The Government has tabled the Private Sector Pensions
(Amendment) Bill 2021 (the "Bill")
to amend the provisions of the Private Sector Pensions Act 2021
(the "Act"), which has yet to be brought
into force, hereinafter referred to jointly as
the "Regulations".
The Act introduced a mandatory employer-sponsored pension regime
that was due to be implemented by the 1st July in
the case of companies with an average number of employees exceeding
250.
The Bill introduces a number of changes to the Act, which
include:
- Amending the criteria by which employers are required to
provide their employees with a pension option.
- Changing the pension commissioner
(the "Commissioner") from the
Income Tax Commissioner to the Financial Services Commission.
