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The Pensions (2012 Act) (Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014
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- Northern Ireland Statutory Rules
- 2014 No. 213
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are one of two sets of regulations implementing Part 4 of the Pensions Act (Northern Ireland) 2012, section 27 of which inserts provisions to clarify the definition of “money purchase benefits” in section 176 of the Pension Schemes (Northern Ireland) Act 1993 (“the 1993 Act”) and in section 78 of the Pensions (No. 2) Act (Northern Ireland) 2008. Section 27 has retrospective effect and these Regulations make consequential and supplementary amendments to primary legislation to support its commencement.
Regulation 2 amends the 1993 Act to allow trustees or managers of an occupational pension scheme to revalue cash balance benefits which are not calculated by reference to a member’s final salary by the “cash balance method”.
Regulation 3 amends Schedule 8 to the Pensions (Northern Ireland) Order 2005 by inserting three further reviewable matters relating to decisions of the Board of the Pension Protection Fund.
An assessment of the impact of these Regulations and the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 is detailed in a Regulatory Impact Assessment, a copy of which has been laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Assessment are available from the Department for Social Development, Social Security Policy and Legislation Division, Level 1, James House, 2-4 Cromac Avenue, Gasworks Business Park, Ormeau Road, Belfast BT7 2JA or from the website: http://www.dsdni.gov.uk/index/ssa/ssani-publications/ssani-pensions-publications.htm.
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