Search Legislation

Pension Schemes Act (Northern Ireland) 2021

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Modifications having effect from the date on which this Act is passed

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Pension Schemes Act (Northern Ireland) 2021, Cross Heading: Modifications having effect from the date on which this Act is passed. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Modifications having effect from the date on which this Act is passedN.I.

2.  Section 20 (triggering event: duties of trustees) has effect as if—N.I.

(a)the existing text were numbered subsection (1);

(b)before that subsection there were inserted—

(A1) If a triggering event occurs in relation to an existing Master Trust scheme on or after 20 October 2016 but before the commencement date, the trustees must comply with the notification requirements applicable to them (see sections 22 and 25).;

(c)in subsection (1), for “a Master Trust scheme” there were substituted “an existing Master Trust scheme on or after the commencement date”.

Modifications etc. (not altering text)

Commencement Information

I1Sch. 2 para. 2 in operation at 10.8.2021, see s. 44(1)(b)

3.  Section 21 (triggering events) has effect as if, in subsection (5)(b) after “resolved” there were inserted “, or in a case where the Regulator is satisfied that the triggering event was resolved before the date on which this Act is passed, the date specified in that notification”.N.I.

Modifications etc. (not altering text)

Commencement Information

I2Sch. 2 para. 3 in operation at 10.8.2021, see s. 44(1)(b)

4.  Section 22 (notification requirements) has effect as if for subsection (7) there were substituted—N.I.

(7) A notification under this section must be given—

(a)in a case where the triggering event occurs on or after 20 October 2016 but before the date on which this Act is passed, before the end of the period of seven days beginning with the date on which this Act is passed;

(b)in a case where the triggering event occurs on or after the date on which this Act is passed but before the commencement date, before the end of the period of seven days beginning with the date on which the triggering event occurred;

(c)in a case where the triggering event occurs on or after the commencement date, before the end of the period specified in regulations made by the Department..

Modifications etc. (not altering text)

Commencement Information

I3Sch. 2 para. 4 in operation at 10.8.2021, see s. 44(1)(b)

5.  Section 25 (continuity option 2: resolving triggering event) has effect as if—N.I.

(a)for subsections (1) and (2) there were substituted—

(1) Where—

(a)a triggering event occurs in relation to an existing Master Trust scheme on or after 20 October 2016 but before the commencement date, and

(b)the trustees consider that the triggering event has been resolved,

the trustees must notify the Regulator that they consider that the triggering event has been resolved.

(2) Where—

(a)a triggering event occurs in relation to an existing Master Trust scheme on or after the commencement date, and

(b)the trustees decide to pursue continuity option 2

the trustees must attempt to resolve the triggering event and must notify the Regulator when they consider that the triggering event has been resolved.;

(b)in subsection (3), for “The notification” there were substituted “A notification under subsection (1) or (2)”;

(c)for subsection (4) there were substituted—

(4) The notification must be given—

(a)in a case where the trustees consider that the triggering event was resolved before the date on which this Act is passed, before the end of the period of 14 days beginning with that date (but the trustees may notify the Regulator before that date);

(b)in a case where the trustees consider that the triggering event was resolved on or after the date on which this Act is passed but before the commencement date, before the end of the period of 14 days beginning with the date on which the triggering event was, in the opinion of the trustees, resolved;

(c)in a case where the triggering event occurred before the commencement date and the trustees consider that it was resolved on or after that date, before the end of the period of 14 days beginning with the date on which the triggering event was, in the opinion of the trustees, resolved;

(d)in a case where the triggering event occurred on or after the commencement date, before the end of the period specified in regulations made by the Department.;

(d)in subsection (5), at the end there were added “and, in a case where the Regulator is satisfied that the triggering event was resolved before the date on which this Act is passed, must specify in the notification the date on which the Regulator considers that the triggering event was resolved”.

Modifications etc. (not altering text)

Commencement Information

I4Sch. 2 para. 5 in operation at 10.8.2021, see s. 44(1)(b)

6.  Section 33 (prohibition on increasing charges etc during triggering event period) has effect as if—N.I.

(a)at the beginning there were inserted—

(A1) Subsections (B1) and (C1) apply where a triggering event occurs in relation to an existing Master Trust scheme on or after 20 October 2016 but before the commencement date.

