Pensions Act (Northern Ireland) 2015

1. Introduction

2. Background and Policy Objectives

3. Overview

4. Commentary on Sections

   1. Part 1 – State Pension

      1. Section 1: State pension

         Section 2: Entitlement to state pension at full or reduced rate

         Section 3: Full and reduced rates of state pension

      2. Section 4: Entitlement to state pension at transitional rate

         Section 5: Transitional rate of state pension

         Section 6: Recalculation and backdating of transitional rate in special cases

         Schedule 1: Transitional rate of state pension: calculating the amount

         Schedule 2: Transitional rate of state pension: up-rating

      3. Section 7: Survivor’s pension based on inheritance of additional old state pension

         Schedule 3: Survivor’s pension under section 7: inherited amount

         Schedule 4: Survivor’s pension under section 7: up-rating

      4. Section 8: Choice of lump sum or survivor’s pension under section 9 in certain cases

         Section 9: Survivor’s pension based on inheritance of deferred old state pension

         Section 10: Inheritance of graduated retirement benefit

         Schedule 5: Survivor’s pension under section 9: inherited deferral amount

      5. Section 11: Reduced rate elections: effect on section 4 pensions

         Section 12: Reduced rate elections: pension for women with no section 4 pension

         Schedule 6: Reduced rate elections: effect on rate of section 4 pension

         Schedule 7: Reduced rate elections: basic amount of state pension under section 12

      6. Section 13: Shared state pension on divorce etc

         Section 14: Pension sharing: reduction in the sharer’s section 4 pension

         Section 15: Pension sharing: amendments

         Schedule 8: Pension sharing: appropriate weekly rate under section 13

         Schedule 9: Pension sharing: up-rating state pension under section 13

         Schedule 10: Pension sharing: appropriate weekly reduction under section 14

         Schedule 11: Pension sharing: amendments

      7. Section 16: Pensioner’s option to suspend state pension

         Section 17: Effect of pensioner postponing or suspending state pension

         Section 18: Section 17 supplementary: calculating weeks, overseas residents, etc

      8. Section 19: Prisoners

         Section 20: Overseas residents

      9. Section 23: Amendments

         Schedule 12: State pension: amendments

      10. Section 24: Abolition of contracting-out for salary related schemes etc

          Schedule 13: Abolition of contracting-out for salary related schemes

          Schedule 14: Power to amend schemes to reflect abolition of contracting-out

   2. Part 2 – Option to Boost Old Retirement Pensions

      1. Section 25: Option to boost old retirement pensions

         Schedule 15: Option to boost old retirement pensions

   3. Part 3 – Pensionable Age

      1. Section 26: Increase in pensionable age to 67

   4. Part 4 – State Pension Credit

      1. Section 27: State pension credit: phasing out assessed income periods

      2. Section 28: Preserving indefinite status of certain existing assessed income periods

   5. Part 5 – Bereavement Support Payment

      1. Section 29: Bereavement support payment

         Section 30: Bereavement support payment: contribution condition and amendments

         Section 31: Bereavement support payment: prisoners

         Schedule 16: Bereavement support payment: amendments

   6. Part 6 – Private Pensions

      1. Section 32: Automatic transfer of pension benefits etc

         Schedule 17: Automatic transfer of pension benefits etc

      2. Section 33: Power to prohibit offer of incentives to transfer pension rights

         Section 34: Expiry of power in section 33

      3. Section 35: Short service benefit for scheme member with money purchase benefits

      4. Section 36: Automatic re-enrolment: exceptions where automatic enrolment deferred

      5. Section 37: Automatic enrolment: powers to create general exceptions

      6. Section 38: Alternative quality requirements for UK defined benefits schemes

      7. Section 39: Automatic enrolment: transitional period for hybrid schemes

      8. Section 40: Penalty notices under sections 40 and 41 of the Pensions (No. 2) Act etc.

      9. Section 41: Unpaid scheme contributions

      10. Section 42: Power to restrict charges or impose requirements in relation to schemes

          Schedule 18: Power to restrict charges or impose requirements in relation to schemes

      11. Section 43: Disclosure of information about transaction costs to members etc

      12. Section 44: Power to require pension levies to be paid in respect of past periods

      13. Section 45: Prohibition and suspension orders: directors of corporate trustees

          Schedule 19: Prohibition orders: consequential amendments

      14. Section 46: Pensions Regulator’s objectives

      15. Section 47: Maximum period between scheme returns to be 5 years for micro schemes

      16. Section 48: Pension Protection Fund: increased compensation cap for long service

          Schedule 20: Pension Protection Fund: increased compensation cap for long service

      17. Section 49: Pension Protection Fund: compensation cap to apply separately to certain benefits

   7. Part 7 – Final Provisions

      1. Section 50: Power to make consequential amendments etc

         Section 51: Regulations and orders

         Section 52: Interpretation

         Section 53: Commencement

         Section 54: Short title

5. Hansard Reports