The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

(7A) (1) If the trustees make the choice under regulation 6A(1) to assess charges in accordance with this regulation, the following provisions apply. (2) Trustees must calculate the value of members’ rights under the scheme at reference points set at equal intervals during the charges year of no more than 3 months (but see paragraphs (3), (6) and (7)). (3) Where trustees change the intervals between reference points chosen for the purposes of paragraph (2) during the charges year, the start of the first new interval must commence on the day following the reference point at the end of the previous interval. (4) The limit of permitted charges under— (a) a collective single charge structure, or (b) a collective existing rights charge in a collective combination charge structure, is exceeded if the charges imposed on the members annually exceed the average of the reference point values multiplied by the applicable percentage. (5) The applicable percentage is— (a) in the case of a collective single charge structure, 0.75%, and (b) in the case of a collective existing rights charge in a collective combination charge structure, the percentage in Column 2 of the table— (i) in regulation 6A(3), where a collective contribution percentage charge is imposed, and (ii) in regulation 6A(4), where a collective flat fee is imposed. (6) Where members have rights under the scheme at only one reference point referred to in paragraph (2), paragraph (4) is to be read as if the words “average of the reference point values” read “value at the reference point”. (7) Where members have no rights under the scheme at a reference point referred to in paragraph (2), paragraph (4) is to be read as if the words “average of the reference point values” read “value of members’ rights under the scheme on the final day of the charges year or, if there are no members who have such rights on that day, on the final day on which there are members who have such rights,”. (8) In this regulation monthly, 2 monthly and 3 monthly intervals are to be treated as equal intervals. (9) Paragraph (10) applies where the charges imposed on the members include a performance fee payable at the end of the investment period. (10) For the purposes of paragraph (4), the charge imposed annually on the members in relation to the performance fee may be treated as X divided by Y, where— (a) X is the sum of the performance fees accrued in relation to the return earned by the assets in the scheme (“the relevant assets”) during the relevant charges year and each of the preceding charges years, up to a maximum of 4 preceding charges years, and (b) Y is— (i) 5, or (ii) where the investment period is less than 5 charges years, the number of charges years in the relevant period. (11) Where the trustees choose to calculate the charge imposed annually on the members in accordance with paragraph (10), the trustees must, at the end of each charges year during the investment period, calculate— (a) the return earned by the relevant assets during that charges year; (b) the performance fee which has accrued in relation to that return. (12) In this regulation “investment period” means the total period for which the assets in the scheme are invested in an investment for which a performance fee is payable at the end of the investment period.

15

In the heading to regulation 8 (alternative assessment of charges) after “charges” insert “ – default arrangements”.

16

After regulation 8 insert—

(8A) (1) If the trustees make the choice under regulation 6A(1) to assess charges in accordance with this regulation, the limit of permitted charges under— (a) a collective single charge structure, or (b) a collective existing rights charge in a collective combination charge structure, is not exceeded if, on the first day of the charges year, the charges regime to be applied to members’ rights under the scheme meets the requirement in paragraph (2) and that charges regime is applied to members’ rights throughout that charges year. (2) The requirement referred to in paragraph (1) is that the charges regime would not result in charges being imposed on the members exceeding the limit of permitted charges when calculated in accordance with regulation 7A, if the assumptions in paragraph (3) and, if the trustees so choose, the assumption in paragraph (4) are made for the purposes of those calculations. (3) The assumptions to be made for the purposes of paragraph (2) are— (a) the value of members’ rights under the scheme will not increase or decrease during the charges year when compared to the value on the first day of the charges year, other than as a result of charges imposed on the members, and (b) all the members may leave the scheme at any time during that charges year. (4) The assumption which may be made for the purposes of paragraph (2) is that, where the charges include a performance fee to which regulation 7A(10) applies, the charge to be imposed on the members in relation to the forthcoming charges year will be X divided by Y, where— (a) X is the sum of the performance fees accrued in relation to the return earned by the assets in the scheme during each of the years preceding the charges year in question, up to a maximum of 5 preceding charges years, and (b) Y is— (i) 5, or (ii) where the investment period is less than 5 charges years, the number of charges years in the relevant period. (5) In this regulation “charges regime” means— (a) the charges to be imposed, and any rebates of charges to be applied, as a percentage of the value of members’ rights under the scheme; (b) when they are to be deducted from, or added to, the value of members’ rights throughout the charges year; (c) how the value of members’ rights will be calculated for the purposes of imposing or rebating charges. (6) Where the first contribution made by or on behalf or in respect of members to the scheme is made after the first day of the charges year, paragraphs (1) and (3)(a) are to be read as if “on the first day of the charges year” read “on the date on which the first contribution is made in a charges year”. (7) Where the trustees make the choice under regulation 6A(1) to assess charges in accordance with this regulation but, during the charges year the charges regime fails to meet the requirement in paragraph (2), the trustees must assess charges for the whole charges year in accordance with regulation 7A.

17

In regulation 9 (member agreement for services)—

• (a) in paragraph (1) after “Subject to paragraph (3),” insert “in the case of a member of a relevant scheme (that is not a collective money purchase scheme),”;

• (b) after paragraph (1) insert—

(1A) Subject to paragraph (3), in the case of the members of a relevant scheme (that is a qualifying collective money purchase scheme), the restrictions in regulation 4 (with the exception of regulation 4(1A)) do not apply in relation to advice or a service for which a member has entered into an agreement with a person for the provision of that advice or service, provided the conditions in paragraph (2) are satisfied.

