Pensions Bill - Call for Evidence

Pensions Bill

The purpose of the Pensions Bill is to make provision for Northern Ireland corresponding with the Westminster Pensions Act 2011.

The Bill has five parts:

• Part 1 (which includes Schedules 1, 2 and 3) introduces provisions for amending the State Pension framework. This includes bringing forward the equalisation of State Pension age and the increase to age 66.
• Part 2 contains measures to amend the automatic enrolment provisions for workplace pension schemes. This includes –
  • the introduction of an earnings trigger at which an employee must be automatically enrolled into a workplace pension and new up-rating provisions for the qualifying earnings band on which contributions are made;
  • the introduction of an optional waiting period of up to three months before the automatic enrolment duty commences; and
  • changes to the way an employer can certify that their pension scheme meets the necessary quality test.
• Part 3 (which includes Schedule 4) contains amendments regarding indexation and revaluation requirements for occupational pensions. Part 3 also contains provisions relating to the Pension Protection Fund and the Pensions Regulator and includes minor technical amendments to previous pensions legislation.

• Part 4 contains amendments regarding Money Purchase Benefits.
• Part 5 contains miscellaneous and technical measures.

 Any organisation or individual with an interest in this consultation is invited to submit evidence to the Committee by e-mail to committee.socialdevelopment@niassembly.gov.uk or by post to:

Committee Clerk, Room 412, Parliament Buildings, Ballymiscaw, Stormont, Belfast BT4 3XX.

The evidence must be structured to address the specific clauses of the Bill .

If you do not have access to the internet or e-mail facilities or you have any other enquiries, please contact the Committee Clerk on 028 9052 1864.

Pleasing note: The closing date for submissions was 20 February 2011.