Pension Schemes Act (Northern Ireland) 2021

1. Introduction

2. Background and Policy Objectives

3. Overview

   1. Part 1 – Master Trusts

   2. Part 2 – Administration Charges

   3. Part 3 – General

4. Commentary on Sections

   1. Part 1 – Master Trusts

      1. Definition of a Master Trust scheme

         1. Section 1: Master Trust schemes: definition

         2. Section 2: Relevant public service pension schemes

      2. Authorisation: applications etc

         1. Section 3: Prohibition on operating a scheme unless authorised

         2. Section 4: Application for authorisation

         3. Section 5: Decision on application

         4. Section 6: Referral to Tribunal of refusal to grant authorisation

      3. Authorisation criteria

         1. Section 7: Fit and proper persons requirement

         2. Section 8: Financial sustainability requirement

         3. Section 9: Financial sustainability requirement: business plan

         4. Section 10: Scheme funder requirements

         5. Section 11: Systems and processes requirements

         6. Section 12: Continuity strategy requirement

      4. Ongoing supervision of Master Trust schemes

         1. Section 13: List of authorised schemes

         2. Section 14: Requirement to submit annual accounts

         3. Section 15: Requirement to submit supervisory return

         4. Section 16: Duty to notify Regulator of significant events

         5. Section 17: Fixed penalty notice for failure to comply with request for information

         6. Section 18: Escalating penalty notice for failure to comply with request for information

         7. Section 19: Withdrawal of authorisation

      5. Triggering events: continuity

         1. Section 20: Triggering event: duties of trustees

         2. Section 21: Triggering events

         3. Section 22: Notification requirements

         4. Section 23: Continuity options

         5. Section 24: Continuity option 1: transfer out and winding up

         6. Section 25: Continuity option 2: resolving triggering event

         7. Section 26: Approval of implementation strategy

         8. Section 27: Content of implementation strategy

         9. Section 28: Duty to pursue continuity option

         10. Section 29: Prohibition on winding up except in accordance with continuity option 1

         11. Section 30: Periodic reporting requirement

         12. Section 31 and Schedule 1: Pause orders

         13. Section 32: Prohibition on new employers during triggering event period

         14. Section 33: Prohibition on increasing charges etc during triggering event period

      6. Decisions on withdrawal of authorisation: timing

         1. Section 34: When it becomes clear that authorisation not to be withdrawn

         2. Section 35: When a decision to withdraw authorisation becomes final

      7. Supplementary

         1. Section 36: Fraud compensation

         2. Section 37 and Schedule 2: Master trusts in operation on commencement: transitional provision

         3. Section 38 and Schedule 3: Minor and consequential amendments

         4. Section 39: Interpretation of Part 1

         5. Section 40: Regulations modifying application of Part 1

   2. Part 2: Adminstration Charges

      1. Section 41: Power to override contract terms

   3. Part 3: General

      1. Section 42: Regulations: general provisions

      2. Section 43: General interpretation

      3. Section 44: Commencement

      4. Section 45: Short title

5. Hansard Reports