The Occupational Pension Schemes (Pensions Compensation Provisions) (Amendment) Regulations (Northern Ireland) 2001
These Regulations amend the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations (Northern Ireland) 1997 (“the 1997 Regulations”) which make provision in relation to the payment of compensation, by the Pensions Compensation Board under Articles 79 to 83 (“the compensation provisions”) of the Pensions (Northern Ireland) Order 1995 (“the Order”), to occupational pension schemes whose assets have been reduced in value as a result of certain acts or omissions. These amendments are made in consequence of changes made to the compensation provisions by Article 16 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (“the 1999 Order”) in connection with the criteria which must be met when an occupational pension scheme seeks compensation from the Board, and with the maximum amount of compensation payable.