Pension Schemes Act 2021

Information from occupational pension schemes

3

After Article 215C (inserted by paragraph 2) insert—

(215D) (1) Regulations may impose requirements on the trustees or managers of a relevant occupational pension scheme with respect to— (a) providing pensions information by means of— (i) a qualifying pensions dashboard service, or (ii) the pensions dashboard service provided by the Money and Pensions Service; (b) facilitating the provision of pensions information by means of— (i) a qualifying pensions dashboard service, or (ii) the pensions dashboard service provided by the Money and Pensions Service. (2) In this Article “pensions information” means, in relation to a relevant occupational pension scheme, such information as may be prescribed, which may include in particular— (a) information relating to— (i) the constitution of the scheme, (ii) the administration and finances of the scheme, (iii) the rights and obligations that arise or may arise under the scheme, (iv) the pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, and (v) other matters relevant to occupational pension schemes in general or to occupational pension schemes of a description to which the scheme belongs; (b) information as regards the position of an individual in relation to the scheme. (3) Regulations under paragraph (1) may, in particular, impose requirements about— (a) the persons to whom pensions information must be provided; (b) the circumstances in which pensions information must be provided; (c) the steps to be taken before pensions information may be provided; (d) the manner and form in which pensions information must be provided; (e) the time within which pensions information must be provided; (f) the way in which pensions information must be held. (4) Regulations under paragraph (1) may require the trustees or managers of a scheme to comply with standards, specifications or technical requirements published from time to time by— (a) the Department, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (5) Regulations under paragraph (1) may include provision under which a determination may fall to be made by— (a) the Department, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (6) Regulations under paragraph (1) may require the trustees or managers to provide prescribed information about their carrying out of requirements prescribed under this Article to— (a) the Regulator, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (7) In complying with requirements prescribed under this Article, a trustee or manager of an occupational pension scheme must have regard to guidance issued from time to time by— (a) the Department, or (b) a person specified or of a description specified in the regulations. (215E) (1) Regulations under Article 215D(1) may make provision about— (a) how pensions information is to be provided, including provision about the use of intermediaries; (b) the involvement of the trustees or managers of a scheme in the arrangements for dealing with requests for information about pensions. (2) The provision made by virtue of paragraph (1) may, in particular, require— (a) the use of electronic communications; (b) the use of facilities or services specified or of a description specified in the regulations; (c) the provision of assistance in connection with the establishment, maintenance or management of such facilities or services; (d) participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services. (3) The facilities and services for which provision may be made by virtue of paragraph (2)(b) may include facilities or services with functions relating to— (a) the transmission of information, (b) verifying the identity of a person, (c) identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual, (d) authenticating information transmitted by means of electronic communications, or (e) ensuring the security of information transmitted by means of electronic communications. (4) Regulations under paragraph (2)(b) may impose requirements as regards a facility or service, including requirements about— (a) compliance with standards, specifications or technical requirements published from time to time by— (i) the Department, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations; (b) the provider of the facility or service being a person approved from time to time by— (i) the Department, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations. (5) Regulations under paragraph (2)(d) may, in particular, require the trustees or managers— (a) to cooperate with the Money and Pensions Service or other persons specified or of a description specified in the regulations; (b) to coordinate activities with the Money and Pensions Service or other persons specified or of a description specified in the regulations. (6) Except as provided by paragraph (7), regulations under Article 215D(1) may provide for the processing of personal data in accordance with the regulations not to be in breach of— (a) any obligation of confidence owed by the person processing the personal data, or (b) any other restriction on the processing of personal data (however imposed). (7) Regulations under Article 215D(1) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question). (215F) (1) This Article has effect for the purposes of Articles 215D and 215E. (2) A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018. (3) In Articles 215D and 215E— - “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “pensions dashboard service” means— 1. a pensions dashboard service within the meaning of Article 215A, or 2. a pensions dashboard service within the meaning of section 238A of the Pensions Act 2004; - “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “qualifying pensions dashboard service” means a pensions dashboard service that satisfies— 1. such requirements as may be prescribed by regulations under Article 215A, or 2. such requirements as may be prescribed by regulations under section 238A of the Pensions Act 2004; - “relevant occupational pension scheme” means an occupational pension scheme which is not a stakeholder pension scheme (as defined in Article 3 of the 1999 Order). (215G) (1) Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under Article 215D. (2) The regulations may, among other things— (a) provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under Article 215D; (b) provide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of the regulations; (c) provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person— (i) has failed to comply with a compliance notice or third party compliance notice, or (ii) has contravened a provision of regulations under Article 215D; (d) provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty; (e) confer other functions on the Regulator. (3) The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention. (4) But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed— (a) £5,000, in the case of an individual, and (b) £50,000, in any other case. (5) In this Article “relevant occupational pension scheme” has the meaning given by Article 215F.