• (c) in paragraph (2)—

• (i) for “paragraph (1)” substitute “paragraphs (1) and (1A)”;

• (ii) in sub-paragraph (b)(ii) after “default arrangement” insert “or under a qualifying collective money purchase scheme, as applicable”;

• (d) in paragraph (4)—

• (i) in sub-paragraph (e) for “arrangement.” substitute “arrangement;”;

• (ii) after sub-paragraph (e) add—

(f) a transfer out of a qualifying collective money purchase scheme into a different scheme; (g) a transfer into a qualifying collective money purchase scheme.

18

In regulation 10(1) (charge limits adjustment) after “relevant scheme” insert “, that is not a collective money purchase scheme,”.

19

In regulation 11(5) (non-contributing members) in the definition of “relevant scheme” for “regulation 2(2)” substitute “regulation 2(2)(a) or (b)”.

20

In regulation 11A[^f00082] (relevant information)—

• (a) in paragraph (1)[^f00083]—

• (i) for “applies” substitute “applies—“;

• (ii) the wording from “to a member” to the end shall be renumbered as sub-paragraph (a) of that paragraph;

• (iii) in sub-paragraph (a) as renumbered for “that scheme.” substitute “that scheme, or”

• (iv) after sub-paragraph (a) add—

(b) to a member of a specified section, if the member is, or was, a worker of a qualifying section employer who participates or has participated in the section.

• (b) in paragraph (3) after “specified scheme”, in both places where it occurs, insert “or specified section, as applicable”.

21

In regulation 11B (relevant information) after paragraph (7) add—

(8) In this regulation, in relation to a specified section, references to a “specified scheme” are to be read as references to a “specified section”.

22

In regulation 11C (member agreement for payments to advisers) for paragraph (5) substitute—

(5) In this regulation— - “charge limits” has the meaning given in regulation 10(10); - “specified scheme” does not include a relevant scheme that is a collective money purchase scheme.

Signed

Sealed with the Official Seal of the Department for Communities on 24th January 2024

David Tarr — A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations revoke and re-enact the Occupational Pension Schemes (Collective Money Purchase Schemes) (No. 2) Regulations (Northern Ireland) 2023 (“the Collective Money Purchase Schemes Regulations”) which would otherwise cease to have effect by virtue of section 112(3)(b) of the Pensions (No. 2) Act (Northern Ireland) 2008, section 51(3)(b) of the Pensions Act (Northern Ireland) 2015 and section 102(5)(b) of the Pension Schemes Act 2021 (“the 2021 Act”). Like the Collective Money Purchase Schemes Regulations, the Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 2 of the 2021 Act. They also make provision for amendments to subordinate legislation in relation to schemes providing collective money purchase benefits.

Part 1 of these Regulations contains introductory provisions. In particular, regulation 3 sets out when one employer is treated as connected with another employer for the purposes of Part 2 of the 2021 Act.

Part 2 of these Regulations makes provision relating to sections of qualifying schemes. In particular, regulation 4 sets out certain characteristics of qualifying benefits. If a scheme provides a combination of qualifying benefits where these characteristics are different, those benefits must be provided under different sections. Regulation 5 makes provision about where an authorisation granted in respect of an undivided collective money purchase scheme will apply to a section following the division of the scheme into sections.

Part 3 of these Regulations makes provision relating to the authorisation of a collective money purchase scheme. Regulation 6 sets out the information to be included in an application to the Pensions Regulator (“the Regulator”) for authorisation (in addition to the information specified in the 2021 Act). Regulation 6 also introduces Part 1 of Schedule 3, which sets out the information to be included in an application in relation to whether a scheme is financially sustainable.

Regulation 7 requires an application for authorisation to be accompanied by a fee payable to the Regulator, which is either a set amount or in certain circumstances an amount to be determined by the Regulator.

Regulation 8 introduces Schedule 1, which sets out the matters that the Regulator must take into account in assessing whether a person involved in a collective money purchase scheme is a fit and proper person. Regulation 8 also makes provision for this assessment in cases where a person involved in a collective money purchase scheme is a body corporate.

Regulation 9 relates to the scheme design requirement. It introduces Part 1 of Schedule 2, which sets out the matters that the Regulator must take into account in deciding whether the design of a collective money purchase scheme is sound.

Regulation 10 introduces Part 2 of Schedule 2, which sets out the information that must be contained in a viability report prepared by the trustees of a collective money purchase scheme. Regulation 10 also sets out more detail relating to the preparation of the viability report.

Regulation 11 introduces Part 3 of Schedule 2 which sets out the information that must be included in a viability certificate provided by the scheme actuary. Regulation 11 also sets out the matters the scheme actuary must have regard to when providing a viability certificate and considering whether the design of the scheme is sound.

Regulation 12 introduces Part 2 of Schedule 3, which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that a collective money purchase scheme is financially sustainable, and Part 3 of Schedule 3 which sets out requirements to be met by a collective money purchase scheme in relation to its financing.

Regulation 13 introduces Schedule 4 which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that a collective money purchase scheme has adequate systems and processes for communicating with members and others.

Regulation 14 introduces Schedule 5 which sets out the matters that the Regulator must take into account in deciding whether the systems and processes used in running a collective money purchase scheme are sufficient to ensure that the scheme is run effectively.

Regulation 15 contains requirements about a collective money purchase scheme’s continuity strategy and sets out information that must be included in the strategy. A continuity strategy is a document setting out how the interests of members of the scheme are to be protected if a triggering event occurs in relation to the scheme. Regulation 16 contains requirements about how the continuity strategy must set out levels of administration charges that apply in relation to members of the scheme.

Part 4 of these Regulations relates to valuation and benefit adjustments. Regulation 17 sets out provisions that the rules of a collective money purchase scheme must contain relating to the determination of the value of the available assets of the scheme, the determination of the required amount and the adjustment of the rate or amount of benefits provided under the scheme. Regulation 17 also makes provision for where trustees of a collective money purchase scheme apply a multi-annual reduction to the rate or amount of benefits provided under the scheme.

