The Pensions Dashboards (No. 2) Regulations (Northern Ireland) 2023

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations revoke and re-enact the Pensions Dashboards Regulations (Northern Ireland) 2023 (“the Dashboards Regulations”) as amended by the Pensions Dashboards (Amendment) Regulations (Northern Ireland) 2023 (“the Amendment Regulations”), which would otherwise cease to have effect by virtue of Article 288(2)(b) of the Pensions (Northern Ireland) Order 2005. Like the Dashboards Regulations, the Regulations make provision in respect of pensions dashboard services, which are intended to enable individuals (or other authorised persons) to request and view information relating to an individual’s pension entitlements electronically.

Part 1 of the Regulations contains provisions of general relevance to the Regulations. Regulation 1 contains introductory provisions. Regulation 2 introduces Schedule 1, which sets out definitions of terms used in the Regulations.

Regulation 3 makes provision for the Regulations to apply to pension dashboard services or to the providers of such services (other than the pensions dashboard service provided by the Money and Pensions Service), and to the trustees or managers of relevant occupational pension schemes with 100 or more members who are not pensioners. It excludes from the scope of the Regulations schemes whose main administration is located outside Northern Ireland, and schemes which are not registrable (with the exception of public service pension schemes). It also specifies how Parts 3 and 4 of the Regulations apply to schemes which connect on a voluntary basis to the Money and Pensions Service. Regulation 4 makes provision for the Dashboards Available Point. Regulation 5 makes provision for oversight of standards referred to in the Regulations.

Part 2 of the Regulations prescribes the requirements to be met by pensions dashboard services, or by the providers of such services, in order for those services to be classified as qualifying pensions dashboard services within the meaning of Article 215A(2) of the Pensions (Northern Ireland) Order 2005. The requirements include references to standards published from time to time by the Money and Pensions Service and by the Department for Communities.

Part 3 of the Regulations imposes requirements on trustees or managers of relevant occupational pension schemes. The requirements cover cooperation (which is necessary for the overall system of pensions dashboard services to work) and connection to the Money and Pensions Service (Chapter 1), and (once schemes have connected) the provision of information to qualifying pensions dashboard services or to the pensions dashboard service provided by the Money and Pensions Service (Chapter 2). The requirements in Part 3 include references to standards published from time to time by the Money and Pensions Service, and to guidance issued from time to time by the Department for Communities, the Money and Pensions Service and the Pensions Regulator either separately or by at least 2 of them jointly.

Within Part 3 of the Regulations, regulation 26 introduces Schedule 2. Part 1 of Schedule 2 makes provision for value data requirements to be met by trustees or managers or relevant occupational pension schemes, and Part 2 makes provision regarding exemptions from certain value data requirements.

Part 4 of the Regulations makes provision for compliance notices, third party compliance notices and penalty notices to be given where this is necessary to ensure that the rules in Part 3 are complied with.

Part 5 of the Regulations makes provision to enable the Money and Pensions Service to share information with the Pensions Regulator in connection with the functions of the Money and Pensions Service or of the Pensions Regulator under the Regulations, so that the Regulations can work effectively.

Part 6 of the Regulations revokes the Dashboards Regulations and the Amendment Regulations.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 289(1) of the Pensions (Northern Ireland) Order 2005 does not apply by virtue of paragraph (2)(e) of that Article.

An assessment of the cost to business of these Regulations is detailed in a Regulatory Impact Assessment which accompanied the Amendment Regulations, a copy of which was laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Assessment are available from the Department for Communities, Social Security Policy, Legislation and Decision Making Services, Level 8, Causeway Exchange, 1-7 Bedford Street, Belfast BT2 7EG or from the website: https://www.communities-ni.gov.uk/articles/pension-information. A copy of the Assessment is also annexed to the Explanatory Memorandum which is available alongside this Statutory Rule on the website: http://www.legislation.gov.uk/nisr.