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The Pensions (2015 Act) (Commencement No. 6) Order (Northern Ireland) 2018

S.R. 2018/41 · Made 8 March 2018

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Pensions

Made 8th March 2018

The Department for Communitiesf1 makes the following Order in exercise of the powers conferred by section 53(1) of the Pensions Act (Northern Ireland) 2015f2.

Annotations to the whole text

Footnotes

f1

See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

f2

2015 c. 5 (N.I.)

Contents

  1. 1Citation and interpretation
  2. 2Appointed day
  3. Signature
  4. Explanatory note

1Citation and interpretation

(1)

This Order may be cited as the Pensions (2015 Act) (Commencement No. 6) Order (Northern Ireland) 2018.

(2)

In this Order any reference to a numbered section is to the section of the Pensions Act (Northern Ireland) 2015 bearing that number.

2Appointed day

(1)

Subject to paragraph (2), the day appointed for the coming into operation of section 43 (disclosure of information about transaction costs to members etc.) is 9th March 2018.

(2)

In relation to section 43, this Article does not apply to a scheme which falls within paragraphs (a) to (e) of the definition of “relevant scheme” in regulation 1(2) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997f1.

Signature

Sealed with the Official Seal of the Department for Communities on 8th March 2018

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Order)

This Order provides for the coming into operation of section 43 of the Pensions Act (Northern Ireland) 2015 (“the 2015 Act”) which amends section 109 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49) (“the 1993 Act”) on 9th March 2018.

This is except in relation to certain types of occupational pension scheme which are excluded by paragraphs (a) to (e) of the definition of “relevant scheme” in regulation 1(2) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 (see Article 2(2)). These include executive pension schemes, certain small schemes, public service pension schemes and schemes which provide no money purchase benefits other than those attributable to additional voluntary contributions (AVCs).

The provisions inserted into the 1993 Act by section 43 of the 2015 Act place a duty on the Department for Communities, in relation to a money purchase scheme that is an occupational pension scheme, to make regulations requiring the disclosure of information about transaction costs and requiring information on transaction costs and administrative charges to be published.