Armstrong: We must make it easier for people to manage pensions

Alliance MLA Kellie Armstrong has backed plans to make it easier for people to manage their pensions and plan for the future.

The Communities spokesperson voted to support the passage of the Pension Schemes Bill Legislative Consent Motion at the Assembly, a move that will also make it clearer how money is being invested in climate related sustainable funds.

The Pensions Schemes Bill, extends to Northern Ireland the provisions of the Pension Schemes Act 2017, as laid in GB. Previously the extension was blocked due to the suspension of the Assembly.

She said: “It is time the Northern Ireland Assembly ensured people who have work place pensions are covered by the same protections as elsewhere in the UK.

“The change also allows ‘Master Trusts’ to be introduced – multi-employer pension schemes, picked by employers for their staff, rather than having to set up their own scheme – building on the criteria they have to meet.

“A key positive from this change is the requirement for all Master Trusts to provide reports on how money is being invested in climate related, sustainable funds. This will further society’s move towards a lower carbon economy with the target of zero emissions.

“The Assembly has now ensured people are able to easily access their plans and make provision for the future, caps early exit charges and removing all barriers to those who wish to take their pension early.”