Pension Schemes Act (Northern Ireland) 2021
Pension Schemes Act (Northern Ireland) 2021 (2021 c. 6 (N.I.))
- Pension Schemes Act (Northern Ireland) 2021 (2021 c. 6 (N.I.))
- PART 1 Master Trusts
- Definition of a Master Trust scheme
- 1 Master Trust schemes: definition
- 2 Relevant public service pension schemes
- Authorisation: applications etc
- 3 Prohibition on operating a scheme unless authorised
- 4 Application for authorisation
- 5 Decision on application
- 6 Referral to Tribunal of refusal to grant authorisation
- Authorisation criteria
- 7 Fit and proper persons requirement
- 8 Financial sustainability requirement
- 9 Financial sustainability requirement: business plan
- 10 Scheme funder requirements
- 11 Systems and processes requirements
- 12 Continuity strategy requirement
- Ongoing supervision of Master Trust schemes
- 13 List of authorised schemes
- 14 Requirement to submit annual accounts
- 15 Requirement to submit supervisory return
- 16 Duty to notify Regulator of significant events
- 17 Fixed penalty notice for failure to comply with request for information etc
- 18 Escalating penalty notice for failure to comply with request for information etc
- 19 Withdrawal of authorisation
- Triggering events: continuity
- 20 Triggering event: duties of trustees
- 21 Triggering events
- 22 Notification requirements
- 23 Continuity options
- 24 Continuity option 1: transfer out and winding up
- 25 Continuity option 2: resolving triggering event
- 26 Approval of implementation strategy
- 27 Content of implementation strategy
- 28 Duty to pursue continuity option
- 29 Prohibition on winding up except in accordance with continuity option 1
- 30 Periodic reporting requirement
- 31 Pause orders
- 32 Prohibition on new employers during triggering event period
- 33 Prohibition on increasing charges etc during triggering event period
- Decisions on withdrawal of authorisation: timing
- 34 When it becomes clear that authorisation not to be withdrawn
- 35 When a decision to withdraw authorisation becomes final
- Supplementary
- 36 Fraud compensation
- 37 Master trusts in operation on commencement: transitional provision
- 38 Minor and consequential amendments
- 39 Interpretation of Part 1
- 40 Regulations modifying application of Part 1
- PART 2 Administration Charges
- 41 Power to override contract terms
- PART 3 General
- 42 Regulations: general provisions
- 43 General interpretation
- 44 Commencement
- 45 Short title
- SCHEDULES
- SCHEDULE 1 Pause orders
- Consequences of a pause order
- Period of effect etc of a pause order
- Validation of action in contravention of pause order
- Notification of trustees, scheme funders, scheme strategists, employers and members
- Supplementary provision
- SCHEDULE 2 Master Trusts operating before commencement: Transitional provision
- Overview of Schedule
- Modifications having effect from the date on which this Act is passed
- Modifications having effect from the commencement date
- SCHEDULE 3 Minor and Consequential Amendments
- The Pension Schemes (Northern Ireland) Act 1993 (c. 49)
- The Pensions (Northern Ireland) Order 1995 (NI 22)
- The Pensions (Northern Ireland) Order 2005 (NI 1)
- The Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13)
- The Pension Schemes Act (Northern Ireland) 2021
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