Pension Schemes Act (Northern Ireland) 2021

2021 nia 6 · Enacted 9 August 2021 · Extends to Northern Ireland

Contents

1. Part 1: Master Trusts
2. Definition of a Master Trust scheme
3. 1Master Trust schemes: definition
4. 2Relevant public service pension schemes
5. Authorisation: applications etc
6. 3Prohibition on operating a scheme unless authorised
7. 4Application for authorisation
8. 5Decision on application
9. 6Referral to Tribunal of refusal to grant authorisation
10. Authorisation criteria
11. 7Fit and proper persons requirement
12. 8Financial sustainability requirement
13. 9Financial sustainability requirement: business plan
14. 10Scheme funder requirements
15. 11Systems and processes requirements
16. 12Continuity strategy requirement
17. Ongoing supervision of Master Trust schemes
18. 13List of authorised schemes
19. 14Requirement to submit annual accounts
20. 15Requirement to submit supervisory return
21. 16Duty to notify Regulator of significant events
22. 17Fixed penalty notice for failure to comply with request for information etc
23. 18Escalating penalty notice for failure to comply with request for information etc
24. 19Withdrawal of authorisation
25. Triggering events: continuity
26. 20Triggering event: duties of trustees
27. 21Triggering events
28. 22Notification requirements
29. 23Continuity options
30. 24Continuity option 1: transfer out and winding up
31. 25Continuity option 2: resolving triggering event
32. 26Approval of implementation strategy
33. 27Content of implementation strategy
34. 28Duty to pursue continuity option
35. 29Prohibition on winding up except in accordance with continuity option 1
36. 30Periodic reporting requirement
37. 31Pause orders
38. 32Prohibition on new employers during triggering event period
39. 33Prohibition on increasing charges etc during triggering event period
40. Decisions on withdrawal of authorisation: timing
41. 34When it becomes clear that authorisation not to be withdrawn
42. 35When a decision to withdraw authorisation becomes final
43. Supplementary
44. 36Fraud compensation
45. 37Master trusts in operation on commencement: transitional provision
46. 38Minor and consequential amendments
47. 39Interpretation of Part 1
48. 40Regulations modifying application of Part 1
49. Part 2: Administration Charges
50. 41Power to override contract terms
51. Part 3: General
52. 42Regulations: general provisions
53. 43General interpretation
54. 44Commencement
55. 45Short title
56. Schedule 1: Pause orders
57. Consequences of a pause order
58. 1Paragraph 1
59. Period of effect etc of a pause order
60. 2Paragraph 2
61. Validation of action in contravention of pause order
62. 3Paragraph 3
63. Notification of trustees, scheme funders, scheme strategists, employers and members
64. 4Paragraph 4
65. Supplementary provision
66. 5Paragraph 5
67. Schedule 2: Master Trusts operating before commencement: Transitional provision
68. Overview of Schedule
69. 1Paragraph 1
70. Modifications having effect from the date on which this Act is passed
71. 2Paragraph 2
72. 3Paragraph 3
73. 4Paragraph 4
74. 5Paragraph 5
75. 6Paragraph 6
76. 7Paragraph 7
77. Modifications having effect from the commencement date
78. 8Paragraph 8
79. 9Paragraph 9
80. 10Paragraph 10
81. 11Paragraph 11
82. 12Paragraph 12
83. 13Paragraph 13
84. 14Paragraph 14
85. 15Paragraph 15
86. Schedule 3: Minor and Consequential Amendments
87. The Pension Schemes (Northern Ireland) Act 1993 (c. 49)
88. 1Paragraph 1
89. 2Paragraph 2
90. 3Paragraph 3
91. The Pensions (Northern Ireland) Order 1995 (NI 22)
92. 4Paragraph 4
93. The Pensions (Northern Ireland) Order 2005 (NI 1)
94. 5Paragraph 5
95. 6Paragraph 6
96. 7Paragraph 7
97. 8Paragraph 8
98. 9Paragraph 9
99. 10Paragraph 10
100. 11Paragraph 11
101. 12Paragraph 12
102. 13Paragraph 13
103. 14Paragraph 14
104. 15Paragraph 15
105. 16Paragraph 16
106. 17Paragraph 17
107. 18Paragraph 18
108. 19Paragraph 19
109. The Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13)
110. 20Paragraph 20
111. The Pension Schemes Act (Northern Ireland) 2021
112. 21Paragraph 21
113. 22Paragraph 22