OpenLegislation

Pension Schemes Act 2021 in Northern Ireland

2021 c. 1 · Enacted 11 February 2021 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 July 2026.

An Act to make provision about pension schemes.

[11th February 2021]

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. 2Qualifying benefits
  2. 4Qualifying schemes: supplementary
  3. 5Schemes divided into sections
  4. 6Amendment of definitions of “money purchase benefits” etc
  5. 7Authorisation of collective money purchase schemes
  6. 9ACommencement of operation of an unconnected multiple employer scheme
  7. 10Reference to Tribunal of refusal to grant authorisation
  8. 12Scheme design requirement
  9. 14AUnconnected multiple employer schemes: financial sustainability requirement - business plan
  10. 14BUnconnected multiple employer schemes: scheme proprietor
  11. 14CUnconnected multiple employer schemes: scheme proprietor requirements
  12. 14DUnconnected multiple employer schemes: promotion or marketing requirement
  13. 15Communication requirement
  14. 16Systems and processes requirements
  15. 17AUnconnected multiple employer schemes: ability to pursue continuity option 3
  16. Valuation and benefit adjustment
  17. Members' rights
  18. 24Rules about modifying schemes
  19. 25Transfer rights
  20. 26List of authorised schemes
  21. 26AUnconnected multiple employer schemes: requirement to submit annual accounts
  22. 27Requirement to submit supervisory return
  23. 30Withdrawal of authorisation
  24. 32Triggering event periods
  25. 34Continuity options
  26. 35When a decision to withdraw authorisation becomes final
  27. 37Continuity option 2: resolving triggering event
  28. 38Continuity option 3: conversion to closed scheme
  29. 39Implementation strategy
  30. 42Prohibition on winding up except in accordance with continuity option 1
  31. 43Periodic reporting requirements
  32. Publication of information
  33. 46Publication of information
  34. 48Minor and consequential amendments
  35. 51Regulations
  36. Part 2: Collective money purchase benefits: Northern Ireland
  37. Definitions
  38. 52Collective money purchase benefits and schemes
  39. 53Qualifying benefits
  40. 54Qualifying schemes
  41. 55Qualifying schemes: supplementary
  42. 56Schemes divided into sections
  43. 57Amendment of definitions of “money purchase benefits” etc
  44. Authorisation
  45. 58Authorisation of collective money purchase schemes
  46. 59Application for authorisation
  47. 60Decision on application
  48. 60AFailure of unconnected multiple employer schemes to commence operation
  49. 61Reference to Tribunal of refusal to grant authorisation
  50. Authorisation criteria
  51. 62Fit and proper persons requirement
  52. 63Scheme design requirement
  53. 64Viability report
  54. 65Financial sustainability requirement
  55. 65AUnconnected multiple employer schemes: business plan
  56. 65BUnconnected multiple employer schemes: single scheme proprietor
  57. 65CUnconnected multiple employer schemes: scheme proprietor requirements
  58. 65DUnconnected multiple employer schemes: promotion or marketing requirement
  59. 66Communication requirement
  60. 67Systems and processes requirements
  61. 68Continuity strategy requirement
  62. 68AUnconnected multiple employer schemes: ability to pursue continuity option 3
  63. Valuation and benefit adjustment
  64. 69Calculation of benefits
  65. 70Advice of scheme actuary
  66. 71Actuarial valuations
  67. 72Certificate that actuarial valuation prepared in accordance with scheme rules
  68. 73Benefits adjustments
  69. 74Powers of the Pensions Regulator
  70. Members' rights
  71. 75Rules about modifying schemes
  72. 76Transfer rights
  73. Ongoing supervision
  74. 77List of authorised schemes
  75. 77AUnconnected multiple employer schemes: annual accounts
  76. 78Requirement to submit supervisory return
  77. 79Duty to notify the Pensions Regulator of significant events
  78. 80Risk notices
  79. 81Withdrawal of authorisation
  80. Triggering events and continuity options
  81. 82Triggering events
  82. 83Triggering event periods
  83. 84Notification of triggering events
  84. 85Continuity options
