This Regulatory Impact Assessment considers the impact of two Statutory Rules that make provision for an authorisation and supervisory regime for collective money purchase pension schemes, a type of occupational pension scheme in which the contributions of members and employers are pooled and invested with a view to delivering benefits at the level to which the scheme aspires.
The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022 implements a new authorisation and supervisory regime for collective money purchase schemes. The Rule also make provision for amendments to secondary legislation in relation to schemes providing collective money purchase benefits.
The Rule forms part of a package of Regulations along with the Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022 which make consequential and miscellaneous amendments in relation to schemes and sections of schemes providing collective money purchase benefits.
Regulatory Impact Assessment - The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022