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Pension Schemes Act (Northern Ireland) 2016

Section 8: Introduction and definition

Section 8 sets out the defining characteristics of a “collective” benefit.

Where, in all circumstances the rate or amount of the benefit payable to or in respect of a member depends entirely on (a) the amount available to pay that member’s and other members’ benefits and (b) factors used to determine what proportion of that amount is available for the provision of the particular benefit, these benefits are defined as ‘collective’ in the Act.  The definition also provides that a benefit which is a money purchase benefit or a benefit of a prescribed description is not a collective benefit.

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Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.

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