Debate contribution: Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024
Debate contribution by Mr Gordon Lyons on .
- MLA
- Mr Gordon Lyons
- Party at the time
- Democratic Unionist Party
- Date
- 10 June 2024
- Type
- Debate contribution (made as a minister)
- Business
- Executive Committee Business
- Heading
- Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024
- Assembly identifier
- Official Report component 4494908
Read the official Assembly record
Text
I beg to move
This rule is the current replacement of the original regulations, which came into operation on 6 April 2022. The rule provides for the authorisation and supervision regime for master trust pension schemes under the Pension Schemes Act (Northern Ireland) 2021, which corresponds to provision for Great Britain in the Pension Schemes Act 2017. A master scheme is one that must be used by more than one employer, provides money purchase pensions, and is not a public-sector scheme or used by only connected employers — for example, by one profession or group of companies. Many employers have chosen to enrol their workers into a master trust scheme rather than setting up their own pension scheme. That led to a considerable expansion of the master trust market. Master trust scheme structures create specific risks that were not addressed by the legislation, which was designed for other types of pension scheme. The regulations aim to address the potential impact of the risks for master trust scheme members by providing an authorisation and supervision regime administered by the Pensions Regulator, which operates UK-wide. The authorisation regime requires all master trust schemes to be authorised by the Pensions Regulator. The Pensions Regulator's ongoing supervision regime will ensure that master trust schemes continue to meet the authorisation criteria. It also gives the regulator greater powers to engage with and, if appropriate, intervene if a master trust scheme is in danger of failing to meet the authorisation criteria. The Pensions Regulator will assess each master trust scheme against authorisation criteria aimed at addressing the risks specific to master trusts. Those include that the persons involved in running the scheme are fit and proper, and that the scheme is financially sustainable. Once authorised, master trust schemes are required to continue to meet the authorisation criteria. These regulations also set out requirements relating to the Pensions Regulator's supervisory role. The regulator can withdraw authorisation if it is no longer satisfied that the authorisation criteria are met. The regulations set out further detail on information to be provided to the regulator while the scheme is running, which will help the regulator to consider whether it is satisfied that the authorisation criteria for schemes continue to be met. Where a person fails to comply with a request for information, the Pensions Regulator can impose fixed and escalating penalties that are broadly consistent with other penalties that can be imposed by the regulator. The regulations provide more detail about the actions that trustees must take if a scheme experiences a triggering event. The Pensions Regulator will work with the scheme to ensure that appropriate action is taken at each stage, including notifying employers and members about what has happened and what their options are if the scheme is going to wind up. Restrictions on charges in the Act mean that additional costs cannot be passed on to members. In summary, these regulations introduce a robust authorisation and supervision regime for master trust pension schemes.
I am grateful to the Deputy Chair and the Committee for their support. I commend the motion to the House.
516 words. Text as published by the Northern Ireland Assembly.
Assessment
Jev’s structured answers met the documented threshold for “not flagged”.
- Overall probability that the activity is being used to promote, exploit or escalate an identity-based controversy: 0.02 (flagging needs at least 0.70; at or below 0.30 is not flagged).
- None of the five culture-war criteria was met (each was below 0.60).
- No identity-based framing was identified (1.00).
- The overall probability was at or below the not-flagging threshold.
This is an AI-generated assessment of the text, made against published criteria. It is not a finding of fact about the MLA or their intentions. The Assembly record itself is the fact.
Jev’s structured answers
| Question | Probability | Met? |
|---|---|---|
| Identity framing | 0.01 | No |
| Sectarian or communal antagonism | 0.01 | No |
| Cultural grievance politics | 0.01 | No |
| Dog-whistle messaging | 0.01 | No |
| Controversy escalation | 0.02 | No |
| Legitimate policy scrutiny | 0.51 | No |
| Overall judgement | 0.02 | At or below not-flagging threshold |
| Option | Probability |
|---|---|
| No identity-based framing (chosen) | 1.00 |
| Reports or questions it | 0.00 |
| Criticises or condemns it | 0.00 |
| Adopts it | 0.00 |
| Subject | Probability |
|---|---|
| No identity-related subject | 1.00 |
| Flags, emblems, symbols, names and memorials | 0.00 |
| Parades, bonfires and commemorations | 0.00 |
| Irish language, Ulster-Scots and language policy | 0.00 |
| Sport (including the GAA), the arts and cultural bodies | 0.00 |
Assessed 21 October 2026 at 10:37 UTC by jev-1.13.0 (requested as typesafe/jev) under rubric 2026.10-r9, methodology 1.9.
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