The Occupational Pension Schemes (Governance) (Amendment) Regulations (Northern Ireland) 2018

Explanatory note

Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.

These Regulations implement the requirements relating to conditions governing activities under Title III of the European Union Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision (O.J. No. L354, 23.12.16, p.37) (“the Directive”).

Regulation 2 amends Article 226A of the Pensions (Northern Ireland) Order 2005 (“the Order”) by substituting paragraphs (1) and (1A) for the existing paragraph (1). Substituted paragraph (1) imposes a duty on the trustees or managers of an occupational pension scheme to establish and operate an effective system of governance including internal controls. Paragraph (1A) requires that system to be proportionate to the size, nature, scale and complexity of the activities of the occupational pension scheme.

Regulation 3 sets out the matters to be included in the code of practice which the Pensions Regulator issues under Article 85(2) of the Order in relation to the duty imposed by Article 226A(1) of the Order.

An assessment of the impact of these Regulations is detailed in a Regulatory Impact Assessment, copies of which, together with a Transposition Note, are laid in the Business Office and the Library of the Northern Ireland Assembly. Copies are annexed to the Explanatory Memorandum which is available alongside this Statutory Rule on the website: http://www.legislation.gov.uk/nisr . Copies are also available from the Department for Communities, Social Security Policy and Legislation Division, Level 8, Causeway Exchange, 1-7 Bedford Street, Belfast BT2 7EG or on the website: https://www.communities-ni.gov.uk/articles/pension-information .