Source: http://www.legislation.gov.uk/nisi/2005/255/part/II/crossheading/exercise-of-regulatory-functions
Timestamp: 2020-01-18 08:50:38
Document Index: 757341435

Matched Legal Cases: ['Art. 88', 'art. 4', 'art. 4', 'Art. 91', 'art. 2', 'art. 91', 'art. 2', 'Art. 91', 'art. 2', 'Art. 91', 'art. 2', 'Art. 91', 'art. 2', 'Art. 92', 'art. 2', 'Art. 92', 'art. 2', 'art. 94', 'art. 2', 'Art. 94', 'art. 2']

Changes over time for: Cross Heading: Exercise of regulatory functions
Exercise of regulatory functionsN.I.
The Regulator's procedure in relation to its regulatory functionsN.I.
88.—(1) The Regulator must determine the procedure that it proposes to follow in relation to the exercise of its regulatory functions.
(2) For the purposes of this Part the “regulatory functions” of the Regulator are—
(a)the power to issue an improvement notice under Article 9,
(b)the power to issue a third party notice under Article 10,
[F1(ba)the power to appoint a skilled person in relation to a public service pension scheme under Article 10A,]
(c)the reserved regulatory functions (see Schedule 2),
(d)the power to issue a clearance statement under Article 38,
(e)the power to issue a notice under Article 41(1) approving the details of arrangements,
(f)the power to issue a clearance statement under Article 42,
(g)the power to vary or revoke under Article 96 (to the extent that it does not fall within sub-paragraph (c)),
(h)the power to make an order under Article 138(8),
(i)the power to make an order under Article 198(4),
(j)the power to grant or revoke authorisation under Article 264,
(k)the power to grant or revoke approval under Article 265,
(l)the power to issue a notice under Article 269(5),
(m)the power by direction under Article 4(3)(a) of the 1999 Order to refuse to register a scheme under Article 4 of that Order,
(n)the power to make an order under Article 7 of the 1995 Order appointing a trustee (to the extent that it does not fall within sub-paragraph (c)),
(o)the power to make an order under Article 23 of that Order appointing an independent trustee,
(p)the power to give directions under Article 72B of that Order (directions facilitating winding up), and
(q)such other functions of the Regulator as may be prescribed.
(3) The Determinations Panel must determine the procedure to be followed by it in relation to any exercise by it on behalf of the Regulator of—
(a)the power to determine whether to exercise a regulatory function, and
(b)where the Panel so determines to exercise a regulatory function, the power to exercise the function in question.
(4) The procedure determined under this Article—
(a)must provide for the procedure required under—
(i)Article 91 (standard procedure), and
(ii)Article 93 (special procedure), and
(b)may include such other procedural requirements as the Regulator or, as the case may be, the Panel considers appropriate.
(5) This Article is subject to—
(a)Articles 94 to 98 (the remaining provisions concerning the procedure in relation to the regulatory functions), and
(b)any regulations made by the Secretary of State under paragraph 19 of Schedule 1 to the Pensions Act 2004 (c. 35).
F1Art. 88(2)(ba) inserted (1.4.2015) by Public Service Pensions Act (Northern Ireland) 2014 (c. 2), s. 37(2), Sch. 4 para. 17; S.R. 2015/3, art. 4(1)(b) (with art. 4(2))
Publication of procedure in relation to regulatory functionsN.I.
89.—(1) The Regulator must issue a statement of the procedure determined under Article 88.
(2) The Regulator must arrange for the statement to be published in the way appearing to it to be appropriate.
(3) The Regulator may charge a reasonable fee for providing a person with a copy of the statement.
(4) If the procedure determined under Article 88 is changed in a material way, the Regulator must publish a revised statement.
(5) The Regulator must, without delay, give the Department a copy of any statement which it issues under this Article.
Standard procedureN.I.
91.—(1) The procedure determined under Article 88 must make provision for the standard procedure.
[F2(1A) In any case where—
(b)a requirement for the person to be given an opportunity before the contribution notice is issued to show the matters mentioned in paragraph (2) of that Article.]
(2) The “standard procedure” is a procedure which provides for—
(e)the determination notice to contain details of the right of referral to the Tribunal under paragraph (3),s
(3) Where the standard procedure applies, the determination which is the subject-matter of the determination notice may be referred to the Tribunal by—
(a)any person to whom the determination notice is given as required under paragraph (2)(d), and
(4) Paragraph (3) does not apply where the determination which is the subject-matter of the determination notice is a determination to issue a clearance statement under Article 38 or 42.
(5) Where the determination which is the subject-matter of the determination notice is a determination to exercise a regulatory function and paragraph (3) applies, the Regulator must not exercise the function—
(a)during the period within which the determination may be referred to the Tribunal F3. . . , and
(6) Paragraph (5) does not apply where the determination is a determination to exercise any of the following functions—
(a)the power to make a direction under Article 71(8) extending the retention period for documents taken into possession under Article 70;
(b)the power to make a direction under Article 73(10) extending the retention period for documents taken into possession under that Article;
(c)the power to make an order under Article 138(8);
(d)the power to make an order under Article 198(4);
(e)the power to grant or revoke authorisation under Article 264;
(f)the power to grant or revoke approval under Article 265;
(g)the power to issue a notice under Article 269(5);
(h)the power to make an order under Article 3(1) of the 1995 Order prohibiting a person from being a trustee;
(i)the power to make an order under Article 3(3) of that Order revoking such an order;
[F4(ia)the power under Article 3A(3) of that Order to give a notice waiving a prohibition;]
(j)the power to make an order under Article 4(1) of that Order suspending a trustee;
(k)the power to make an order under Article 4(2) of that Order extending the period for which an order under Article 4(1) of that Order has effect;
(l)the power to make an order under Article 4(5) of that Order revoking an order under Article 4(1) of that Order suspending a trustee;
(m)the power to make an order under Article 7 of that Order appointing a trustee;
(n)the power under Article 9 of that Order to exercise by order the same jurisdiction and powers as the High Court for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee;
(o)the power to make an order under Article 23 of that Order appointing an independent trustee;
(p)the power under Article 29(5) of that Order to give a notice waiving a disqualification under Article 29 of that Order;
(q)the power under Article 30(2) of that Order to exercise by order the same jurisdiction and powers as the High Court for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under Article 29 of that Order;
(r)the power to give directions under Article 72B of that Order facilitating a winding up;
(s)the power by direction under section 95(4) of the Pension Schemes Act to grant an extension of the period within which the trustees or managers of a scheme are to carry out certain duties;
(t)the power by direction under section 97J(2) of that Act to extend the period for compliance with a transfer notice;
(v)the power under Article 96(1)(b) to vary or revoke in relation to the exercise of any of the regulatory functions mentioned in sub-paragraphs (a) to (u) other than that mentioned in sub-paragraph (i) or (l).
[F5(6A) Paragraph (6B) applies in relation to a warning notice given to a person—
(6B) Regulations may provide that no determination notice in respect of the contribution notice or the financial support direction may be given after the end of the prescribed period beginning with the day on which the warning notice is given.]
[F6(7) In this Article “ the Tribunal ”, in relation to any reference under paragraph (3), means—
(b)the Upper Tribunal, in any other case.]
F2Art. 91(1A)(1B) inserted (29.6.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 103, 118(1), Sch. 8 para. 4; S.R. 2009/249, art. 2(a)(b)(i)
F3Words in art. 91(5)(a) repealed (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), ss. 3, 5(2), Sch. 1 para. 14(a), Sch. 3 (with transitional and saving in Sch. 2); S.R. 2010/101, art. 2
F4Art. 91(6)(ia) inserted (16.7.2015) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(1), Sch. 19 para. 8; S.R. 2015/307, art. 2(1)(o)
F5Art. 91(6A)(6B) inserted (7.6.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), ss. 24(7), 34(3); S.R. 2012/233, art. 2(2)(g)
F6Art. 91(7) added (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), ss. 3(1), 5(2), Sch. 1 para. 14(b) (with transitional and saving in Sch. 2); S.R. 2010/101, art. 2
Special procedure: applicable casesN.I.
92.—(1) The special procedure in Article 93 (and not the standard procedure) applies to—
(a)a case falling within paragraph (2),
(b)a case falling within paragraph (3), and
(c)a case falling within paragraph (4).
(2) A case falls within this paragraph if—
(a)the Regulator considers that it may be necessary to exercise a regulatory function listed in paragraph (5) immediately because there is, or the Regulator considers it likely that if a warning notice were to be given there would be, an immediate risk to—
(i)the interests of members under an occupational or personal pension scheme, or
(ii)the assets of such a scheme,
(b)the Regulator accordingly dispenses with the giving of a warning notice and an opportunity to make representations as described in Article 91(2)(a) and (b), and
(c)the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(ii)the assets of such a scheme.
(a)the Regulator gives a warning notice as described in Article 91(2)(a) in relation to a determination whether to exercise a regulatory function listed in paragraph (5), and
(b)before it has considered the representations of those persons to whom the warning notice is given, the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(4) A case falls within this paragraph if the Regulator—
(a)gives a warning notice as described in Article 91(2)(a) in relation to a determination whether to exercise a regulatory function which—
(i)is listed in paragraph (5), and
(ii)is not a function listed in Article 91(6) (functions which may be exercised immediately under the standard procedure),
(b)considers the representations of those persons to whom the warning notice is given, and
(c)determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(5) The regulatory functions referred to in paragraphs (2), (3) and (4) are—
(a)the power to make or extend a restraining order under Article 16;
(b)the power to make a freezing order under Article 19;
(c)the power to make an order under Article 21(3) extending the period for which a freezing order has effect;
(d)the power to make an order under Article 22 validating action taken in contravention of a freezing order;
(e)the power to make an order under Article 24 directing that specified steps are taken;
(f)the power to make an order under Article 26 giving a direction where a freezing order ceases to have effect;
(g)the power to make an order under Article 27(3) directing the notification of members;
(h)the power to make an order under Article 210 modifying a scheme, giving directions or imposing a schedule of contributions;
(i)the power to make an order under Article 3(1) of the 1995 Order prohibiting a person from being a trustee;
(j)the power to make an order under Article 3(3) of that Order revoking such an order;
[F7(ja)the power under Article 3A(3) of that Order to give a notice waiving a prohibition;]
(k)the power to make an order under Article 4(1) of that Order suspending a trustee;
(l)the power to make an order under Article 4(5) of that Order revoking such an order;
(o)the power to make an order under Article 11 of that Order directing or authorising an occupational pension scheme to be wound up;
(p)the power to make an order under Article 23 of that Order appointing an independent trustee;
(q)the power under Article 29(5) of that Order to give a notice waiving a disqualification under Article 29 of that Order;
(r)the power under Article 30(2) of that Order to exercise by order the same jurisdiction and powers as the High Court for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under Article 29 of that Order;
(s)the power to make an order under Article 67G(2) of that Order by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent;
(t)the power to make an order under Article 67H(2) of that Order prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme;
[F8(ta)a power under section 20H of the Pension Schemes Act;]
(v)the power under Article 96(1)(b) to vary or revoke in relation to the exercise of any of the regulatory functions mentioned in sub-paragraphs (a) to (u) other than that mentioned in sub-paragraph (j) or (l).
F7Art. 92(5)(ja) inserted (16.7.2015) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(1), Sch. 19 para. 9; S.R. 2015/307, art. 2(1)(o)
F8Art. 92(5)(ta) inserted (3.3.2009 for certain purposes otherwise 6.4.2009) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 12(6), 21(1)(a); S.R. 2009/75, art. 2
Special procedureN.I.
Compulsory reviewN.I.
94.—(1) In a case where the special procedure applies, the Regulator must review the determination to exercise the regulatory function.
(2) The review must be determined as soon as reasonably practicable.
(3) The Regulator's powers on a review under this Article include power to—
(4) When the Regulator has completed a review under this Article a notice of its determination on the review must be given to such persons as appear to it to be directly affected by its determination on the review.
(5) If the final notice contains a determination to exercise a different regulatory function to the function which was the subject-matter of the determination notice, then the final notice may not be given unless—
(6) Paragraph (5) does not apply if the regulatory function is listed in Article 92(5) and the Regulator determines to exercise it immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(7) The determination which is the subject-matter of a final notice may be referred to the Tribunal by—
(a)any person to whom the final notice is given as required under paragraph (4), and
(8) Where that determination is a determination to exercise a different regulatory function to the function which was the subject-matter of the determination notice, the Regulator must not exercise the regulatory function—
(a)during the period within which the determination may be referred to the Tribunal F9. . . , and
(9) Paragraph (8) does not apply where—
(a)the regulatory function in question is a function listed in Article 91(6) (functions which may be exercised immediately under the standard procedure), or
(b)the regulatory function in question is a function listed in Article 92(5) (functions which may be exercised immediately under the special procedure) and the Regulator determines to exercise it immediately on the basis described in paragraph (6).
(10) The functions of the Regulator under this Article are exercisable on behalf of the Regulator by the Determinations Panel (and are not otherwise exercisable by or on behalf of the Regulator).
(11) The Panel must determine the procedure that it proposes to follow in relation to the exercise of those functions.
(12) Article 89 (publication of Regulator's procedure) applies in relation to the procedure determined under paragraph (11) as it applies to the procedure determined under Article 88 (procedure in relation to the regulatory functions).
[F10(13) In this Article “ the Tribunal ”, in relation to any reference under paragraph (7), means—
F9Words in art. 94(8)(a) repealed (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), ss. 3, 5(2), Sch. 1 para. 15(a), Sch. 3 (with transitional and saving in Sch. 2); S.R. 2010/101, art. 2
F10Art. 94(13) added (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), ss. 3(1), 5(2), Sch. 1 para. 15(b) (with transitional and saving in Sch. 2); S.R. 2010/101, art. 2
Duty to have regard to the interests of members etc.N.I.
95.—(1) The Regulator must have regard to the matters mentioned in paragraph (2)—
(a)when determining whether to exercise a regulatory function—
(i)in a case where the requirements of the standard or special procedure apply, or
(ii)on a review under Article 94, and
(b)when exercising the regulatory function in question.
(a)the interests of the generality of the members of the scheme to which the exercise of the function relates, and
(b)the interests of such persons as appear to the Regulator to be directly affected by the exercise.
Powers to vary or revoke orders, notices or directions etc.N.I.
96.—(1) The Regulator may vary or revoke—
(2) Paragraph (1)(b) does not apply to—
(a)an order under Article 3(3) of the 1995 Order revoking a prohibition order under that Article,
(b)an order under Article 4(5) of that Order revoking a suspension order under that Article,
(c)a direction under Article 4(3) of the 1999 Order refusing to register a scheme under that Article or removing a scheme from the register of stakeholder pension schemes, or
(3) A variation or revocation of an order, a notice or a direction must be made by an order, notice or direction (as the case may be).
(4) A variation or revocation made under this Article must take effect from a specified time which must not be a time earlier than the time when the variation or revocation is made.
(5) The power to vary or revoke under this Article—
(a)is not to be treated for the purposes of paragraph (1) as a regulatory function, and
(b)is in addition to any such power which is conferred on the Regulator by, or by virtue of, this or any other statutory provision.