The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations

11.—(1) The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with paragraphs (2) to (6).

(2) In regulation 1(2) (interpretation) before the definition of “approved scheme” there shall be inserted the following definition –

““the 2000 Act” means the Financial Services and Markets Act 2000;”.

(3) In regulation 3(3) (professional advisers' requirements: exceptions) –

(a)the words “(within the meaning of the Financial Services Act 1986)” shall be omitted;

(b)for sub-paragraph (a) there shall be substituted the following sub-paragraph –

“(a)relevant schemes of a kind mentioned in article 4(4) of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001(2) (managing investments: occupational pension schemes);”.

(4) In regulation 5(2)(b)(3) (manner and terms of appointment and removal of professional advisers) for head (i) there shall be substituted the following head –

“(i)in the case of a fund manager, or a person carrying out functions referred to in regulation 2(c), who is subject to rules made under section 138 of the 2000 Act which impose requirements in relation to conflicts of interest, confirm in writing that he will notify the trustees or managers of any conflict of interest to which he is or may be subject in relation to the scheme in accordance with those requirements; and”.

(5) In regulation 11 (requirement for money to be kept by trustees: exception) –

(a)in paragraph (1)(4) –

(i)for “at an institution authorised under the Banking Act 1987” there shall be substituted “with a deposit-taker”;

(ii)in sub-paragraph (b) for head (i) there shall be substituted the following head –

“(i)kept by them with any of the persons specified in paragraph (3);”;

(b)after paragraph (2) there shall be added the following paragraphs –

“(3) The persons referred to in paragraph (1)(b)(i) are –

(a)the Bank of England or the central bank of another EEA State;

(b)the National Savings Bank; or

(c)a municipal bank.

(4) In paragraph (3) –

(a)“EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2nd May 1992 as it has effect for the time being;

(b)“municipal bank” means a company –

(i)in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 1979(5) or section 103(3) of the Banking Act 1987(6); and

(ii)is exempt from the prohibition imposed by section 19 of the 2000 Act in relation to the acceptance of deposits.

(5) Paragraph (4)(b) shall be read with –

(a)section 22 of the 2000 Act (regulated activities);

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.”.

(6) In regulation 15 (employer to make payments of benefits into a separate account) –

(a)the words from “An employer is” to “by the employer.” shall be numbered as paragraph (1) of that regulation;

(b)in that paragraph for “an institution authorised under the Banking Act 1987” there shall be substituted “a deposit-taker”;

(c)after that paragraph there shall be added the following paragraphs –

“(2) In this regulation “deposit-taker” means –

(a)a person who has permission under Part IV of the 2000 Act to accept deposits; or

(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act (EEA passport rights) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

(3) Paragraph (2) shall be read with –

(a)section 22 of the 2000 Act (regulated activities);

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.”.