Explanatory Memorandum

Pensions (No. 2) Act (Northern Ireland) 2008

2008 CHAPTER 13

15 December 2008

Commentary on Sections

PART 1 – Pension Scheme Membership for Jobholders

CHAPTER 4 – Supplementary provision about compliance and information-sharing
Section 59: Requirement to keep records

Section 59 permits the Department to make provision requiring any person to keep records in a prescribed form for a prescribed period, not exceeding 6 years.  Regulations may require the provision of such records, on request, to the Pensions Regulator.

The regulations may provide for the Regulator to apply penalties under Article 10 of the Pensions (Northern Ireland) Order 1995 where a person fails to comply with this requirement.