Pension Schemes Act (Northern Ireland) 2021 Explanatory Notes

  • Explanatory Notes Table of contents
  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

  • Explanatory Notes Table of contents

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