Admissibility of statements

4

In Article 282 (admissibility of statements), in paragraph (3)(b), after head (ai) (inserted by paragraph 25 of Schedule 8) insert—

(bi) Article 215G (penalties for contravention of regulations under Article 215D),

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Assembly control of regulations

5

In Article 288 (Assembly etc control of orders and regulations), in paragraph (3) (orders and regulations subject to confirmatory procedure), after sub-paragraph (j) insert—

(ja) regulations under Article 215A (qualifying pensions dashboard service); (jb) regulations under Article 215D (information from occupational pension schemes); (jc) regulations under Article 215G (compliance with regulations under Article 215D);

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The Pensions Regulator: delegation

6

In Schedule 1 (the Pensions Regulator), in Part 1 (delegation), in paragraph 2(2), after paragraph (e) insert—

(ea) the power to issue a compliance notice under regulations under Article 215G; (eb) the power to issue a third party compliance notice under regulations under Article 215G; (ec) the power to issue a penalty notice under regulations under Article 215G;

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SCHEDULE 10

PART 1 — Amendments of Part 3 of the Pensions Act 2004

1

Part 3 of the Pensions Act 2004 (scheme funding) is amended as follows.

2

Before section 222 insert—

(221A) (1) The trustees or managers must determine, and from time to time review and if necessary revise, a strategy for ensuring that pensions and other benefits under the scheme can be provided over the long term. This is referred to in this Part as a “funding and investment strategy”. (2) The strategy must, in particular, specify— (a) the funding level the trustees or managers intend the scheme to have achieved as at the relevant date or relevant dates, and (b) the investments the trustees or managers intend the scheme to hold on the relevant date or relevant dates. (3) In subsection (2)— (a) “funding level” means the ratio of the scheme's assets to its liabilities; (b) “relevant date” means a date determined in accordance with regulations. (4) Provision may be made by regulations— (a) requiring the trustees or managers of a scheme, in determining or revising a funding and investment strategy, to take into account prescribed matters and follow prescribed principles; (b) as to the level of detail required in a funding and investment strategy; (c) as to the period within which a funding and investment strategy must be determined; (d) requiring a funding and investment strategy to be reviewed, and if necessary revised, at such intervals and on such occasions as may be prescribed. (5) The provision that may be made by virtue of subsection (4)(a) includes provision requiring the trustees or managers, in specifying a funding level for the purposes of subsection (2)(a), to adopt prescribed actuarial methods or assumptions. (6) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance. (221B) (1) The trustees or managers must, as soon as reasonably practicable after determining or revising the scheme's funding and investment strategy, prepare a written statement of— (a) the scheme's funding and investment strategy, and (b) the supplementary matters set out in subsection (2). (2) The supplementary matters are— (a) the extent to which, in the opinion of the trustees or managers, the funding and investment strategy is being successfully implemented and, where it is not, the steps they propose to take to remedy the position (including details as to timing); (b) the main risks faced by the scheme in implementing the funding and investment strategy and how the trustees or managers intend to mitigate or manage them; (c) reflections of the trustees or managers on any significant decisions taken by them in the past that are relevant to the funding and investment strategy (including any lessons learned that have affected other decisions or may do so in the future); (d) such other matters as may be prescribed. (3) In this Part— (a) a statement under subsection (1) is referred to as a “statement of strategy”; (b) the text included in a statement of strategy by virtue of subsection (1)(a) is referred to as “Part 1” of the statement; (c) the text included in a statement of strategy by virtue of subsection (1)(b) is referred to as “Part 2” of the statement. (4) The trustees or managers must from time to time, and at such times and on such occasions as may be prescribed— (a) review Part 2 of the scheme's statement of strategy, and (b) if necessary in the light of that review, revise that Part and prepare a replacement statement of strategy incorporating it. (5) The trustees or managers must consult the employer when preparing or revising Part 2 of a statement of strategy. (6) A statement of strategy prepared for a trust scheme must be signed on behalf of the trustees by a person who— (a) is the chair of the trustees, and (b) meets such other conditions as may be prescribed. (7) Where subsection (6) cannot be complied with because the trustees of a trust scheme do not have a chair, they must appoint one. (8) Provision may be made by regulations— (a) requiring the trustees or managers of a scheme, in preparing or revising Part 2 of a statement of strategy, to take into account prescribed matters and follow prescribed principles; (b) as to the level of detail required in Part 2 of a statement of strategy; (c) as to the form of a statement of strategy; (d) requiring the trustees or managers of a scheme to send a statement of strategy to the Regulator at such times and on such occasions as may be prescribed. (9) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.

3

• (1) Section 222 (the statutory funding objective) is amended as follows.

• (2) After subsection (2) insert—

(2A) The scheme's technical provisions shall be calculated in a way that is consistent with the scheme's funding and investment strategy, as set out in the scheme's statement of strategy.

• (3) In subsection (3)(b), after “in a prescribed manner and” insert “ , subject to subsection (2A), ”.

4

• (1) Section 224 (actuarial valuations and reports) is amended as follows.

• (2) After subsection (7) insert—

(7A) As soon as reasonably practicable after receiving an actuarial valuation, the trustees or managers must send a copy of it to the Regulator, together with such other information as may be prescribed.

• (3) In subsection (8), for “or (7)” substitute “ , (7) or (7A) ”.

5

In section 226 (recovery plan), after subsection (3) insert—

(3A) Provision may be made by regulations as to the matters to be taken into account, or the principles to be followed, in determining for the purposes of subsection (3) whether a recovery plan is appropriate having regard to the nature and circumstances of the scheme.

6

In section 229 (matters requiring agreement of employer), in subsection (1), before paragraph (a) insert—

(za) the scheme's funding and investment strategy, as set out in the scheme's statement of strategy;

.

7

• (1) Section 231 (powers of the Regulator) is amended as follows.

• (2) In subsection (1), before paragraph (za) insert—

(zza) that the trustees or managers have failed to comply with any of the requirements of section 221A (funding and investment strategy) or regulations under that section;

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• (3) In subsection (2), after paragraph (a) insert—

(aa) it may give a direction requiring the trustees or managers to revise the scheme's funding and investment strategy in accordance with the direction;

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PART 2 — Minor and consequential amendments

8

The Pensions Act 2004 is amended as follows.

9

In section 60 (registrable information), in subsection (2), after paragraph (c) insert—

(ca) in the case of an occupational pension scheme established under a trust, the full name and address of any chair of the trustees;

.

10

In section 80 (offences of providing false or misleading information), in subsection (1)(a)—

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

• (b) after that sub-paragraph insert—

(iva) regulations under section 221B(8)(d) (duty of trustees or managers to provide statement of strategy), or

.

