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Pension Schemes Act (Northern Ireland) 2016

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Pension Schemes Act (Northern Ireland) 2016. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

  2. Background and Policy Objectives

  3. Overview

  4. Commentary on Sections

    1. Part 1 – Categories of Pension Scheme

      1. Section 1: Introduction

        Section 2: Defined benefits scheme

        Section 3: Shared risk scheme (sometimes known as “defined ambition”)

        Section 4: Defined contributions scheme

      2. Section 5: Meaning of “pensions promise” etc

      3. Section 6: Treatment of a scheme as two or more separate schemes

      4. Section 7: Interpretation of Part 1

    2. Part 2 – Collective Benefits

      1. Section 8: Introduction and definition

      2. Section 9: Duty to set targets for collective benefits

      3. Section 10: Policy about factors used to determine each benefit

        Section 11: Power to impose requirements about factors used to determine each benefit

      4. Section 12: Payment Schedule

        Section 13: Overdue contributions and other payments

      5. Section 14: Statement of investment strategy

        Section 15: Investment performance reports

      6. Section 16: Investment powers

      7. Section 17: Restriction on borrowing by trustees or managers

      8. Section 18: Investment powers: duty of care

      9. Section 19: Valuation reports

        Section 20: Valuation process

      10. Section 21: Policy for dealing with a deficit or surplus

      11. Section 22: Power to impose requirements about dealing with a deficit or surplus

      12. Section 23: Deficits attributable to an offence or the imposition of a levy

      13. Section 24: Payment of amounts out of collective benefit funds

      14. Section 25: Policy for calculating cash equivalent of benefits

      15. Section 26: Winding up

      16. Section 27: Requirement to wind up scheme in specified circumstances

      17. Section 28: Policies about winding up

      18. Section 29: Working out which assets are available for the provision of which benefits

      19. Section 30: Requirement to obtain actuarial advice

        Section 31: Sub-delegation

        Section 32: Publication of documents etc

        Section 33: Enforcement

      20. Section 34: Overriding requirements

      21. Section 35: Interpretation of Part 2

    3. Part 3 – General Changes to Legislation about Pension Schemes

      1. Section 36: Pensions promise obtained from third party

      2. Section 37: Duty to act in the best interest of members

      3. Section 38: Disclosure of information about schemes

      4. Section 39: Extension of preservation of benefit under occupational pension schemes

      5. Section 40: Revaluation of accrued benefits

        Schedule 1: Early leavers: revaluation of accrued benefits

      6. Section 41: Collective benefits exempt from indexation

        Section 42: Regulatory own fund schemes exempt from indexation

        Section 43: Power to create other exemptions from indexation

      7. Section 44: Removal of requirement to maintain a register of independent trustees

      8. Section 45: Rules about modification of schemes

      9. Section 46: Pension sharing and normal benefit age

      10. Section 47: Other amendments to do with Parts 1 and 2

        Schedule 2: Other amendments to do with Parts 1 and 2

        1. Pension Schemes (Northern Ireland) Act 1993

        2. Pensions (Northern Ireland) Order 1995

        3. Welfare Reform and Pensions (Northern Ireland) Order 1999

        4. Pensions (Northern Ireland) Order 2005

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

    4. Part 4 – General

      1. Section 48: Power to make consequential amendments

        Section 49: Regulations

        Section 50: Crown application

        Section 51: Interpretation

        Section 52: Commencement

        Section 53: Short title

  5. Hansard Reports

  • Explanatory Notes Table of contents

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Explanatory Notes

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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