Part 2: Collective Money Purchase Benefits: Northern Ireland
Definitions
Section 52: Collective money purchase benefits and schemes
- This section makes provision for Northern Ireland similar to that made by section 1.
Section 53: Qualifying benefits
- This section makes provision for Northern Ireland similar to that made by section 2. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 54: Qualifying schemes
- This section makes provision for Northern Ireland similar to that made by section 3. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 55: Qualifying schemes: supplementary
- This section makes provision for Northern Ireland similar to that made by section 4.
Section 56: Schemes divided into sections
- This section makes provision for Northern Ireland similar to that made by section 5. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 57: Amendment of definitions of "money purchase benefits" etc
- This section makes provision for Northern Ireland similar to that made by section 6. This section introduces Schedule 4, which makes amendments to Northern Ireland legislation similar to the amendments made by Schedule 1. Schedule 4 makes amendments to existing definitions of ‘money purchase benefits’ set out in legislation to insert CMPBs as a type of money purchase benefit. It also amends section 30 of the Pensions Act (Northern Ireland) 2012, which contains a power to amend by regulations the definitions of money purchase benefits in legislation, so that regulations made under section 30 may also amend the definition of CMPBs in this Act and other legislation. In this case the power to make regulations vests in the Department for Communities in Northern Ireland.
Schedule 4: Money purchase benefits: Northern Ireland
- This Schedule makes provision for Northern Ireland similar to that made by Schedule 1.
Authorisation
Section 58: Authorisation of collective money purchase schemes
- This section makes provision for Northern Ireland similar to that made by section 7.
Section 59: Application for authorisation
- This section makes provision for Northern Ireland similar to that made by section 8. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 60: Decision on application
- This section makes provision for Northern Ireland similar to that made by section 9.
Section 61: Reference to Tribunal of refusal to grant authorisation
- This section makes provision for Northern Ireland similar to that made by section 10.
Authorisation criteria
Section 62: Fit and proper persons requirement
- This section makes provision for Northern Ireland similar to that made by section 11. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 63: Scheme design requirement
- This section makes provision for Northern Ireland similar to that made by section 12. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 64: Viability report
- This section makes provision for Northern Ireland similar to that made by section 13. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 65: Financial sustainability requirement
- This section makes provision for Northern Ireland similar to that made by section 14. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 66: Communication requirement
- This section makes provision for Northern Ireland similar to that made by section 15. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 67: Systems and processes requirements
- This section makes provision for Northern Ireland similar to that made by section 16. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 68: Continuity strategy requirement
- This section makes provision for Northern Ireland similar to that made by section 17. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Valuation and benefit adjustment
Section 69: Calculation of benefits
- This section makes provision for Northern Ireland similar to that made by section 18. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 70: Advice of scheme actuary
- This section makes provision for Northern Ireland similar to that made by section 19. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 71: Actuarial valuations
- This section makes provision for Northern Ireland similar to that made by section 20. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 72: Certificate that actuarial valuation prepared in accordance with scheme rules
- This section makes provision for Northern Ireland similar to that made by section 21.
Section 73: Benefits adjustments
- This section makes provision for Northern Ireland similar to that made by section 22. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 74: Powers of the Pensions Regulator
- This section makes provision for Northern Ireland similar to that made by section 23. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Members’ Rights
Section 75: Rules about modifying schemes
- This section makes provision for Northern Ireland similar to that made by section 24.
- Subsection (2) applies the consent requirements in the subsisting rights provisions to the exercise of powers to modify collective money purchase schemes and inserts into Article 67 of the Pensions (Northern Ireland) Order 1995 a delegated power to disapply the subsisting rights provisions in prescribed cases. This would, for example, enable the Department for Communities in Northern Ireland to make regulations if needed, to remove any ambiguity around the application of the subsisting rights provisions to a CMPB.
- Subsection (8) amends paragraph (9) of Article 67A of that Order, which provides that references in the subsisting rights provisions to scheme rules include legislative provisions which override the scheme rules, so as to include such provisions which are in this Act.
