The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019

• Citation: S.I. 2019/192
• Sections: 37

Section 1 Citation and commencement

These Regulations may be cited as the Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 and come into force on exit day.

Section 2 Amendment of the Pension Schemes Act 1993

(1) The Pension Schemes Act 1993 is amended as follows.

(2) In section 1 (categories of pension schemes) , in subsection (1), in the definition of “occupational pension scheme” omit paragraph (b) and the “and” before it.

(3) In section 19 (discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts) , in subsection (4)(a)(i) omit “or any other EEA State”.

(4) In section 149 (procedure on an investigation) , in subsection (6)—

(a) in paragraph (l), omit “, EEA central counterparty” and “, EEA CSD”, and

(b) in paragraph (n), omit “other than the United Kingdom”.

(5) In section 158A (other disclosures by the Secretary of State) , in the table in subsection (1), in the entry beginning “A recognised investment exchange”—

(a) in column 1 omit “, EEA central counterparty” and “, EEA CSD”, and

(b) in column 2, for the words from “or central securities depository” to the end of the entry substitute “, central securities depository or central counterparty”.

(6) In section 165 (application of certain provisions to cases with foreign element) , in subsection (7), for “territory of the member States” substitute “United Kingdom”.

(7) In section 180A (insurer and long-term insurance business) , in subsection (1) omit paragraph (b) and the “or” before it.

Section 3 Amendment of the Pensions Act 1995

(1) The Pensions Act 1995 is amended as follows.

(2) In section 49 (other responsibilities of trustees, employers, etc ), in subsection (8A)—

(a) omit paragraph (b), and

(b) in paragraph (c), omit the words after “Bank of England”.

Section 4 Amendment of the Welfare Reform and Pensions Act 1999

(1) The Welfare Reform and Pensions Act 1999 is amended as follows.

(2) In Schedule 5 (pension credits: mode of discharge), in paragraph 6(2)(a), omit “or any other EEA state”.

Section 5 Amendment of the Pensions Act 2004

(1) The Pensions Act 2004 is amended as follows.

(2) In section 73 (inspection of premises), in subsection (2)(a), in the list of provisions—

(a) in the parenthetical description of section 253, for “non-European” substitute “non-UK”, and

(b) omit “Part 7 (cross-border activities within European Union);”.

(3) In section 87 (other permitted disclosures), in subsection (2)(h) , for “an EU obligation” substitute “retained EU law”.

(4) In section 115 (borrowing), in subsection (3) , in the definition of “deposit-taker” omit paragraph (b) and the “or” before it.

(5) In section 201 (other permitted disclosures), in subsection (2)(g) , for “an EU obligation” substitute “retained EU law”.

(6) In section 249A (requirement for internal controls) , omit subsection (4).

(7) In section 253 (non-European scheme to be trust with UK-resident trustee) —

(a) in the heading, for “Non-European” substitute “Non-UK”, and

(b) in subsections (1) and (6), for “EEA states” substitute “United Kingdom”.

(8) In section 254 (representative of non-European scheme to be treated as trustee) —

(a) in the heading, for “non-European” substitute “non-UK”, and

(b) in subsection (1), for “EEA states” substitute “United Kingdom”.

(9) Omit Part 7 (cross-border activities within European Union).

(10) In section 307(2) (modification of this Act in relation to certain categories of schemes) omit paragraph (f) and the “and” before it.

(11) In Schedule 3 (restricted information held by the Regulator) and Schedule 8 (restricted information held by the Board) , in the entry in the table relating to a recognised investment exchange, in the first column omit “, EEA CSD” and “, EEA central counterparty”.

Section 6 Amendment of the Pensions Act 2008

(1) The Pensions Act 2008 is amended as follows.

(2) In section 18 (occupational pension schemes)—

(a) omit paragraph (b), and

(b) in paragraph (c), for “an EEA State” substitute “the United Kingdom”.

(3) In section 99 (interpretation of Part 1), omit the definition of the “IORP Directive”.

Section 7 Amendment of the Pension Schemes Act 2015

(1) The Pension Schemes Act 2015 is amended as follows.

(2) In section 42 (regulatory own fund schemes exempt from indexation), in subsection (3), for inserted subsections (9) and (10) substitute—

(9) In subsection (1)(a)(ii) “regulatory own fund scheme” means a scheme where the scheme and not any employer in relation to that scheme—

(a) underwrites any liability to cover against biometric risk;

(b) guarantees an investment performance; or

(c) guarantees a level of benefits.

(10) In subsection (9)—

“biometric risk” means liability risks linked to death, disability and longevity;

“employer” has the meaning given by section 318(1) of the Pensions Act 2004.

Section 8 Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996 are amended as follows.

(2) In regulation 1(2), in the definition of “overseas scheme”, for “EEA states” substitute “United Kingdom”.

