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Pensions Act 1995 in Northern Ireland

1995 c. 26 · Enacted 19 July 1995 · Extends to United Kingdom

Not fully up to date. 65 changes made by later legislation have not yet been written into this text, which is revised to 31 July 2026.

See the changes not yet applied
ProvisionChangeMade by
s. 125(3)words insertedPensions Act 2004 s. 240(1)(a)
s. 175(2)(c)word repealedPensions Act 2004 s. 240(2) Sch. 13
s. 175(2)(ca)insertedPensions Act 2004 s. 240(2)
s. 10appliedPensions Act 2004 s. 238(5)
s. 63(4)(c)words repealedPensions Act 2004 Sch. 13
s. 73(6)(a) and wordrepealedPensions Act 2004 Sch. 12 para. 61 Sch. 13
s. 125(3)words insertedPensions Act 2004 s. 240(1)(b)
Sch. 5 para. 77(b)repealedPensions Act 2004 Sch. 13
s. 29(1)(f)words substitutedTribunals, Courts and Enforcement Act 2007 Sch. 16 para. 8(2)
s. 137(1)repealedPensions Act 2007 Sch. 7 Pt. 7
s. 138(1)-(4)repealedPensions Act 2007 Sch. 7 Pt. 7
s. 137(7)repealedPensions Act 2007 Sch. 7 Pt. 7
s. 137(5)repealedPensions Act 2007 Sch. 7 Pt. 7
Sch. 5 para. 43repealedPensions Act 2007 Sch. 7 Pt. 7
Sch. 5 para. 42repealedPensions Act 2007 Sch. 7 Pt. 7
Sch. 4 para. 21(4)repealedWelfare Reform Act 2007 Sch. 8
Sch. 4 para. 18(b)repealedWelfare Reform Act 2007 Sch. 8
Sch. 4 para. 21(3)repealedWelfare Reform Act 2007 Sch. 8
Sch. 4 para. 21(15) (16)repealedPensions Act 2011 Sch. 2 para. 4(b)
s. 73Bpower to modify conferredPension Schemes Act 2015 s. 26(3)(a)
s. 74power to modify conferredPension Schemes Act 2015 s. 26(3)(a)
s. 75(1)-(1B)substituted for s. 75(1)Pension Schemes Act 2015 Sch. 2 para. 12
s. 76power to modify conferredPension Schemes Act 2015 s. 26(3)(a)
s. 37(1A)(b)insertedPension Schemes Act 2015 Sch. 2 para. 7(b)
s. 87 headingwords substitutedPension Schemes Act 2015 Sch. 2 para. 13(4)
s. 87 cross-headingsubstitutedPension Schemes Act 2015 Sch. 2 para. 14
s. 88 headingwords substitutedPension Schemes Act 2015 Sch. 2 para. 15
s. 10power to apply conferredPension Schemes Act 2015 s. 36(2)(b)
s. 87(1)substitutedPension Schemes Act 2015 Sch. 2 para. 13(2)
s. 87(2)(a)words insertedPension Schemes Act 2015 Sch. 2 para. 13(3)
s. 89(1)words substitutedPension Schemes Act 2015 Sch. 2 para. 16(2)
s. 89(2)words substitutedPension Schemes Act 2015 Sch. 2 para. 16(3)
s. 124(1)words insertedPension Schemes Act 2015 s. 45(7)
s. 124(1)words insertedPension Schemes Act 2015 Sch. 2 para. 17
s. 125(1)(a)substitutedPension Schemes Act 2015 Sch. 2 para. 18(2)
s. 125(2)words substituted for s. 125(2)(a)(b)Pension Schemes Act 2015 Sch. 2 para. 18(3)
s. 175(2)(za)insertedPension Schemes Act 2015 s. 43(2)
s. 34(7)words substitutedPension Schemes Act 2015 s. 36(4)
s. 23(1)(b) and wordomittedPension Schemes Act 2015 s. 44(2)
s. 23(4)-(6)omittedPension Schemes Act 2015 s. 44(3)
s. 37(1A)word insertedPension Schemes Act 2015 Sch. 2 para. 7(a)
s. 38power to modify conferredPension Schemes Act 2015 s. 26(3)(a)
s. 38(3)(a)substitutedPension Schemes Act 2015 Sch. 2 para. 8
s. 51(1)words substitutedPension Schemes Act 2015 s. 41(1)(a)
s. 51(1)(a)(ii)words insertedPension Schemes Act 2015 s. 42(2)
s. 51(1)(a)(iii)words substitutedPension Schemes Act 2015 Sch. 2 para. 9
s. 51(5A)-(5C)insertedPension Schemes Act 2015 s. 43(1)
s. 51(7A)insertedPension Schemes Act 2015 s. 41(1)(b)
s. 51(9)(10)insertedPension Schemes Act 2015 s. 42(3)
s. 51A(1)words substitutedPension Schemes Act 2015 Sch. 2 para. 10
s. 67(3)(b) and wordomittedPension Schemes Act 2015 s. 45(2)(a)
s. 67(3A)insertedPension Schemes Act 2015 s. 45(2)(b)
s. 67A(3)(aa)-(ac)insertedPension Schemes Act 2015 s. 45(3)
s. 67A(3)(b)words insertedPension Schemes Act 2015 s. 45(4)
s. 67A(5)(a)words insertedPension Schemes Act 2015 s. 45(5)
s. 67A(9)(a)(viii)-(x)insertedPension Schemes Act 2015 s. 45(6)(a)
s. 67A(9)(b)(vi)-(viii)insertedPension Schemes Act 2015 s. 45(6)(b)
s. 73 73Apower to modify conferredPension Schemes Act 2015 s. 26(3)(a)
s. 73(2)(2A)substituted for s. 73(2)Pension Schemes Act 2015 Sch. 2 para. 11
s. 75(1B)insertedPension Schemes Act 2026 s. 98(1)
s. 75modifiedPension Schemes Act 2026 s. 95
s. 124(1)modifiedPension Schemes Act 2026 s. 97(3)
s. 73(3)(c)amendment to earlier affecting provision SI 1996/3126 reg. 3(5)(8)Occupational Pension Schemes (Winding Up) 2004 reg. 2
s. 73(3)applied (with modifications) by SI 1996/3126 reg. 3(1)(b)(5A)(5B)(6) (as inserted)Occupational Pension Schemes (Winding Up) 2004 reg. 3
s. 124(3A)-(3D)applied by SI 1996/1847 reg. 11(4A) (as inserted)Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) 2005 reg. 4(b)

Contents

  1. Part I: Occupational pensions
  2. Occupational Pensions Regulatory Authority
  3. 1The new authority. Repealed
  4. 2Reports to Secretary of State. Repealed
  5. 3AProhibition orders: directors of corporate trustees etc
  6. 6Removal or suspension of trustees: consequences.
  7. 12Powers to wind up public service schemes.
  8. 14Restitution.
  9. Member-nominated trustees and directors
  10. 21Member-nominated trustees and directors: supplementary. Repealed
  11. 24Members’ powers to apply to court to enforce duty. Repealed
  12. 26BInformation to be given in cases where s. 22 disapplied Repealed
  13. 26CConstruction of ss. 26A and 26B Repealed
  14. 27Trustee not to be auditor or actuary of the scheme.
  15. 33Investment powers: duty of care.
  16. 36ARestriction on borrowing by trustees
  17. 36BPower to modify scheme in relation to payment of surplus to employer
  18. 39Exercise of powers by member trustees.
  19. Functions of trustees or managers
  20. 40Restriction on employer-related investments.
  21. 41AClimate change risk
  22. 41BClimate change risk: publication of information
  23. 41CSections 41A and 41B: compliance
  24. 50Requirement for dispute resolution arrangements
  25. 50AMeaning of “person with an interest in the scheme”
  26. 50BThe dispute resolution procedure
  27. 51ZBMeaning of “cash balance benefit”
  28. 52Restriction on increase where member is under 55.
  29. 55Section 51: end of annual increase in GMP.
  30. 56Minimum funding requirement. Repealed
  31. 57Valuation and certification of assets and liabilities. Repealed
  32. 61Sections 56 to 60: supplementary. Repealed
  33. 62The equal treatment rule. Repealed
  34. 64Equal treatment rule: exceptions. Repealed
  35. 65Equal treatment rule: consequential alteration of schemes. Repealed
  36. 66Equal treatment rule: effect on terms of employment, etc. Repealed
  37. Treatment of overseas residents etc.
  38. 66AProhibition on different rules for overseas residents etc.
  39. Modification of schemes
  40. 67AThe subsisting rights provisions: interpretation
  41. 67BThe consent requirements
  42. 67CThe actuarial equivalence requirements
  43. 67DThe actuarial equivalence requirements: further provisions
  44. 67EThe trustee approval requirement
  45. 67FThe reporting requirement
  46. 67GPowers of the Authority: voidable modifications
  47. 67HPowers of the Authority to intervene
  48. 67ISubsisting rights provisions: civil penalties
  49. 68Power of trustees to modify schemes by resolution.
  50. 71AModification by Authority to secure winding-up.
  51. Supervision of winding-up
  52. 72AReports to Authority about winding-up.
  53. 72BDirections by Authority for facilitating winding-up.
  54. 72CDuty to comply with directions under s. 72B.
  55. 73AOperation of scheme during winding up period
  56. 73BSections 73 and 73A: supplementary
  57. The Pensions Compensation Board
  58. 78The Compensation Board. Repealed
  59. 79Reports to Secretary of State. Repealed
  60. 80Review of decisions. Repealed
  61. 82Applications for payments. Repealed
  62. 84Payments made in anticipation. Repealed
  63. 86Modification of compensation provisions. Repealed
  64. 90Unpaid contributions in cases of insolvency.
  65. 96Review of decisions. Repealed
  66. 97References and appeals from the Authority. Repealed
  67. 98Provision of information. Repealed
  68. 101Information and inspection: penalties. Repealed
  69. 102Savings for certain privileges etc. Repealed
  70. 103Publishing reports. Repealed
  71. Disclosure of information: the Authority
  72. 109Disclosure of information by the Inland Revenue. Repealed
  73. 110Provision of information. Repealed
  74. 111Information: penalties. Repealed
  75. 112Savings for certain privileges. Repealed
  76. 113Publishing reports. Repealed
  77. General
  78. 122Consequential amendments.
  79. 129Contribution conditions.
  80. 130Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act.
  81. 131Graduated retirement benefit.
  82. 132Extension of Christmas bonus for pensioners.
  83. 133Contributions paid in error.
  84. Part III: Certification of pension schemes and effects on members’ state scheme rights and duties
  85. 135The “principal appointed day” for Part III.
  86. 139Money purchase and personal pension schemes: verification of ages. Repealed
  87. 140Reduction in benefits for members of certified schemes.
  88. 141State scheme etc. premiums and buyback into State scheme.
  89. 143Requirements for interim arrangements. Repealed
  90. 144Interim arrangements: supplementary. Repealed
  91. 145Extension of interim arrangements to occupational pension schemes. Repealed
  92. 146Discharge of protected rights on winding up: insurance policies. Repealed
  93. Miscellaneous
  94. 150Dissolution of Occupational Pensions Board. Repealed
  95. 151Minor and consequential amendments related to sections 136 to 150.
  96. Part IV: Miscellaneous and General
  97. 152Extension of scope of right to cash equivalent.
  98. 153Right to guaranteed cash equivalent.
  99. 154Right to guaranteed cash equivalent: supplementary.
  100. 155Breach of regulations under the Pension Schemes Act 1993.
  101. 156Employment of staff by the Pensions Ombudsman.
  102. 157Jurisdiction of Pensions Ombudsman.
  103. 158Costs and expenses.
  104. 159Disclosing information.
  105. 160Interest on late payment of benefit.
  106. 161Repeal of sections 136 to 143 of the Pension Schemes Act 1993.
  107. 165Levy.
  108. 168War pensions for widows: effect of remarriage.
  109. 169Extensions of Pensions Appeal Tribunals Act 1943.
  110. Official and public service pensions
  111. 170Pensions for dependants of the Prime Minister etc. Repealed
  112. 171Equal treatment in relation to official pensions.
  113. 172Information about public service schemes.
  114. 173General minor and consequential amendments.
  115. 174Orders and regulations (general provisions).
  116. General
  117. 177Repeals.
  118. 178Extent.
  119. 179Northern Ireland.