(B1) The trustees must, before the end of the period of seven days beginning with (whichever is the later of) the date on which—

(a)the triggering event occurred, or

(b)this Act is passed,

provide the Regulator with a statement under subsection (1F).

(C1) The trustees must not, during the triggering event period—

(a)impose any administration charges on or in respect of members at levels above those set out in the statement under subsection (1F),

(b)impose any new administration charges on or in respect of members, or

(c)impose any administration charges on or in respect of a member in consequence of the member leaving, or deciding to leave, the scheme during the triggering event period.;

(b)in subsection (1), for “a Master Trust scheme” there were substituted “an existing Master Trust scheme, where the triggering event occurred on or after the commencement date”;

(c)after that subsection, there were inserted—

(1A) Subsections (1B) to (1E) have effect where—

(a)a triggering event occurs in relation to an existing Master Trust scheme on or after 20 October 2016 but before the commencement date, and

(b)the accrued rights of members of that scheme (the “transferring scheme”) have been transferred to one or more other Master Trust schemes under section 69(2)(a) of the Pension Schemes Act (a “receiving scheme”).

(1B) The trustees of a receiving scheme must provide the Regulator with a statement under subsection (1F) and a statement under subsection (1G).

(1C) In a case where the accrued rights are transferred before the date on which this Act is passed, the statements must be provided to the Regulator before the end of the period of seven days beginning with the date on which this Act is passed.

(1D) In a case where the accrued rights are transferred on or after the date on which this Act is passed but before the commencement date, the statements must be provided to the Regulator before the end of the period of seven days beginning with the date on which the rights are transferred.

(1E) The trustees of a receiving scheme must not—

(a)impose any administration charges on or in respect of members at levels above those set out in the statement under subsection (1F), or

(b)impose any new administration charges on or in respect of members,

for the purposes of meeting any of the costs mentioned in subsection (3).

(1F) A statement under this subsection must state the annual levels of administration charges that applied in relation to members of the scheme on 20 October 2016, for each arrangement or fund within the scheme.

(1G) A statement under this subsection is a statement explaining how the receiving scheme has complied with subsection (1E), and must include—

(a)an explanation of whether the receiving scheme is liable for the costs mentioned in subsection (3)(a) or (b), and

(b)in a case where the receiving scheme is so liable, how it is to meet those costs.;

(d)in subsection (2), at the beginning there were inserted “Where a triggering event occurs in relation to an existing Master Trust scheme on or after the commencement date,”;

(e)in subsection (4)(b), after “subsection” there were inserted “(1E) or”;

(f)in subsection (7), for “subsection (1)” there were substituted “subsection (B1), (C1), (1), (1B), (1E)”;

(g)in subsection (8), before the definition of “receiving scheme” there were inserted—

“arrangement” means an allocation of contributions towards an investment or investments according to a strategy adopted by the trustees;;

(h)in that subsection—

(i)in the definition of “receiving scheme”, before “means” there were inserted “, other than in subsections (1A), (1B) and (1E), and subsection (3) as it applies to subsection (1E),”;

(ii)in the definition of “transferring scheme”, before “means” there were inserted “, other than in subsection (1A), and subsection (3) as it applies to subsection (1E),”.

Modifications etc. (not altering text)

Commencement Information

I5Sch. 2 para. 6 in operation at 10.8.2021, see s. 44(1)(b)

7.  Part 1 applies to an existing Master Trust scheme as if after section 33 there were inserted—N.I.

33A.    Existing unauthorised schemes: liability for costs of winding up

(1) This section applies where—

(a)a triggering event occurs on or after 20 October 2016 in relation to an existing Master Trust scheme that has not been authorised when the event occurs, and

(b)a decision is taken that the scheme should be wound up, or the trustees are required to secure that the scheme is wound up.

(2) A scheme funder of the Master Trust scheme is liable for the costs incurred by the scheme during the triggering event period, to the extent that liability for those costs does not lie elsewhere (taking into account, in particular, the prohibitions in section 33)..

Modifications etc. (not altering text)

Commencement Information

I6Sch. 2 para. 7 in operation at 10.8.2021, see s. 44(1)(b)

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources