Journal der 842. Plenarsitzung des Forums
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This Part defines some key expressions used in pensions legislation—
defined benefits scheme - see section 2;
shared risk scheme (sometimes known as “defined ambition”) - see section 3;
defined contributions scheme - see section 4.
The definitions—
do not apply in any public service pensions legislation;
apply in other legislation only where legislation expressly provides for the definitions to apply.
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the scheme provides for all members to be paid retirement income beginning at normal pension age and continuing for life,
there is a full pensions promise in relation to the retirement income and any other retirement benefits that may be provided to members,
the normal pension age in relation to the retirement income and any other retirement benefits that may be provided to members is fixed, and
such other requirements as may be specified in regulations are met.
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there is a pensions promise in relation to at least some of the retirement benefits that may be provided to each member, but
the scheme is not a defined benefits scheme.
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For the purposes of section 2 there is a “full pensions promise” in relation to a retirement benefit if—
the scheme provides for there to be a promise, at all times before the benefit comes into payment, about the level of the benefit, and
the level of the benefit is to be determined wholly by reference to that promise in all circumstances.
For the purposes of sections 3 and 4 there is a “pensions promise” in relation to a retirement benefit if the scheme provides for there to be a promise, at a time before the benefit comes into payment, about the level of the benefit.
A reference in this section to a promise about the level of a retirement benefit—
includes a promise about factors, other than longevity, that will be used to calculate the level of the benefit,
does not include a promise if, or to the extent that, it consists merely of a promise that the level of the benefit will be calculated by reference to an amount available for its provision, and
in the case of a benefit the level of which depends on the amount available for the provision of benefits to or in respect of the member and one or more other members collectively, does not include a promise about the factors used to determine what proportion of that amount is available for the provision of the particular benefit.
A scheme provides for there to be a promise if the scheme—
sets out the promise, or
requires the promise to be obtained from a third party.
A scheme also provides for there to be a promise for the purposes of subsection (2) if the scheme provides for the member to be given— (whether or not the option is subject to conditions).
the option of a promise from the scheme, or
the option of requiring a promise to be obtained from a third party,
A benefit does not fail the test in subsection (1)(b) just because the scheme confers a discretion to vary the benefit so long as the discretion—
is capable of being used only for reasons related to a member’s individual circumstances and meets any other requirements that may be specified in regulations, or
is of a description specified in regulations.
A promise about the level of retirement income is not to be treated as a pensions promise if—
the promise is conditional on the retirement income coming into payment by a particular date,
the scheme provides for the member to be first given the promise during such period ending on that date as may be specified in regulations, and
the promise is not of a description specified in regulations.
When working out for the purposes of sections 2 to 4 what benefits “may be provided” to a member, take into account—
benefits that may be provided only if the member has been a member for a certain length of time, and
any other benefits that, at a future time, are benefits that may be provided to the member.
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Regulations must provide for a pension scheme that does not fit within any of the categories to be treated, for the purposes of this Part and any other specified legislation, as if it were two or more separate schemes each of which then fits within one of the categories.
Regulations may provide for other circumstances in which a scheme is to be treated, for the purposes of this Part and any other specified legislation, as two or more separate schemes each of which fits within one of the categories.
In this section “category” means a category of scheme defined by section 2, 3 or 4.
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in relation to a member of a pension scheme means— any right which has accrued to or in respect of the member to future benefits under the scheme, or any entitlement to benefits under the scheme,
“dependants' drawdown pension”, in relation to a survivor, has the meaning given by paragraph 18 of Schedule 28 to the Finance Act 2004;
Schedule 1 to the Scottish Parliamentary Pensions Act 2009 (Scottish Parliamentary Pension Scheme) is amended as follows. In paragraph 75, in Condition 6, for “section 93A(2)” substitute “ section 93A(4) ”. In paragraph 91(2)(g), for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”.
In Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 ”.
has permission under Part 4A of the Financial Services and Markets Act 2000, or resulting from any other provision of that Act, to carry on a regulated activity specified in regulations made by the Department for Social Development in Northern Ireland, or is acting as an appointed representative (within the meaning given by section 39(2) of that Act) in relation to a regulated activity so specified, and
“retirement income”, in relation to a member of a pension scheme, means a pension or annuity payable to the member on reaching normal pension age;
“flexible benefit” has the meaning given by section 74;
The Pensions (Northern Ireland) Order 2005 is amended as follows.
“surplus”, in respect of a collective benefit, has the meaning given by section 21;
Article 2 (interpretation) is amended as follows. In paragraph (3), for “an occupational pension scheme” substitute “ a pension scheme ”. In paragraph (4)(a), for head (ii) substitute—.
Article 14 (pension liberation: interpretation) is amended as follows. In paragraph (2)(a)— In paragraph (3)— In paragraph (4)(d), for “the applicable rules” substitute “ the scheme rules ”. Omit paragraph (5).
In Article 19 (freezing orders), in paragraph (4)(g), for “salary related schemes” substitute “ benefits other than money purchase ”.
In Article 20 (consequences of freezing order), in paragraph (7), for sub-paragraphs (a) and (b) substitute—.
In Article 68 (inspection of premises), in paragraph (2)(d)—
for “Chapter 4 of Part IV” substitute “ Chapter 1 of Part 4ZA ”;
for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
In Article 119 (restrictions on winding up, discharge of liabilities etc.), in paragraph (6)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
In Article 122 (payment of scheme benefits), in paragraph (3)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
Schedule 6 (pension compensation provisions) is amended as follows. In paragraph 20(1)(c), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”. In paragraph 32(1)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
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“subordinate legislation” means—
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In Schedule 1A to the Judicial Pensions Act 1981 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 ”.
subordinate legislation as defined by section 21(1) of the Interpretation Act 1978;
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This Part is about pension schemes under which at least some of the benefits that may be provided are collective benefits.
A benefit is a “collective benefit” if in all circumstances the rate or amount of the benefit depends entirely on—
the amount available for the provision of benefits to or in respect of the member and one or more other members collectively, and
factors used to determine what proportion of that amount is available for the provision of the particular benefit.
But a benefit is not a collective benefit if—
it is a money purchase benefit, or
it is of a description specified in regulations.
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Regulations may require the trustees or managers of a pension scheme to set targets in relation to any collective benefits that may be provided by the scheme.
The regulations may, in particular—
impose requirements about the way that targets are expressed;
impose requirements about the recording or publication of targets;
require the trustees or managers to set initial targets at a level which ensures that the probability of meeting the targets falls within a range specified in the regulations;
require the trustees or managers to obtain a certificate from an actuary certifying that, in the opinion of the actuary, the initial targets have been set at a level that complies with regulations under paragraph (c).
Regulations made in reliance on subsection (2)(d) may, in particular—
require the trustees or managers to obtain the certificate from an actuary who has specified qualifications or meets other specified requirements;
make provision about the content of the certificate;
set out matters to which the actuary must have regard;
require the trustees or managers to provide a copy of the actuary’s certificate to a specified person.
In this section “target” means a target, relating to the rate or amount of a benefit, that is unenforceable.
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Regulations may require the trustees or managers of a pension scheme—
to have a policy as to the factors to be used to determine what proportion of the amount available for the provision of any collective benefits by the scheme is to be available for the provision of a particular collective benefit, and
to follow that policy in calculating any collective benefit.