  120. Schedule 1: Occupational Pensions Regulatory Authority Repealed
  121. General
  122. 1Paragraph 1 Repealed
  123. 2Paragraph 2 Repealed
  124. Tenure of members Repealed
  125. 3Paragraph 3 Repealed
  126. 4Paragraph 4 Repealed
  127. 5Paragraph 5 Repealed
  128. 6Paragraph 6 Repealed
  129. 7Paragraph 7 Repealed
  130. Expenses, remuneration, etc. Repealed
  131. 8Paragraph 8 Repealed
  132. Parliamentary disqualification Repealed
  133. 9Paragraph 9 Repealed
  134. The Ombudsman Repealed
  135. 10Paragraph 10 Repealed
  136. Staff Repealed
  137. 11Paragraph 11 Repealed
  138. The Superannuation Act 1972 (c. 11) Repealed
  139. 12Paragraph 12 Repealed
  140. Proceedings Repealed
  141. 13Paragraph 13 Repealed
  142. 14Paragraph 14 Repealed
  143. Validity Repealed
  144. 15Paragraph 15 Repealed
  145. Accounts Repealed
  146. 16Paragraph 16 Repealed
  147. Other expenses Repealed
  148. 17Paragraph 17 Repealed
  149. Fees Repealed
  150. 18Paragraph 18 Repealed
  151. Application of seal and proof of instruments Repealed
  152. 19Paragraph 19 Repealed
  153. 20Paragraph 20 Repealed
  154. Schedule 2: Pensions Compensation Board
  155. General Repealed
  156. 1Paragraph 1 Repealed
  157. 2Paragraph 2 Repealed
  158. Tenure of members Repealed
  159. 3Paragraph 3 Repealed
  160. 4Paragraph 4 Repealed
  161. 5Paragraph 5 Repealed
  162. 6Paragraph 6 Repealed
  163. Expenses, remuneration, et ceteralaetc. Repealed
  164. 7Paragraph 7 Repealed
  165. Parliamentary disqualification Repealed
  166. 8Paragraph 8 Repealed
  167. The Ombudsman Repealed
  168. 9Paragraph 9 Repealed
  169. Staff Repealed
  170. 10Paragraph 10 Repealed
  171. The Superannuation Act 1972 (c. 11) Repealed
  172. 11Paragraph 11 Repealed
  173. Proceedings Repealed
  174. 12Paragraph 12 Repealed
  175. 13Paragraph 13 Repealed
  176. 14Paragraph 14 Repealed
  177. 15Paragraph 15 Repealed
  178. Validity Repealed
  179. 16Paragraph 16 Repealed
  180. 17Paragraph 17 Repealed
  181. Other expenses Repealed
  182. 18Paragraph 18 Repealed
  183. Application of seal and proof of instruments Repealed
  184. 19Paragraph 19 Repealed
  185. 20Paragraph 20 Repealed
  186. Schedule 3: Amendments consequential on Part I
  187. 1Paragraph 1 Repealed
  188. 2Paragraph 2 Repealed
  189. 3Paragraph 3 Repealed
  190. 4Paragraph 4 Repealed
  191. 5Paragraph 5 Repealed
  192. 6Paragraph 6 Repealed
  193. 7Paragraph 7 Repealed
  194. The Insurance Companies Act 1982 (c.50)
  195. 11Paragraph 11 Repealed
  196. 13Paragraph 13 Repealed
  197. 14Paragraph 14 Repealed
  198. 15Paragraph 15
  199. The Building Societies Act 1986 (c.53)
  200. 16Paragraph 16
  201. The Financial Services Act 1986 (c.60)
  202. 17Paragraph 17 Repealed
  203. The Banking Act 1987 (c.22)
  204. 18Paragraph 18 Repealed
  205. The Companies Act 1989 (c.40)
  206. 19Paragraph 19 Repealed
  207. The Friendly Societies Act 1992 (c.40)
  208. 20Paragraph 20
  209. The Tribunals and Inquiries Act 1992 (c. 53)
  210. 21Paragraph 21 Repealed
  211. 22Paragraph 22
  212. 24Paragraph 24
  213. 25Paragraph 25
  214. 26Paragraph 26
  215. 27Paragraph 27
  216. 28Paragraph 28
  217. 29Paragraph 29
  218. 30Paragraph 30
  219. 31Paragraph 31
  220. 32Paragraph 32
  221. 33Paragraph 33
  222. 34Paragraph 34
  223. 35Paragraph 35
  224. 36Paragraph 36
  225. 37Paragraph 37
  226. 38Paragraph 38
  227. 40Paragraph 40
  228. 41Paragraph 41
  229. 42Paragraph 42
  230. 46Paragraph 46
  231. 47Paragraph 47
  232. Rules for determining pensionable age
