The Pensions (2015 Act) (Commencement No. 6) Order (Northern Ireland) 2018

Made: 8th March 2018

The Department for Communities[^f00001] makes the following Order in exercise of the powers conferred by section 53(1) of the Pensions Act (Northern Ireland) 2015[^f00002].

Citation and interpretation

1

• (1) This Order may be cited as the Pensions (2015 Act) (Commencement No. 6) Order (Northern Ireland) 2018.

• (2) In this Order any reference to a numbered section is to the section of the Pensions Act (Northern Ireland) 2015 bearing that number.

Appointed day

2

• (1) Subject to paragraph (2), the day appointed for the coming into operation of section 43 (disclosure of information about transaction costs to members etc.) is 9th March 2018.

• (2) In relation to section 43, this Article does not apply to a scheme which falls within paragraphs (a) to (e) of the definition of “relevant scheme” in regulation 1(2) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997[^f00003].

Signed

Sealed with the Official Seal of the Department for Communities on 8th March 2018

Anne McCleary — A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order provides for the coming into operation of section 43 of the Pensions Act (Northern Ireland) 2015 (“the 2015 Act”) which amends section 109 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49) (“the 1993 Act”) on 9th March 2018.

This is except in relation to certain types of occupational pension scheme which are excluded by paragraphs (a) to (e) of the definition of “relevant scheme” in regulation 1(2) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 (see Article 2(2)). These include executive pension schemes, certain small schemes, public service pension schemes and schemes which provide no money purchase benefits other than those attributable to additional voluntary contributions (AVCs).

The provisions inserted into the 1993 Act by section 43 of the 2015 Act place a duty on the Department for Communities, in relation to a money purchase scheme that is an occupational pension scheme, to make regulations requiring the disclosure of information about transaction costs and requiring information on transaction costs and administrative charges to be published.

Footnotes

[^f00001]: See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

[^f00002]: 2015 c. 5 (N.I.)

[^f00003]: S.R. 1997 No. 94; the definition of “relevant scheme” was inserted by regulation 14(a) of S.R. 2015 No. 309