SCHEDULES
SCHEDULE 6Collective money purchase benefits: minor and consequential amendments for Northern Ireland
Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
I1I12I1411
The Pensions (Northern Ireland) Order 2005 is amended as follows.
I2I1512
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.
I3I1613
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.
I4I1314
1
Article 85 (codes of practice) is amended as follows.
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.
I5I1715
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
I6I1816
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;
I7I1917
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.
I8I2018
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.
I9I2119
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.
I1020
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.
I11I2221
In Schedule 2 (the reserved regulatory functions), after Part 4 insert—
PART 4AFunctions 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.