Pension Schemes Act (Northern Ireland) 2016
PART 1CATEGORIES OF PENSION SCHEME
1Introduction
2Defined benefits scheme
3Shared risk scheme (sometimes known as “defined ambition”)
4Defined contributions scheme
5Meaning of “pensions promise” etc
6Treatment of a scheme as two or more separate schemes
7Interpretation of Part 1
PART 2COLLECTIVE BENEFITS
Introduction and nature of collective benefits
8Introduction and definition
9Duty to set targets for collective benefits
10Policy about factors used to determine each benefit
11Power to impose requirements about factors used to determine each benefit
Contributions
12Payment schedule
13Overdue contributions and other payments
Investment
14Statement of investment strategy
15Investment performance reports
16Investment powers
17Restriction on borrowing by trustees or managers
18Investment powers: duty of care
Valuation
19Valuation reports
20Valuation process
Dealing with deficits and surpluses
21Policy for dealing with a deficit or surplus
22Power to impose requirements about dealing with a deficit or surplus
23Deficits attributable to an offence or the imposition of a levy
24Payment of amounts out of collective benefit funds
Cash equivalents
25Policy for calculating cash equivalent of benefits
Winding up
26Winding up
27Requirement to wind up scheme in specified circumstances
28Policies about winding up
Identifying assets
29Working out which assets are available for the provision of which benefits
Regulations under Part 2: general
30Requirement to obtain actuarial advice
31Sub-delegation
32Publication of documents etc
33Enforcement
34Overriding requirements
Interpretation of Part 2
35Interpretation of Part 2
PART 3GENERAL CHANGES TO LEGISLATION ABOUT PENSION SCHEMES
Administration and governance
36Pensions promise obtained from third party
37Duty to act in the best interests of members
38Disclosure of information about schemes
Early leavers
39Extension of preservation of benefit under occupational pension schemes
40Revaluation of accrued benefits
Indexation
41Collective benefits exempt from indexation
42Regulatory own fund schemes exempt from indexation
43Power to create other exemptions from indexation
Independent trustees
44Removal of requirement to maintain register of independent trustees
Rules about modification of schemes
45Rules about modification of schemes
Pension sharing
46Pension sharing and normal benefit age
Other amendments
47Other amendments to do with Parts 1 and 2
PART 4GENERAL
48Power to make consequential amendments
49Regulations
50Crown application
51Interpretation
52Commencement
53Short title
SCHEDULES
SCHEDULE 1EARLY LEAVERS: REVALUATION OF ACCRUED BENEFITS
1The Pension Schemes Act is amended as follows.
2Before section 79 insert— Overview and meaning of “the 2016...
3In section 79, for subsection (1A) substitute—
4For section 80 substitute— Old basis of revaluation: occupational pension...
5After section 81 insert— Power to add revaluation methods for...
6After section 82 insert— The revaluation methods The revaluation methods referred to in this Chapter are defined...
7In section 181(2) (Assembly, etccontrol of regulations and orders) after...
8In Schedule 2 (revaluation methods), before paragraph 1 insert— The...
9Omit paragraphs 3A and 4 of that Schedule.
10In paragraph 5(1) of that Schedule, for “if his pensionable...
11Omit the following, which are no longer needed given the...
SCHEDULE 2OTHER AMENDMENTS TO DO WITH PARTS 1 AND 2
Pension Schemes (Northern Ireland) Act 1993 (c. 49)
1The Pension Schemes Act is amended as follows.
2In section 79 (scope of provisions about revaluation of benefits...
4In section 120 (duty of the Department for Employment and...
5(1) In section 176 (interpretation), subsection (1) is amended as...
Pensions (Northern Ireland) Order 1995 (NI 22)
6The 1995 Order is amended as follows.
7In Article 37 (payment of surplus to employer) in paragraph...
8In Article 38 (power to defer winding up), in paragraph...
9In Article 51 (annual increase in rate of pension), in...
10In Article 51A (restrictions on increase where annuity tied to...
11In Article 73 (preferential liabilities on winding up), for paragraph...
12In Article 75 (employer debt where deficiency in assets on...
13(1) Article 85 (schedules of payments to money purchase schemes)...
14For the italic cross-heading above Article 85 substitute “Schemes providing...
15In the heading to Article 86 (schedules of payments to...
16(1) Article 87 (application of further provisions to money purchase...
17In Article 121 (interpretation), in paragraph (1), at the appropriate...
18(1) Article 122 (interpretation of Part 2: supplementary) is amended...
Welfare Reform and Pensions (Northern Ireland) Order 1999 (NI 11)
19In Article 35 of the Welfare Reform and Pensions (Northern...
Pensions (Northern Ireland) Order 2005 (NI 1)
20The 2005 Order is amended as follows.
21(1) Article 2 (interpretation) is amended as follows.
22In Article 9 (improvement notices), in paragraph (7)—
23In Article 13 (power of the Regulator to recover unpaid...
24(1) Article 19 (freezing orders) is amended as follows.
25In Article 34 (contribution notices where avoidance of employer debt),...
26(1) Article 39 (financial support directions) is amended as follows....
27In Article 48 (restoration orders where transactions at an undervalue),...
28(1) Article 85 (codes of practice) is amended as follows....
29In Article 110 (schemes eligible for pension protection), for paragraph...
30For Article 200 (application of scheme funding rules in Part...
31In Article 231 (representative of non-European scheme to be treated...
32In Article 235 (pension protection on transfer of employment: form...
33In Article 267 (duty of trustees or managers to act...
34In Article 280 (modification of Pensions (Northern Ireland) Order 2005...
Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13)
35The Pensions (No2) Act (Northern Ireland) 2008 is amended as...
36(1) Section 20 (quality requirement: UK money purchase schemes) is...
37In section 21 (quality requirement: UK defined benefits schemes) for...
38In section 23A (alternative quality requirements for UK defined benefits...
39(1) Section 24 (quality requirement: UK hybrid schemes) is amended...
40(1) Section 26 (quality requirement: UK personal pension schemes) is...
41(1) Section 28 (certification that quality requirement or alternative requirement...
42For the heading to section 29 substitute “Transitional periods for...
43(1) Section 30 (transitional period for defined benefits and hybrid...
44In section 35 (compliance notices), in subsection (5), for “a...
45In section 38 (calculation and payment of contributions), in subsection...
46(1) Section 78 (interpretation) is amended as follows.
Pensions Act (Northern Ireland) 2015 (c. 5)
47(1) Schedule 17 to the Pensions Act (Northern Ireland) 2015...

Pension Schemes Act (Northern Ireland) 2016

2016 Chapter 1

An Act to make provision about pension schemes, including provision designed to encourage arrangements that offer people different levels of certainty in retirement or that involve different ways of sharing or pooling risk.

BE IT ENACTED by being passed by the Northern Ireland Assembly and assented to by Her Majesty as follows: