Explanatory Memorandum

Pension Schemes Act (Northern Ireland) 2016

2016 CHAPTER 1

15 January 2016

Commentary on Sections

Part 2 – Collective Benefits

Section 12: Payment ScheduleSection 13: Overdue contributions and other payments

Section 12 provides for a power to make regulations which may require trustees or managers to prepare a payment schedule which shows the contributions due for payment to the scheme in respect of any collective benefits, and the dates on which these contributions are payable. Section 13 gives a regulation-making power to require a specified person to be notified in the event of any payment shown in a payment schedule becoming overdue. Regulations can also make provision for the recovery of overdue payments.

Sections 12(4) and 13(3) provide that regulations may make provisions corresponding, or similar, to those set out in Articles 85 and 86 respectively of the 1995 Order (which deal with schedules of payments for money purchase schemes).