keep Legislation from which Republic of Ireland Schemes are Exempt
These Regulations exempt Republic of Ireland occupational pension schemes from various requirements of the Pensions Act 1995 and related regulations. They define qualifying schemes as those established in the Republic of Ireland under irrevocable trusts, mainly administered there, approved for tax purposes under both UK and Irish law, and with members in Great Britain. The Regulations list exemptions from the 1995 Act, modify other regulations to provide corresponding exemptions (from trustee requirements, disclosure, auditing, investment, and registration rules), and impose notification requirements on trustees regarding the exempt status.
Britons would be worse off if deleted because UK residents in these Republic of Ireland schemes would face compliance burdens from which they are rightfully exempt—the schemes are approved, administered, and supervised under Irish law, not British law. The notification requirements (regulation 4) ensure UK members are informed of the different regulatory status. Removing this would impose duplicate regulation on schemes already properly overseen in Ireland, with no additional protection for UK members since the schemes are not under UK jurisdiction. The exemption reflects the jurisdictional reality that Ireland, not the UK, approves and regulates these tax-approved schemes.