11

In section 316 (Parliamentary control of subordinate legislation), in subsection (2), after paragraph (i) insert—

(ia) the first regulations under section 221A(4)(a) and (b) (funding and investment strategy: matters to be taken into account etc and level of detail); (ib) the first regulations under section 221B(2)(d) (Part 2 of statement of strategy: additional matters to be included); (ic) the first regulations under section 221B(8)(a) and (b) (Part 2 of statement of strategy: matters to be taken into account etc and level of detail);

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SCHEDULE 11

PART 1 — Funding of defined benefit schemes

Amendments of Part 4 of the Pensions (Northern Ireland) Order 2005

1

Part 4 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (scheme funding) is amended as follows.

2

Before Article 201 insert—

(200A) (1) The trustees or managers must determine, and from time to time review and if necessary revise, a strategy for ensuring that pensions and other benefits under the scheme can be provided over the long term. This is referred to in this Part as a “funding and investment strategy”. (2) The strategy must, in particular, specify— (a) the funding level the trustees or managers intend the scheme to have achieved as at the relevant date or relevant dates, and (b) the investments the trustees or managers intend the scheme to hold on the relevant date or relevant dates. (3) In paragraph (2)— (a) “funding level” means the ratio of the scheme's assets to its liabilities; (b) “relevant date” means a date determined in accordance with regulations. (4) Provision may be made by regulations— (a) requiring the trustees or managers of a scheme, in determining or revising a funding and investment strategy, to take into account prescribed matters and follow prescribed principles; (b) as to the level of detail required in a funding and investment strategy; (c) as to the period within which a funding and investment strategy must be determined; (d) requiring a funding and investment strategy to be reviewed, and if necessary revised, at such intervals and on such occasions as may be prescribed. (5) The provision that may be made by virtue of paragraph (4)(a) includes provision requiring the trustees or managers, in specifying a funding level for the purposes of paragraph (2)(a), to adopt prescribed actuarial methods or assumptions. (6) Where any requirement of this Article is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance. (200B) (1) The trustees or managers must, as soon as reasonably practicable after determining or revising the scheme's funding and investment strategy, prepare a written statement of— (a) the scheme's funding and investment strategy, and (b) the supplementary matters set out in paragraph (2). (2) The supplementary matters are— (a) the extent to which, in the opinion of the trustees or managers, the funding and investment strategy is being successfully implemented and, where it is not, the steps they propose to take to remedy the position (including details as to timing); (b) the main risks faced by the scheme in implementing the funding and investment strategy and how the trustees or managers intend to mitigate or manage them; (c) reflections of the trustees or managers on any significant decisions taken by them in the past that are relevant to the funding and investment strategy (including any lessons learned that have affected other decisions or may do so in the future); (d) such other matters as may be prescribed. (3) In this Part— (a) a statement under paragraph (1) is referred to as a “statement of strategy”; (b) the text included in a statement of strategy by virtue of paragraph (1)(a) is referred to as “Part 1” of the statement; (c) the text included in a statement of strategy by virtue of paragraph (1)(b) is referred to as “Part 2” of the statement. (4) The trustees or managers must from time to time, and at such times and on such occasions as may be prescribed— (a) review Part 2 of the scheme's statement of strategy, and (b) if necessary in the light of that review, revise that Part and prepare a replacement statement of strategy incorporating it. (5) The trustees or managers must consult the employer when preparing or revising Part 2 of a statement of strategy. (6) A statement of strategy prepared for a trust scheme must be signed on behalf of the trustees by a person who— (a) is the chair of the trustees, and (b) meets such other conditions as may be prescribed. (7) Where paragraph (6) cannot be complied with because the trustees of a trust scheme do not have a chair, they must appoint one. (8) Provision may be made by regulations— (a) requiring the trustees or managers of a scheme, in preparing or revising Part 2 of a statement of strategy, to take into account prescribed matters and follow prescribed principles; (b) as to the level of detail required in Part 2 of a statement of strategy; (c) as to the form of a statement of strategy; (d) requiring the trustees or managers of a scheme to send a statement of strategy to the Regulator at such times and on such occasions as may be prescribed. (9) Where any requirement of this Article is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.

