Explanatory Memorandum

Pension Schemes Act (Northern Ireland) 2016

2016 CHAPTER 1

15 January 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.