The regulations may, in particular—
require the trustees or managers to consult about the policy;
make provision about the content of the policy;
set out matters that the trustees or managers must take into account, or principles they must follow, in formulating the policy;
make provision about reviewing and revising the policy.
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Regulations may require the trustees or managers of a pension scheme to prepare a payment schedule showing—
the contributions payable to the scheme in respect of any collective benefits under the scheme, and
the dates on which the contributions are due.
The regulations may require the payment schedule to include other amounts payable to the scheme and the dates on which they are due.
The regulations may, in particular—
make further provision about the content of the payment schedule;
make provision about revising the payment schedule.
The regulations may, in particular, make provision corresponding or similar to any provision made by section 87 of the Pensions Act 1995 (payment schedules for certain kinds of scheme).
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Regulations—
may require the trustees or managers of a pension scheme to notify a specified person of any relevant payments that are overdue;
may make provision for the recovery of those payments.
In subsection (1) “relevant payment” means a payment shown in a payment schedule required by regulations under section 12.
Regulations under subsection (1) may, in particular, make provision corresponding or similar to any provision made by section 88 of the Pensions Act 1995 (failure to comply with payment schedule for certain kinds of scheme).
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Regulations may require the trustees or managers of a pension scheme to prepare a statement of their investment strategy in connection with any collective benefit investments.
The regulations may, in particular, make provision about—
the content of the statement;
reviewing and revising the statement.
The regulations may, in particular—
make provision corresponding or similar to any provision made by section 35 of the Pensions Act 1995 (investment principles for occupational trust-based schemes);
disapply that section in relation to any investments to which the regulations apply.
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Regulations may require the trustees or managers of a pension scheme to obtain reports about the performance of any collective benefit investments.
The regulations may, in particular, make provision about—
the content of reports;
how often reports must be obtained;
the person from whom reports must be obtained.
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Regulations may make provision about—
the investment powers of the trustees or managers of a pension scheme in connection with collective benefit investments;
their powers to delegate decisions in connection with collective benefit investments (including provision as to liability for delegated decisions);
the investment powers of any person to whom they have delegated decisions in connection with collective benefit investments.
The regulations may, in particular—
make provision corresponding or similar to any provision made by section 34 or 36 of the Pensions Act 1995 (powers of investment and delegation and choice of investments for occupational trust-based schemes);
disapply those sections in relation to collective benefit investments.
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Regulations may prohibit a person to whom this section applies from borrowing money or acting as a guarantor except in specified cases.
This section applies to—
the trustees or managers of a pension scheme under which any of the benefits that may be provided are collective benefits, and
any person to whom they have delegated decisions in connection with collective benefit investments.
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Regulations may make provision to prevent any instrument or agreement from excluding or restricting any liability of the trustees or managers of a pension scheme, or any person to whom they have delegated decisions, in respect of the performance of investment functions involving collective benefit investments.
The regulations may, in particular—
make provision corresponding or similar to any provision made by section 33 of the Pensions Act 1995 (duty of care in respect of investment powers for occupational trust-based schemes);
disapply that section in relation to collective benefit investments.
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Regulations may require the trustees or managers of a pension scheme to obtain a report prepared by an actuary—
valuing the assets held by the scheme for the purposes of providing collective benefits, and
assessing the probability of the scheme meeting the targets in relation to those benefits.
A report required by regulations under this section is referred to in this Part as a “valuation report”.
The regulations may, in particular—
require the trustees or managers to obtain the report from an actuary who has specified qualifications or meets other specified requirements;
require the actuary to certify whether, in the opinion of the actuary, the probability of the scheme meeting the targets falls within the required range or is above or below it;
make further provision about the content of valuation reports;
make provision about how often valuation reports must be obtained.
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Regulations may make provision about the methods or assumptions to be used by an actuary valuing assets, or assessing the probability of a scheme meeting a target in relation to a collective benefit, for the purposes of a valuation report.
Regulations under subsection (1) may, in particular—
require the trustees or managers of the scheme to determine the methods or assumptions to be used by the actuary;
set out matters that the trustees or managers must take into account, or principles they must follow, in determining methods or assumptions.
Regulations may—
make provision about the assets to be taken into account for the purposes of a valuation report;
require the value attributed to the assets to be reduced by the amount of any liabilities in respect of administrative expenses or other specified matters.
Regulations may require an actuary preparing a valuation report to certify that, in the opinion of the actuary, any specified requirements imposed by regulations under this section have been followed.
Regulations—
may require an actuary to have regard to guidance issued from time to time by a specified person when preparing a valuation report;
may impose other requirements on an actuary when preparing a valuation report.
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Regulations may require the trustees or managers of a pension scheme—
to have a policy for dealing with a deficit or surplus in respect of any collective benefits that may be provided by the scheme, and
to follow that policy if a valuation report shows a deficit or surplus.
For the purposes of this Part—
there is a “deficit” in respect of a collective benefit if the probability of the scheme meeting a target in relation to the benefit is below the required range, and
there is a “surplus” in respect of a collective benefit if the probability of the scheme meeting a target in relation to the benefit is above the required range.
Regulations under subsection (1)(a) may, in particular—
require the trustees or managers to consult about the policy;
make provision about the content of the policy;
set out matters that the trustees or managers must take into account, or principles they must follow, in formulating the policy;
make provision about reviewing and revising the policy.
The regulations may, in particular, require the policy—
to be formulated with a view to achieving results described in the regulations within a period or periods described in the regulations;
to contain provision for a deficit or surplus to be dealt with in one or more of a range of ways described in the regulations;
to contain an explanation of the possible effect of the policy, or any requirements imposed by regulations under section 22, on members in different circumstances.
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Regulations may specify circumstances in which a deficit or surplus in respect of any collective benefits that may be provided by a pension scheme must be dealt with in a particular way.
The regulations may, in particular, specify steps that must be taken by the trustees or managers and the period or periods within which any steps must be taken.
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Regulations may provide for an amount to be treated as a debt due from an employer to the trustees or managers of a pension scheme that provides collective benefits in cases where there is a deficit that is attributable to a specified offence or the imposition of a specified levy.
The regulations may, in particular, make provision corresponding or similar to any provision made by section 75 of the Pensions Act 1995 (amounts deemed to be debts due from an employer).
For the purposes of this section—
money purchase benefits, and
The Pension Schemes Act 1993 is amended as follows.
The Pensions Act 2004 is amended as follows.
The Pensions (Northern Ireland) Order 1995 is amended as follows.
The Judicial Pensions and Retirement Act 1993 is amended as follows.
Section 18 (pension liberation: interpretation) is amended as follows. In subsection (2)(a)— In subsection (3)— In subsection (4)(d), for “the applicable rules” substitute “ the scheme rules ”. Omit subsection (5).
Chapters 4 and 5 of Part 4 of the Act become Chapters 1 and 2 of a new Part 4ZA. Accordingly—
In Article 67A (the subsisting rights provisions: interpretation), in paragraph (9)(a), for head (ii) substitute—.
In section 22 (application of the Pensions (Increase) Act 1971 to Northern Ireland), in subsection (2)—
after “shall include” insert— ;
at the end insert; and
In section 23 (freezing orders), in subsection (4)(g), for “salary related schemes” substitute “ benefits other than money purchase ”.
In section 24F (transfers out of GMP-converted schemes), in subsection (3), omit “guaranteed”.
In Article 73 (preferential liabilities on winding up), in paragraph (9), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
Section 28 (funding arrangements) is amended as follows. In subsection (2) (benefits payable out of money provided by Parliament), after paragraph (a) (but before the “and” at the end) insert—. In subsection (7), for “section 10 above” substitute—
In section 24 (consequences of freezing order), in subsection (7), for paragraphs (a) and (b) substitute—.
Until the coming into force of its repeal by Schedule 13 to the Pensions Act 2014, section 56 of the Pension Schemes Act 1993 (payment of state scheme premiums on termination of certified status: supplementary) has effect as if, in subsection (4)(b), for “Chapter 5 of Part 4” there were substituted “ Chapter 2 of Part 4ZA ”.
In Article 73B (Article 73 and 73A: supplementary), in paragraph (7), for “Chapter 4 of Part IV” substitute “ Chapter 1 of Part 4ZA ”.
In section 28A (contributions in respect of Northern Ireland judges), at the end insert “ or as a fee-paid judge in Northern Ireland (within the meaning given by section 18A) ”.
In section 73 (inspection of premises), in subsection (2)(d)—
for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”;
for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
In section 73 (form of short service benefit and its alternatives), in subsection (3), for “Chapter IV of this Part” substitute “ Chapter 1 of Part 4ZA ”.
In Article 121 (interpretation of Part 2), in paragraph (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part IV of the Pension Schemes Act (early leavers)” substitute “ Chapter 2 of Part 4ZA of the Pension Schemes Act (transfers and contribution refunds) ”.
Section 29 (regulations and orders) is amended as follows. In subsection (2), after “other than” insert “ regulations under section 18A above or ”. After subsection (2) insert—
In section 135 (restrictions on winding up, discharge of liabilities etc), in subsection (6)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
For sections 93 to 94 substitute—
In section 138 (payment of scheme benefits), in subsection (3)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
Section 95 (ways of taking right to cash equivalent) is amended as follows. For subsection (1) substitute— In subsections (2)(a)(i) and (b)(i) and (3)(a)(i) and (b)(i), for “accrued rights” substitute “ transferrable rights ”. After subsection (6) insert— Omit subsections (7) and (8).
Section 96 (further provisions concerning exercise of option under section 95) is amended as follows. For subsection (1) substitute— In subsection (2), in paragraphs (a) and (b), for each “accrued rights” substitute “ transferrable rights ”. For subsection (4) substitute—
Section 318 (interpretation) is amended as follows. In subsection (2), for “an occupational pension scheme” substitute “ a pension scheme ”. In subsection (3)(a), for sub-paragraph (ii) substitute—.
Section 97 (calculation of cash equivalents) is amended as follows. After subsection (1) insert— In subsection (2)— In subsection (3), omit paragraph (a). For subsection (3A) substitute—
Schedule 7 (pension compensation provisions) is amended as follows. In paragraph 20(1)(c), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”. In paragraph 32(1)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
For section 98 substitute—
Section 99 (trustees' duties after exercise of option) is amended as follows. For subsection (2) substitute— In subsection (3)(a) omit “at any time before the expiry of the period of 12 months beginning with the termination date”. Omit subsection (3A). After subsection (4A) insert—
After section 100 insert—
Section 101F (power to give transfer notice) is amended as follows. In subsection (1), for “pension credit benefit” substitute “ pension credit rights ”. After subsection (3) insert— For subsection (4) substitute— For subsection (6A) substitute—
For section 101G (restrictions on power to give transfer notice) substitute—
Section 101H (salary related schemes: statements of entitlement) is amended as follows. For subsection (1) substitute— In the heading for “Salary related schemes” substitute “ Benefits other than money purchase ”.
Section 101J (time for compliance with transfer notice) is amended as follows. In subsection (1), for paragraphs (a) and (b) substitute— After subsection (2) insert— For subsection (7) substitute—
In section 101M (effect of transfer on trustees' duties), for the words from “pension credit benefit” to the end of the section substitute “ benefits to which the transfer notice relates ”.
After section 101N insert—
Section 101P (interpretation) is amended as follows. “category”, in relation to benefits, has the meaning given by section 101F(6B); “flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015; In that subsection, omit the definition of “pension credit benefit”. Omit subsection (2). In subsection (3), for “given to the trustees or managers of a salary related occupational pension scheme” substitute “ in relation to benefits other than money purchase benefits ”.”
Omit section 101Q.
In section 129 (overriding requirements), in subsection (1), for “Chapters II, III, IV and V of Part IV” substitute “ Chapters 2 and 3 of Part 4, Chapters 1 and 2 of Part 4ZA ”.
In section 130 (extra-statutory benefits), in paragraph (b), for “Chapter II, IV or V of Part IV” substitute “ Chapter 2 of Part 4 or Chapter 1 or 2 of Part 4ZA ”.
In section 153 (power to modify certain provisions), in subsection (1), for “Chapters II, III and IV of Part IV” substitute “ Chapters 2 and 3 of Part 4 and Chapter 1 of Part 4ZA ”.
In section 179 (linked qualifying service), in subsection (1)(a)—
in the opening words, for “Chapter 4 or 5 of Part 4” substitute “ Chapter 1 or 2 of Part 4ZA ”;
in sub-paragraph (iii)—
for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”;
for “Chapter 5” substitute “ Chapter 2 ”.
In section 181 (interpretation), in subsection (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
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Regulations must prohibit the making of payments out of funds held for the purposes of providing collective benefits except for—
payments made for the purpose of providing those benefits, or
other specified payments.
The regulations may, in particular, make provision corresponding or similar to any provision made by section 37 of the Pensions Act 1995 (payment of surplus to employer in the case of an occupational trust-based scheme).
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Regulations may require the trustees or managers of a pension scheme—
to have a policy about the calculation and verification of the cash equivalent of any collective benefit that may be provided by the scheme;
to follow that policy in calculating or verifying any cash equivalent.
In this section “cash equivalent” means the cash equivalent mentioned in the following—
section 93A(3) of the Pension Schemes Act 1993;
section 101H(1) of that Act;
section 29(2) and (3) of the Welfare Reform and Pensions Act 1999;
any other provision specified in regulations.
Regulations under subsection (1) may, in particular—
require the trustees or managers to consult about the policy;
require the trustees or managers to ensure that the policy is consistent with any requirements imposed by regulations under section 97 or 101I of the Pension Schemes Act 1993 or section 30 of the Welfare Reform and Pensions Act 1999 or any other specified requirements;
make other provision about the content of the policy;
set out matters that the trustees or managers must take into account, or principles they must follow, in formulating the policy;
make provision about reviewing and revising the policy.
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Regulations may make provision about the winding up of a pension scheme under which collective benefits may be provided or part of such a scheme.
The regulations may, in particular, make provision about—
the distribution of assets (including any order of priority);
the operation of the scheme during winding up;
the discharge of liabilities;
excess assets on winding up.
The regulations may, in particular—
disapply or amend or otherwise modify the application of any of sections 38, 73, 73A, 73B, 74 and 76 of the Pensions Act 1995 (winding up);
make provision corresponding or similar to any provision made by those sections.
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Regulations may require the trustees or managers of a pension scheme under which collective benefits may be provided to wind up the whole or part of the scheme in specified circumstances.
The regulations may, in particular—
provide for the winding up of the scheme or part to be as effective in law as if it had been made under powers conferred by or under the scheme;
require the scheme or part to be wound up in spite of any legislative provision, rule of law or provision of a scheme, which would otherwise operate to prevent the winding up;
require the scheme or part to be wound up without regard to any legislative provision, rule of law or provision of a scheme that would otherwise require, or might otherwise be taken to require, the implementation of any procedure or the obtaining of any consent with a view to the winding up.
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Regulations may require the trustees or managers of a pension scheme under which collective benefits may be provided—
to have a policy about the winding up of the scheme or part of it;
to follow that policy.
The regulations may, in particular—
require the trustees or managers to consult about the policy;
make provision about the content of the policy;
set out matters that the trustees or managers must take into account, or principles they must follow, in formulating the policy;
make provision about reviewing and revising the policy.
The regulations may, in particular, require the policy—
to contain an explanation of the circumstances in which the trustees or managers are permitted or required to wind up the scheme or part and any requirements about the distribution of assets (including any order of priority);
to contain an explanation of how the trustees or managers intend to use any powers to wind up the scheme or part and how they intend to use any powers in relation to the distribution of assets (including any order of priority);
to contain an explanation of how the costs of winding up are required to be met or how the trustees or managers will use any powers to decide how those costs are to be met.
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which assets held by the scheme are held for the purposes of providing collective benefits;
which assets held by the scheme are held for the purposes of providing which collective benefits;
which assets held by the scheme are held for the purposes of providing any benefits other than collective benefits.
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Regulations may require the trustees or managers of a pension scheme to obtain advice from an actuary before making a specified decision or taking other specified steps.
The regulations may, in particular, require the trustees or managers to obtain the advice from an actuary who has specified qualifications or meets other specified requirements.
The regulations—
may require an actuary to have regard to guidance issued from time to time by a specified person when advising on matters in accordance with the regulations;
may impose other requirements on an actuary when advising on matters in accordance with the regulations.
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the publication of the document or policy;
the sending of copies to persons specified in the regulations.
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In this Part—
“appropriate national authority” means—
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at the appropriate place insert—;
omit the definition of “money purchase scheme”;
in the definition of “relevant scheme” for “money purchase scheme” substitute “scheme under which all the benefits that may be provided are money purchase benefits and”.
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an Act;
money purchase benefits, and
“authorised independent adviser” means a person who—
in relation to a member of a pension scheme means— any right which has accrued to or in respect of the member to future benefits under the scheme, or any entitlement to benefits under the scheme,
The Pensions (Increase) Act 1971 is amended as follows.
In section 19(2)(a) (extent to Northern Ireland)—
after “or section” insert “ 18A or ”;
after “section 10 of that Act” insert “ or provision made under section 18A of that Act that is corresponding or similar to the provision that may be made by regulations under section 10 of that Act ”.
In Schedule 2 (official pensions), after paragraph 4A insert—
“subordinate legislation” means—
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Section 40
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In Schedule 3 to that Act (revaluation methods), before paragraph 1 insert—
Omit paragraphs 3A and 4 of that Schedule.
In paragraph 5(1) of that Schedule, for “if his pensionable service had not terminated” substitute “if—
in the case of an occupational pension scheme, the member's pensionable service had not terminated, or
in the case of a personal pension scheme, contributions in respect of the member had not ceased to be paid.”
Omit the following, which are no longer needed given the earlier provisions of this Schedule—
paragraph 31(3) of Schedule 12 to the Welfare Reform and Pensions Act 1999;
section 19(1) to (3) of the Pensions Act 2011.
Section 46
an instrument made under Northern Ireland legislation.
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after “does not apply in the case of” insert —;
at the end insert—
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“subsisting right”—
The Pensions Act 2004 is amended as follows.
In section 13 (improvement notices), in subsection (7)—
omit the “or” at the end of paragraph (e);
after paragraph (f) insert, or
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in paragraph (b) of the definition of “due date”, for “to money purchase schemes” substitute “in respect of money purchase benefits under certain schemes”;
in paragraph (a) of the definition of “employer contribution”, for “to money purchase schemes” substitute “in respect of money purchase benefits under certain schemes”.
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Section 90 (codes of practice) is amended as follows. In subsection (2)(i), for “money purchase schemes” substitute “ certain schemes ”. In subsection (6), in the definition of “the pensions legislation”—
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In section 254 (representative of non-European scheme to be treated as trustee), in subsection (3)—
omit the “or” at the end of paragraph (c);
after paragraph (d) insert, or
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in paragraph (b), for “money purchase scheme” substitute “scheme under which all the benefits that may be provided are money purchase benefits”;
in paragraph (c), for “money purchase scheme” substitute “scheme under which all the benefits that may be provided are money purchase benefits”.
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In section 291 (duty of trustees or managers to act consistently with law of host member state), in subsection (4)—
omit the “or” at the end of paragraph (c);
after paragraph (d) insert, or
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Section 47
The Financial Services and Markets Act 2000 is amended as follows.
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After section 137FA insert—
Section 138F (notification of rules) is amended as follows. The existing text becomes subsection (1). After that subsection insert—
In section 138I (rules: consultation by the FCA)—
in subsection (6) (exemption from requirement to carry out a cost benefit analysis), after paragraph (a) insert—;
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in subsection (10) (rules to which requirement to consult the PRA does not apply), after “apply to” insert— .
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in sub-paragraph (ii), after “section 139B(5)” insert “or 333P(9)”;
after sub-paragraph (iv) insert—.
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In section 429 (Parliamentary control of statutory instruments), in subsection (2) (regulations subject to the affirmative resolution procedure), for “or 262” substitute “ , 262, 333C or 333R ”.
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in sub-paragraph (3) (legislative functions that must be exercised by the FCA acting through its governing body), in paragraph (c)(i), for “or 312J” substitute “, 312J or 333K”;
in sub-paragraph (3), after paragraph (d) insert—
in sub-paragraph (4), after “section 139B(5)” insert “or 333P(9)”.
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omit the “and” at the end of paragraph (c);
at the end of paragraph (d) insert , and
In that Schedule, in paragraph 23 (fees)—
in sub-paragraph (1), in the opening words, after “of this Act” insert “ other than sections 333Q and 333R ”;
in sub-paragraph (1)(a), after “functions” insert “ , other than its excepted functions, ”;
in sub-paragraph (2)(a), after “(ca)” insert “ but not its excepted functions ”;
after sub-paragraph (2) insert—
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in paragraph (c)(i), for “or 312J” substitute “, 312J or 333K”;
in paragraph (e), after “139B(5)” insert “or 333P(9)”;
after paragraph (e) insert—
For the purpose of the exercise of a function conferred by a provision listed in the first column of the table, a consultation requirement listed in the corresponding entry in the second column may be satisfied by things done before the day on which this Act is passed. Provision conferring function Consultation requirement Section 137FB of FSMA Sections 137FB(2) and 138I(1) of FSMA Section 333E(1)(e) of FSMA Section 333E(2) of FSMA Section 333H(1) of FSMA Section 138I(1) of FSMA as applied with modifications by section 333H(6) of FSMA Section 333K(1) of FSMA Section 333L(1) of FSMA Section 333P(1) of FSMA Section 138(1)(b) of FSMA as applied by section 333P(3) of FSMA Section 333Q(1) of FSMA Sections 138I(1) and 333Q(2) of FSMA. Section 333R(2) of FSMA Sections 138I(1) and 333R(4) of FSMA Where before the day on which this Act is passed the Financial Conduct Authority publishes a draft of proposed standards for the giving of pensions guidance by designated guidance providers— References in sub-paragraph (2) to provisions of sections 138G and 138I of FSMA are to those provisions as applied with modifications by section 333H(6) of that Act. Where before the day on which this Act is passed the Financial Conduct Authority publishes a draft of proposed rules requiring information about the availability of pensions guidance to be given by the trustees or managers of a relevant pension scheme to members of the scheme, and survivors of members of the scheme, with subsisting rights in respect of any flexible benefits, the consultation requirement in section 137FB(2) of FSMA may be treated as satisfied by virtue of sub-paragraph (1) even if the only consultation before publication was with the Treasury. In this paragraph—
Expenses incurred by the Financial Conduct Authority before the day on which this Act is passed in anticipation of the conferral of functions on it by virtue of the amendments made by this Schedule are to be treated as if they had been incurred on or after that day.
