Pension Schemes Act (Northern Ireland) 2016

PART 3N.I.GENERAL CHANGES TO LEGISLATION ABOUT PENSION SCHEMES

Administration and governanceN.I.

Prospective

Pensions promise obtained from third partyN.I.

F136  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Prospective

Duty to act in the best interests of membersN.I.

F237  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Disclosure of information about schemesN.I.

38—(1) Section 109 of the Pension Schemes Act (disclosure of information about schemes to members etc) is amended as follows.

F3(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Before subsection (3) insert—

“(2A) In complying with requirements specified in the regulations, a person must have regard to any guidance prepared from time to time by the Department.”.

F5(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Commencement Information

I1S. 38(1) in operation at 9.3.2018 for specified purposes by S.R. 2018/43, art. 2

I2S. 38(4) in operation at 9.3.2018 by S.R. 2018/43, art. 2

Early leaversN.I.

Prospective

Extension of preservation of benefit under occupational pension schemesN.I.

F639  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Prospective

Revaluation of accrued benefitsN.I.

40  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prospective

IndexationN.I.

Collective benefits exempt from indexationN.I.

41  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Regulatory own fund schemes exempt from indexationN.I.

42  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to create other exemptions from indexationN.I.

43  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prospective

Independent trusteesN.I.

Removal of requirement to maintain register of independent trusteesN.I.

44  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rules about modification of schemesN.I.

Prospective

Rules about modification of schemesN.I.

F645  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Pension sharingN.I.

Pension sharing and normal benefit ageN.I.

46—(1) The Pension Schemes Act is amended as follows.

(2) In section 97B (interpretation) for the definition of “normal benefit age” substitute—

““normal benefit age”, in relation to a pension credit benefit for a member of a scheme, is the earliest age at which the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill-health or otherwise);

“normal pension age”, in relation to a benefit for a member of a scheme, means the earliest age at which the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill-health or otherwise);”.

(3) In section 97C (basic principle as to pension credit benefit), for subsection (1) substitute—

“(1) The normal benefit age in relation to a pension credit benefit for a member of a scheme—

(a)must not be lower than 60, and

(b)must not be higher than the permitted maximum.

(1A) The “permitted maximum” is 65 or, if higher, the highest normal pension age for any benefit that is payable under the scheme to or in respect of any of the members by virtue of rights which are not attributable (directly or indirectly) to a pension credit.”.

Other amendmentsN.I.

Other amendments to do with Parts 1 and 2N.I.

47  Schedule 2—

(a)contains amendments to do with Parts 1 and 2, and

(b)replaces references to “money purchase scheme” so as to limit the number of different ways of categorising pension schemes.

Commencement Information

I3S. 47 partly in operation; s. 47 in operation for certain purposes at 16.1.2016 see s. 52(1)(c)