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Pension Schemes Act (Northern Ireland) 2021

Part 2 – Administration Charges

11.The Act amends existing legislation to allow regulations to be made which override terms of certain contracts which conflict with the regulations. This seeks to support a cap on early exit charges in certain occupational pension schemes.

12.This change will also support a ban on member-borne commission charges arising under the existing arrangements in certain occupational pension schemes. Member-borne commission charges under new arrangements were banned from April 2016.

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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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