SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975

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SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975 - SECT 43



43.(1) For an occupational pension scheme, other than a public service scheme,
to be contracted-out the Occupational Pensions Board must be satisfied that
the resources of the scheme are sufficient

(a)for meeting from time to time all claims in respect of guaranteed minimum
pensions so far as falling to be met out of those resources, having regard to
the expected extent of the scheme's resources and its other liabilities at any
time when claims may be expected to arise; and

(b)for paying state scheme premiums in respect of all persons at any time
entitled to, or having accrued rights to, guaranteed minimum pensions under
the scheme; and

(c)for meeting in full, in the event of an immediate winding up, the
liabilities accorded priority in accordance with Article 42(3) and the
expenses of administration so far as those expenses are payable out of the
resources of the scheme.

[(1A) Regulations may

(a)provide for paragraph (1) to have effect, in cases specified in the
regulations, with the omission of sub-paragraphs (b) and (c) of that paragraph
or either of those sub-paragraphs or with the substitution for those
sub-paragraphs or either of them of provisions so specified; and

(b)make such amendments to Article 18(9)(a) of the Social Security
(Miscellaneous Provisions) (Northern Ireland) Order 1977 (which refers to
sub-paragraphs (b) and (c) of paragraph (1)) as the Department considers
appropriate in consequence of regulations made by virtue of sub-paragraph (a)
of this paragraph.]

(2) Where contracting-out or continued contracting-out depends on the Board
being satisfied as mentioned in paragraph (1), the scheme may be
contracted-out or continue to be contracted-out, as the case may be, in
relation to any employment subject to such conditions as the Board think fit
to impose for securing

(a)that the Board are kept informed as to any matters affecting the security
of the minimum pensions guaranteed under the scheme;

(b)that the resources of the scheme are brought to and maintained at a level
satisfactory to the Board;

(3) Conditions imposed by the Board for the purpose mentioned in paragraph
(2)(b) may require steps to be taken, at the instance of the Board, to
increase the scheme's resources at any time after contracting-out, including a
time when the scheme has ceased to be contracted-out.

(4) With a view to enforcing a condition imposed for that purpose, the Board
may by order require an employer to make such payments as the Board think
necessary to bring the resources of the scheme to a satisfactory level; and in
the case of an employer failing to make any payment required by such an order

(a)the Board may make a further order declaring the amount which the employer
has failed to pay to be a debt due from him to the Board and may recover it
from him accordingly; and

(b)any amount so recovered shall be paid over by the Board (on the employer's
behalf) in accordance with the terms of the original order.

(5) In considering a scheme by reference to the considerations of paragraph
(1), the Board shall have regard to any investments held for the purposes of
the scheme; and the Board may by reference to those considerations make it a
condition of contracting-out or continued contracting-out that

(a)no part, or no more than a specified proportion, of the scheme's resources
shall be invested in investments of a specified class or description;

(b)there shall be realised, before the expiration of a specified period, the
whole or a specified proportion of investments of a specified class or
description forming part of the scheme's resources when the condition is
imposed;

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Northern Irish Legislation

SOCIAL SECURITY PENSIONS (NORTHERN IRELAND) ORDER 1975 - SECT 43