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Pension Schemes Act 2015 in Northern Ireland

2015 c. 8 · Enacted 3 March 2015 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 August 2022.

An Act to make provision about pension schemes, including provision designed to encourage arrangements that offer people different levels of certainty in retirement or that involve different ways of sharing or pooling risk and provision designed to give people greater flexibility in accessing benefits and to help them make informed decisions about what to do with benefits.

[3rd March 2015]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. 1Introduction Not yet in force
  2. 2Defined benefits scheme Not yet in force
  3. 3Shared risk scheme (sometimes known as “defined ambition”) Not yet in force
  4. 4Defined contributions scheme Not yet in force
  5. 5Meaning of “pensions promise” etc Not yet in force
  6. 6Treatment of a scheme as two or more separate schemes Not yet in force
  7. 7Interpretation of Part 1 Not yet in force
  8. Introduction and nature of collective benefits Not yet in force
  9. 8Introduction and definition Not yet in force
  10. 9Duty to set targets for collective benefits Not yet in force
  11. 10Policy about factors used to determine each benefit Not yet in force
  12. 11Power to impose requirements about factors used to determine each benefit Not yet in force
  13. Contributions Not yet in force
  14. 12Payment schedule Not yet in force
  15. 13Overdue contributions and other payments Not yet in force
  16. Investment Not yet in force
  17. 14Statement of investment strategy Not yet in force
  18. 15Investment performance reports Not yet in force
  19. 16Investment powers Not yet in force
  20. 17Restriction on borrowing by trustees or managers Not yet in force
  21. 18Investment powers: duty of care Not yet in force
  22. Valuation Not yet in force
  23. 19Valuation reports Not yet in force
  24. 20Valuation process Not yet in force
  25. Dealing with deficits and surpluses Not yet in force
  26. 21Policy for dealing with a deficit or surplus Not yet in force
  27. 22Power to impose requirements about dealing with a deficit or surplus Not yet in force
  28. 23Deficits attributable to an offence or the imposition of a levy Not yet in force
  29. 24Payment of amounts out of collective benefit funds Not yet in force
  30. Cash equivalents Not yet in force
  31. 25Policy for calculating cash equivalent of benefits Not yet in force
  32. Winding up Not yet in force
  33. 26Winding up Not yet in force
  34. 27Requirement to wind up scheme in specified circumstances Not yet in force
  35. 28Policies about winding up Not yet in force
  36. Identifying assets Not yet in force
  37. 29Working out which assets are available for the provision of which benefits Not yet in force
  38. Regulations under Part 2: general Not yet in force
  39. 30Requirement to obtain actuarial advice Not yet in force
  40. 31Sub-delegation Not yet in force
  41. 32Publication of documents etc Not yet in force
  42. 33Enforcement Not yet in force
  43. 34Overriding requirements Not yet in force
  44. Interpretation of Part 2 Not yet in force
  45. 35Interpretation of Part 2 Not yet in force
  46. Administration and governance
  47. 36Pensions promise obtained from third party Not yet in force
  48. 37Duty to act in the best interests of members Not yet in force
  49. 38Disclosure of information about schemes
  50. Early leavers Not yet in force
  51. 39Extension of preservation of benefit under occupational pension schemes Not yet in force
  52. 40Revaluation of accrued benefits Not yet in force
  53. Indexation Not yet in force
  54. 41Collective benefits exempt from indexation Not yet in force
  55. 42Regulatory own fund schemes exempt from indexation Not yet in force
  56. 43Power to create other exemptions from indexation Not yet in force
  57. Independent trustees Not yet in force
  58. 44Removal of requirement to maintain register of independent trustees Not yet in force
  59. Rules about modification of schemes Not yet in force
  60. 45Rules about modification of schemes Not yet in force
  61. Other amendments
  62. 46Other amendments to do with Parts 1 and 2
  63. Part 4: Pensions flexibilities
  64. 47Pensions guidance