Section 9 Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations 1996

(1) The Contracting-out (Transfer and Transfer Payment) Regulations 1996 are amended as follows.

(2) In regulation 1(2), in the definition of “overseas scheme”—

(a) in paragraph (a), for “EEA states” substitute “United Kingdom”;

(b) omit paragraph (b) and the “or” before it.

Section 10 Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 1996

(1) The Occupational Pension Schemes (Scheme Administration) Regulations 1996 are amended as follows.

(2) In regulation 1(2), in the definition of “qualifying insurance policy” omit paragraph (b) and the “or” before it.

(3) In regulation 11—

(a) in paragraph (3)(a) omit “or the central bank of another EEA State”;

(b) omit paragraph 4(a).

(4) In regulation 15, omit paragraph (2)(a)(ii) and the “or” before it.

Section 11 Amendment of the Occupational Pension Schemes (Winding Up) Regulations 1996

(1) The Occupational Pension Schemes (Winding Up) Regulations 1996 are amended as follows.

(2) In regulation 10, omit paragraph (1)(d).

Section 12 Amendment of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997

(1) The Occupational Pension Schemes (Discharge of Liability) Regulations 1997 are amended as follows.

(2) In regulation 2—

(a) omit paragraph (1)(b) and the “or” before it;

(b) in paragraph (2), for “Sub-paragraphs (a) and (b)” substitute “Sub-paragraph (a)”.

Section 13 Amendment of the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000

(1) The Pension Sharing (Implementation and Discharge of Liability) Regulations 2000 are amended as follows.

(2) In regulation 11—

(a) omit paragraph (1)(b) and the “or” before it;

(b) in paragraph (2), omit “and (b)”.

Section 14 Amendment of the Pension Sharing (Pension Credit Benefit) Regulations 2000

(1) The Pension Sharing (Pension Credit Benefit) Regulations 2000 are amended as follows.

(2) In regulation 5—

(a) omit paragraph (3)(b) and the “or” before it;

(b) in the opening words of paragraph (4), omit “and (b)”.

Section 15 Amendment of the Stakeholder Pension Schemes Regulations 2000

(1) The Stakeholder Pension Schemes Regulations 2000 are amended as follows.

(2) In regulation 1(3), in the definition of “insurer” omit paragraph (b) and the “or” before it.

Section 16 Amendment of the Register of Occupational and Personal Pension Schemes Regulations 2005

(1) The Register of Occupational and Personal Pension Schemes Regulations 2005 are amended as follows.

(2) In regulation 1(4), omit the definition of “scheme undertaking cross-border activities”.

(3) In regulation 2(1), omit sub-paragraph (c) and the “or” before it.

(4) In regulation 3(1), omit sub-paragraph (j) and the “and” before it.

Section 17 Amendment of the Pension Protection Fund (Appointment of Ordinary Members) Regulations 2005

(1) The Pension Protection Fund (Appointment of Ordinary Members) Regulations 2005 are amended as follows.

(2) In Schedule 1, in paragraph 14(c) omit “members of the European Parliament,”.

Section 18 Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations 2005

(1) The Occupational and Personal Pension Schemes (General Levy) Regulations 2005 are amended as follows.

(2) In regulation 2(1), omit the definition of “cross-border section 615 scheme”.

(3) In regulation 3(1), omit “, other than such a scheme which is a cross-border section 615 scheme,”.

Section 19 Amendment of the Occupational Pension Schemes (Employer Debt) Regulations 2005

(1) The Occupational Pension Schemes (Employer Debt) Regulations 2005 are amended as follows.

(2) In regulation 4(1), omit sub-paragraph (g)(ii) and the “and” before it.

Section 20 Amendment of the Occupational Pension Schemes (Winding up etc.) Regulations 2005

(1) The Occupational Pension Schemes (Winding up etc.) Regulations 2005 are amended as follows.

(2) In regulation 3(1), omit sub-paragraph (h)(ii) and the “and” before it.

Section 21 Amendment of the Pension Protection Fund ( PPF Ombudsman) Order 2005

(1) The Pension Protection Fund (PPF Ombudsman) Order 2005 is amended as follows.

(2) In Article 7(2)(j), omit “, an EEA central counterparty” and “, an EEA CSD”.

Section 22 Amendment of the Pensions Regulator (Contribution Notices and Restoration Orders) Regulations 2005

(1) The Pensions Regulator (Contribution Notices and Restoration Orders) Regulations 2005 are amended as follows.

(2) In regulation 3(1), omit sub-paragraph (i)(ii) and the “and” before it.

Section 23 Amendment of the Financial Assistance Scheme Regulations 2005

(1) The Financial Assistance Scheme Regulations 2005 are amended as follows.

(2) In regulation 2(3), omit sub-paragraph (b) and the “or” before it.

Section 24 Amendment of the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005

(1) The Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005 are amended as follows.