Regulation 18 makes provision regarding guidance to which the scheme actuary must have regard when advising the trustees of a collective money purchase scheme.

Regulation 19 makes provision regarding actuarial valuations of the scheme including when the trustees of a collective money purchase scheme must obtain an actuarial valuation and what the valuation must contain.

Regulation 20 sets out the information that must be included in a report given by the trustees of a collective money purchase scheme to the Regulator if a benefit adjustment is not made in accordance with the most recent actuarial valuation or does not take effect in accordance with scheme rules.

Regulation 21 makes provision regarding what must be included in a direction issued by the Regulator under section 74 of the 2021 Act.

Part 5 of these Regulations makes provision about the ongoing supervision by the Regulator of a collective money purchase scheme. Regulation 22 sets out the information which the Regulator may require to be included in the supervisory return (a document which the Regulator may require schemes to submit to it).

Regulation 23 lists the significant events in relation to the scheme, which are events which must be notified to the Regulator by persons specified in the 2021 Act. Regulation 23 also sets out further information that must be provided to the Regulator by a person who is required to give notice of a significant event.

Regulation 24 makes provision about risk notices including what must be contained in a risk notice. Risk notices are notices given by the Regulator to the trustees of a collective money purchase scheme under section 80 of the 2021 Act (risk notices).

Part 6 of these Regulations makes provision about triggering events and continuity options. Regulation 25 sets out the matters which must be notified by a trustee to employers and relevant former employers if a triggering event occurs in relation to a collective money purchase scheme; and when notifications under section 84 of the 2021 Act (notification of triggering events) must be given.

Regulation 26 sets out when an implementation strategy must be submitted to the Regulator for approval. An implementation strategy is a document setting out how the interests of members of a collective money purchase scheme are to be protected following the occurrence of a triggering event.

Regulation 27 sets out the information to be included in an implementation strategy about levels of administration charges in relation to members of the scheme. Regulation 28 sets out other information that an implementation strategy must contain.

Regulation 29 introduces Schedule 6 which sets out the procedure to be followed when a triggering event has occurred and the trustees of a collective money purchase scheme are required, or decide, to pursue continuity option 1 (under which the scheme’s liabilities to each beneficiary are discharged by transfer out of the scheme, or securing the payment of benefits by some other means, and the scheme is wound up).

Regulation 30 applies where a triggering event has occurred and the trustees of a collective money purchase scheme are pursuing continuity option 2 (resolving triggering event). It prescribes the deadline for a scheme’s trustees to notify the Regulator when they believe that a triggering event has been resolved.

Regulation 31 applies where a triggering event has occurred and the trustees of a collective money purchase scheme are pursuing continuity option 3 (conversion to closed scheme). It prescribes the deadline for a scheme’s trustees to notify the Regulator when they consider that preparations for the conversion of the scheme into a closed scheme are complete.

Regulation 32 prescribes the deadline for a scheme’s trustees to submit their first periodic report to the Regulator during a triggering event period, and specifies the information which reports must contain in addition to that required by the 2021 Act.

Regulation 33 modifies section 95 of the Pension Schemes (Northern Ireland) Act 1993 as it applies to a collective money purchase scheme in respect of which the Regulator has made a pause order under section 95 of the 2021 Act.

Regulation 34 sets out the administration charges that are not included in the prohibition on increasing charges during a triggering event period for a collective money purchase scheme in section 96 of the 2021 Act. It also applies the provisions of section 96 of the 2021 Act to certain receiving schemes.

Part 7 of these Regulations makes provision for amendments to subordinate legislation in relation to schemes providing collective money purchase benefits. In particular, regulation 35 introduces Schedule 7 which contains amendments to the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 and the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 in relation to collective money purchase schemes.

Part 8 of these Regulations revokes the Collective Money Purchase Schemes Regulations.

As these Regulations, in so far as they are made under Schedule 18 to the Pensions Act (Northern Ireland) 2015, make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement for consultation does not apply by virtue of paragraph 8 of Schedule 18 to that Act.

An assessment of the cost to business of the Regulations is detailed in a Regulatory Impact Assessment which accompanied the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022 (S.R. 2022 No. 191), a copy of which was laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Assessment are available from the Department for Communities, Social Security Policy, Legislation and Decision Making Services, Level 8, Causeway Exchange, 1-7 Bedford Street, Belfast BT2 7EG or from the website:https://www.communities-ni.gov.uk/articles/pension-information. A copy of the Assessment is also annexed to the Explanatory Memorandum which is available alongside this Statutory Rule on the website:http://www.legislation.gov.uk/nisr.

Footnotes

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

[^f00002]: 2008 c. 13 (N.I.); section 28 was amended by sections 13(2) to (6) and 14 of the Pensions Act (Northern Ireland) 2012 (c.3(N.I.)) and section 38(4) of the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))

[^f00003]: 2015 c. 5 (N.I.); paragraph 1 was amended by paragraph 25(2) of Schedule 6, and paragraph 15(2) of Schedule 11, to the Pension Schemes Act 2021 (c. 1); see also section 51(4)(g) as inserted by paragraph 24 of Schedule 6 to that Act

[^f00004]: 2021 c. 1

[^f00005]: 1993 c. 49

[^f00006]: S.I. 1995/3213 (N.I. 22)

[^f00007]: S.I. 1999/3147 (N.I. 11)

[^f00008]: S.I. 2005/255 (N.I. 1)

[^f00009]: 2006 c. 46

[^f00010]: “Actuarial valuation” is defined in section 71(2) of the Pension Schemes Act 2021

[^f00011]: The definition of “pensioner member” was amended by Article 11(7) of S.I. 2006/745

[^f00012]: Article 67A was inserted by Article 239 of the Pensions (Northern Ireland) Order 2005

[^f00013]: 1954 c. 33 (N.I.)

