Regulation 7 Amendment of the Pension Schemes Act (Northern Ireland) 2016

The Pension Schemes Act (Northern Ireland) 2016^f1 is amended as follows.

In section 42 (regulatory own fund schemes exempt from indexation), in subsection (3), for inserted paragraphs (9) and (10) substitute—

“(9)

In paragraph (1)(a)(ii) “regulatory own fund scheme” means a scheme where the scheme and not any employer in relation to that scheme—

(a)

underwrites any liability to cover against biometric risk,

(b)

guarantees an investment performance, or

(c)

guarantees a level of benefits.

(10)

In paragraph (9)—

• “biometric risk” means liability risks linked to death, disability and longevity;

• “employer” has the meaning given by Article 2(2) of the Pensions (Northern Ireland) Order 2005.”.