Pension Schemes Act 2021 (c. 1)

SCHEDULES

SCHEDULE 6 N.I. Collective money purchase benefits: minor and consequential amendments for Northern Ireland

Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) N.I.

11 N.I. The Pensions (Northern Ireland) Order 2005 is amended as follows.

Commencement Information

I1 Sch. 6 para. 11 in force at Royal Assent for specified purposes, see s. 131(3)(a)

12 N.I. In Article 2 (general interpretation), in paragraph (4)—

(a) in sub-paragraph (a), after head (ix) insert—

“(x) regulations made under section 69(4) of or paragraph 1(6) of Schedule 5 to the Pension Schemes Act 2021;

(xi) sections 85, 90, 92, 93 and 96 of the Pension Schemes Act 2021;”;

(b) in sub-paragraph (b), after head (vii) insert—

“(viii) sections 69(7)(b), 85(5), 90(6), 92(6), 93(2) and 96(5) of and paragraph 1(7) of Schedule 5 to the Pension Schemes Act 2021.”

Commencement Information

I2 Sch. 6 para. 12 in force at Royal Assent for specified purposes, see s. 131(3)(a)

13 N.I. In Article 9 (improvement notices), in paragraph (7)—

(a) omit the “or” at the end of sub-paragraph (f);

(b) after sub-paragraph (g) insert “, or

(h) Part 2 of the Pension Schemes Act 2021.”

Commencement Information

I3 Sch. 6 para. 13 in force at Royal Assent for specified purposes, see s. 131(3)(a)

14 (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), after sub-paragraph (j) insert—

“(ja) the process for making an application under Part 2 of the Pension Schemes Act 2021 for authorisation of a collective money purchase scheme;

(jb) the matters that the Regulator expects to take into account in deciding whether it is satisfied that a pension scheme meets the authorisation criteria under that Part (see section 60 of the Pension Schemes Act 2021);”.

(3) In paragraph (6), in the definition of “the pensions legislation”—

(a) omit the “or” at the end of sub-paragraph (e);

(b) after sub-paragraph (f) insert “, or

(g) Part 2 of the Pension Schemes Act 2021.”

Commencement Information

I4 Sch. 6 para. 14 in force at Royal Assent for specified purposes, see s. 131(3)(a)

15 N.I. In Article 88(2) (regulatory functions of the Pensions Regulator)—

(a) omit the “and” at the end of sub-paragraph (p);

(b) after sub-paragraph (p) insert—

“(pa) the power to give a direction under section 74(2) of the Pension Schemes Act 2021 (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme),

(pb) the power to give a notice under section 80(1) or (4) of that Act (risk notices),

(pc) the power to give a direction under section 80(6) of that Act (direction to implement proposals in a resolution plan),

(pd) the power to give a direction under section 90(4) of that Act (direction to submit implementation strategy), and”.

Commencement Information

I5 Sch. 6 para. 15 in force at Royal Assent for specified purposes, see s. 131(3)(a)

16 N.I. In Article 92(5) (special procedure: applicable cases), after sub-paragraph (ta) insert—

“(tb) the power under section 81 of the Pension Schemes Act 2021 to withdraw authorisation of a collective money purchase scheme;

(tc) the power to make a pause order under section 95 of that Act;

(td) the power to make an order under paragraph 2(2) of Schedule 5 to that Act extending the period for which a pause order has effect;

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

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

Commencement Information

I6 Sch. 6 para. 16 in force at Royal Assent for specified purposes, see s. 131(3)(a)

17 N.I. In Article 110 (schemes eligible for pension protection), after paragraph (1) insert—

“(1A) Where a scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 2 of the Pension Schemes Act 2021 (see section 52(2)(b) of that Act) is to be treated for the purposes of this Part as a separate money purchase scheme.”

Commencement Information

I7 Sch. 6 para. 17 in force at Royal Assent for specified purposes, see s. 131(3)(a)

18 N.I. In Article 226A (requirement for an effective system of governance), in paragraph (3) (exceptions), after sub-paragraph (d) insert—

“(e) an authorised collective money purchase scheme within the meaning of Part 2 of the Pension Schemes Act 2021.”

Commencement Information

I8 Sch. 6 para. 18 in force at Royal Assent for specified purposes, see s. 131(3)(a)

19 N.I. In Article 231 (representative of non-European scheme to be treated as trustee), in paragraph (3)—

(a) omit the “or” at the end of sub-paragraph (d);

(b) after sub-paragraph (e) insert “, or

(f) Part 2 of the Pension Schemes Act 2021.”

Commencement Information

I9 Sch. 6 para. 19 in force at Royal Assent for specified purposes, see s. 131(3)(a)

20 N.I. In Article 267 (duty of trustees or managers to act consistently with law of host EEA State), in paragraph (4)—

(a) omit the “or” at the end of sub-paragraph (d);

(b) after sub-paragraph (e) insert “, or

(f) Part 2 of the Pension Schemes Act 2021.”

Commencement Information

I10 Sch. 6 para. 20 in force at Royal Assent for specified purposes, see s. 131(3)(a)

21 N.I. In Schedule 2 (the reserved regulatory functions), after Part 4 insert—

“PART 4A N.I. Functions under Part 2 of the Pension Schemes Act 2021

44A The power to give a direction under section 74(2) (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme).

44B The power to give a direction under section 80(6) (direction to implement proposals in a resolution plan).

44C The power under section 81 to withdraw authorisation of a collective money purchase scheme.

44D The power to give a direction under section 92(4) (direction to pursue a continuity option).

44E The power to make a pause order under section 95.

44F The power to make an order under paragraph 2(2) of Schedule 5 extending the period for which a pause order has effect.

44G The power to make an order under paragraph 3 of Schedule 5 validating action taken in contravention of a pause order.

44H The power to make an order under paragraph 4(3) of Schedule 5 directing the notification of members or employers.”

Commencement Information

I11 Sch. 6 para. 21 in force at Royal Assent for specified purposes, see s. 131(3)(a)