[^f00014]: 2015 c. 8

[^f00015]: This information is required to enable the Pensions Regulator to carry out its function under section 77(1) of the Pension Schemes Act 2021

[^f00016]: 1997 c. 50; section 112(1) was amended by section 79(1) of the Protection of Vulnerable Groups (Scotland) Act 2007 (asp14), sections 97(2) and 112(2) of, and Part 8 of Schedule 8 to, the Policing and Crime Act 2009 (c. 26), section 80(1) of the Protection of Freedoms Act 2012 (c. 9), S.S.I. 2006/50 and S.I. 2012/3006

[^f00017]: Section 109 was amended by section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c.4(N.I.)), paragraph 13 of Schedule 10 to the Pensions (Northern Ireland) Order 2005, paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)), section 43 of the Pensions Act (Northern Ireland) 2015, section 38 of the Pension Schemes Act (Northern Ireland) 2016 (c. 1 (N.I.)), paragraph 15(3) of Schedule 11 to the Pension Schemes Act 2021 and paragraph 15 of the Schedule to S.R. 2005 No. 434

[^f00018]: 2004 c. 12; section 228ZA was inserted by paragraph 10(1) of Schedule 4 to the Finance (No. 2) Act 2015 (c. 33)

[^f00019]: See section 72 of the Pension Schemes Act 2021

[^f00020]: Article 225 was amended by paragraph 252(9) of Schedule 1 to S.I. 2009/1941

[^f00021]: Article 10 was amended by paragraph 9 of Schedule 2 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, Schedule 11 to the Pensions (Northern Ireland) Order 2005 and paragraph 15 of Schedule 8 to the Pension Schemes Act 2021

[^f00022]: Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))

[^f00023]: Section 95(2) was substituted by paragraph 59(2) of Schedule 4 to the Pension Schemes Act 2015 (c. 8) and amended by section 76(4) of the Pension Schemes Act 2021 (c. 1)

[^f00024]: S.I. 2001/544; the definition of “financial instrument” was inserted by Article 3(b) of S.I. 2006/3384 and amended by Article 2(4) of S.I. 2017/488 and regulation 121(4) of S.I. 2019/632

[^f00025]: S.R. 2023 No. 117

[^f00026]: 2016 asp 21

[^f00027]: 1986 c. 45

[^f00028]: S.I. 1989/2405 (N.I. 19)

[^f00029]: 2006 c. 46

[^f00030]: Section 385(1) was amended by paragraph 55 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013 (c. 24)

[^f00031]: Section 383(1) was amended by Schedule 16 to the Criminal Justice Act 1988 (c. 33) and paragraph 53 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00032]: S.R. 1991 No. 364

[^f00033]: Section 263H was inserted by section 71(2) of the Enterprise and Regulatory Reform Act 2013 (c. 24)

[^f00034]: Section 381(2) was amended by paragraph 52(4) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00035]: Section 381(1) was amended by paragraph 52(2) of Schedule 19 to the Enterprise and Regulatory Reform Act 2013

[^f00036]: Schedule 4A was inserted by section 257(2) of the Enterprise Act 2002 (c. 40)

[^f00037]: Schedule 2A was inserted by Article 13(2) of the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10))

[^f00038]: “Director” is defined in section 62(6) of the Pension Schemes Act 2021 for the purposes of that section as having the meaning given in Article 5 of the Insolvency (Northern Ireland) Order 1989

[^f00039]: 1974 c. 53

[^f00040]: S.I. 1978/1908 (N.I. 27)

[^f00041]: 1986 c. 46; section 1(1) was amended by section 5(1) of the Insolvency Act 2000 (c. 39) and section 204(3) of the Enterprise Act 2002 (c. 40); section 1A(1) was inserted by section 6(2) of the Insolvency Act 2000 and amended by paragraph 3 of Schedule 7 to the Small Business, Enterprise and Employment Act 2015 (c. 26)

[^f00042]: S.I. 2002/3150 (N.I. 4); Article 3(1) was amended by S.I. 2005/1454 (N.I. 9); Article 4(1) was amended by paragraph 9(4)(a) of Schedule 8 to the Small Business, Enterprise and Employment Act 2015 (c. 26)

[^f00043]: “The registrar of companies” is defined in section 1060(3) of the Companies Act 2006

[^f00044]: 1995 c. 26

[^f00045]: Section 3 was substituted by section 33 of the Pensions Act 2004 (c. 35)

[^f00046]: Article 3 was substituted by Article 29 of the Pensions (Northern Ireland) Order 2005 and amended by paragraph 3 of Schedule 1 to the Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4 (N.I.))

[^f00047]: Section 29 was amended by paragraph 45 of Schedule 12, and Schedule 13, to the Pensions Act 2004, section 106(2) of and paragraph 8 of Schedule 16 to the Tribunals Courts and Enforcement Act 2007 (c. 15), paragraph 6 of the Schedule to S.I. 2004/1941, paragraph 5 of Schedule 2 to S.I. 2006/1722, paragraph 155(4) of Schedule 1 to S.I. 2009/1941, paragraph 34(3) of Schedule 2 to S.I. 2012/2404 and paragraph 11(3) of Schedule 1 to S.I. 2016/481

[^f00048]: Article 29 was amended by paragraph 11 of Schedule 3 to the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)), paragraph 39 of Schedule 10 and Schedule 11 to the Pensions (Northern Ireland) Order 2005, paragraph 5 of the Schedule to S.R. 2008 No. 94 and paragraph 16(2)(c) of the Schedule to S.R. 2016 No. 108

[^f00049]: S.R. 1997 No. 94; regulation 24 was added by regulation 18 of S.R. 2015 No. 309