3

• (1) Article 201 (the statutory funding objective) is amended as follows.

• (2) After paragraph (2) insert—

(2A) The scheme's technical provisions shall be calculated in a way that is consistent with the scheme's funding and investment strategy, as set out in the scheme's statement of strategy.

• (3) In paragraph (3)(b), after “in a prescribed manner and” insert “ , subject to paragraph (2A), ”.

4

• (1) Article 203 (actuarial valuations and reports) is amended as follows.

• (2) After paragraph (7) insert—

(7A) As soon as reasonably practicable after receiving an actuarial valuation, the trustees or managers must send a copy of it to the Regulator, together with such other information as may be prescribed.

• (3) In paragraph (8), for “or (7)” substitute “ , (7) or (7A) ”.

5

In Article 205 (recovery plan), after paragraph (3) insert—

(3A) Provision may be made by regulations as to the matters to be taken into account, or the principles to be followed, in determining for the purposes of paragraph (3) whether a recovery plan is appropriate having regard to the nature and circumstances of the scheme.

6

In Article 208 (matters requiring agreement of employer), in paragraph (1), before sub-paragraph (a) insert—

(za) the scheme's funding and investment strategy, as set out in the scheme's statement of strategy;

.

7

• (1) Article 210 (powers of the Regulator) is amended as follows.

• (2) In paragraph (1), before sub-paragraph (za) insert—

(zza) that the trustees or managers have failed to comply with any of the requirements of Article 200A (funding and investment strategy) or regulations under that Article;

.

• (3) In paragraph (2), after sub-paragraph (a) insert—

(aa) it may give a direction requiring the trustees or managers to revise the scheme's funding and investment strategy in accordance with the direction;

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Minor and consequential amendments

8

The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) is amended as follows.

9

In Article 55 (registrable information), in paragraph (2), after sub-paragraph (c) insert—

(ca) in the case of an occupational pension scheme established under a trust, the full name and address of any chair of the trustees;

.

10

In Article 75 (offences of providing false or misleading information), in paragraph (1)(a)—

• (a) omit the “or” at the end of head (iv);

• (b) after that head insert—

(iva) regulations under Article 200B(8)(d) (duty of trustees or managers to provide statement of strategy), or

.

11

In Article 288 (Assembly etc control of orders and regulations), in paragraph (3), after sub-paragraph (h) insert—

(ha) the first regulations under Article 200A(4)(a) and (b) (funding and investment strategy: matters to be taken into account etc and level of detail); (hb) the first regulations under Article 200B(2)(d) (Part 2 of statement of strategy: additional matters to be included); (hc) the first regulations under Article 200B(8)(a) and (b) (Part 2 of statement of strategy: matters to be taken into account etc and level of detail);

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PART 2 — Other provision

Climate change risk

12

• (1) The Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) is amended as follows.