  85. 86When a decision to withdraw authorisation becomes final
  86. 87Continuity option 1: discharge of liabilities and winding up
  87. 88Continuity option 2: resolving triggering event
  88. 89Continuity option 3: conversion to closed scheme
  89. 90Implementation strategy
  90. 91Approval of implementation strategy
  91. 92Trustees' duties once implementation strategy approved
  92. 93Prohibition on winding up except in accordance with continuity option 1
  93. 94Periodic reporting requirements
  94. 95Pause orders
  95. 96Prohibition on increasing charges etc during triggering event period
  96. Publication of information
  97. 97Publication of information
  98. Powers to make further provision
  99. 98Powers to extend definition of qualifying schemes
  100. Supplementary
  101. 99Minor and consequential amendments
  102. 100Interpretation of Part 2
  103. 101Index of defined expressions
  104. 102Regulations
  105. Part 3: The Pensions Regulator
  106. 103Grounds for issuing a section 38 contribution notice
  107. 104Reasonableness of issuing a contribution notice
  108. 105Determination of sum specified in a contribution notice
  109. 106Sanctions for failure to comply with a contribution notice
  110. 107Sanctions for avoidance of employer debt etc
  111. 108Duty to notify the Regulator of certain events
  112. 109Duty to give notices and statements to the Regulator in respect of certain events
  113. 110Interviews
  114. 111Inspection of premises
  115. 112Fixed penalty notices and escalating penalty notices
  116. 113Provision of false or misleading information to Regulator
  117. 114Provision of false or misleading information to trustees or managers
  118. 115Financial penalties
  119. 116Minor and consequential amendments
  120. Northern Ireland
  121. 117The Pensions Regulator: Northern Ireland
  122. Part 4: Pensions dashboards
  123. 120Pensions dashboards: Northern Ireland
  124. Part 5: Further provision relating to pension schemes
  125. 123Funding of defined benefit schemes
  126. 124Climate change risk
  127. 125Exercise of right to cash equivalent
  128. The Pension Protection Fund
  129. 126Modification of provisions relating to pensionable service
  130. 127Administration charges
  131. 128Pension Schemes Act 2015: repeals
  132. Northern Ireland
  133. 129Further provision relating to pension schemes: Northern Ireland
  134. Part 6: Final
  135. 130Extent
  136. 131Commencement
  137. 132Short title
  138. Building Societies Act 1986 (c. 53)
  139. 1Paragraph 1
  140. Pension Schemes Act 1993 (c. 48)
  141. 2Paragraph 2
  142. 3Paragraph 3
  143. 4Paragraph 4
  144. 5Paragraph 5
  145. 6Paragraph 6
  146. Schedule 1A: Unconnected Multiple Employer Schemes: Business Strategy
  147. Part 1: Information which must be taken into account
  148. 1Paragraph 1
  149. 2Paragraph 2
  150. 3Paragraph 3
  151. 4Paragraph 4
  152. Part 2: Matters which must be taken into account
  153. 5Paragraph 5
  154. 6Paragraph 6
  155. 7Paragraph 7
  156. 8Paragraph 8
  157. 9Paragraph 9
  158. 10Paragraph 10
  159. 11Paragraph 11
  160. 12Paragraph 12
  161. Part 3: Information which may be taken into account
  162. 13Paragraph 13
  163. 14Paragraph 14
  164. Schedule 1B: Unconnected Multiple Employer Schemes: Business Plan - Information and Requirements
  165. Part 1: Information which must be included in a business plan
  166. 1General
  167. 2General
  168. 3General
  169. 4General
  170. 5General
  171. 6Information about the scheme
  172. 7Information about the scheme
  173. 8Information about the scheme
  174. 9Information about the scheme
  175. 10Information about the scheme
  176. 11Information about the scheme
  177. 12Information about the scheme
  178. 13Information about the scheme
  179. 14Information about the scheme
  180. 15Information about the scheme
  181. 16Information about the scheme
  182. 17Information about the scheme
  183. 18Information about the scheme
  184. 19Information about the scheme proprietor
  185. 20Information about the scheme proprietor
  186. 21Information about the scheme proprietor
  187. 22Information about the scheme proprietor
  188. 23Information about the scheme proprietor
