Pension Schemes Act (Northern Ireland) 2016

1. Introduction

2. Background and Policy Objectives

3. Overview

4. Commentary on Sections

   1. Part 1 – Categories of Pension Scheme

      1. Section 1: Introduction

         Section 2: Defined benefits scheme

         Section 3: Shared risk scheme (sometimes known as “defined ambition”)

         Section 4: Defined contributions scheme

      2. Section 5: Meaning of “pensions promise” etc

      3. Section 6: Treatment of a scheme as two or more separate schemes

      4. Section 7: Interpretation of Part 1

   2. Part 2 – Collective Benefits

      1. Section 8: Introduction and definition

      2. Section 9: Duty to set targets for collective benefits

      3. Section 10: Policy about factors used to determine each benefit

         Section 11: Power to impose requirements about factors used to determine each benefit

      4. Section 12: Payment Schedule

         Section 13: Overdue contributions and other payments

      5. Section 14: Statement of investment strategy

         Section 15: Investment performance reports

      6. Section 16: Investment powers

      7. Section 17: Restriction on borrowing by trustees or managers

      8. Section 18: Investment powers: duty of care

      9. Section 19: Valuation reports

         Section 20: Valuation process

      10. Section 21: Policy for dealing with a deficit or surplus

      11. Section 22: Power to impose requirements about dealing with a deficit or surplus

      12. Section 23: Deficits attributable to an offence or the imposition of a levy

      13. Section 24: Payment of amounts out of collective benefit funds

      14. Section 25: Policy for calculating cash equivalent of benefits

      15. Section 26: Winding up

      16. Section 27: Requirement to wind up scheme in specified circumstances

      17. Section 28: Policies about winding up

      18. Section 29: Working out which assets are available for the provision of which benefits

      19. Section 30: Requirement to obtain actuarial advice

          Section 31: Sub-delegation

          Section 32: Publication of documents etc

          Section 33: Enforcement

      20. Section 34: Overriding requirements

      21. Section 35: Interpretation of Part 2

   3. Part 3 – General Changes to Legislation about Pension Schemes

      1. Section 36: Pensions promise obtained from third party

      2. Section 37: Duty to act in the best interest of members

      3. Section 38: Disclosure of information about schemes

      4. Section 39: Extension of preservation of benefit under occupational pension schemes

      5. Section 40: Revaluation of accrued benefits

         Schedule 1: Early leavers: revaluation of accrued benefits

      6. Section 41: Collective benefits exempt from indexation

         Section 42: Regulatory own fund schemes exempt from indexation

         Section 43: Power to create other exemptions from indexation

      7. Section 44: Removal of requirement to maintain a register of independent trustees

      8. Section 45: Rules about modification of schemes

      9. Section 46: Pension sharing and normal benefit age

      10. Section 47: Other amendments to do with Parts 1 and 2

          Schedule 2: Other amendments to do with Parts 1 and 2

          1. Pension Schemes (Northern Ireland) Act 1993

          2. Pensions (Northern Ireland) Order 1995

          3. Welfare Reform and Pensions (Northern Ireland) Order 1999

          4. Pensions (Northern Ireland) Order 2005

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

   4. Part 4 – General

      1. Section 48: Power to make consequential amendments

         Section 49: Regulations

         Section 50: Crown application

         Section 51: Interpretation

         Section 52: Commencement

         Section 53: Short title

5. Hansard Reports