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Pension Schemes Act (Northern Ireland) 2021

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Changes over time for: Cross Heading: The Pensions (Northern Ireland) Order 2005 (NI 1)

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Whole provisions yet to be inserted into this Act (including any effects on those provisions):

The Pensions (Northern Ireland) Order 2005 (NI 1)N.I.

5.  The 2005 Order is amended as follows.N.I.

Modifications etc. (not altering text)

Commencement Information

I1Sch. 3 para. 5 in operation at 10.8.2021 for specified purposes, see s. 44(1)(a)(v)

I2Sch. 3 para. 5 in operation at 10.8.2021, see s. 44(1)(c)

I3Sch. 3 para. 5 in operation at 13.9.2021 for specified purposes by S.R. 2021/234, art. 2(b)

6.  In Article 2(4) (interpretation: scheme rules)—N.I.

(a)in sub-paragraph (a), at the end add—

(xii)sections 21, 23, 26, 28, 29 and 33 of and Schedule 1 to the Pension Schemes Act (Northern Ireland) 2021;;

(b)in sub-paragraph (b), at the end add—

(ix)sections 21(7), 23(7), 26(9), 28(6), 29(2) and 33(5) of and paragraph 1(7) of Schedule 1 to the Pension Schemes Act (Northern Ireland) 2021..

Commencement Information

I4Sch. 3 para. 6 in operation at 10.8.2021, see s. 44(1)(c)

7.  In Article 9 (improvement notices), in paragraph (7) (meaning of “pensions legislation”)—N.I.

(a)in the opening words, after “by virtue of” insert “any of the following”;

(b)at the end add

, or

(i)Part 1 of the Pension Schemes Act (Northern Ireland) 2021..

Commencement Information

I5Sch. 3 para. 7 not in operation at Royal Assent, see s. 44(2)

I6Sch. 3 para. 7 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I7Sch. 3 para. 7 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

8.  In Article 65 (duty to report breaches of the law) in paragraph (1), at the end add—N.I.

(f)a scheme strategist or scheme funder of a Master Trust scheme within the meaning of Part 1 of the Pension Schemes Act (Northern Ireland) 2021 (see section 39 of that Act)..

Commencement Information

I8Sch. 3 para. 8 not in operation at Royal Assent, see s. 44(2)

I9Sch. 3 para. 8 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I10Sch. 3 para. 8 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

9.  In Article 67 (provision of information), in paragraph (1A), after “2008” insert “or Part 1 of the Pension Schemes Act (Northern Ireland) 2021”.N.I.

Modifications etc. (not altering text)

Commencement Information

I11Sch. 3 para. 9 in operation at 10.8.2021 for specified purposes, see s. 44(1)(a)(v)

I12Sch. 3 para. 9 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I13Sch. 3 para. 9 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

10.  In Article 68 (inspection of premises), in paragraph (2) before sub-paragraph (e) insert—N.I.

(dc)the Pension Schemes Act (Northern Ireland) 2021;.

Commencement Information

I14Sch. 3 para. 10 not in operation at Royal Assent, see s. 44(2)

I15Sch. 3 para. 10 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I16Sch. 3 para. 10 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

11.  In Article 72A (fixed penalty notices), in paragraph (6) after “2008” insert “or section 17 of the Pension Schemes Act (Northern Ireland) 2021”.N.I.

Commencement Information

I17Sch. 3 para. 11 not in operation at Royal Assent, see s. 44(2)

I18Sch. 3 para. 11 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I19Sch. 3 para. 11 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

12.  In Article 72B (escalating penalty notices), in paragraph (8) after “2008” insert “or section 18 of the Pension Schemes Act (Northern Ireland) 2021”.N.I.

Commencement Information

I20Sch. 3 para. 12 not in operation at Royal Assent, see s. 44(2)

I21Sch. 3 para. 12 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I22Sch. 3 para. 12 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

13.  In Article 75 (offences of providing false or misleading information), in paragraph (1)(c)—N.I.

(a)omit the “or” at the end of head (iv); and

(b)in head (v), at the end add

, or

(vi)the Pension Schemes Act (Northern Ireland) 2021..

