S.I. No 844 of 2007.


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S.I. 844 of 2007

OCCUPATIONAL PENSION SCHEMES (EXTERNAL SCHEMES AND SCHEMES WITH EXTERNAL MEMBERS) (UNITED KINGDOM) (REVOCATION) REGULATIONS, 2007

 

EXPLANATORY NOTE

( This note is not part of the Instrument and does not purport to be a legal interpretation.)

The Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations 2000 had the effect of exempting qualifying United Kingdom pensions schemes with Irish members from certain Irish regulatory requirements under the Pensions Act 1990. The intent of the regulations was to ensure that schemes with members in the UK and Ireland (UK/Ireland Schemes) are not subject to two different sets of regulatory requirements, while maintaining an adequate level of protection for the members.

The Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations 2000 to 2001 had the effect of extending the protections of the Pensions Act 1990 to the UK members of qualifying Irish pension schemes.

Article 20 of Directive 2003/41 on the Activities and Supervision of Institutions for Occupational Retirement Provision (the IORPs Directive) requires schemes which engage in cross-border activities to receive a prior authorisation and to fulfil certain ongoing conditions. Since the implementation of the IORPs Directive in 2005, qualifying United Kingdom pension schemes and qualifying Irish schemes are now subject to requirements of that Directive and are now subject to the new provisions under the Pensions Act governing cross-border schemes.

The Occupational Pension Schemes (External Schemes and Schemes with External Members) (United Kingdom) Regulations 2000 to 2001are therefore no longer required as they are superseded by the IORPs Directive and are now revoked by this Regulation.


Last modified:25/09/2008
 

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