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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