition orders

30.

Suspension orders

31.

Appointment of trustees by the Regulator

32.

Independent trustees

33.

Disqualification

Contribution notices where avoidance of employer debt

34.

Contribution notices where avoidance of employer debt

35.

The sum specified in an Article 34 contribution notice

36.

Content and effect of an Article 34 contribution notice

37.

Article 34 contribution notice: relationship with employer debt

38.

Article 34 contribution notice: clearance statements

Financial support directions

39.

Financial support directions

40.

Meaning of "service company" and "insufficiently resourced"

41.

Meaning of "financial support"

42.

Financial support directions: clearance statements

43.

Contribution notices where non-compliance with financial support direction

44.

The sum specified in an Article 43 contribution notice

45.

Content and effect of an Article 43 contribution notice

46.

Article 43 contribution notice: relationship with employer debt

47.

Articles 39 to 46: interpretation

Transactions at an undervalue

48.

Restoration orders where transactions at an undervalue

49.

Restoration orders: supplementary

50.

Content and effect of a restoration order

51.

Contribution notice where failure to comply with a restoration order

52.

Content and effect of an Article 51 contribution notice

Articles 34 to 52: partnerships and limited liability partnerships

53.

Articles 34 to 52: partnerships and limited liability partnerships

Applications under the Insolvency Order

54.

Regulator's right to apply under Article 367 of the Insolvency Order

Register of schemes

55.

Registrable information

56.

The register: inspection, provision of information and reports etc.

57.

The register: duties of trustees or managers

58.

Duty of the Regulator to issue scheme return notices

59.

Duty of trustees or managers to provide scheme return

60.

Scheme returns: supplementary

Register of prohibited trustees

61.

Register of prohibited trustees

62.

Accessibility of register of prohibited trustees

Collecting information relevant to the Board

63.

Information relevant to the Board

64.

Duty to notify the Regulator of certain events

Reporting breaches of the law

65.

Duty to report breaches of the law

Reports by skilled persons

66.

Reports by skilled persons

Gathering information

67.

Provision of information

68.

Inspection of premises

69.

Inspection of premises in respect of employers' obligations

70.

Inspection of premises: powers of inspectors

71.

Inspection of premises: supplementary

72.

Penalties relating to Articles 67 to 70

73.

Warrants

74.

Articles 67 to 73: interpretation

Provision of false or misleading information

75.

Offences of providing false or misleading information

Use of information

76.

Use of information

Disclosure of information

77.

Restricted information

78.

Information supplied to the Regulator by corresponding overseas authorities

79.

Disclosure for facilitating exercise of functions by the Regulator

80.

Disclosure for facilitating exercise of functions by the Board

81.

Disclosure for facilitating exercise of functions by other supervisory authorities

82.

Other permitted disclosures

83.

Tax information

Reports

84.

Publishing reports etc.

Codes of practice

85.

Codes of practice

86.

Procedure for issue and publication of codes of practice

87.

Revocation of codes of practice

Exercise of regulatory functions

88.

The Regulator's procedure in relation to its regulatory functions

89.

Publication of procedure in relation to regulatory functions

90.

Application of standard and special procedure

91.

Standard procedure

92.

Special procedure: applicable cases

93.

Special procedure

94.

Compulsory review

95.

Duty to have regard to the interests of members etc.

96.

Powers to vary or revoke orders, notices or directions etc.

The Pensions Regulator Tribunal

97.

References to the Tribunal

98.

Appeal on a point of law

99.

Redetermination etc. by the Tribunal

100.

Disclosure of information

PART III

THE BOARD OF THE PENSION PROTECTION FUND

CHAPTER 1

THE BOARD

General provision about functions

101.

Board's functions and supplementary powers etc.

Financial matters

102.

Grants

103.

Administration levy

CHAPTER 2

INFORMATION RELATING TO EMPLOYER'S INSOLVENCY ETC.

Insolvency events

104.

Duty to notify insolvency events in respect of employers

105.

Insolvency event, insolvency date and insolvency practitioner

Status of scheme

106.

Insolvency practitioner's duty to issue notices confirming status of scheme

107.

Approval of notices issued under Article 106

Board's duties

108.

Board's duty where there is a failure to comply with Article 106

109.

Binding notices confirming status of scheme

CHAPTER 3

PENSION PROTECTION

Eligible schemes

110.

Eligible schemes

Circumstances in which Board assumes responsibility for eligible schemes

111.

Duty to assume responsibility for schemes following insolvency event

112.

Duty to assume responsibility for schemes following application or notification

113.

Applications and notifications for the purposes of Article 112

114.

Board's duty where application or notification received under Article 113

115.

Protected liabilities

Restrictions on schemes during the assessment period

116.

Assessment periods

117.

Admission of new members, payment of contributions etc.

118.

Directions

119.

Restrictions on winding up, discharge of liabilities etc.

120.

Power to validate contraventions of Article 119

121.

Board to act as creditor of the employer

122.

Payment of scheme benefits

123.

Loans to pay scheme benefits

Ill health pensions

124.

Reviewable ill health pensions

125.

Effect of a review

126.

Articles 124 and 125: interpretation

Valuation of assets and liabilities

127.

Board's obligation to obtain valuation of assets and protected liabilities

128.

Approval of valuation

129.

Binding valuations

Refusal to assume responsibility

130.

Schemes which become eligible schemes

131.

New schemes created to replace existing schemes

132.

Withdrawal following issue of Article 106(4) notice

Cessation of involvement with a scheme

133.

Circumstances in which Board ceases to be involved with an eligible scheme

134.

Consequences of the Board ceasing to be involved with a scheme

Reconsideration

135.

Application for reconsideration

136.

Duty to assume responsibility following reconsideration

Closed schemes

137.

Closed schemes

Winding up

138.

Requirement to wind up schemes with sufficient assets to meet protected liabilities

Provisions applying to closed schemes

139.

Treatment of closed schemes

140.

Valuations of closed schemes

Reconsideration of closed schemes

141.

Applications and notifications where closed schemes have insufficient assets

142.

Duty to assume responsibility for closed schemes

143.

Closed schemes: further assessment periods

Assumption of responsibility for a scheme

144.

Transfer notice

145.

Effect of Board assuming responsibility for a scheme

146.

The pension compensation provisions

147.

Adjustments to be made where the Board assumes responsibility for a scheme

148.

Postponement of compensation entitlement for the assessment period

149.

Guaranteed minimum pensions

150.

Duty to pay scheme benefits unpaid at assessment date etc.

151.

Modification of Chapter where liabilities discharged during assessment period

152.

Administration of compensation

Discharge of Board's liabilities

153.

Discharge of liabilities in respect of compensation

154.

Discharge of liabilities in respect of money purchase benefits

Equal treatment

155.

Equal treatment

Relationship with fraud compensation regime

156.

Relationship with fraud compensation regime

The levies

157.

Initial levy

158.

Pension protection levies

159.

Supplementary provisions about pension protection levies

160.

Amounts to be raised by the pension protection levies

161.

The levy ceiling

162.

Valuations to determine scheme underfunding

163.

Pension protection levies during the transitional period

164.

Calculation, collection and recovery of levies

CHAPTER 4

FRAUD COMPENSATION

Entitlement to fraud compensation

165.

Cases where fraud compensation payments can be made

166.

Board's duties in respect of certain applications under Article 165

167.

Recovery of value

168.

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