Occupational and Personal Pension Schemes (Amendment etc.) (Northern Ireland) (EU Exit) Regulations 2018

Occupational and Personal Pension Schemes (Amendment etc.) (Northern Ireland) (EU Exit) Regulations 2018

Draft Affirmative
Laid: 24/10/18

Using the power in section 8 of the European Union (Withdrawal) Act 2018, this instrument corrects any elements of the Northern Ireland’s occupational and personal pensions legislation that will not work effectively after the UK departs the EU. This includes where distinctions have been made between EU or EEA Member States and overseas entities that will no longer apply, where the UK is referred to as a EU or EEA Member State, or where the UK is obliged to share data with EU agencies or Member States under reciprocal arrangements that will no longer apply. 

Since the UK will no longer be a member of the EU or EEA after it withdraws from the EU, UK occupational pension schemes will no longer need to obtain authorisation from the Pensions Regulator for cross-border activities. These instruments make the necessary changes to UK legislation to remove this requirement. 

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