[^f00050]: 2004 c. 12; section 152 was amended by paragraph 2 of Schedule 5 to the Finance Act 2021 (c. 26)

[^f00051]: S.R. 2015 No. 309

[^f00052]: Paragraph 7 was substituted by paragraph 5 of Schedule 16 to the Finance Act 2011 (c. 11) and amended by paragraph 19 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30)

[^f00053]: Paragraph 8A was inserted by paragraph 3(1) of Schedule 28 to the Taxation of Pensions Act 2014

[^f00054]: Paragraphs (4) to (7) were inserted by section 45(2) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 and amended by paragraph 63(3) and (4) of Schedule 10 to the Pensions (Northern Ireland) Order 2005

[^f00055]: See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015

[^f00056]: S.R. 1997 No. 94; relevant amending Regulations are S.R. 2015 No. 309, S.R. 2018 No. 53, S.R. 2021 No. 272 and S.R. 2023 No. 158; see also paragraph 1 of Schedule 7 to S.R. 2023 No. 117

[^f00057]: The definition of “chair” was inserted by regulation 16(2)(a) of S.R. 2015 No. 309

[^f00058]: Regulation 23 was added by regulation 17 of S.R. 2015 No. 309

[^f00062]: Subsection (2A) was inserted by section 38(4) of the Pension Schemes Act (Northern Ireland) 2016

[^f00063]: Regulation 25 was added by regulation 19 of S.R. 2015 No. 309 and paragraph (1) was amended by regulation 2(3)(a) of S.R. 2021 No. 272 and regulation 2(4) of S.R. 2023 No. 158

[^f00065]: S.R. 2005 No. 569; regulation 2 was amended by regulation 4(2) of S.R. 2018 No. 165 and regulation 2(2) of S.R. 2019 No.115

[^f00066]: S.R. 2010 No. 122; relevant amending Regulations are S.R. 2012 No. 237 and S.I. 2019/193;see also paragraph 2 of Schedule 7 to S.R. 2023 No. 117

[^f00067]: Regulations 32A to 32K were inserted by regulation 2(3) of S.R. 2012 No. 237 and regulation 32E was amended by regulation 29(2) of S.I. 2019/193

[^f00068]: Section 20 was amended by regulation 3(2) of S.R. 2012 No. 120

[^f00069]: 1992 c. 7; section 5 was substituted by paragraph 1 of Schedule 10 to the Welfare Reform and Pensions Act 1999 (c. 30) and subsection (1) was amended by Schedule 2 to the National Insurance Contributions Act 2008 (c. 16)

[^f00070]: Section 44(4) was substituted by Article 64 of the Social Security (Northern Ireland) Order 1998 (S.I. 1998/1506 (N.I. 10)) and amended by Article 4(3) of S.R. 2022 No. 143

[^f00071]: S.R. 2015 No. 309; relevant amending Regulations are S.R. 2016 No. 171, S.R. 2018 No. 54 and S.R. 2021 No. 272; see also paragraphs 3 to 22 of Schedule 7 to S.R. 2023 No. 117

[^f00072]: The definition of “performance fee” was inserted by regulation 6(2)(a)(iii) of S.R. 2021 No. 272

[^f00073]: The definition of “physical asset” was inserted by regulation 6(2)(a)(iii) of S.R. 2021 No. 272

[^f00074]: The definition of “qualifying section employer” was inserted by regulation 3(b) of S.R. 2016 No. 171

[^f00075]: The definition of “specified scheme” was inserted by regulation 3(d) of S.R. 2016 No. 171

[^f00076]: The heading to Chapter 1 was inserted by regulation 6(3) of S.R. 2021 No. 272

[^f00081]: The definition of “pensioner member” was amended by Article 11(7) of S.I. 2006/745

[^f00082]: Regulations 11A to 11C were inserted by regulation 5 of S.R. 2016 No. 171

Editorial notes

[^key-aa365d7d6370cb4b1f49112366890ee1]: Reg. 1 in operation at 26.1.2024, see reg. 1

[^key-16d6ef44cff36822dfb57b0d7a283149]: Reg. 2 in operation at 26.1.2024, see reg. 1

[^key-339207ab7d13c07a4b4c0b7926869126]: Reg. 3 in operation at 26.1.2024, see reg. 1

[^key-f6f799d2251fd131b333604e55752194]: Reg. 4 in operation at 26.1.2024, see reg. 1

[^key-96b3be6b9ae966a6ede679d32550d754]: Reg. 5 in operation at 26.1.2024, see reg. 1

[^key-db9a9301fce5359b7ea27f470c5cf89f]: Reg. 6 in operation at 26.1.2024, see reg. 1

[^key-29e2e2b2c4b9325c7e86378f1c6fb417]: Reg. 7 in operation at 26.1.2024, see reg. 1

[^key-dbfd1f01583979843b76e6200fa05019]: Reg. 8 in operation at 26.1.2024, see reg. 1

[^key-aa90ea739318f742145d66da9aa7fbb3]: Reg. 9 in operation at 26.1.2024, see reg. 1

[^key-6c064d432f56d4e92bef813e33348b7f]: Reg. 10 in operation at 26.1.2024, see reg. 1

[^key-c6d39228a7e8b1855f63423bc1425cf5]: Reg. 11 in operation at 26.1.2024, see reg. 1

[^key-55126be245cfd065f73b400ee278cc51]: Reg. 12 in operation at 26.1.2024, see reg. 1

[^key-b5472a808ef414fb9f2bd22f0b08f50c]: Reg. 13 in operation at 26.1.2024, see reg. 1

[^key-8a857b3e7c1e7fe90f826ec6c797181a]: Reg. 14 in operation at 26.1.2024, see reg. 1