  233. Rules
  234. Part II: Entitlement to certain pension and other benefits
  235. Pension increases for dependent spouses
  236. Category B retirement pensions
  237. 3Paragraph 3
  238. Home responsibilities protection
  239. 4Paragraph 4
  240. Additional pension
  241. 5Paragraph 5
  242. Increments
  243. Graduated retirement benefit
  244. Christmas bonus for pensioners
  245. 8Paragraph 8
  246. Part III: Consequential amendments
  247. 9Paragraph 9
  248. 10Paragraph 10
  249. 11Paragraph 11
  250. 12Paragraph 12
  251. 13Paragraph 13
  252. 14Paragraph 14
  253. 15Paragraph 15
  254. 16Paragraph 16
  255. 17Paragraph 17
  256. 22Paragraph 22
  257. Schedule 5: Amendments relating to Part III
  258. The Public Records Act 1958 (c. 51)
  259. 1Paragraph 1
  260. The Administration of Justice Act 1970 (c. 31)
  261. 2Paragraph 2
  262. The Attachment of Earnings Act 1971 (c. 31)
  263. 3Paragraph 3
  264. The House of Commons Disqualification Act 1975 (c. 24)
  265. 4Paragraph 4
  266. The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
  267. 5Paragraph 5
  268. The Social Security Pensions Act 1975 (c. 60)
  269. 6Paragraph 6
  270. The European Parliament (Pay and Pensions) Act 1979 (c. 50)
  271. 7Paragraph 7
  272. The Justices of the Peace Act 1979 (c. 55)
  273. 8Paragraph 8 Repealed
  274. The Judicial Pensions Act 1981 (c. 20)
  275. 9Paragraph 9
  276. The Insurance Companies Act 1982 (c. 50)
  277. 10Paragraph 10
  278. The Companies Act 1985 (c. 6)
  279. 11Paragraph 11 Repealed
  280. The Social Security Act 1989 (c. 24)
  281. 13Paragraph 13
  282. The Social Security Contributions and Benefits Act 1992 (c. 4)
  283. 14Paragraph 14
  284. The Social Security Administration Act 1992 (c. 5)
  285. 15Paragraph 15
  286. The Tribunals and Inquiries Act 1992 (c. 53)
  287. 16Paragraph 16
  288. The Judicial Pensions and Retirement Act 1993 (c. 8)
  289. 17Paragraph 17
  290. 18Paragraph 18
  291. 19Paragraph 19
  292. 23Paragraph 23
  293. 25Paragraph 25
  294. 26Paragraph 26
  295. 27Paragraph 27
  296. 28Paragraph 28
  297. 29Paragraph 29
  298. 30Paragraph 30
  299. 32Paragraph 32
  300. 33Paragraph 33
  301. 36Paragraph 36 Repealed
  302. 38Paragraph 38
  303. 39Paragraph 39
  304. 40Paragraph 40
  305. 41Paragraph 41
  306. 42Paragraph 42
  307. 43Paragraph 43
  308. 44Paragraph 44
  309. 45Paragraph 45
  310. 46Paragraph 46
  311. 47Paragraph 47
  312. 48Paragraph 48
  313. 49Paragraph 49
  314. 50Paragraph 50
  315. 51Paragraph 51
  316. 52Paragraph 52
  317. 53Paragraph 53
  318. 54Paragraph 54
  319. 55Paragraph 55
  320. 56Paragraph 56
  321. 58Paragraph 58
  322. 59Paragraph 59
  323. 60Paragraph 60
  324. 61Paragraph 61
  325. 62Paragraph 62
  326. 63Paragraph 63
  327. 64Paragraph 64
  328. 65Paragraph 65
  329. 66Paragraph 66
  330. 67Paragraph 67
  331. 68Paragraph 68
  332. 69Paragraph 69
  333. 71Paragraph 71
  334. 72Paragraph 72
  335. 73Paragraph 73
  336. 74Paragraph 74
  337. 75Paragraph 75
  338. 76Paragraph 76
  339. 77Paragraph 77
  340. 78Paragraph 78
  341. 79Paragraph 79
  342. 81Paragraph 81
  343. 82Paragraph 82
  344. 83Paragraph 83
  345. 84Paragraph 84
  346. 85Paragraph 85
  347. 86Paragraph 86
  348. Schedule 6: General minor and consequential amendments
  349. The Public Records Act 1958 (c. 51)
  350. 1Paragraph 1
  351. The Pension Schemes Act 1993 (c. 48)
  352. Schedule 7: Repeals
  353. IOccupational pensions
  354. IIPart II
  355. IIIPart III
  356. IVPart IV