(2) In regulation 2(2), omit sub-paragraph (b) and the “or” before it.

Section 25 Amendment of the Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 2005

(1) The Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 2005 are amended as follows.

(2) In regulation 1(2), omit the definition of “scheme undertaking cross-border activities”.

(3) Omit regulation 1A.

Section 26 Amendment of the Pension Schemes (Categories) Regulations 2005

(1) The Pension Schemes (Categories) Regulations 2005 are amended as follows.

(2) In regulation 2, omit paragraph (2)(b) but not the final “and”.

Section 27 Amendment of the Financial Assistance Scheme (Appeals) Regulations 2005

(1) The Financial Assistance Scheme (Appeals) Regulations 2005 are amended as follows.

(2) In regulation 28(3)(k), omit “, EEA central counterparty”, and “, EEA CSD”.

Section 28 Amendment of the Occupational Pension Schemes (Scheme Funding) Regulations 2005

(1) The Occupational Pension Schemes (Scheme Funding) Regulations 2005 are amended as follows.

(2) For regulation 17(1)(d), substitute—

(d) a scheme which is treated as such by virtue of paragraph 4 or 5 of Schedule 2 to these Regulations and applies to members in employment outside the United Kingdom;

(3) In Schedule 2—

(a) in paragraph 4, in sub-paragraphs (2)(b) and (d)(i) and (3)(a), for “EEA states” in each place where it occurs substitute “United Kingdom”;

(b) omit paragraph 6 (schemes undertaking cross-border activities).

Section 29 Amendment of the Occupational Pension Schemes (Investment) Regulations 2005

(1) The Occupational Pension Schemes (Investment) Regulations 2005 are amended as follows.

(2) In regulation 1(2)—

(a) in the definition of “qualifying insurance policy”, omit paragraph (b) and the “or” before it;

(b) omit the definition of “scheme undertaking cross-border activities”.

(3) In regulation 4(11)—

(a) in the definition of “derivative instrument”, for the words from “of Section C” to “financial instruments” substitute “of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”;

(b) in the definition of “regulated market”—

(i) omit paragraph (a);

(ii) for paragraph (b) substitute the following—

(b) a UK regulated market or an EU regulated market within the meaning of Article 2.1.13A and 2.1.13B respectively of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments; or

(4) In regulation 15A, omit paragraph (2)(b) but not the final “or”.

(5) Omit regulation 17.

Section 30 Amendment of the Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005

(1) The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 are amended as follows.

(2) In regulation 10, omit paragraphs (3) and (8).

(3) In regulation 15—

(a) in paragraph (1)(d)—

(i) omit paragraph (i);

(ii) in paragraph (ii), for “paragraphs 4(3) and 5(2)(b)” substitute “paragraphs 4(2) and (3) and 5(2)(a) and (b)”;

(b) omit paragraph (2);

(c) in paragraph (3), omit the definition of “scheme undertaking cross-border activities”.

Section 31 Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006

(1) The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 are amended as follows.

(2) In regulation 4(1), in sub-paragraph (e), for “EEA states” substitute “United Kingdom”.

Section 32 Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 2006

(1) The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 2006 are amended as follows.

(2) In regulation 1(2), in the definition of “insurer” omit paragraph (b) and the “or” before it.

Section 33 Amendment of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010

(1) The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 are amended as follows.

(2) In regulation 32E, in paragraph (1), omit the words “or which is an occupational pension scheme within section 18(b) of the Act,”.

(3) Omit regulation 32J.

(4) In regulation 35—

(a) in paragraph (1)(a)(i), omit “or (b)”;

(b) omit paragraph (1)(b) together with the final “and”;

(c) in paragraph (2), for the definition of “competent authority” substitute—

“competent authority” means the Financial Conduct Authority or the Pensions Regulator;

(5) In regulation 39, omit paragraph (7)(a).

(6) In regulation 44, in the heading and the body of the regulation, for “EEA States” substitute “United Kingdom”.

(7) In regulation 45—

(a) in paragraphs (1) to (5) and (7), for “18(b) or (c)” substitute “18(c)”;

(b) in paragraphs (1), (3) and (7), omit sub-paragraph (b) and the “or” before it.

(8) In regulation 46, omit paragraph (b) and the “or” before it.

Section 34 Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013

(1) The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 are amended as follows.

(2) In Schedule 1 (description of schemes), omit paragraph 1(2)(c) but not the final “or”.

Section 35 Amendment of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014

(1) The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 are amended as follows.

(2) Omit Part 18 (cross-border schemes).

Section 36 Amendment of the Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 2015

(1) The Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 2015 are amended as follows.

(2) In regulation 6(2), for “EEA states” substitute “United Kingdom”.

Section 37

The Occupational Pension Schemes (Cross-Border Activities) Regulations 2005 are revoked.