Pension Schemes Act (Northern Ireland) 2016

39.—(1) Section 24 (quality requirement: UK hybrid schemes) is amended as follows.

(2) In subsection (1)—

(a) for “A hybrid scheme” substitute “A shared risk scheme”;

(b) in paragraph (a), for “a money purchase scheme” substitute “an occupational defined contributions scheme”;

(c) in paragraph (b), for “a defined benefits scheme” substitute “an occupational defined benefits scheme”;

(d) after paragraph (b) insert—

“(c) the requirements under section 26 for a personal pension scheme that is a defined contributions scheme, subject to any prescribed modifications.”.

(3) In subsection (2), for “hybrid scheme” substitute “shared risk scheme”.

(4) In the heading, for “hybrid schemes” substitute “shared risk schemes”.