• (2) After Article 41 insert—

(41A) (1) Regulations may impose requirements on the trustees or managers of an occupational pension scheme of a prescribed description with a view to securing that there is effective governance of the scheme with respect to the effects of climate change. (2) The effects of climate change in relation to which provision may be made under paragraph (1) include, in particular— (a) risks arising from steps taken because of climate change (whether by governments or otherwise), and (b) opportunities relating to climate change. (3) The requirements which may be imposed by the regulations include, in particular, requirements about— (a) reviewing the exposure of the scheme to risks of a prescribed description; (b) assessing the assets of the scheme in a prescribed manner; (c) determining, reviewing and (if necessary) revising a strategy for managing the scheme's exposure to risks of a prescribed description; (d) determining, reviewing and (if necessary) revising targets relating to the scheme's exposure to risks of a prescribed description; (e) measuring performance against such targets; (f) preparing documents containing information of a prescribed description. (4) Regulations under paragraph (3)(b) may, in particular, require— (a) that assets are assessed by reference to their exposure to risks of a prescribed description, and (b) that an assessment includes determining the contribution of the assets of the scheme to climate change. (5) The regulations may require the trustees or managers of the scheme to take into account— (a) different ways in which the climate might change, and (b) different steps that might be taken because of climate change. (6) Regulations under paragraph (5) may require the trustees or managers of the scheme to adopt prescribed assumptions as to future events, including assumptions about— (a) the steps that might be taken for the purpose of achieving the Paris Agreement goal or other climate change goal, or (b) the achievement of the Paris Agreement goal or other climate change goal. (7) In complying with requirements imposed by the regulations, a trustee or manager must have regard to guidance prepared from time to time by the Department. (8) In this Article “the Paris Agreement goal” means the goal of holding the increase in the average global temperature to well below 2°C above pre-industrial levels referred to in Article 2(1)(a) of the agreement done at Paris on 12 December 2015. (41B) (1) Regulations may require the trustees or managers of an occupational pension scheme of a prescribed description to publish information of a prescribed description relating to the effects of climate change on the scheme (which may include information about matters to which regulations under Article 41A may relate). (2) Regulations under paragraph (1) may, among other things— (a) require the trustees or managers to publish a document of a prescribed description; (b) require information or a document to be made available free of charge; (c) require information or a document to be provided in a form that is or by means that are prescribed or of a prescribed description. (3) In complying with requirements imposed by the regulations, a trustee or manager must have regard to guidance prepared from time to time by the Department. (41C) (1) Regulations may make provision with a view to ensuring compliance with a provision of regulations under Article 41A or 41B. (2) The regulations may in particular— (a) provide for the Authority to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under Article 41A or 41B; (b) provide for the Authority to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of regulations under Article 41A or 41B; (c) provide for the Authority to issue a notice (a “penalty notice”) imposing a penalty on a person where the Authority are of the opinion that the person— (i) has failed to comply with a compliance notice or third party compliance notice, or (ii) has contravened a provision of regulations under Article 41A or 41B; (d) provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty; (e) confer other functions on the Authority. (3) The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention. (4) But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed— (a) £5,000, in the case of an individual, and (b) £50,000, in any other case. (5) In this Article “First-tier Tribunal” and “Upper Tribunal” mean those tribunals established under section 3 of the Tribunals, Courts and Enforcement Act 2007.

• (3) In Article 113 (breach of regulations), in paragraph (3)(b), after “10” insert “ or under provision contained in regulations made by virtue of Article 41C ”.

• (4) In Article 167 (Assembly, etc. control of orders and regulations), after paragraph (3) insert—

(3A) Paragraph (2) also applies in relation to the first regulations made by virtue of Article 41A or 41C (whether made alone or with other regulations).

Transfer rights: exercise of right to cash equivalent

13

• (1) The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.

• (2) In section 91 (ways of taking right to cash equivalent), after subsection (6) insert—

(6ZA) The trustees or managers of the scheme may not use the cash equivalent in a way specified in subsection (2)(a), (b) or (d), (2A)(a), (b) or (d) or (3) unless prescribed conditions are satisfied. (6ZB) The conditions that may be prescribed by regulations under subsection (6ZA) include (but are not limited to) conditions about— (a) the member's employment or place of residence; (b) providing the trustees or managers with information or evidence about the member's employment or place of residence; (c) the member obtaining information or guidance about exercising the option conferred by subsection (1) from a prescribed person in a prescribed case; (d) providing the trustees or managers with evidence that— (i) the member has complied with a prescribed condition about obtaining such information or guidance from a prescribed person, or (ii) the member is not subject to such a prescribed condition. (6ZC) Regulations may make provision requiring the trustees or managers of a pension scheme to notify a member who makes an application under subsection (1) of conditions prescribed under subsection (6ZA).

• (3) In section 94 (loss of right to cash equivalent), in subsection (2), for “95(2A)” substitute “ 95(2ZA) or (2A) ”.

