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)

I2 Sch. 6 para. 11 in force at 29.4.2022 for specified purposes by S.R. 2022/173, art. 2(b)

I3 Sch. 6 para. 11 in force at 1.8.2022 for specified purposes by S.R. 2022/197, art. 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

I4 Sch. 6 para. 12 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I5 Sch. 6 para. 12 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I6 Sch. 6 para. 13 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I7 Sch. 6 para. 13 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I8 Sch. 6 para. 14 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I9 Sch. 6 para. 14 in force at 29.4.2022 in so far as not already in force by S.R. 2022/173, art. 2(c)

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

I10 Sch. 6 para. 15 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I11 Sch. 6 para. 15 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I12 Sch. 6 para. 16 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I13 Sch. 6 para. 16 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I14 Sch. 6 para. 17 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I15 Sch. 6 para. 17 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I16 Sch. 6 para. 18 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I17 Sch. 6 para. 18 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I18 Sch. 6 para. 19 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I19 Sch. 6 para. 19 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 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

I20 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

I21 Sch. 6 para. 21 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I22 Sch. 6 para. 21 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)