[^key-b35be2b40bf31f4b317fb6b3e1b95f82]: Reg. 15 in operation at 26.1.2024, see reg. 1

[^key-76c5525d4ff4607549ecde02e716415f]: Reg. 16 in operation at 26.1.2024, see reg. 1

[^key-bc4ea00b3864416e5609e30b271b01b1]: Reg. 17 in operation at 26.1.2024, see reg. 1

[^key-64ad39e1778851f3a2b08b237b30ce42]: Reg. 18 in operation at 26.1.2024, see reg. 1

[^key-1684642de99cb37c8e78ba662d6e37bb]: Reg. 19 in operation at 26.1.2024, see reg. 1

[^key-20f9061edeac5a5aaf56c7e337734522]: Reg. 20 in operation at 26.1.2024, see reg. 1

[^key-f1638fb29bd796fca3d1a100f1944e1f]: Reg. 21 in operation at 26.1.2024, see reg. 1

[^key-03174bbf43ac8bf600b27bda725d468e]: Reg. 22 in operation at 26.1.2024, see reg. 1

[^key-475791332f9809a4aee8a849713ab5a8]: Reg. 23 in operation at 26.1.2024, see reg. 1

[^key-6b8df4b606c299d9ee7be03904e882d9]: Reg. 24 in operation at 26.1.2024, see reg. 1

[^key-49fe455b9592f7d2f8c44a474351911a]: Reg. 25 in operation at 26.1.2024, see reg. 1

[^key-4d2938bb68c0efe56b7f8165bfb797cc]: Reg. 26 in operation at 26.1.2024, see reg. 1

[^key-b446a2cc34b4fcab3e2e2f43a28c8a6d]: Reg. 27 in operation at 26.1.2024, see reg. 1

[^key-637aceffc69994d691101262ff982a27]: Reg. 28 in operation at 26.1.2024, see reg. 1

[^key-56e47f2f2876bc76cce1dfdf8d271894]: Reg. 29 in operation at 26.1.2024, see reg. 1

[^key-d9973b0aea47396bf50104cc9325c73f]: Reg. 30 in operation at 26.1.2024, see reg. 1

[^key-e84baa92209b1bcfbe97a0b83ea5aeeb]: Reg. 31 in operation at 26.1.2024, see reg. 1

[^key-965c2e1251b3ab9e66fc324e414e72e6]: Reg. 32 in operation at 26.1.2024, see reg. 1

[^key-e4a73587b3296c25b41855147b94a76d]: Reg. 33 in operation at 26.1.2024, see reg. 1

[^key-d7897f195cbd2cf27c30699df00c191c]: Reg. 34 in operation at 26.1.2024, see reg. 1

[^key-09c1423b3a80a169fcb5238dfb9069d2]: Reg. 35 in operation at 26.1.2024, see reg. 1

[^key-62073f3c26a0da36e04e3d27df95d671]: Reg. 36 in operation at 26.1.2024, see reg. 1

[^key-1f0395c3c9780a62e3f7a6fe4ee98bcf]: Sch. 1 para. 1 in operation at 26.1.2024, see reg. 1

[^key-36231ab0244a81be53e000370f492361]: Sch. 1 para. 2 in operation at 26.1.2024, see reg. 1

[^key-9cf8c6224e13548d77bc1e8e996b20c8]: Sch. 1 para. 3 in operation at 26.1.2024, see reg. 1

[^key-76888e3b9d63c7df9f1f7c482b8c0d12]: Sch. 2 para. 1 in operation at 26.1.2024, see reg. 1

[^key-b17b107278fb96af3b1b2871f9925bbd]: Sch. 2 para. 2 in operation at 26.1.2024, see reg. 1

[^key-d98cd771cb6ef29f1595c5b3b4ab6612]: Sch. 2 para. 3 in operation at 26.1.2024, see reg. 1

[^key-17a3386fb2a43ca57edc5b3ead63bc77]: Sch. 2 para. 4 in operation at 26.1.2024, see reg. 1

[^key-bd2964c0edd293cb0cf747b6123f5564]: Sch. 2 para. 5 in operation at 26.1.2024, see reg. 1

[^key-b319a214ef077267559b044a5cd02968]: Sch. 2 para. 6 in operation at 26.1.2024, see reg. 1

[^key-3f36a9056ac4b12f3bc07c5c77882cc9]: Sch. 2 para. 7 in operation at 26.1.2024, see reg. 1

[^key-de52c810277aea7af349df117f02d6ac]: Sch. 2 para. 8 in operation at 26.1.2024, see reg. 1

[^key-4ced151d4a824057a408c971d0e8b5ed]: Sch. 2 para. 9 in operation at 26.1.2024, see reg. 1

[^key-d20685059a7f0bdd692130e0e59ff7c3]: Sch. 2 para. 10 in operation at 26.1.2024, see reg. 1

[^key-dcad4985624e0e4fa5ae945fd9d4685a]: Sch. 2 para. 11 in operation at 26.1.2024, see reg. 1

[^key-8f6dec75c1941e09990da9eb16e5fa53]: Sch. 2 para. 12 in operation at 26.1.2024, see reg. 1

[^key-507587342ecf3761489de343634d265e]: Sch. 2 para. 13 in operation at 26.1.2024, see reg. 1

[^key-6f71bcc57d8b0baa8bd66a9d6f597610]: Sch. 2 para. 14 in operation at 26.1.2024, see reg. 1

[^key-9f088448ddd62dd07a61753392ad6fa1]: Sch. 3 para. 1 in operation at 26.1.2024, see reg. 1

[^key-2c5259fdf8a236424209d4eb08113aba]: Sch. 3 para. 2 in operation at 26.1.2024, see reg. 1