• (4) In section 95 (trustees' duties after exercise of option), after subsection (2) insert—

(2ZA) Subsection (2) does not apply if the trustees or managers have been unable to carry out what the member requires because a condition prescribed by regulations under section 91(6ZA) has not been satisfied.

• (5) In section 95, after subsection (2ZA) (inserted by sub-paragraph (4)) insert—

(2ZB) Subsection (2) does not apply if— (a) the member was required by section 92(4) to give a transfer notice under section 97F(1) in addition to making an application, and (b) the trustees or managers have been unable to carry out what the member required in the transfer notice under section 97F(1) because a condition prescribed by regulations under section 97F(5A) has not been satisfied.

• (6) In section 97F (power to give transfer notice), after subsection (5) insert—

(5A) The trustees or managers of the scheme may not use the amount equal to the cash equivalent for an authorised purpose under subsection (2)(a) or (c) or (3) unless prescribed conditions are satisfied. (5B) The conditions that may be prescribed by regulations under subsection (5A) include (but are not limited to) conditions about— (a) the member's employment or place of residence; (b) providing the trustees or managers with information or evidence about the member's employment or place of residence; (c) the member obtaining information or guidance about exercising the right under subsection (1) from a prescribed person in a prescribed case; (d) providing the trustees or managers with evidence that— (i) the member has complied with a prescribed condition about obtaining such information or guidance from a prescribed person, or (ii) the member is not subject to such a prescribed condition. (5C) Regulations may make provision requiring the trustees or managers of a qualifying scheme to notify an eligible member who gives a transfer notice of conditions prescribed under subsection (5A).

• (7) In section 97J (time for compliance with transfer notice), after subsection (2A) insert—

(2AA) Subsection (1) does not apply if the trustees or managers have been unable to carry out what the member requires because a condition prescribed by regulations under section 97F(5A) has not been satisfied.

• (8) In section 97J, after subsection (2AA) (inserted by sub-paragraph (7)) insert—

(2AB) Subsection (1) does not apply if— (a) the member was required by section 97G(4) to make an application under section 91(1) in addition to giving a transfer notice, and (b) the trustees or managers have been unable to carry out what the member required in the application under section 91(1) because a condition prescribed by regulations under section 91(6ZA) has not been satisfied.

The Pension Protection Fund: modification of provisions relating to pensionable service

14

• (1) The amendments of the Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005 (S.R. (N.I.) 2005 No. 149) made by regulation 2(2) and (3) of the Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018 (S.R. (N.I.) 2018 No. 165) (“the 2018 Regulations”) are to be deemed always to have had effect.

• (2) The amendment of the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005 (S.R. (N.I.) 2005 No. 91) made by regulation 3 of the 2018 Regulations is to be deemed always to have had effect.

Administration charges

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• (1) In Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)) (meaning of “stakeholder pension scheme”), in paragraph (5) (fourth condition: charge cap)—

• (a) for “result in” substitute “constitute”;

• (b) after “members” insert “or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits under different pension schemes”.

• (2) In Schedule 18 to the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.)) (power to restrict charges or impose requirements in relation to schemes), in paragraph 1(5), in the definition of “administration charge”—

• (a) for “result in” substitute “constitute”;

• (b) after “members” insert “or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits under different pension schemes”.

• (3) In section 109 of the Pension Schemes (Northern Ireland) Act 1993 (disclosure of information about schemes to members etc)—

• (a) in subsection (6)(b), after “the” insert “other”;

• (b) in subsection (7), after “or” insert “other”.

Categories of pension schemes: repeal of provisions of Pension Schemes Act (Northern Ireland) 2016

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In the Pension Schemes Act (Northern Ireland) 2016 (c. 1 (N.I.)), omit—

• (a) sections 1 to 7 (Part 1: categories of pension scheme);

• (b) sections 8 to 35 (Part 2: pension schemes providing collective benefits);

• (c) sections 36, 37, 38(2), (3) and (5) to (7) and 39 to 45 (general changes to legislation about pension schemes);

• (d) Schedule 1 (early leavers: revaluation of accrued benefits);

• (e) in Schedule 2 (other amendments to do with Parts 1 and 2)—

• (i) paragraphs 1 to 19;

• (ii) paragraph 21;

• (iii) paragraphs 23 to 27;

• (iv) paragraphs 29 and 30;

• (v) paragraph 32;

• (vi) paragraphs 34 to 47.

