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Pensions (No. 2) Act (Northern Ireland) 2008


6.The majority of the provisions of the Act were discussed in the White Paper Personal Accounts: a new way to save, which was the subject of a consultation exercise carried out between 18 December 2006 and 20 March 2007. A total of 283 copies were issued in Northern Ireland; three responses were received, two of which were substantive and in favour of the proposals.

7.Issues arising from the consultation were addressed in the White Paper Personal Accounts: a new way to save – Summary of responses to the consultation (Command Paper 7172), published in June 2007.

8.A further proposal to update and strengthen the Pensions Regulator’s anti-avoidance powers was the subject of a consultation carried out between 2 May 2008 and 20 June 2008. The consultation paper, The powers of the Pensions Regulator, was issued to financial institutions and professional bodies in Northern Ireland. No responses were received.

9.A number of measures are intended to reduce the regulatory burdens on employers in order to encourage them to continue to provide good pension schemes for their employees. A review of the rules governing private pensions was announced in May 2006 and a report, Deregulatory Review of Private Pensions, was published by the Department for Work and Pensions on 22 October 2007.

10.Twenty eight copies of the paper were issued in Northern Ireland. No substantive responses were received.

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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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