Amendment of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations2

1

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 19976 shall be amended in accordance with paragraphs (2) to (5).

2

In regulation 1(2) (interpretation) after the definition of “ear-marked scheme” there shall be inserted the following definition—

  • “group of companies” has the meaning given by section 71 of the Finance Act 20057;

3

In regulation 2 (requirement of trustees or managers to obtain documents)—

a

in paragraph (1) for “Subject to paragraph (2)” there shall be substituted “Subject to paragraphs (2), (2A) and (2B)”;

b

for paragraph (2) there shall be substituted the following paragraph—

2

In the case of an ear-marked scheme, the requirements contained in paragraph (1)(a) shall not apply and the trustees or managers of such a scheme shall—

a

upon receiving a written request from a person specified in Article 41(4) of the Order—

i

make available a copy of the most recent accounts published in relation to the insurance companies (whether as part of a group of companies or otherwise) with which they hold ear-marked policies of insurance or annuity contracts in relation to that person; and

ii

make that information available to the person who requested it within a reasonable time of receiving the request; and

b

provide each scheme member within 12 months of the end of each scheme year with a statement detailing the amount of contributions credited to him during that scheme year.

c

after paragraph (2A)8 there shall be inserted the following paragraph—

2B

In relation to a scheme to which Article 47(1)(a) of the Order does not apply, the requirement to obtain accounts in accordance with paragraph (1)(a) or an auditor’s statement in accordance with paragraph (1)(b) shall apply to such a scheme—

a

which falls within regulation 3(1)(c) or (i) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997; and

b

which has 100 or more members.

d

paragraph (4)9 shall be omitted.

4

In regulation 4(1)10 (form and content of the auditor’s statement) for sub-paragraph (a) there shall be substituted the following sub-paragraph—

a

a statement as to whether or not in his opinion contributions have in all material respects been paid at least in accordance with the schedule of contributions or payment schedule; and

5

In paragraph 2(3)(a)11 of the Schedule (contents of accounts audited by the auditor of the scheme) the words “to which section 107 of the Pension Schemes Act applies” shall be omitted.