Section 67
“pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993.
The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.
Chapters 4 and 5 of Part 4 of the Act become Chapters 1 and 2 of a new Part 4ZA. Accordingly—
In section 20F (transfers out of GMP-converted schemes), in subsection (3), omit “guaranteed”.
In section 52 (payment of state scheme premiums on termination of certified status: supplementary), in subsection (4)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
In section 69 (form of short service benefit and its alternatives), in subsection (3), for “Chapter IV of this Part” substitute “ Chapter 1 of Part 4ZA ”.
For sections 89 to 90 substitute—
Section 91 (ways of taking right to cash equivalent) is amended as follows. For subsection (1) substitute— In subsections (2)(a)(i) and (b)(i) and (3)(a)(i) and (b)(i), for “accrued rights” substitute “ transferrable rights ”. After subsection (6) insert— Omit subsections (7) and (8).
Section 92 (further provisions concerning exercise of option under section 91) is amended as follows. For subsection (1) substitute— In subsection (2), in paragraphs (a) and (b), for each “accrued rights” substitute “ transferrable rights ”. For subsection (4) substitute—
Section 93 (calculation of cash equivalents) is amended as follows. After subsection (1) insert— In subsection (2)— In subsection (3), omit paragraph (a). For subsection (3A) substitute—
For section 94 substitute—
Section 95 (trustees' duties after exercise of option) is amended as follows. For subsection (2) substitute— In subsection (3)(a) omit “at any time before the expiry of the period of 12 months beginning with the termination date”. Omit subsection (3A). After subsection (4A) insert—
After section 96 insert—
Section 97F (power to give transfer notice) is amended as follows. In subsection (1), for “pension credit benefit” substitute “ pension credit rights ”. After subsection (3) insert— For subsection (4) substitute— For subsection (6A) substitute—
For section 97G (restrictions on power to give transfer notice) substitute—
Section 97H (salary related schemes: statements of entitlement) is amended as follows. For subsection (1) substitute— In the heading for “Salary related schemes” substitute “ Benefits other than money purchase ”.
Section 97J (time for compliance with transfer notice) is amended as follows. In subsection (1), for paragraphs (a) and (b) substitute— After subsection (2) insert— For subsection (7) substitute—
In section 97M (effect of transfer on trustees' duties), for the words from “pension credit benefit” to the end of the section substitute “ benefits to which the transfer notice relates ”.
After section 97N insert—
Section 97P (interpretation) is amended as follows. “category”, in relation to benefits, has the meaning given by section 97F(6B); “flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015; In that subsection, omit the definition of “pension credit benefit”. Omit subsection (2). In subsection (3), for “given to the trustees or managers of a salary related occupational pension scheme” substitute “ in relation to benefits other than money purchase benefits ”.”
Omit section 97Q.
In section 125 (overriding requirements), in subsection (1), for “Chapters II, III, IV and V of Part IV” substitute “ Chapters 2 and 3 of Part 4, Chapters 1 and 2 of Part 4ZA ”.
In section 126 (extra-statutory benefits), in paragraph (b), for “Chapter II, IV or V of Part IV” substitute “ Chapter 2 of Part 4 or Chapter 1 or 2 of Part 4ZA ”.
In section 149 (power to modify certain provisions), in subsection (1), for “Chapters II, III and IV of Part IV” substitute “ Chapters 2 and 3 of Part 4 and Chapter 1 of Part 4ZA ”.
In section 174 (linked qualifying service), in subsection (1)(a)—
in the opening words, for “Chapter 4 or 5 of Part IV” substitute “ Chapter 1 or 2 of Part 4ZA ”;
in sub-paragraph (iii)—
for “Chapter 4 of Part IV” substitute “ Chapter 1 of Part 4ZA ”;
for “Chapter 5” substitute “ Chapter 2 ”.
In section 176 (interpretation), in subsection (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
Section 78
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The Pensions Act 1995 is amended as follows.
In section 67A (the subsisting rights provisions: interpretation), in subsection (9)(a), for sub-paragraph (ii) substitute—.
In section 73 (preferential liabilities on winding up), in subsection (9), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
In section 73B (sections 73 and 73A: supplementary), in subsection (7), for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”.
In section 124 (interpretation of Part 1), in subsection (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part 4 of the Pension Schemes Act 1993 (early leavers)” substitute “ Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) ”.
A power conferred by this Part to make provision corresponding or similar to any provision made by a section of another Act includes a power to make provision corresponding or similar to any provision that may be made by regulations under that section.
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The Secretary of State may by regulations provide that the trustees or managers of a defined benefits scheme or a shared risk scheme must not obtain a pensions promise from a third party unless conditions specified in the regulations are met.
Regulations under this section—
may provide for a specified provision of the regulations to override a provision of a scheme to the extent that there is a conflict;
may provide for section 10 of the Pensions Act 1995 (civil penalties) to apply to a person who fails to comply with the regulations.
In this section—
“authorised independent adviser” means a person who—
“primary legislation” means—
In Schedule 1A to the Judicial Pensions Act 1981 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 ”.
In section 135 (pensions: interpretation), in subsection (4), for “section 93(1A)” substitute “ section 100D ”.
The Pensions Act 2014 is amended as follows.
In section 34 (power to prohibit offer of incentives to transfer pension rights), in subsection (7), in the definition of “salary related occupational pension scheme”, for “section 93(1A)” substitute “ section 100D ”.
In Schedule 17 (automatic transfer of pension benefits etc), in paragraph 1—
in sub-paragraph (4)(d), for “applicable rules” substitute “ scheme rules ”;
for sub-paragraph (6) substitute—
In section 34(7) of the Pensions Act 1995 (power of investment and delegation overrides other legislation etc), for the words from “other than” to the end of the subsection substitute “other than an enactment contained in, or made under—
this Part,
the Pension Schemes Act 1993, or
section 36 of the Pension Schemes Act 2015.”
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The Secretary of State may by regulations impose a duty on the managers of a relevant non-trust based scheme to act in the best interests of members when taking decisions of a specified description.
In this section “relevant non-trust based scheme” means a non-trust based scheme that is—
a shared risk scheme, or
a defined contributions scheme under which any of the benefits that may be provided are collective benefits.
Regulations under this section—
may provide for the duty to act in the best interests of members to override obligations that are inconsistent with that duty (including obligations imposed by any legislative provision, rule of law or provision of a scheme or other instrument), but
do not otherwise affect any duty that might arise apart from this section.
Regulations under this section may provide for the consequences of a manager breaching (or threatening to breach) the duty to act in the best interests of members to be the same as the consequences of breaching (or threatening to breach) a fiduciary duty owed by the manager to the members and, accordingly, for the duty to be enforceable in the same way as a fiduciary duty.