  65. Chapter 2: Independent advice
  66. 49Power to require employer to arrange advice for purposes of section 48
  67. Northern Ireland
  68. 51Independent advice in respect of conversions and transfers: Northern Ireland
  69. 52Power to require employer to arrange advice for purposes of section 51
  70. Income tax exemption
  71. 54Independent advice: income tax exemption
  72. Chapter 3: Drawdown, conversion of benefits and lump sums
  73. 55Sums or assets that may be designated as available for drawdown: Great Britain
  74. 56Provision about conversion of certain benefits for drawdown: Great Britain
  75. 57Provision about calculation of lump sums: Great Britain
  76. 58Restrictions on conversion of benefits during winding up etc: Great Britain
  77. 59Restriction on payment of lump sums during PPF assessment period: Great Britain
  78. 60Sections 55 to 57: consequential amendments
  79. Northern Ireland
  80. 61Sums or assets that may be designated as available for drawdown: Northern Ireland
  81. 62Provision about conversion of certain benefits for drawdown: Northern Ireland
  82. 63Provision about calculation of lump sums: Northern Ireland
  83. Rights to transfer benefits
  84. 67Rights to transfer benefits
  85. Great Britain
  86. 68Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain
  87. 69Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain
  88. 70Sections 68 and 69: consequential amendments
  89. Northern Ireland
  90. 71Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland
  91. Chapter 5: Interpretation of Part 4
  92. 74Meaning of “flexible benefit”
  93. 75Meaning of “cash balance benefit”
  94. 76Interpretation of Part 4
  95. Remploy
  96. 77Payments into Remploy Limited Pension and Assurance Scheme
  97. Judicial and public service pensions
  98. 78Pension scheme for fee-paid judges
  99. 79Judicial pensions: pension sharing on divorce etc
  100. 80Public service pension schemes Repealed
  101. 81Extension to Scotland of certain provisions about marriage of same sex couples
  102. Pension sharing
  103. 82Pension sharing and normal benefit age
  104. Part 6: General
  105. 83Power to make consequential amendments
  106. 84Regulations
  107. 85Regulations: Northern Ireland
  108. 86Regulations: supplementary
  109. 87Crown application
  110. 88Extent
  111. 89Commencement
  112. 90Short title
  113. Schedule 1: Early leavers: revaluation of accrued benefits Not yet in force
  114. 1Paragraph 1 Not yet in force
  115. 2Paragraph 2 Not yet in force
  116. 3Paragraph 3 Not yet in force
  117. 4Paragraph 4 Not yet in force
  118. 5Paragraph 5 Not yet in force
  119. 6Paragraph 6 Not yet in force
  120. 7Paragraph 7 Not yet in force
  121. 8Paragraph 8 Not yet in force
  122. 9Paragraph 9 Not yet in force
  123. 10Paragraph 10 Not yet in force
  124. 11Paragraph 11 Not yet in force
  125. Schedule 2: Other amendments to do with Parts 1 and 2
  126. Pension Schemes Act 1993 (c. 48) Not yet in force
  127. 1Paragraph 1 Not yet in force
  128. 2Paragraph 2 Not yet in force
  129. 3Paragraph 3 Not yet in force
  130. 4Paragraph 4 Not yet in force
  131. 5Paragraph 5 Not yet in force
  132. Pensions Act 1995 (c. 26) Not yet in force
  133. 6Paragraph 6 Not yet in force
  134. 7Paragraph 7 Not yet in force
  135. 8Paragraph 8 Not yet in force
  136. 9Paragraph 9 Not yet in force
  137. 10Paragraph 10 Not yet in force
  138. 11Paragraph 11 Not yet in force
  139. 12Paragraph 12 Not yet in force
  140. 13Paragraph 13 Not yet in force
  141. 14Paragraph 14 Not yet in force
  142. 15Paragraph 15 Not yet in force
  143. 16Paragraph 16 Not yet in force
  144. 17Paragraph 17 Not yet in force
  145. 18Paragraph 18 Not yet in force
  146. Welfare Reform and Pensions Act 1999 (c. 30) Not yet in force
  147. 19Paragraph 19 Not yet in force
  148. Financial Services and Markets Act 2000 (c. 8) Not yet in force
  149. 20Paragraph 20 Not yet in force
  150. 21Paragraph 21 Not yet in force
  151. 22Paragraph 22 Not yet in force
  152. Pensions Act 2004 (c. 35)
  153. 23Paragraph 23 Not yet in force
  154. 24Paragraph 24
  155. 25Paragraph 25 Not yet in force
  156. 26Paragraph 26 Not yet in force
  157. 27Paragraph 27 Not yet in force
  158. 28Paragraph 28 Not yet in force
  159. 29Paragraph 29 Not yet in force
