The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations (Northern Ireland) 2006

Citation, commencement and interpretationN.I.

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations (Northern Ireland) 2006 and shall come into operation on 6th April 2006, immediately prior to the coming into operation of the provisions of Article 2(6) of, and Part 6 of the Schedule to, the Pensions (2005 Order) (Commencement No. 7) Order (Northern Ireland) 2005(1).

(2) In these Regulations—

“associated” shall be construed in accordance with paragraph (4);

“connected” shall be construed in accordance with paragraph (4);

“direct payment paid-up insurance scheme” means a scheme under which—

“former old code scheme” means a registered pension scheme which was formerly approved under section 208 of the Income and Corporation Taxes Act 1970(2) (approved superannuation funds) and under the provisions of which—

“independently selected” in relation to a trustee of a scheme or a director of a company which is a trustee of a scheme, means selected as a trustee (or, as the case may be, a director)—

“insurer” (subject to paragraph (5)) means—

“registered pension scheme” has the meaning given in section 150(2) of the Finance Act 2004(4) (meaning of “pension scheme”);

“relevant centralised scheme” means a scheme in which—

“relevant executive pension scheme” means a scheme—

[F2“relevant small occupational pension scheme” means a scheme with fewer than 12 members, where—

“relevant wholly insured scheme” means a scheme under which there is a sole trustee and all the benefits are secured by contracts of insurance or annuity contracts, some or all of which are with an insurer who—

“section 615(6) scheme” means a scheme with such a superannuation fund as is mentioned in section 615(6) of the Income and Corporation Taxes Act 1988(5) (exemption from tax in respect of certain pensions);

“small insured scheme” means a scheme—

(3) For the purposes of paragraph (2), a director is independent in relation to a scheme only if he—

(a)has no direct legal or beneficial interest in the assets of any of the employers or of the scheme, and

(b)is neither connected nor associated with any of the employers.

(4) For the purposes of these Regulations Articles 4 and 7 of the Insolvency Order(6) (associated and connected persons) shall apply as they apply for the purposes of that Order.

(5) The definition of insurer in paragraph (2) shall be read with—

(a)section 22 of the Financial Services and Markets Act 2000 (the classes of activity and categories of investment), and

(b)any relevant order under that section, or

(c)Schedule 2 to that Act (regulated activities).

(6) References to “employer” and “employers” in paragraphs (c)(i) and (d) of the definition in paragraph (2) of “relevant centralised scheme” and in paragraph (3) do not include companies which carry on the business of acting as trustee of, or providing administrative services to, the scheme and no other business.

(7) 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.