[^key-0215e5ed8d7c8bc328b176097473980a]: Sch. 3 para. 3 in operation at 26.1.2024, see reg. 1

[^key-a4c7504a8fcb6e26c7de334deaf511aa]: Sch. 3 para. 4 in operation at 26.1.2024, see reg. 1

[^key-b383762458ec691c1b19c76f8939cd8e]: Sch. 4 para. 1 in operation at 26.1.2024, see reg. 1

[^key-ade4dbf33bb4f0891bf68064dc6d9e3b]: Sch. 4 para. 2 in operation at 26.1.2024, see reg. 1

[^key-50603d9b435d2f43e2d3c99093a2f82f]: Sch. 4 para. 3 in operation at 26.1.2024, see reg. 1

[^key-de7a62fa5767a7b9c8a0c4cd543af989]: Sch. 4 para. 4 in operation at 26.1.2024, see reg. 1

[^key-126c65d36206a5be90b0a37936d721f4]: Sch. 4 para. 5 in operation at 26.1.2024, see reg. 1

[^key-a997c672c5be7d3f387ef5227ab1e5f6]: Sch. 4 para. 6 in operation at 26.1.2024, see reg. 1

[^key-149e371942c24db8f8d0608057e93c86]: Sch. 5 para. 1 in operation at 26.1.2024, see reg. 1

[^key-832bf790cc6702e5f1d2259b2aa04b21]: Sch. 5 para. 2 in operation at 26.1.2024, see reg. 1

[^key-b9799d468f430c81cc3cdc641e6e63d5]: Sch. 5 para. 3 in operation at 26.1.2024, see reg. 1

[^key-9ef85777a9218268c16af5b49acc86bd]: Sch. 5 para. 4 in operation at 26.1.2024, see reg. 1

[^key-d2cf5fd4c0059b199f220f619dd72499]: Sch. 5 para. 5 in operation at 26.1.2024, see reg. 1

[^key-77f3078d2f7ef0552db1126ad17a8a95]: Sch. 5 para. 6 in operation at 26.1.2024, see reg. 1

[^key-a247f443825d53ccd31bc0c5f5766638]: Sch. 5 para. 7 in operation at 26.1.2024, see reg. 1

[^key-3a6b3225123b21adcb87ecbf36e79468]: Sch. 5 para. 8 in operation at 26.1.2024, see reg. 1

[^key-544890b48ffc37dcb478a12dbc214ea3]: Sch. 5 para. 9 in operation at 26.1.2024, see reg. 1

[^key-2a7bf0163cfdc8a389ccf39be8ac449c]: Sch. 5 para. 10 in operation at 26.1.2024, see reg. 1

[^key-15347be9068ab294eae8c82ee31fd04c]: Sch. 5 para. 11 in operation at 26.1.2024, see reg. 1

[^key-ee5759a0a972420488817c783976b10e]: Sch. 5 para. 12 in operation at 26.1.2024, see reg. 1

[^key-3511c5527cb7ad3f1216cc545a57e6ff]: Sch. 5 para. 13 in operation at 26.1.2024, see reg. 1

[^key-c98bd79457df3982671eaac5ef2144ca]: Sch. 5 para. 14 in operation at 26.1.2024, see reg. 1

[^key-603af51cd18b23d63bddeba3c6d29ec0]: Sch. 6 para. 1 in operation at 26.1.2024, see reg. 1

[^key-778b3d224b225107998e9ec11c64150c]: Sch. 6 para. 2 in operation at 26.1.2024, see reg. 1

[^key-4e868c275fe9386f51d4b7e83bc229a7]: Sch. 6 para. 3 in operation at 26.1.2024, see reg. 1

[^key-0757ddca1efac667320b81130e84996d]: Sch. 6 para. 4 in operation at 26.1.2024, see reg. 1

[^key-bf86626fe44f78fd55c50366cf8cb61e]: Sch. 6 para. 5 in operation at 26.1.2024, see reg. 1

[^key-1aaeb3d0c0585c4040f3024a8c32b2ef]: Sch. 6 para. 6 in operation at 26.1.2024, see reg. 1

[^key-e74bcd46009f29b41cb4ec893e0cb769]: Sch. 6 para. 7 in operation at 26.1.2024, see reg. 1

[^key-90aa84e163f2dabf407236544e0815e2]: Sch. 6 para. 8 in operation at 26.1.2024, see reg. 1

[^key-5cacd966957b98335a5d4ae9130002c9]: Sch. 6 para. 9 in operation at 26.1.2024, see reg. 1

[^key-37f7aa3744c608462e7d93dc82afb257]: Sch. 6 para. 10 in operation at 26.1.2024, see reg. 1

[^key-b6ef0ba62de53aad45edd452e569aa2b]: Sch. 6 para. 11 in operation at 26.1.2024, see reg. 1

[^key-cda9ed9c0711bc09c4e9a305e822a58f]: Sch. 6 para. 12 in operation at 26.1.2024, see reg. 1

[^key-8c0f98e173a219a3c055dd9c9c647978]: Sch. 6 para. 13 in operation at 26.1.2024, see reg. 1

[^key-56d1478722f19645b6fc2da8144c206e]: Sch. 6 para. 14 in operation at 26.1.2024, see reg. 1

[^key-b072a5d6fa2fd38ea375eb1eeb5d7cba]: Sch. 6 para. 15 in operation at 26.1.2024, see reg. 1

[^key-a134cee852be8d2fbe6025ef956f5cc8]: Sch. 6 para. 16 in operation at 26.1.2024, see reg. 1

[^key-64d4200b4a86c94c741aa73527855ea9]: Sch. 6 para. 17 in operation at 26.1.2024, see reg. 1

[^key-564a069a69db1ec94bf9a2ae32debec7]: Sch. 6 para. 18 in operation at 26.1.2024, see reg. 1

