http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16Pension Schemes Act (Northern Ireland) 2021A Bill to make provision about pension schemes.Statute Law Database2024-06-06Expert Participation2022-03-16 PART 1Master TrustsTriggering events: continuityContinuity options 23 1 If a triggering event occurs in relation to a Master Trust scheme, the trustees must comply with the requirements of this section. 2 In the following cases, the trustees must pursue continuity option 1— a the triggering event is within item 1 or 2 of the table in section 21(6), and the decision to withdraw authorisation has become final (see section 35); b the triggering event is within item 3 of that table. 3 In those cases, the trustees must pursue continuity option 1 even if— a the triggering event within item 1, 2 or 3 occurs within the triggering event period for an earlier triggering event, and b the trustees have already decided to pursue continuity option 2 in respect of the earlier triggering event. 4 In any other case, the trustees must decide whether to pursue continuity option 1 or continuity option 2. 5 “Continuity option 1” is for— a the accrued rights and benefits under the Master Trust scheme of all members of the scheme to be transferred out of the scheme, and b the Master Trust scheme to be wound up, in accordance with regulations under section 24. 6 “Continuity option 2” is for the triggering event to be resolved (see section 25). 7 This section overrides any provision of the Master Trust scheme, to the extent that there is a conflict. 8 Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a requirement imposed by this section. S. 23 not in operation at Royal Assent, see s. 44(2)S. 23 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<Legislation xmlns="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" DocumentURI="http://www.legislation.gov.uk/nia/2021/6/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6" NumberOfProvisions="97" RestrictEndDate="2022-04-06" xsi:schemaLocation="http://www.legislation.gov.uk/namespaces/legislation http://www.legislation.gov.uk/schema/legislation.xsd" SchemaVersion="1.0" RestrictStartDate="2022-03-16" RestrictExtent="N.I.">
<ukm:Metadata xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata">
<dc:identifier>http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16</dc:identifier>
<dc:title>Pension Schemes Act (Northern Ireland) 2021</dc:title>
<dc:description>A Bill to make provision about pension schemes.</dc:description>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-06-06</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2022-03-16</dct:valid>
<atom:link rel="self" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/nia/2021/6/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/notes" href="http://www.legislation.gov.uk/id/nia/2021/6/section/23/notes" title="Explanatory Notes"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/notes/toc" href="http://www.legislation.gov.uk/nia/2021/6/notes/contents" title="Explanatory Notes Table of Contents"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/nia/2021/6/2022-03-16" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/nia/2021/6/introduction/2022-03-16" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/nia/2021/6/body/2022-03-16" title="body"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/schedules" href="http://www.legislation.gov.uk/nia/2021/6/schedules/2022-03-16" title="schedules"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/nia/2021/6/contents/2022-03-16" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/isReplacedBy" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-04-06" title="2022-04-06"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/nia/2021/6/section/23/enacted" title="enacted"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-04-06" title="2022-04-06"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/nia/2021/6/section/23" title="current"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/nia/2021/6/2022-03-16" title="Entire legislation"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/nia/2021/6/section/22/2022-03-16" title="Provision; Section 22"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/nia/2021/6/section/22/2022-03-16" title="Provision; Section 22"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/nia/2021/6/section/24/2022-03-16" title="Provision; Section 24"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/nia/2021/6/section/24/2022-03-16" title="Provision; Section 24"/>
<ukm:PrimaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="NorthernIrelandAct"/>
<ukm:DocumentStatus Value="revised"/>
</ukm:DocumentClassification>
<ukm:Year Value="2021"/>
<ukm:Number Value="6"/>
<ukm:EnactmentDate Date="2021-08-09"/>
<ukm:ISBN Value="9780105962472"/>
</ukm:PrimaryMetadata>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/notes" DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/notes"/>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/nia/2021/6/pdfs/niaen_20210006_en.pdf" Date="2021-09-01" Title="Explanatory Note" Size="2046672"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/nia/2021/6/pdfs/nia_20210006_en.pdf" Date="2021-09-01" Size="512829"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="97"/>
<ukm:BodyParagraphs Value="45"/>
<ukm:ScheduleParagraphs Value="52"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</ukm:Metadata>
<Primary>
<Body DocumentURI="http://www.legislation.gov.uk/nia/2021/6/body/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/body" NumberOfProvisions="45" RestrictExtent="N.I." RestrictStartDate="2022-03-16">
<Part DocumentURI="http://www.legislation.gov.uk/nia/2021/6/part/1/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/part/1" NumberOfProvisions="40" RestrictEndDate="2022-04-06" id="part-1" RestrictStartDate="2022-03-16" RestrictExtent="N.I.">
