Explanatory note

This Order brings into operation paragraph 15 of Schedule 6 to the Pensions (No. 2) Act (Northern Ireland) 2008 (“the Act”) (and section 100 of the Act in so far as it relates to that paragraph) on 2nd February 2018.

Paragraph 15 of Schedule 6 to the Act amends paragraph 33 of Schedule 6 to the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)). Paragraph 33 provides a power to modify Schedule 6 in its application to such schemes as may be prescribed. The amendment adds sub-paragraphs (2) to (6) to paragraph 33 to make specific provision about the exercise of the modification power in relation to “variable-rate schemes”, as defined in sub-paragraph (3).