  160. 30Paragraph 30
  161. 31Paragraph 31 Not yet in force
  162. 32Paragraph 32 Not yet in force
  163. 33Paragraph 33
  164. 34Paragraph 34 Not yet in force
  165. 35Paragraph 35 Not yet in force
  166. 36Paragraph 36
  167. 37Paragraph 37 Not yet in force
  168. 38Paragraph 38 Not yet in force
  169. Pensions Act 2008 (c. 30) Not yet in force
  170. 39Paragraph 39 Not yet in force
  171. 40Paragraph 40 Not yet in force
  172. 41Paragraph 41 Not yet in force
  173. 42Paragraph 42 Not yet in force
  174. 43Paragraph 43 Not yet in force
  175. 44Paragraph 44 Not yet in force
  176. 45Paragraph 45 Not yet in force
  177. 46Paragraph 46 Not yet in force
  178. 47Paragraph 47 Not yet in force
  179. 48Paragraph 48 Not yet in force
  180. 49Paragraph 49 Not yet in force
  181. 50Paragraph 50 Not yet in force
  182. Pensions Act 2014 (c. 19) Not yet in force
  183. 51Paragraph 51 Not yet in force
  184. 1Paragraph 1
  185. 2Paragraph 2 Repealed
  186. 3Paragraph 3 Repealed
  187. 4Paragraph 4 Repealed
  188. 5Paragraph 5 Repealed
  189. 6Paragraph 6
  190. 7Paragraph 7
  191. 9Paragraph 9 Repealed
  192. 10Paragraph 10 Repealed
  193. 11Paragraph 11 Repealed
  194. 12Paragraph 12
  195. 13Paragraph 13 Repealed
  196. 14Paragraph 14 Repealed
  197. 15Paragraph 15 Repealed
  198. 16Paragraph 16
  199. 18Paragraph 18
  200. 19Paragraph 19
  201. Schedule 4: Rights to transfer benefits
  202. Part 1: Great Britain amendments
  203. Judicial Pensions Act 1981 (c. 20)
  204. 1Paragraph 1
  205. Judicial Pensions and Retirement Act 1993 (c. 8)
  206. 2Paragraph 2
  207. Pension Schemes Act 1993 (c. 48)
  208. 3Paragraph 3
  209. 4Paragraph 4
  210. 5Paragraph 5
  211. 6Paragraph 6
  212. 7Paragraph 7
  213. 8Paragraph 8
  214. 9Paragraph 9
  215. 10Paragraph 10
  216. 11Paragraph 11
  217. 12Paragraph 12
  218. 13Paragraph 13
  219. 14Paragraph 14
  220. 15Paragraph 15
  221. 16Paragraph 16
  222. 17Paragraph 17
  223. 18Paragraph 18
  224. 19Paragraph 19
  225. 20Paragraph 20
  226. 21Paragraph 21
  227. 22Paragraph 22
  228. 23Paragraph 23
  229. 24Paragraph 24
  230. 25Paragraph 25
  231. 26Paragraph 26
  232. 27Paragraph 27
  233. Pensions Act 1995 (c. 26)
  234. 28Paragraph 28
  235. 29Paragraph 29
  236. 30Paragraph 30
  237. 31Paragraph 31
  238. 32Paragraph 32
  239. Learning and Skills Act 2000 (c. 21)
  240. 33Paragraph 33
  241. Pensions Act 2004 (c. 35)
  242. 34Paragraph 34
  243. 35Paragraph 35
  244. 36Paragraph 36
  245. 37Paragraph 37
  246. 38Paragraph 38
  247. 39Paragraph 39
  248. 40Paragraph 40
  249. 41Paragraph 41
  250. 42Paragraph 42
  251. Scottish Parliamentary Pensions Act 2009 (asp 1)
  252. 43Paragraph 43
  253. Pensions Act 2014 (c. 19)
  254. 44Paragraph 44
  255. 45Paragraph 45
  256. 46Paragraph 46
  257. Part 2: Northern Ireland amendments
  258. Judicial Pensions Act 1981 (c. 20)
  259. 47Paragraph 47
  260. Judicial Pensions and Retirement Act 1993 (c. 8)
  261. 48Paragraph 48
  262. Pension Schemes (Northern Ireland) Act 1993 (c. 49)
  263. 49Paragraph 49
  264. 50Paragraph 50
  265. 51Paragraph 51
  266. 52Paragraph 52
  267. 53Paragraph 53
  268. 54Paragraph 54
  269. 55Paragraph 55
  270. 56Paragraph 56
  271. 57Paragraph 57
  272. 58Paragraph 58
  273. 59Paragraph 59
  274. 61Paragraph 61
  275. 62Paragraph 62
  276. 63Paragraph 63
  277. 64Paragraph 64
  278. 65Paragraph 65
  279. 66Paragraph 66
  280. 67Paragraph 67
  281. 68Paragraph 68
  282. 69Paragraph 69
  283. 70Paragraph 70
  284. 71Paragraph 71
  285. 72Paragraph 72
  286. 73Paragraph 73
  287. Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
  288. 74Paragraph 74
  289. 75Paragraph 75
  290. 76Paragraph 76
  291. 77Paragraph 77
  292. 78Paragraph 78
  293. Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
  294. 79Paragraph 79
  295. 80Paragraph 80
  296. 81Paragraph 81
  297. 82Paragraph 82
  298. 83Paragraph 83
  299. 84Paragraph 84
  300. 85Paragraph 85
  301. 86Paragraph 86
  302. 87Paragraph 87
  303. Schedule 5: Pension scheme for fee-paid judges: consequential amendments
  304. Pensions (Increase) Act 1971 (c. 56)
  305. 1Paragraph 1
  306. 2Paragraph 2
  307. 3Paragraph 3
  308. Judicial Pensions and Retirement Act 1993 (c. 8)
  309. 4Paragraph 4
  310. 5Paragraph 5
  311. 6Paragraph 6
  312. 7Paragraph 7
  313. 8Paragraph 8