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Pension Schemes Act (Northern Ireland) 2016

2016 nia 1 · Enacted 15 January 2016 · Extends to Northern Ireland

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.

[15th January 2016]

BE IT ENACTED by being passed by the Northern Ireland Assembly and assented to by Her Majesty as follows:

Contents

  1. Part 1: CATEGORIES OF PENSION SCHEME
  2. 1Introduction Not yet in force
  3. 2Defined benefits scheme Not yet in force
  4. 3Shared risk scheme (sometimes known as “defined ambition”) Not yet in force
  5. 4Defined contributions scheme Not yet in force
  6. 5Meaning of “pensions promise” etc Not yet in force
  7. 6Treatment of a scheme as two or more separate schemes Not yet in force
  8. 7Interpretation of Part 1 Not yet in force
  9. Part 2: COLLECTIVE BENEFITS
  10. Introduction and nature of collective benefits
  11. 8Introduction and definition Not yet in force
  12. 9Duty to set targets for collective benefits Not yet in force
  13. 10Policy about factors used to determine each benefit Not yet in force
  14. 11Power to impose requirements about factors used to determine each benefit Not yet in force
  15. Contributions Not yet in force
  16. 12Payment schedule Not yet in force
  17. 13Overdue contributions and other payments Not yet in force
  18. Investment Not yet in force
  19. 14Statement of investment strategy Not yet in force
  20. 15Investment performance reports Not yet in force
  21. 16Investment powers Not yet in force
  22. 17Restriction on borrowing by trustees or managers Not yet in force
  23. 18Investment powers: duty of care Not yet in force
  24. Valuation Not yet in force
  25. 19Valuation reports Not yet in force
  26. 20Valuation process Not yet in force
  27. Dealing with deficits and surpluses Not yet in force
  28. 21Policy for dealing with a deficit or surplus Not yet in force
  29. 22Power to impose requirements about dealing with a deficit or surplus Not yet in force
  30. 23Deficits attributable to an offence or the imposition of a levy Not yet in force
  31. 24Payment of amounts out of collective benefit funds Not yet in force
  32. Cash equivalents Not yet in force
  33. 25Policy for calculating cash equivalent of benefits Not yet in force
  34. Winding up Not yet in force
  35. 26Winding up Not yet in force
  36. 27Requirement to wind up scheme in specified circumstances Not yet in force
  37. 28Policies about winding up Not yet in force
  38. Identifying assets Not yet in force
  39. 29Working out which assets are available for the provision of which benefits Not yet in force
  40. Regulations under Part 2: general Not yet in force
  41. 30Requirement to obtain actuarial advice Not yet in force
  42. 31Sub-delegation Not yet in force
  43. 32Publication of documents etc Not yet in force
  44. 33Enforcement Not yet in force
  45. 34Overriding requirements Not yet in force
  46. Interpretation of Part 2
  47. 35Interpretation of Part 2 Not yet in force
  48. Part 3: GENERAL CHANGES TO LEGISLATION ABOUT PENSION SCHEMES
  49. Administration and governance
  50. 36Pensions promise obtained from third party Not yet in force
  51. 37Duty to act in the best interests of members Not yet in force
  52. 38Disclosure of information about schemes
  53. Early leavers
  54. 39Extension of preservation of benefit under occupational pension schemes Not yet in force
  55. 40Revaluation of accrued benefits Not yet in force
  56. Indexation Not yet in force
  57. 41Collective benefits exempt from indexation Not yet in force
  58. 42Regulatory own fund schemes exempt from indexation Not yet in force
  59. 43Power to create other exemptions from indexation Not yet in force
  60. Independent trustees Not yet in force
  61. 44Removal of requirement to maintain register of independent trustees Not yet in force
  62. Rules about modification of schemes
  63. 45Rules about modification of schemes Not yet in force
  64. Pension sharing
  65. 46Pension sharing and normal benefit age
  66. Other amendments
  67. 47Other amendments to do with Parts 1 and 2
  68. Part 4: GENERAL
  69. 48Power to make consequential amendments
  70. 49Regulations
  71. 50Crown application
  72. 51Interpretation
  73. 52Commencement
  74. 53Short title
  75. Schedule 1: EARLY LEAVERS: REVALUATION OF ACCRUED BENEFITS Not yet in force
  76. 1Paragraph 1 Not yet in force
  77. 2Paragraph 2 Not yet in force
  78. 3Paragraph 3 Not yet in force
  79. 4Paragraph 4 Not yet in force
  80. 5Paragraph 5 Not yet in force
  81. 6Paragraph 6 Not yet in force
  82. 7Paragraph 7 Not yet in force
  83. 8Paragraph 8 Not yet in force
  84. 9Paragraph 9 Not yet in force
  85. 10Paragraph 10 Not yet in force
  86. 11Paragraph 11 Not yet in force
  87. Schedule 2: OTHER AMENDMENTS TO DO WITH PARTS 1 AND 2
  88. Pension Schemes (Northern Ireland) Act 1993 (c. 49)
  89. 1Paragraph 1 Not yet in force
  90. 2Paragraph 2 Not yet in force
  91. 4Paragraph 4 Not yet in force
  92. 5Paragraph 5 Not yet in force
  93. Pensions (Northern Ireland) Order 1995 (NI 22) Not yet in force
  94. 6Paragraph 6 Not yet in force
  95. 7Paragraph 7 Not yet in force
  96. 8Paragraph 8 Not yet in force
  97. 9Paragraph 9 Not yet in force
  98. 10Paragraph 10 Not yet in force
  99. 11Paragraph 11 Not yet in force
  100. 12Paragraph 12 Not yet in force
  101. 13Paragraph 13 Not yet in force
  102. 14Paragraph 14 Not yet in force
  103. 15Paragraph 15 Not yet in force
  104. 16Paragraph 16 Not yet in force
  105. 17Paragraph 17 Not yet in force
  106. 18Paragraph 18 Not yet in force
  107. Welfare Reform and Pensions (Northern Ireland) Order 1999 (NI 11)
  108. 19Paragraph 19 Not yet in force
  109. Pensions (Northern Ireland) Order 2005 (NI 1)
  110. 20Paragraph 20 Not yet in force
  111. 21Paragraph 21 Not yet in force
  112. 22Paragraph 22
  113. 23Paragraph 23 Not yet in force
  114. 24Paragraph 24 Not yet in force
  115. 25Paragraph 25 Not yet in force
  116. 26Paragraph 26 Not yet in force
  117. 27Paragraph 27 Not yet in force
  118. 28Paragraph 28
  119. 29Paragraph 29 Not yet in force
  120. 30Paragraph 30 Not yet in force
  121. 31Paragraph 31
  122. 32Paragraph 32 Not yet in force
  123. 33Paragraph 33
  124. 34Paragraph 34 Not yet in force
  125. Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13) Not yet in force
  126. 35Paragraph 35 Not yet in force
  127. 36Paragraph 36 Not yet in force
  128. 37Paragraph 37 Not yet in force
  129. 38Paragraph 38 Not yet in force
  130. 39Paragraph 39 Not yet in force
  131. 40Paragraph 40 Not yet in force
  132. 41Paragraph 41 Not yet in force
  133. 42Paragraph 42 Not yet in force
  134. 43Paragraph 43 Not yet in force
  135. 44Paragraph 44 Not yet in force
  136. 45Paragraph 45 Not yet in force
  137. 46Paragraph 46 Not yet in force
  138. Pensions Act (Northern Ireland) 2015 (c. 5)
  139. 47Paragraph 47 Not yet in force