Source: http://www.legislation.gov.uk/nisi/1995/3213/article/37
Timestamp: 2018-07-22 22:45:37
Document Index: 552478679

Matched Legal Cases: ['Art. 37', 'art. 2', 'Art. 37', 'art. 2', 'Art. 37', 'Art. 37', 'Art. 37', 'Art. 37']

The Pensions (Northern Ireland) Order 1995, Section 37 is up to date with all changes known to be in force on or before 22 July 2018. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Payment of surplus to employerN.I.
[F137.—(1) This Article applies to a trust scheme if—
(a)apart from this Article power is conferred on the employer or any other person to make payments to the employer out of funds held for the purposes of the scheme, and
[F2(1A) But this Article does not apply in the case of any of the payments listed in paragraphs (c) to (f) of section 175 of the Finance Act 2004 (authorised employer payments other than public service scheme payments or authorised surplus payments).]
(2) Where the power referred to in paragraph (1)(a) is conferred by the scheme on a person other than the trustees—
(3) The power referred to in paragraph (1)(a) may only be exercised if—
(a)the trustees have obtained a written valuation of the scheme's assets and liabilities prepared and signed by a prescribed person,
(ii)specifying what in the opinion of that person is the maximum amount of payment that may be made to the employer,
(c)the payment does not exceed the maximum amount specified in the certificate,
(d)the trustees are satisfied that it is in the interests of the members that the power is exercised in the manner proposed,
(e)where the power is conferred by the scheme on the employer, the employer has asked for the power to be exercised, or consented to its being exercised, in the manner proposed,
(f)there is no freezing order in force in relation to the scheme under Article 19 of the Pensions (Northern Ireland) Order 2005, and
(a)the requirements (which may be alternative requirements) that must be met, in relation to any proposed payment to the employer out of funds held for the purposes of a scheme, with respect to the value of the scheme's assets and the amount of its liabilities,
(b)the assets and liabilities to be taken into account for that purpose and the manner in which their value or amount is to be determined, calculated and verified,
(c)the maximum amount of the payment that may be made to the employer, having regard to the value of the scheme's assets and the amount of its liabilities,
(d)the giving of a certificate as to the matters mentioned in sub-paragraphs (a) and (c), and
(5) The trustees must also comply with any other prescribed requirements in connection with the making of a payment under this Article.
(a)purport to exercise the power referred to in paragraph (1)(a) without complying with the requirements of this Article, or
(b)fail to comply with any requirement of regulations under paragraph (5),
Article 10 applies to any of them who has failed to take all reasonable steps to secure compliance.
(7) If a person other than the trustees purports to exercise the power referred to in paragraph (1)(a), Article 10 applies to him.
(8) Regulations may provide that in prescribed circumstances this Article does not apply, or applies with prescribed modifications, to schemes of a prescribed description.]
F1Art. 37 substituted (9.3.2006 for certain purposes, otherwise 6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 227; S.R. 2006/95, art. 2(a), Sch. Pt. 1
F2Art. 37(1A) inserted (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 105, 118(1); S.R. 2009/22, art. 2(2)(b)
C1Art. 37 excluded (24.7.2014) by The Pensions (2012 Act) (Transitional,ConsequentialandSupplementaryProvisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 36(1)(a)
C2Art. 37 applied (with modifications) (6.4.2006) by S.R. 2006/161, regs. 12(2), 18
C3Art. 37 excluded (6.4.2006) by S.R. 2006/161, reg. 12(1)
C4Art. 37 modified (6.4.2006) by S.R. 2006/161, reg. 14