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Pension Schemes Act (Northern Ireland) 2016

Background and Policy Objectives

3.This Act makes provision for Northern Ireland corresponding to provisions of the Westminster Pension Schemes Act 2015.

4.The Act contains measures reforming aspects of private pension provision. In particular it contains provisions to establish a new legislative framework for private pensions defining them on the basis of the promise they offer to members during the accumulation phase about their retirement benefits. It also introduces the concept of collective benefits to risk pooling among members and makes general changes to existing pension schemes legislation to reflect the new definitions.

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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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