EXPLANATORY NOTE
(This note is not part of the Order)
This is the first commencement and transitional provisions Order made in respect of Part 1 of the Pension Schemes Act (Northern Ireland) 2021 (“the 2021 Act”).
Article 2 provides for the coming into operation of paragraph 15 of Schedule 3 to the 2021 Act on 13th September 2021. Paragraph 15 amends Article 85 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) to enable the Pensions Regulator to issue practical guidance about the exercise of functions under the 2021 Act and the standards of conduct and practice expected from those who exercise those functions. The amendments also require the Pensions Regulator to issue a code of practice in relation to (a) the process for applying for authorisation of a Master Trust scheme under Part 1 of the 2021 Act and (b) the matters that the Pensions Regulator expects to take into account in deciding whether it is satisfied that a Master Trust scheme meets the authorisation criteria under that Part.
Article 3 makes transitional provision in relation to the coming into operation of Schedule 2 to the 2021 Act (Master Trusts operating before the commencement date). It provides that the commencement of provisions relating to Schedule 2 does not apply in relation to an existing Master Trust scheme which has been authorised by the Pensions Regulator under Part 1 of the Pension Schemes Act 2017.