Section 76: Transfer rights
- This section makes provision for Northern Ireland similar to that made by section 25. The power to make regulations contained in amendments made by this section vests in the Department for Communities in Northern Ireland.
Ongoing supervision
Section 77: List of authorised schemes
- This section makes provision for Northern Ireland similar to that made by section 26.
Section 78: Requirement to submit supervisory return
- This section makes provision for Northern Ireland similar to that made by section 27. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 79: Duty to notify the Pensions Regulator of significant events
- This section makes provision for Northern Ireland similar to that made by section 28. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 80: Risk notices
- This section makes provision for Northern Ireland similar to that made by section 29. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 81: Withdrawal of authorisation
- This section makes provision for Northern Ireland similar to that made by section 30.
Triggering events and continuity options
Section 82: Triggering events
- This section makes provision for Northern Ireland similar to that made by section 31.
Section 83: Triggering event periods
- This section makes provision for Northern Ireland similar to that made by section 32.
Section 84: Notification of triggering events
- This section makes provision for Northern Ireland similar to that made by section 33. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 85: Continuity options
- This section makes provision for Northern Ireland similar to that made by section 34.
Section 86: When a decision to withdraw authorisation becomes final
- This section makes provision for Northern Ireland similar to that made by section 35.
Section 87: Continuity option 1: discharge of liabilities and winding up
- This section makes provision for Northern Ireland similar to that made by section 36. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 88: Continuity option 2: resolving triggering event
- This section makes provision for Northern Ireland similar to that made by section 37. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 89: Continuity option 3: conversion to closed scheme
- This section makes provision for Northern Ireland similar to that made by section 38. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 90: Implementation strategy
- This section makes provision for Northern Ireland similar to that made by section 39. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 91: Approval of implementation strategy
- This section makes provision for Northern Ireland similar to that made by section 40. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 92: Trustees’ duties once implementation strategy approved
- This section makes provision for Northern Ireland similar to that made by section 41. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 93: Prohibition on winding up except in accordance with continuity option 1
- This section makes provision for Northern Ireland similar to that made by section 42.
Section 94: Periodic reporting requirements
- This section makes provision for Northern Ireland similar to that made by section 43. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 95: Pause orders
- This section makes provision for Northern Ireland similar to that made by section 44.
- There is further provision about pause orders in Schedule 5 which makes provision for Northern Ireland similar to that made by Schedule 2.
Schedule 5: Pause orders: Northern Ireland
- Schedule 5 makes provision for Northern Ireland similar to that made by Schedule 2. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Section 96: Prohibition on increasing charges etc during triggering event period
- This section makes provision for Northern Ireland similar to that made by section 45. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Publication of information
Section 97: Publication of information
- This section makes provision for Northern Ireland similar to that made by section 46. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Powers to make further provision
Section 98: Powers to extend definition of qualifying schemes
- This section makes provision for Northern Ireland similar to that made by section 47. In this case the power to make regulations is conferred on the Department for Communities in Northern Ireland.
Supplementary
Section 99: Minor and consequential amendments
- This section makes provision for Northern Ireland similar to that made by section 48. This section introduces Schedule 6 which makes consequential amendments to Northern Ireland legislation similar to provision made by Schedule 3.
Schedule 6: Collective money purchase benefits: minor and consequential amendments for Northern Ireland
- This Schedule makes minor and consequential amendments to other relevant Northern Ireland legislation, similar to provision made by Schedule 3.
Section 100: Interpretation of Part 2
- The definition of various terms used in Part 2 of the Act are given in this section, which makes provision for Northern Ireland similar to that made by section 49.
Section 101: Index of defined expressions
- This section lists provisions which define terms used in Part 2 of the Act. This section makes provision for Northern Ireland similar to that made by section 50.
Section 102: Regulations
- This section makes general provision regarding regulations made by the Department for Communities in Northern Ireland under Part 2 of the Act, similar to that made by section 51.
