The Pensions (Northern Ireland) Order 1995
1995/3213 · Made 13 December 1995 · Extends to Northern Ireland
Annotations to the whole text
Textual amendments
- F1
functions transf. by SR 1999/481
- F2
functions transf. by 2005 NI 1
Modifications
- C1
Order applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 3 paras. 2, 3 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(e)(4))
- C2
Order: power to modify conferred (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 294(c); S.I. 2006/95, art. 2(c), Sch. Pt. 3
- C3
Order: power to modify conferred (15.12.2008) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 115(2)(b), 118(1)(2)(g)
- C4
Order modified (21.2.2009) by Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 3, Sch.
- C5
Order: certain provisions applied (with modifications) (1.10.2010) by Employment and Support Allowance (Transitional Provisions and Housing Benefit) (Existing Awards) Regulations (Northern Ireland) 2010 (S.R. 2010/312), regs. 1, 16, Sch. 2
- C6
Order: applied (with modifications) (8.2.2011 with application as mentioned in reg. 27(a) of the amending regulations) by Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 27, Sch. 6 Pt. 1
Contents
- Part I: Introductory
- 1Title and commencement
- 2Interpretation
- Part II: Occupational Pensions
- Supervision by the Authority
- 3Prohibition orders
- 3AProhibition orders: directors of corporate trustees etc.
- 4Suspension orders
- 6Removal or suspension of trustees: consequences
- 7Appointment of trustees
- 8Appointment of trustees: consequences
- 9Removal and appointment of trustees: property
- 10Civil penalties
- 11Powers to wind up schemes
- 12Powers to wind up public service schemes
- 14Restitution
- 15Directions
- Member-nominated trustees and directors
- 16Requirement for member-nominated trustees Repealed
- 17Exceptions Repealed
- 18Corporate trustees: member-nominated directors Repealed
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 19Corporate trustees: exceptions Repealed
- 20Selection, and eligibility, of member-nominated trustees and directors Repealed
- 21Member-nominated trustees and directors: supplementary Repealed
- Independent trustees
- 22Circumstances in which following provisions apply
- 23Power to appoint independent trustees
- 25Appointment and powers of independent trustees: further provisions
- 26Insolvency practitioner or official receiver to give information to trustees
- Trustees: general
- 27Trustee not to be auditor or actuary of the scheme
- 28Article 27: consequences
- 29Persons disqualified for being trustees
- 30Persons disqualified: consequences
- Functions of trustees
- 32Decisions by majority
- 33Investment powers: duty of care
- 34Power of investment and delegation
- 35Investment principles
- 36Choosing investments
- 36ARestriction on borrowing by trustees
- 37Payment of surplus to employer
- 38Power to defer winding up
- 39Exercise of powers by member trustees
- Functions of trustees or managers
- 40Restriction on employer-related investments
- 41Provision of documents for members
- 41AClimate change risk
- 41BClimate change risk: publication of information
- 41CArticles 41A and 41B: compliance
- Advisers
- 47Professional advisers
- Receipts, payments and records
- 49Other responsibilities of trustees, employers, etc.
- 49ARecord of winding-up decisions
- Resolution of disputes
- 50Requirement for dispute resolution arrangements
- 50AMeaning of “person with an interest in the scheme”
- 50BThe dispute resolution procedure
- Indexation
- 51Annual increase in rate of pension
- 51ZAMeaning of “the appropriate percentage”
- 51ZBMeaning of “cash balance benefit”
- 51ARestriction on increase where annuity tied to investments
- 52Restriction on increase where member is under 55
- 53Effect of increases above the statutory requirement
- 54Articles 51 to 53: supplementary
- 55Article 51: end of annual increase in GMP
- Equal treatment
- 62The equal treatment rule
- 63Equal treatment rule: supplementary
- 64Equal treatment rule: exceptions
- 65Equal treatment rule: consequential alteration of schemes
- 66Equal treatment rule: effect on terms of employment, etc.
- Treatment of overseas residents, etc.
- 66AProhibition on different rules for overseas residents, etc.
- Modification of schemes
- 67The subsisting rights provisions
- 67AThe subsisting rights provisions: interpretation
- 67BThe consent requirements
- 67CThe actuarial equivalence requirements
- 67DThe actuarial equivalence requirements: further provisions
- 67EThe trustee approval requirement
- 67FThe reporting requirement
- 67GPowers of the Authority: voidable modifications
- 67HPowers of the Authority to intervene
- 67ISubsisting rights provisions: civil penalties
- 68Power of trustees to modify schemes by resolution
- 69Grounds for applying for modifications: winding up registered schemes
- 70Article 69: supplementary
- 71Effect of orders under Article 69
- 71AModification by Authority to secure winding-up
- 72Modification of public service pension schemes
- Supervision of winding-up
- 72AReports to Authority about winding-up
- 72BDirections by Authority for facilitating winding-up
- 72CDuty to comply with directions under Article 72B
- Winding up
- 73Preferential liabilities on winding up
- 73AOperation of scheme during winding up period
- 73BArticles 73 and 73A: supplementary
- 74Discharge of liabilities by insurance, etc.
- 75Deficiencies in the assets
- 75ADeficiencies in the assets: multi-employer schemes
- 76Excess assets on winding up
- 77Excess assets remaining after winding up: power to distribute Repealed
- Money purchase schemes
- 85Schedules of payments to money purchase schemes
- 86Schedules of payments to money purchase schemes: supplementary
- 87Application of further provisions to money purchase schemes
- 88Unpaid contributions in cases of insolvency
- Assignment, forfeiture, bankruptcy, etc.,
- 89Inalienability of occupational pension
- 90Forfeiture, etc.
- 91Forfeiture by reference to obligation to employer
- 92Articles 89 to 91: supplementary
- General
- 113Breach of regulations
- 114Overriding requirements
- 115Powers to modify this Part
- 116Calculations, etc. under regulations: sub-delegation
- 117Consultations about regulations
- 118Crown application
- 120“Connected” and “associated” persons
- 121Interpretation of Part II
- 122Article 121: supplementary
- IIISTATE PENSIONS
- 123Equalisation of pensionable age and of entitlement to certain benefits and increase in pensionable age
- 125Additional pension: calculation of surpluses
- 126Contribution conditions
- 127Up-rating of pensions increased under section 52 of Contributions and Benefits Act
- 128Graduated retirement benefit
- 129Extension of Christmas bonus for pensioners
- 130Contributions paid in error
- 131Minor amendments
- Part IV: CERTIFICATION OF PENSION SCHEMES AND EFFECTS ON MEMBERS' STATE SCHEME RIGHTS AND DUTIES
- Introductory
- 132The “principal appointed day” for Part IV
- New certification requirements applying as from the principal appointed day
- 133New requirements for contracted-out schemes
- Reduction in State scheme contributions, payment of rebates and reduction in State scheme benefits
- 134State scheme contributions and rebates
- 135Minimum contributions towards appropriate personal pension schemes
- 136Money purchase and personal pension schemes: verification of ages. Repealed
- 137Reduction in benefits for members of certified schemes
- Premiums and return to State scheme
- 138State scheme, etc. premiums and buyback into State scheme
- Protected rights
- 139Interim arrangements for giving effect to protected rights Repealed
- 140Requirements for interim arrangements Repealed
- 141Interim arrangements: supplementary Repealed
- 142Extension of interim arrangements to occupational pension schemes Repealed
- 143Discharge of protected rights on winding up: insurance policies Repealed
- Miscellaneous
- 144Monitoring personal pension schemes
- 145Earner employed in more than one employment Repealed
- 146Hybrid occupational pension schemes Repealed
- Part V: MISCELLANEOUS AND GENERAL
- Transfer values
- 148Extension of scope of right to cash equivalent
- 149Right to guaranteed cash equivalent
- 150Right to guaranteed cash equivalent: supplementary
- Penalties
- 151Breach of regulations under the Pension Schemes Act
- Pensions Ombudsman
- 152Employment of staff by the Pensions Ombudsman
- 153Jurisdiction of Pensions Ombudsman
- 154Allowances
- 155Disclosing information
- 156Interest on late payment of benefit
- Modification and winding up of schemes
- 157Repeal of sections 132 to 139 of Pension Schemes Act
- Personal pensions
- 158Annual increase in rate of personal pension Repealed
- 159Article 158: supplementary Repealed
- 160Power to reject notice choosing appropriate personal pension scheme Repealed
- Levy
- 161Levy
- Pensions on divorce, etc.
- 162Pensions on divorce, etc.
- Official and public service pensions
- 163Equal treatment in relation to official pensions
- 164Information about public service schemes
- Subordinate legislation, etc.
- 166Orders and regulations (general provisions)
- 167Assembly, etc. control of orders and regulations
- Schedule SSchedule S
- Schedule 2: EQUALISATION OF AND INCREASE IN PENSIONABLE AGE FOR MEN AND WOMEN
- Part 1: PENSIONABLE AGES FOR MEN AND WOMEN
- Rules for determining pensionable age
- 1Paragraph 1
- Part II: ENTITLEMENT TO CERTAIN PENSION AND OTHER BENEFITS
- Pension increases for dependent spouses
- 2Paragraph 2 Repealed
- Category B retirement pensions
- 3Paragraph 3
- Home responsibilities protection
- 4Paragraph 4
- Additional pension
- 5Paragraph 5
- Increments
- 6Paragraph 6
- Graduated retirement benefit
- 7Paragraph 7
- Christmas bonus for pensioners
- 8Paragraph 8
- Part
- Schedule Schedule
- Schedule Schedule