[^key-22fe15a6836534e65515034b73cd68b8]: Sch. 6 para. 19 in operation at 26.1.2024, see reg. 1

[^key-f203be26c028e2d98bd81697da4d4900]: Sch. 6 para. 20 in operation at 26.1.2024, see reg. 1

[^key-759d9d440d2dd72382ecb01434fa6cf7]: Sch. 6 para. 21 in operation at 26.1.2024, see reg. 1

[^key-78ac3fb9ca3c41e2e71a79ec945d1e04]: Sch. 6 para. 22 in operation at 26.1.2024, see reg. 1

[^key-fdd56cc11b120681dfd7793f776e7963]: Sch. 7 para. 1 in operation at 26.1.2024, see reg. 1

[^key-14337391cc021cca97d07e05aba56b28]: Sch. 7 para. 2 in operation at 26.1.2024, see reg. 1

[^key-45dc99841b9e2ee4b0daf8fe73b63f6b]: Sch. 7 para. 3 in operation at 26.1.2024, see reg. 1

[^key-6b6fcad971bed69148407d3f7b2e7670]: Sch. 7 para. 4 in operation at 26.1.2024, see reg. 1

[^key-9b0b3cea7fec1d5efc9fc8bdadfdf4e9]: Sch. 7 para. 5 in operation at 26.1.2024, see reg. 1

[^key-f1ad6d5afaaad405ed7980555d1bd504]: Sch. 7 para. 6 in operation at 26.1.2024, see reg. 1

[^key-38e5943befacf218ee35419bb7915846]: Sch. 7 para. 7 in operation at 26.1.2024, see reg. 1

[^key-fa7e1a4346cd3202f578bba635ccff51]: Sch. 7 para. 8 in operation at 26.1.2024, see reg. 1

[^key-4570bc68aeec5d3dfabab9bb5384bfc4]: Sch. 7 para. 9 in operation at 26.1.2024, see reg. 1

[^key-d95ae99e1806bf82f19d56d529345899]: Sch. 7 para. 10 in operation at 26.1.2024, see reg. 1

[^key-4f2342a87c2a8d3b0950a03ced823f2b]: Sch. 7 para. 11 in operation at 26.1.2024, see reg. 1

[^key-b78f76d7df83c61d86b51cabe5793286]: Sch. 7 para. 12 in operation at 26.1.2024, see reg. 1

[^key-c44d0ad684f08973c74ebfc24468a3ad]: Sch. 7 para. 13 in operation at 26.1.2024, see reg. 1

[^key-ffdec0239ba5f13fa23b9113a2d34830]: Sch. 7 para. 14 in operation at 26.1.2024, see reg. 1

[^key-9f0c59234c4b4fa85dad7ccdbca6abd6]: Sch. 7 para. 15 in operation at 26.1.2024, see reg. 1

[^key-f1ed29c80c160f3d1d4cf37c398dd414]: Sch. 7 para. 16 in operation at 26.1.2024, see reg. 1

[^key-6c267d865cb0e5a040d9af57df04729b]: Sch. 7 para. 17 in operation at 26.1.2024, see reg. 1

[^key-d4d4f3590b0d3ace5b4e1da8711d1b3b]: Sch. 7 para. 18 in operation at 26.1.2024, see reg. 1

[^key-ad687224930329f999d0bbee5db6305e]: Sch. 7 para. 19 in operation at 26.1.2024, see reg. 1

[^key-0e537a7698bc54ee6b3948599957589d]: Sch. 7 para. 20 in operation at 26.1.2024, see reg. 1

[^key-5dd19704671b6bbaeddac719d915ee7f]: Sch. 7 para. 21 in operation at 26.1.2024, see reg. 1

[^key-e534d8d71ef0729c289d5dce9596478a]: Sch. 7 para. 22 in operation at 26.1.2024, see reg. 1

[^key-6e4422f5730e4c17377c6452f78f37a0]: Words in reg. 17(4)(e) inserted (20.6.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(1), 3(2)

[^key-be9d70c3cc8b8c3f6794785faaba7c06]: Words in reg. 17(9) substituted (20.6.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(1), 3(3)

[^key-66d31193522334e4edc2382468d380d0]: Reg. 17(10) substituted (20.6.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(1), 3(4)

[^key-e63d171fdaaa89062a430b8fbd4abf00]: Reg. 17(10A)-(10C) inserted (20.6.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(1), 3(5)

[^key-14359fd42a101a86cb482efd94522ba3]: Reg. 19(4)(k)(v) added (20.6.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(1), 4(a)

[^key-e262fc9a963596876209ee3206bedb63]: Reg. 19(4)(ka) inserted (20.6.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(1), 4(b)

[^key-ba367989cef75c58644b81efca164c5d]: Words in Sch. 6 para. 1(1) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(2)(a)

[^key-6d7391d7ea9ffc27705f20996299a381]: Words in Sch. 6 para. 1(1) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(2)(b)

[^key-4f1c3c2a3c1c374b1d778389d468cbcd]: Words in Sch. 6 para. 1(1) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(2)(c)

[^key-632ef37bd2efc69395751d717d5e27f0]: Words in Sch. 6 para. 2(1)(b) substituted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(3)(a)

[^key-be34706689ab31b363e9b1b1828ac08e]: Sch. 6 para. 2(1)(c)-(e) added (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(3)(b)

[^key-ff7b47a884161fc479cd450c950de702]: Words in Sch. 6 para. 14(2)(c) substituted (1.10.2024) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(4)(a)

[^key-3f3b1e1c199766768be6634e8ef36cda]: Sch. 6 para. 14(2)(ca)(cb)(cc) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/136), regs. 1(2), 5(4)(b)