<Number>PART 1</Number>
<Title>Master Trusts</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/nia/2021/6/part/1/crossheading/triggering-events-continuity/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/part/1/crossheading/triggering-events-continuity" NumberOfProvisions="14" RestrictEndDate="2022-04-06" id="part-1-crossheading-triggering-events-continuity" RestrictStartDate="2022-03-16" RestrictExtent="N.I.">
<Title>Triggering events: continuity</Title>
<P1group RestrictEndDate="2022-04-06" RestrictStartDate="2022-03-16" RestrictExtent="N.I.">
<Title>Continuity options</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23" id="section-23">
<Pnumber>
<CommentaryRef Ref="key-8db22d71e595bde4083b1885d8885f98"/>
<CommentaryRef Ref="key-4edbf9e2555598333cf46feac99a55f0"/>
23
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/1/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/1" id="section-23-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>If a triggering event occurs in relation to a Master Trust scheme, the trustees must comply with the requirements of this section.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/2/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/2" RestrictEndDate="2022-04-06" id="section-23-2" RestrictExtent="N.I.">
<Pnumber>2</Pnumber>
<P2para>
<Text>In the following cases, the trustees must pursue continuity option 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/2/a/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/2/a" RestrictEndDate="2022-04-06" id="section-23-2-a" RestrictExtent="N.I.">
<Pnumber>a</Pnumber>
<P3para>
<Text>the triggering event is within item 1 or 2 of the table in section 21(6), and the decision to withdraw authorisation has become final (see section 35);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/2/b/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/2/b" id="section-23-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the triggering event is within item 3 of that table.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/3/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/3" RestrictEndDate="2022-04-06" id="section-23-3" RestrictExtent="N.I.">
<Pnumber>3</Pnumber>
<P2para>
<Text>In those cases, the trustees must pursue continuity option 1 even if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/3/a/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/3/a" RestrictEndDate="2022-04-06" id="section-23-3-a" RestrictExtent="N.I.">
<Pnumber>a</Pnumber>
<P3para>
<Text>the triggering event within item 1, 2 or 3 occurs within the triggering event period for an earlier triggering event, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/3/b/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/3/b" id="section-23-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the trustees have already decided to pursue continuity option 2 in respect of the earlier triggering event.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/4/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/4" id="section-23-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In any other case, the trustees must decide whether to pursue continuity option 1 or continuity option 2.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/5/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/5" id="section-23-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>“Continuity option 1” is for—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/5/a/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/5/a" id="section-23-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the accrued rights and benefits under the Master Trust scheme of all members of the scheme to be transferred out of the scheme, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/5/b/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/5/b" id="section-23-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the Master Trust scheme to be wound up,</Text>
</P3para>
</P3>
<Text>in accordance with regulations under section 24.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/6/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/6" id="section-23-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>“Continuity option 2” is for the triggering event to be resolved (see section 25).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/7/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/7" id="section-23-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>This section overrides any provision of the Master Trust scheme, to the extent that there is a conflict.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2021/6/section/23/8/2022-03-16" IdURI="http://www.legislation.gov.uk/id/nia/2021/6/section/23/8" id="section-23-8">
<Pnumber>8</Pnumber>
<P2para>
<Text>Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary Type="I" id="key-8db22d71e595bde4083b1885d8885f98">
<Para>
<Text>
S. 23 not in operation at Royal Assent, see
<CitationSubRef id="nbb3ca91c6604f0b5" SectionRef="section-44-2" URI="http://www.legislation.gov.uk/id/nia/2021/6/section/44/2" Operative="true">s. 44(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4edbf9e2555598333cf46feac99a55f0" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-23" URI="http://www.legislation.gov.uk/id/nia/2021/6/section/23" id="clq6y7li4-00459">S. 23</CitationSubRef>
in operation at 16.3.2022 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2022/110" Class="NorthernIrelandStatutoryRule" Year="2022" Number="110" Title="The Pension Schemes (2021 Act) (Commencement No. 2) Order (Northern Ireland) 2022" id="clq6y7li4-00460">S.R. 2022/110</Citation>
,
<CitationSubRef SectionRef="article-2-a" URI="http://www.legislation.gov.uk/id/nisr/2022/110/article/2/a" CitationRef="clq6y7li4-00460" Operative="true" id="clq6y7li4-00461">art. 2(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>