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.