Northern Ireland Pension Scheme Regulations 2026: Extension to Unconnected Schemes

• The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 have been proposed and are currently under consideration.
• If enacted, unconnected multiple employer schemes would be considered 'collective money purchase schemes' under Part 2 of the 2021 Act.
• The proposed regulatory framework aims to provide clarity and consistency for pension schemes in Northern Ireland.

This enables such schemes to be 'collective money purchase schemes' for the purposes of Part 2 of the 2021 Act.

The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 have been proposed, with the Committee for Communities currently considering the draft statutory rule. These proposed regulations would amend the Pension Schemes Act 2021. The key change outlined is the removal of the exclusion for unconnected multiple employer schemes from the definition of 'qualifying scheme'. This would mean such schemes could then be considered 'collective money purchase schemes' under Part 2 of the 2021 Act.

The proposed Regulations also make further provisions regarding these schemes, including details on authorisation and supervision. Additionally, they would amend the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 and provide for amendments to legislation related to collective money purchase benefits.

The Pension Schemes Act 2021 had previously excluded unconnected multiple employer schemes from the definition of 'qualifying scheme'. The proposed 2026 Regulations aim to remove this exclusion, enabling such schemes to be considered collective money purchase schemes. The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024, which came into operation on January 26, 2024, would also be amended as a result of these proposed changes.

The updated regulatory framework, once enacted, is aimed at providing clarity and consistency for pension schemes in Northern Ireland. It will be essential that lawyers familiarize themselves with the changes to ensure their clients' compliance obligations are met and existing arrangements are adjusted accordingly.

Lawyers should be aware of the proposed updated regulatory framework governing unconnected multiple employer pension schemes in Northern Ireland. The changes, once in force, may impact their clients' compliance obligations and require adjustments to existing arrangements. As a result, it is crucial for lawyers to stay informed about the amendments to ensure they can provide accurate guidance to their clients.

The extension of collective money purchase schemes to unconnected multiple employer schemes has significant implications for pension scheme providers and employers in Northern Ireland. It will be essential that all parties understand the new regulations once they are enacted to avoid any potential pitfalls or non-compliance issues.

Lawyers should watch for the updated regulatory framework governing unconnected multiple employer pension schemes in Northern Ireland, which may impact their clients' compliance obligations and require adjustments to existing arrangements.

Source: Original reporting via The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026