In this section—
Section 113 of the Pension Schemes Act 1993 (disclosure of information about schemes to members etc) is amended as follows.
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in the opening words, for “the persons mentioned in subsection (2)” substitute “persons of prescribed descriptions”;
in paragraph (ca), omit “to the member” and “by him”.
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Before subsection (3) insert—
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Part 4 of the Pension Schemes Act 1993 (protection for early leavers) is amended as follows.
In section 71 (basic principle as to short service benefit)—
in subsection (1), for paragraph (aa) (but not the “or” at the end) substitute—;
after subsection (1) insert—
In section 70 (interpretation of Chapter 1: preservation requirements), in subsection (1)—
after the definition of “relevant employment” insert—;
in the definition of “long service benefit” omit the words from “and in this definition “benefits” means” to the end of the definition.
In section 71, for subsections (7) to (11) substitute—
In section 74 (computation of short service benefit), in subsections (3) and (4), after “so much of any benefit” insert “, other than collective benefit,”.
In section 36 of the Pensions Act 2014, omit subsections (2) and (3) which are no longer needed given the earlier provisions of this section.
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In section 51 of the Pensions Act 1995 (annual increase in rate of pension)—
in subsection (1), for “Subject to subsections (6) and (7)” substitute “Subject to subsections (6) to (7A)”;
after subsection (7) insert—
Omit section 21(2) of the Pensions Act 2011, which is no longer needed given subsection (1).
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Section 51 of the Pensions Act 1995 (annual increase in rate of pension) is amended as follows.
In subsection (1)(a)(ii) (scheme based exemption) after “public service pension scheme” insert “or a regulatory own fund scheme (see subsection (9))”.
After subsection (8) insert—
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In section 51 of the Pensions Act 1995 (annual increase in rate of pension), after subsection (5) insert—
In section 175(2) of that Act (statutory instruments subject to affirmative procedure), before paragraph (a) insert—.
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Section 23 of the Pensions Act 1995 (power to appoint an independent trustee of an occupational pension scheme on the insolvency of the person who is the employer in relation to the scheme etc) is amended as follows.
In subsection (1), omit paragraph (b) (requirement for the trustee to be registered in a register maintained by the Pensions Regulator) and the “and” before it.
Omit subsections (4) to (6) (regulations to provide for there to be a register of independent trustees).
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The Pensions Act 1995 is amended as follows.
In section 67 (the subsisting rights provisions)—
in subsection (3), omit paragraph (b) and the “or” before it;
after subsection (3) insert—
In section 67A (the subsisting rights provisions: interpretation), in subsection (3) (meaning of “protected modification”), after paragraph (a) insert—.
In subsection (3)(b) of that section, after “rules” insert “, other than a pension that is a collective benefit”.
In subsection (5)(a) of that section, after “paragraph (a)” insert “, (aa), (ab), (ac)”.
In subsection (9) of that section—
in paragraph (a), after sub-paragraph (vii) insert—;
in paragraph (b), after sub-paragraph (v) insert—.
In section 124 (interpretation), in subsection (1), at the appropriate places insert—; .
Schedule 2—
contains amendments to do with Parts 1 and 2, and
replaces references to “money purchase scheme” so as to limit the number of different ways of categorising pension schemes.
Schedule 3 contains amendments of the Financial Services and Markets Act 2000, and of other legislation, that are about the giving of pensions guidance to pension scheme members, and survivors of pension scheme members, with a right or entitlement to flexible benefits.
Where a member of a pension scheme has subsisting rights in respect of any safeguarded benefits, or a survivor of a member has subsisting rights in respect of any safeguarded benefits, the trustees or managers must check that the member or survivor has received appropriate independent advice before—
converting any of the benefits into different benefits that are flexible benefits under the scheme;
making a transfer payment in respect of any of the benefits with a view to acquiring a right or entitlement to flexible benefits for the member or survivor under another pension scheme;
paying a lump sum that would be an uncrystallised funds pension lump sum in respect of any of the benefits.
The Secretary of State may by regulations make provision about—
what the trustees or managers must do to check that a member or survivor has received appropriate independent advice for the purposes of subsection (1), and
when the check must be carried out for the purposes of that subsection.
The Secretary of State may by regulations—
create an exception to subsection (1) in the case of a member or survivor whose subsisting rights in respect of safeguarded benefits under the scheme, or safeguarded benefits under the scheme and any other schemes, are worth less than a specified amount;
create other exceptions to subsection (1).
Regulations under subsection (3)(a) may, in particular, make provision about—
the valuation of the subsisting rights;
the process for determining whether the exception applies.
In subsection (1)(b) the reference to another pension scheme includes a scheme established in a country or territory outside Great Britain.
Where the trustees or managers fail to carry out a check required by this section, section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who failed to take reasonable steps to ensure that the check was carried out.
Failure to carry out a check required by this section does not affect the validity of any transaction.
In this section—
The Secretary of State may by regulations specify circumstances in which an employer must arrange or pay for a member of a pension scheme, or a survivor of a member of a pension scheme, to receive appropriate independent advice for the purpose of satisfying a requirement imposed by section 48.
Regulations under subsection (1) may, in particular—
impose limitations on the amount that an employer may be required to pay;
prohibit an employer from seeking in any way to recover, from a member or survivor, costs incurred by the employer in complying with the regulations;
provide for section 10 of the Pensions Act 1995 (civil penalties) to apply to a failure by an employer to comply with the regulations.
In this section “employer” has the meaning given by regulations made by the Secretary of State.
The Pension Schemes Act 1993 is amended as follows.
In section 99 (trustees' duties after exercise of option), after subsection (2) insert—
In section 101J (time for compliance with transfer notice in respect of pension credit benefits), after subsection (2A) (inserted by paragraph 18(3) of Schedule 4 to this Act) insert—
Where a member of a pension scheme has subsisting rights in respect of any safeguarded benefits, or a survivor of a member has subsisting rights in respect of any safeguarded benefits, the trustees or managers must check that the member or survivor has received appropriate independent advice before—
converting any of the benefits into different benefits that are flexible benefits under the scheme;
making a transfer payment in respect of any of the benefits with a view to acquiring a right or entitlement to flexible benefits for the member or survivor under another pension scheme;
paying a lump sum that would be an uncrystallised funds pension lump sum in respect of any of the benefits.
The Department for Social Development in Northern Ireland may by regulations make provision about—
what the trustees or managers must do to check that a member or survivor has received appropriate independent advice for the purposes of subsection (1), and
when the check must be carried out for the purposes of that subsection.
The Department for Social Development in Northern Ireland may by regulations—
create an exception to subsection (1) in the case of a member or survivor whose subsisting rights in respect of safeguarded benefits under the scheme, or safeguarded benefits under the scheme and any other schemes, are worth less than a specified amount;
create other exceptions to subsection (1).
Regulations under subsection (3)(a) may, in particular, make provision about—
the valuation of the subsisting rights;
the process for determining whether the exception applies.
In subsection (1)(b) the reference to another pension scheme includes a scheme established in a country or territory outside Northern Ireland.
Where the trustees or managers fail to carry out a check required by this section, Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to any trustee or manager who failed to take reasonable steps to ensure that the check was carried out.
Failure to carry out a check required by this section does not affect the validity of any transaction.
