Explanatory note

This Order provides for the coming into operation of certain provisions in Part 2 of the Pension Schemes Act 2021 (“the 2021 Act”). Part 2 of the 2021 Act provides the legislative framework to enable the establishment and operation of collective money purchase pension schemes.

Article 2 of this Order brings into operation on 29th April 2022 paragraphs 14 and 23 to 25 of Schedule 6, paragraph 11 in so far as it relates to paragraph 14 and section 99 in so far as it relates to those provisions.

Paragraphs 11 and 14 of Schedule 6 to the 2021 Act amend the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) by inserting requirements into Article 85(2) of that Order for the Pensions Regulator to issue a code of practice relating to the process for making an application for authorisation of a collective money purchase scheme and the matters that the Pensions Regulator expects to take into account in deciding whether a scheme meets the authorisation criteria under Part 2 of the 2021 Act.

Paragraphs 23 to 25 of Schedule 6 to the 2021 Act amend the Pensions Act (Northern Ireland) 2015 (c. 5 (N.1.)) (“the 2015 Act”). Paragraph 25 amends Schedule 18 to the 2015 Act so that the powers in that Schedule are exercisable in relation to collective money purchase schemes. Schedule 18 to the 2015 Act permits the Department for Communities to make regulations which limit or prohibit particular types of administration charge in relation to specified schemes. Paragraph 24 amends section 51(4) of the 2015 Act to prescribe the procedure for exercising the powers in paragraphs 1 and 3 of Schedule 18 to the 2015 Act to make provision for the first time in relation to collective money purchase schemes.