Schemes divided into sections

Qualifying schemes: supplementary

Schemes divided into sections

Authorisation of collective money purchase schemes

Transfer rights

List of authorised schemes

Minor and consequential amendments

Minor and consequential amendments

Collective money purchase benefits and schemes

Collective money purchase benefits and schemes

Schemes divided into sections

Schemes divided into sections

Actuarial valuations

Certificate that actuarial valuation prepared in accordance with scheme rules

Powers of the Pensions Regulator

Certificate that actuarial valuation prepared in accordance with scheme rules

Powers of the Pensions Regulator

Transfer rights

Risk notices

Withdrawal of authorisation

Triggering event periods

Notification of triggering events

Continuity options

Notification of triggering events

Continuity options

Implementation strategy

Prohibition on winding up except in accordance with continuity option 1

Pause orders

Publication of information

Powers to extend definition of qualifying schemes

Publication of information

Minor and consequential amendments

Minor and consequential amendments

Grounds for issuing a section 38 contribution notice

Grounds for issuing a section 38 contribution notice

Reasonableness of issuing a contribution notice

Duty to give notices and statements to the Regulator in respect of certain events

Inspection of premises

Qualifying pensions dashboard service

Information from occupational pension schemes

Information from occupational pension schemes

Pensions dashboards: Northern Ireland

Funding of defined benefit schemes

Funding of defined benefit schemes

Modification of provisions relating to pensionable service

Modification of provisions relating to pensionable service

Extent

Extent

Building Societies Act 1986 (c. 53)

Pension Schemes Act 1993 (c. 48)

Pensions Act 2008 (c. 30)

Consequences of a pause order

Period of effect etc of pause order

Validation of action in contravention of pause order

Notification of trustees, employers and members

Supplementary

Pension Schemes Act 1993 (c. 48)

Pensions Act 1995 (c. 26)

Pensions Act 2004 (c. 35)

Pensions Act 2008 (c. 30)

Pensions Act 2014 (c. 19)

Building Societies Act 1986 (c. 53)

Pension Schemes (Northern Ireland) Act 1993 (c. 49)

Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))

Consequences of a pause order

Period of effect etc of pause order

Validation of action in contravention of pause order

Notification of trustees, employers and members

Supplementary

Pension Schemes (Northern Ireland) Act 1993 (c. 49)

Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))

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

Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))

Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))

Pensions Act 1995 (c. 26)

Pensions Act 2004 (c. 35)

Pensions Act 2008 (c. 30)

Pension Schemes Act 2017 (c. 17)

Introductory

Grounds for issuing an Article 34 contribution notice

Reasonableness of issuing contribution notice

Determination of sum specified in a contribution notice

Sanctions for failure to comply with a contribution notice

Sanctions for avoidance of employer debt etc

Duty to notify the Regulator of certain events

Duty to give notices and statements to the Regulator in respect of certain events

Interviews

Inspection of premises

Fixed penalty notices and escalating penalty notices

Provision of false or misleading information to Regulator

Provision of false or misleading information to trustees or managers

Financial penalties

Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))

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

Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))

Introductory

Qualifying pensions dashboard service

Information from occupational pension schemes

Admissibility of statements

Assembly control of regulations

The Pensions Regulator: delegation

Amendments of Part 4 of the Pensions (Northern Ireland) Order 2005

Minor and consequential amendments

Climate change risk

Transfer rights: exercise of right to cash equivalent

The Pension Protection Fund: modification of provisions relating to pensionable service

Administration charges

Categories of pension schemes: repeal of provisions of Pension Schemes Act (Northern Ireland) 2016

Editorial notes