In this section—
“appropriate independent advice” means advice that—
The Department for Social Development in Northern Ireland may by regulations specify circumstances in which an employer must arrange or pay for a member of a pension scheme, or a survivor of a member of a pension scheme, to receive appropriate independent advice for the purpose of satisfying a requirement imposed by section 51.
Regulations under subsection (1) may, in particular—
impose limitations on the amount that an employer may be required to pay;
prohibit an employer from seeking in any way to recover, from a member or survivor, costs incurred by the employer in complying with the regulations;
provide for Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) to apply to a failure by an employer to comply with the regulations.
In this section “employer” has the meaning given by regulations made by the Department for Social Development in Northern Ireland.
The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.
In section 95 (trustees' duties after exercise of option), after subsection (2) insert—
In section 97J (time for compliance with transfer notice in respect of pension credit benefits), after subsection (2A) (inserted by paragraph 64(3) of Schedule 4 to this Act) insert—
In Part 4 of the Income Tax (Earnings and Pensions) Act 2003 (employment income: exemptions), in Chapter 9 (exemptions: pension provision), after section 308A insert—
In that Part of that Act, in section 228 (effect of exemptions on liability under provisions outside Part 2), in subsection (2), after paragraph (d) insert—.
The amendments made by this section have effect for the tax year 2015-16 and subsequent tax years.
In the case of a member of an occupational pension scheme the only sums or assets that may be designated as available for the payment of drawdown pension for the member under the scheme are sums or assets held for the purposes of providing money purchase benefits to or in respect of the member.
In the case of a survivor of a member of an occupational pension scheme the only sums or assets that may be designated as available for the payment of dependants' drawdown pension, nominees' drawdown pension or successors' drawdown pension for the survivor under the scheme are sums or assets held for the purposes of providing money purchase benefits to the survivor.
This section overrides any provision of an occupational pension scheme to the extent that there is a conflict.
This section does not apply in relation to sums or assets designated before 6 April 2015.
The Secretary of State may by regulations make provision about the conversion of benefits under an occupational pension scheme in circumstances where—
a member of the scheme, or a survivor of a member of the scheme, has subsisting rights in respect of any flexible benefits other than money purchase benefits under the scheme, and
the member or survivor exercises an option to convert any of the benefits into money purchase benefits for the purposes of enabling sums or assets to be designated as available for the payment of drawdown pension, dependants' drawdown pension, nominees' drawdown pension or successors' drawdown pension.
Regulations under subsection (1) may, in particular, make provision about how the rate or amount of any benefits not converted are to be calculated in future.
In relation to a conversion that takes place before the member or survivor reaches normal pension age, regulations under subsection (1) may in particular make provision about—
the manner in which benefits are to be calculated for the purpose of converting them into money purchase benefits;
the use of any power to reduce benefits.
Regulations made under this section may include provision for them to override the provisions of a pension scheme to the extent that there is a conflict.
The Secretary of State may by regulations make provision about the calculation of lump sums in circumstances where—
a member of an occupational pension scheme, or a survivor of a member of the scheme, has subsisting rights in respect of any flexible benefits other than money purchase benefits under the scheme, and
the member or survivor exercises an option to be paid a lump sum in respect of any of those benefits.
Regulations under subsection (1) may, in particular, make provision about how the rate or amount of any remaining benefits are to be calculated in future.
In a case where a member or survivor exercises an option to be paid a lump sum before reaching normal pension age, regulations under subsection (1) may in particular make provision about—
the manner in which benefits are to be calculated for the purpose of determining the amount available for the payment of the lump sum;
the use of any power to reduce the amount of the lump sum.
Regulations made under this section may include provision for them to override the provisions of a pension scheme to the extent that there is a conflict.
In section 73A of the Pensions Act 1995 (operation of scheme during winding up period), after subsection (6) insert—
In section 73B of that Act (sections 73 and 73A: supplementary), in subsections (1) and (3), after “section 73A(3)” insert “ or (6A) ”.
In section 135 of the Pensions Act 2004 (restrictions on winding up, discharge of liabilities etc during assessment period), in subsection (4), before paragraph (a) insert—.
Section 138 of the Pensions Act 2004 (payment of scheme benefits during assessment period) is amended as follows.
In subsection (1), after “Subsections (2)” insert “ , (2A) ”.
After subsection (2) insert—
In subsection (3), omit “But”.
In subsection (5), for “subsection (2)” substitute “ subsections (2) and (2A) ”.
In subsection (6), for “subsection (3)” substitute “ subsections (2A) and (3) ”.
In subsection (7), after “Subsections (2),” insert “ (2A), ”.
In subsection (8), after “subsections (2)” insert “ , (2A) ”.
In subsection (9), for “subsections (2) and (3)” substitute “ subsections (2) to (3) ”.
After subsection (9) insert—
In subsection (12), for “subsection (2)” substitute “ subsections (2) and (2A) ”.
In subsection (13), after “subsection (2)” insert “ , (2A) ”.
In section 101AI of the Pension Schemes Act 1993 (early leavers: cash transfer sums and contribution refunds - further provisions), in subsection (8)—
in paragraph (a), after sub-paragraph (ix) insert—;
in paragraph (b), after sub-paragraph (vii) insert—
In section 67A of the Pensions Act 1995 (the subsisting rights provisions: interpretation), in subsection (9)—
in paragraph (a), after sub-paragraph (x) (inserted by section 45 of this Act) insert—;
in paragraph (b), after sub-paragraph (viii) (inserted by section 45 of this Act) insert—
In section 318 of the Pensions Act 2004 (interpretation), in subsection (3)—
in paragraph (a), after sub-paragraph (x) (inserted by Schedule 2 to this Act) insert—;
in paragraph (b), after sub-paragraph (viii) (inserted by Schedule 2 to this Act) insert—
In the case of a member of an occupational pension scheme the only sums or assets that may be designated as available for the payment of drawdown pension for the member under the scheme are sums or assets held for the purposes of providing money purchase benefits to or in respect of the member.
In the case of a survivor of a member of an occupational pension scheme the only sums or assets that may be designated as available for the payment of dependants' drawdown pension, nominees' drawdown pension or successors' drawdown pension for the survivor under the scheme are sums or assets held for the purposes of providing money purchase benefits to the survivor.
This section overrides any provision of an occupational pension scheme to the extent that there is a conflict.
This section does not apply in relation to sums or assets designated before 6 April 2015.
The Department for Social Development in Northern Ireland may by regulations make provision about the conversion of benefits under an occupational pension scheme in circumstances where—
a member of the scheme, or a survivor of a member of the scheme, has subsisting rights in respect of any flexible benefits other than money purchase benefits under the scheme, and
the member or survivor exercises an option to convert any of the benefits into money purchase benefits for the purposes of enabling sums or assets to be designated as available for the payment of drawdown pension, dependants' drawdown pension, nominees' drawdown pension or successors' drawdown pension.
Regulations under subsection (1) may, in particular, make provision about how the rate or amount of any benefits not converted are to be calculated in future.
In relation to a conversion that takes place before the member or survivor reaches normal pension age, regulations under subsection (1) may in particular make provision about—
the manner in which benefits are to be calculated for the purpose of converting them into money purchase benefits;
the use of any power to reduce benefits.
Regulations made under this section may include provision for them to override the provisions of a pension scheme to the extent that there is a conflict.