Commencement Information

I23Sch. 3 para. 13 not in operation at Royal Assent, see s. 44(2)

I24Sch. 3 para. 13 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I25Sch. 3 para. 13 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

14.  In Article 75A (financial penalty for providing false or misleading information to Regulator), in paragraph (2)(c)—N.I.

(a)omit the “or” at the end of head (iv); and

(b)in head (v), at the end add

, or

(vi)the Pension Schemes Act (Northern Ireland) 2021..

Commencement Information

I26Sch. 3 para. 14 not in operation at Royal Assent, see s. 44(2)

I27Sch. 3 para. 14 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I28Sch. 3 para. 14 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

15.—(1) Article 85 (codes of practice) is amended as follows.N.I.

(2) In paragraph (2) (matters on which the Pensions Regulator must issue codes of practice), before sub-paragraph (k) insert—

(jc)the process for making an application for authorisation of a Master Trust scheme under Part 1 of the Pension Schemes Act (Northern Ireland) 2021;

(jd)the matters that the Regulator expects to take into account in deciding whether it is satisfied that a Master Trust scheme meets the authorisation criteria under that Part (see section 5 of the Pension Schemes Act (Northern Ireland) 2021);.

(3) In paragraph (6), in the definition of “the pensions legislation” at the end add

, or

(h)

the Pension Schemes Act (Northern Ireland) 2021..

Commencement Information

I29Sch. 3 para. 15 not in operation at Royal Assent, see s. 44(2)

I30Sch. 3 para. 15 in operation at 13.9.2021 by S.R. 2021/234, art. 2(c)

16.  In Article 88(2) (“regulatory functions” of the Regulator subject to procedure), before sub-paragraph (q) insert—N.I.

(pe)the power to give a direction under section 26(7) of the Pension Schemes Act (Northern Ireland) 2021 (direction to submit implementation strategy), and.

Commencement Information

I31Sch. 3 para. 16 not in operation at Royal Assent, see s. 44(2)

I32Sch. 3 para. 16 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I33Sch. 3 para. 16 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

17.  In Article 92(5) (special procedure: applicable cases), before sub-paragraph (u) insert—N.I.

(tg)the power to withdraw authorisation of a Master Trust scheme under section 19 of the Pension Schemes Act (Northern Ireland) 2021;

(th)the power to make a pause order under section 31 of that Act;

(ti)the power to make an order under paragraph 2(2) of Schedule 1 to that Act extending the period for which a pause order has effect;

(tj)the power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order;

(tk)the power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers;.

Commencement Information

I34Sch. 3 para. 17 not in operation at Royal Assent, see s. 44(2)

I35Sch. 3 para. 17 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I36Sch. 3 para. 17 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

18.  In Schedule 1 (the Pensions Regulator), in Part 1 (delegation), in paragraph 2(2), after head (o) add—N.I.

(p)the power to issue a fixed penalty notice under section 17 of thePension Schemes Act (Northern Ireland) 2021;

(q)the power to issue an escalating penalty notice under section 18 of that Act..

Commencement Information

I37Sch. 3 para. 18 not in operation at Royal Assent, see s. 44(2)

I38Sch. 3 para. 18 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I39Sch. 3 para. 18 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

19.  In Schedule 2 (functions exercisable by the Determinations Panel), before Part 5 insert—N.I.

PART 4BN.I.Functions Under The Pension Schemes Act (Northern Ireland) 2021

44I.  The power to withdraw authorisation of a Master Trust scheme under section 19.

44J.  The power to give a direction under section 28(4) (direction to pursue continuity option).

44K.  The power to make a pause order under section 31.

44L.  The power to make an order under paragraph 2(2) of Schedule 1 extending the period for which a pause order has effect.

44M.  The power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order.

44N.  The power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers.

44O.  Terms used in this Part have the same meaning as in Part 1 of the Pension Schemes Act (Northern Ireland) 2021..

Commencement Information

I40Sch. 3 para. 19 not in operation at Royal Assent, see s. 44(2)

I41Sch. 3 para. 19 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I42Sch. 3 para. 19 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

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