  189. 24Information following a triggering event
  190. Part 2: Requirements relating to a business plan
  191. 25Paragraph 25
  192. 26Paragraph 26
  193. 27Paragraph 27
  194. 28Paragraph 28
  195. 29Paragraph 29
  196. Schedule 1C: Unconnected Multiple Employer Schemes: Promotion or Marketing Requirement
  197. Part 1: No promotion or marketing that is unclear or misleading without rectification
  198. 1Consistency
  199. 2Transparency
  200. Part 2: Promotion or marketing: systems and processes
  201. 3Quality assurance
  202. 4Resource planning
  203. 5Feedback and complaints
  204. 6Functionality of IT systems
  205. 7Risk management
  206. 8Governance
  207. 9Interpretation of Part 2
  208. Consequences of a pause order
  209. 1Paragraph 1
  210. Period of effect etc of pause order
  211. 2Paragraph 2
  212. Validation of action in contravention of pause order
  213. 3Paragraph 3
  214. Supplementary
  215. 5Paragraph 5
  216. Pension Schemes Act 1993 (c. 48)
  217. 1Paragraph 1
  218. 2Paragraph 2
  219. 3Paragraph 3
  220. 4Paragraph 4
  221. 5Paragraph 5
  222. Pensions Act 1995 (c. 26)
  223. 6Paragraph 6
  224. 7Paragraph 7
  225. 8Paragraph 8
  226. 9Paragraph 9
  227. 10Paragraph 10
  228. Pensions Act 2004 (c. 35)
  229. 11Paragraph 11
  230. 12Paragraph 12
  231. 13Paragraph 13
  232. 14Paragraph 14
  233. 15Paragraph 15
  234. 16Paragraph 16
  235. 17Paragraph 17
  236. 18Paragraph 18
  237. 19Paragraph 19
  238. 20Paragraph 20
  239. 21Paragraph 21
  240. Pensions Act 2008 (c. 30)
  241. 22Paragraph 22
  242. Pensions Act 2014 (c. 19)
  243. 23Paragraph 23
  244. 24Paragraph 24
  245. 25Paragraph 25
  246. Schedule 4: Money purchase benefits: Northern Ireland
  247. Building Societies Act 1986 (c. 53)
  248. 1Paragraph 1
  249. Pension Schemes (Northern Ireland) Act 1993 (c. 49)
  250. 2Paragraph 2
  251. 3Paragraph 3
  252. 4Paragraph 4
  253. Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))
  254. 5Paragraph 5
  255. 6Paragraph 6
  256. 7Paragraph 7
  257. Schedule 4A: UNCONNECTED MULTIPLE EMPLOYER SCHEMES: BUSINESS STRATEGY
  258. 1Information which must be taken into account
  259. 2Matters which must be taken into account
  260. 3Information which may be taken into account
  261. Schedule 4B: UNCONNECTED MULTIPLE EMPLOYER SCHEMES: BUSINESS PLAN - INFORMATION AND REQUIREMENTS
  262. Part 1: Information which must be included in a business plan
  263. General
  264. Information about the scheme
  265. Information about the scheme proprietor
  266. Information following a triggering event
  267. 2Requirements relating to a business plan
  268. Schedule 4C: UNCONNECTED MULTIPLE EMPLOYER SCHEMES: PROMOTION OR MARKETING REQUIREMENT
  269. Part 1: No promotion or marketing that is unclear or misleading without rectification
  270. Consistency
  271. Transparency
  272. Part 2: Promotion or marketing: systems and processes
  273. Quality assurance
  274. Resource planning
  275. Feedback and complaints
  276. Functionality of IT systems
  277. Risk management
  278. Governance
  279. Interpretation of Part 2
  280. Schedule 5: Pause orders: Northern Ireland
  281. Consequences of a pause order
  282. 1Paragraph 1
  283. Period of effect etc of pause order
  284. 2Paragraph 2
  285. Validation of action in contravention of pause order
  286. 3Paragraph 3
  287. Notification of trustees, employers and members
  288. 4Paragraph 4
  289. Supplementary
  290. 5Paragraph 5
  291. Schedule 6: Collective money purchase benefits: minor and consequential amendments for Northern Ireland
  292. Pension Schemes (Northern Ireland) Act 1993 (c. 49)
  293. 1Paragraph 1
  294. 2Paragraph 2
  295. 3Paragraph 3
  296. 4Paragraph 4
  297. 5Paragraph 5
  298. Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
  299. 6Paragraph 6
  300. 7Paragraph 7
  301. 8Paragraph 8
  302. 9Paragraph 9
  303. 10Paragraph 10
  304. Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
  305. 11Paragraph 11
  306. 12Paragraph 12
  307. 13Paragraph 13
  308. 14Paragraph 14
  309. 15Paragraph 15
  310. 16Paragraph 16
  311. 17Paragraph 17
  312. 18Paragraph 18
  313. 19Paragraph 19
  314. 20Paragraph 20
  315. 21Paragraph 21
  316. Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))
  317. 22Paragraph 22
  318. Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))
  319. 23Paragraph 23
  320. 24Paragraph 24
  321. 25Paragraph 25
  322. Pensions Act 1995 (c. 26)
  323. 1Paragraph 1
  324. Pensions Act 2004 (c. 35)
  325. 2Paragraph 2
  326. 3Paragraph 3
  327. 4Paragraph 4
  328. 5Paragraph 5
  329. 6Paragraph 6
  330. 7Paragraph 7
  331. 8Paragraph 8
  332. 9Paragraph 9
  333. 10Paragraph 10
  334. 11Paragraph 11
  335. 12Paragraph 12
  336. 13Paragraph 13
  337. 14Paragraph 14
  338. Pensions Act 2008 (c. 30)
  339. 15Paragraph 15
  340. 16Paragraph 16
  341. 17Paragraph 17
  342. Pension Schemes Act 2017 (c. 17)
  343. 18Paragraph 18
  344. 19Paragraph 19
  345. 20Paragraph 20
  346. Schedule 8: The Pensions Regulator: Northern Ireland
  347. Part 1: Amendments of the Pensions (Northern Ireland) Order 2005
  348. Introductory
  349. 1Paragraph 1
  350. Grounds for issuing an Article 34 contribution notice
  351. 2Paragraph 2
  352. Reasonableness of issuing contribution notice
  353. 3Paragraph 3
  354. Determination of sum specified in a contribution notice
  355. 4Paragraph 4
  356. Sanctions for failure to comply with a contribution notice
  357. 5Paragraph 5
  358. Sanctions for avoidance of employer debt etc
  359. 6Paragraph 6
  360. Duty to notify the Regulator of certain events
  361. 7Paragraph 7
  362. Duty to give notices and statements to the Regulator in respect of certain events
  363. 8Paragraph 8
  364. Interviews
  365. 9Paragraph 9
  366. Inspection of premises
  367. 10Paragraph 10
  368. Fixed penalty notices and escalating penalty notices
  369. 11Paragraph 11
  370. Provision of false or misleading information to Regulator
  371. 12Paragraph 12
  372. Provision of false or misleading information to trustees or managers
  373. 13Paragraph 13
  374. Financial penalties
  375. 14Paragraph 14
  376. Part 2: Minor and consequential amendments
  377. Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
  378. 15Paragraph 15
  379. Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
  380. 16Paragraph 16
  381. 17Paragraph 17
  382. 18Paragraph 18
  383. 19Paragraph 19
  384. 20Paragraph 20
  385. 21Paragraph 21
  386. 22Paragraph 22
  387. 23Paragraph 23
  388. 24Paragraph 24
  389. 25Paragraph 25
  390. 26Paragraph 26
  391. 27Paragraph 27
  392. 28Paragraph 28
  393. Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))
  394. 29Paragraph 29
  395. 30Paragraph 30
  396. 31Paragraph 31
  397. Schedule 9: Pensions dashboards: Northern Ireland
  398. Introductory
  399. 1Paragraph 1
  400. Qualifying pensions dashboard service
  401. 2Paragraph 2
  402. Information from occupational pension schemes
  403. 3Paragraph 3
  404. Admissibility of statements
  405. 4Paragraph 4
  406. Assembly control of regulations
  407. 5Paragraph 5
  408. The Pensions Regulator: delegation
  409. 6Paragraph 6
  410. Part 1: Amendments of Part 3 of the Pensions Act 2004
  411. 1Paragraph 1
  412. 2Paragraph 2
  413. 3Paragraph 3
  414. 4Paragraph 4
  415. 5Paragraph 5
  416. 6Paragraph 6
  417. 7Paragraph 7
  418. Part 2: Minor and consequential amendments
  419. 8Paragraph 8
  420. 9Paragraph 9
  421. 10Paragraph 10
  422. 11Paragraph 11
  423. Schedule 11: Further provision relating to pension schemes: Northern Ireland
  424. Part 1: Funding of defined benefit schemes
  425. Amendments of Part 4 of the Pensions (Northern Ireland) Order 2005
  426. 1Paragraph 1
  427. 2Paragraph 2
  428. 3Paragraph 3
  429. 4Paragraph 4
  430. 5Paragraph 5
  431. 6Paragraph 6
  432. 7Paragraph 7
  433. Minor and consequential amendments
  434. 8Paragraph 8
  435. 9Paragraph 9
  436. 10Paragraph 10
  437. 11Paragraph 11
  438. Part 2: Other provision
  439. Climate change risk
  440. 12Paragraph 12
  441. Transfer rights: exercise of right to cash equivalent
  442. 13Paragraph 13
  443. The Pension Protection Fund: modification of provisions relating to pensionable service
  444. 14Paragraph 14
  445. Administration charges
  446. 15Paragraph 15
  447. Categories of pension schemes: repeal of provisions of Pension Schemes Act (Northern Ireland) 2016
  448. 16Paragraph 16