Pensions Schemes Bill - Regulatory Impact Assessment

Date published: 20 July 2015

Many of the 2014 Budget reforms that introduced pensions flexibilities required substantive changes to tax legislation which come into effect from 6 April 2015. To ensure that Northern Ireland pensions law is compatible with the tax changes the Assembly endorsed a Legislative Consent Motion on 26 January 2015 to extend provisions within the Pension Schemes Act 2015 to Northern Ireland. 


The provisions primarily relate to: independent financial advice for those transferring out of defined benefit schemes; sums and assets that may be designated as available for drawdown, the conversion of certain benefits for drawdown and the calculation of lump sums; restrictions on the conversion of benefits while schemes are winding up and the payment of lump sums while schemes are in the assessment phase for access to the Pension Protection Fund; and changes to transfer rules for pension scheme members to facilitate the new flexibilities. 

This Regulatory Impact Assessment considers the costs and benefits of the proposals and assesses the impact on business, charities and the voluntary sector.

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