The Occupational Pension Schemes (Scheme Administration) (Amendment) Regulations (Northern Ireland) 1998
These Regulations add paragraphs (5), (6) and (7) to regulation 3 of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 which provides for exceptions from certain requirements, in Article 47 of the Pensions (Northern Ireland) Order 1995 (“the Order”), as to the appointment of, and reliance on, professional advisers in relation to the management of occupational pension schemes. The paragraphs disapply Article 47(3) of the Order (which provides for sanctions against trustees or managers of schemes who rely on the skill or judgement of advisers whom they have not themselves appointed) where reliance is placed on certain persons exercising functions concerned with the custody of scheme assets.