PART 2Amendment of Acts and Orders in Council

Amendment of the Pension Schemes Act (Northern Ireland) 20167

1

The Pension Schemes Act (Northern Ireland) 201623 is amended as follows.

2

In section 42 (regulatory own fund schemes exempt from indexation), in subsection (3), for inserted paragraphs (9) and (10) substitute—

9

In paragraph (1)(a)(ii) “regulatory own fund scheme” means a scheme where the scheme and not any employer in relation to that scheme—

a

underwrites any liability to cover against biometric risk,

b

guarantees an investment performance, or

c

guarantees a level of benefits.

10

In paragraph (9)—

  • “biometric risk” means liability risks linked to death, disability and longevity;

  • “employer” has the meaning given by Article 2(2) of the Pensions (Northern Ireland) Order 2005.