The Department for Social Development in Northern Ireland may by regulations make provision about the calculation of lump sums in circumstances where—
a member of an occupational pension scheme, or a survivor of a member of the scheme, has subsisting rights in respect of any flexible benefits other than money purchase benefits under the scheme, and
the member or survivor exercises an option to be paid a lump sum in respect of any of those benefits.
Regulations under subsection (1) may, in particular, make provision about how the rate or amount of any remaining benefits are to be calculated in future.
In a case where a member or survivor exercises an option to be paid a lump sum before reaching normal pension age, regulations under subsection (1) may in particular make provision about—
the manner in which benefits are to be calculated for the purpose of determining the amount available for the payment of the lump sum;
the use of any power to reduce the amount of the lump sum.
Regulations made under this section may include provision for them to override the provisions of a pension scheme to the extent that there is a conflict.
In Article 73A of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (operation of scheme during winding up period), after paragraph (6) insert—
In Article 73B of that Order (Articles 73 and 73A: supplementary), in paragraphs (1) and (3), after “Article 73A(3)” insert “ or (6A) ”.
In Article 119 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (restrictions on winding up, discharge of liabilities etc during assessment period), in paragraph (4), before sub-paragraph (a) insert—.
Article 122 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (payment of scheme benefits during assessment period) is amended as follows.
In paragraph (1), after “Paragraphs (2)” insert “ , (2A) ”.
After paragraph (2) insert—
In paragraph (3), omit “But”.
In paragraph (5), for “paragraph (2)” substitute “ paragraphs (2) and (2A) ”.
In paragraph (6), for “paragraph (3)” substitute “ paragraphs (2A) and (3) ”.
In paragraph (7), after “Paragraphs (2),” insert “ (2A), ”.
In paragraph (8), after “paragraphs (2)” insert “ , (2A) ”.
In paragraph (9), for “paragraphs (2) and (3)” substitute “ paragraphs (2) to (3) ”.
After paragraph (9) insert—
In paragraph (12), for “paragraph (2)” substitute “ paragraphs (2) and (2A) ”.
In paragraph (13), after “paragraph (2)” insert “ , (2A) ”.
In section 97AI of the Pension Schemes (Northern Ireland) Act 1993 (early leavers: cash transfer sums and contribution refunds - further provisions), in subsection (7)—
in paragraph (a), after sub-paragraph (vii) insert—;
in paragraph (b), after sub-paragraph (v) insert—
In Article 67A of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (the subsisting rights provisions: interpretation), in paragraph (9)—
in sub-paragraph (a), after head (vii) insert—;
in sub-paragraph (b), after head (v) insert—
In Article 2 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (interpretation), in paragraph (4)—
in sub-paragraph (a), after head (vii) insert—;
in sub-paragraph (b), after head (v) insert—
Schedule 4 contains amendments that confer new statutory rights to transfer benefits.
The Pension Schemes Act 1993 is amended as follows.
In section 95 (ways of taking right to cash equivalent), in subsection (2), after “occupational pension scheme” insert “ that is not an unfunded public service defined benefits scheme ”.
In section 95, after subsection (2) insert—
After section 95(5) insert—
In section 95(6)—
after “subsections (2)” insert “ , (2A) ”;
after “subsection (2)” insert “ or (2A) ”.
In section 96 (further provisions concerning exercise of option under section 95), in subsection (2)(b), after “subsection (2)” insert “ , subsection (2A) ”.
In section 100 (withdrawal of applications), in subsection (2), after “subsection (2)” insert “ , subsection (2A) ”.
The amendments made by this section have no effect in relation to an application made under section 95(1) of the Pension Schemes Act 1993 before 6 April 2015.
Until the coming into force of the first regulations made under a provision of the Pension Schemes Act 1993 specified in the first column of the table, regulations made under the provision of that Act specified in the corresponding entry in the second column apply (with any necessary modifications) for the purposes of the provision specified in the first column— New provision of Act Existing provision of Act Section 95(2A)(a)(iii) Section 95(2)(a)(ii) Section 95(2A)(b)(iii) Section 95(2)(b)(ii) Section 95(2A)(c) Section 95(2)(c) Section 95(2A)(d) Section 95(2)(d) Section 95(5A) Section 95(5)(a).
The Pension Schemes Act 1993 is amended as follows.
In section 97 (calculation of cash equivalents), in subsection (1)—
after “verified” insert— ;
at the end insert, and
After section 97 insert—
After section 97B (inserted by subsection (3)) insert—
In the Pension Schemes Act 1993, in section 182 (orders and regulations: general provisions), after subsection (1) insert—
In that Act, in section 185 (consultations about other regulations), after subsection (5) insert—
In that Act, in section 186 (Parliamentary control of orders and regulations)—
in subsection (1) (negative procedure), after “Secretary of State” insert “ or the Treasury ”;
in subsection (3) (affirmative procedure), after paragraph (e) insert, or ;
after subsection (5) insert—
In the Pensions Act 2004, in section 18 (pension liberation: interpretation), in subsection (4)(a) (meaning of “authorised way”), omit “subsection (2) or, as the case may be, subsection (3) of”.
The consultation requirement in section 185(5A) of the Pension Schemes Act 1993 (inserted by subsection (2)) may be satisfied by things done before the day on which this Act is passed.
The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.
In section 91(2), after “occupational pension scheme” insert “ that is not an unfunded public service defined benefits scheme ”.
In section 91, after subsection (2) insert—
After section 91(5) insert—
In section 91(6)—
after “subsections (2)” insert “ , (2A) ”;
after “subsection (2)” insert “ or (2A) ”.
In section 92 (further provisions concerning exercise of option under section 91), in subsection (2)(b), after “subsection (2)” insert “ , subsection (2A) ”.
In section 96 (withdrawal of applications), in subsection (2), after “subsection (2)” insert “ , subsection (2A) ”.
The amendments made by this section have no effect in relation to an application made under section 91 of the Pension Schemes (Northern Ireland) Act 1993 before 6 April 2015.
Until the coming into force of the first regulations made under a provision of the Pension Schemes (Northern Ireland) Act 1993 specified in the first column of the table, regulations made under the provision of that Act specified in the corresponding entry in the second column apply (with any necessary modifications) for the purposes of the provision specified in the first column— New provision of Act Existing provision of Act Section 91(2A)(a)(iii) Section 91(2)(a)(ii) Section 91(2A)(b)(iii) Section 91(2)(b)(ii) Section 91(2A)(c) Section 91(2)(c) Section 91(2A)(d) Section 91(2)(d) Section 91(5A) Section 91(5)(a).
The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.
In section 93 (calculation of cash equivalents), in subsection (1)—
after “verified” insert— ;
at the end insert, and
After section 93 insert—
After section 93A (inserted by subsection (3)) insert—
In the Pension Schemes (Northern Ireland) Act 1993, in section 176 (general interpretation), in subsection (1), in the definition of “regulations”, after “means” insert “ , unless the context otherwise requires, ”.
In that Act, in section 181 (Assembly etc control of regulations and orders)—
in subsection (2) (regulations and orders subject to confirmatory procedure), at the end insert “ and to regulations made by the Department of Finance and Personnel under section 93A(10) ”;
in subsection (4) (regulations and orders subject to negative resolution), for “shall” substitute “ and regulations made by the Department of Finance and Personnel under section 91 or 93B shall ”.
In the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), in Article 14 (pension liberation: interpretation), in paragraph (4)(a) (meaning of “authorised way”), omit “subsection (2) or, as the case may be, subsection (3) of”.
In this Part “flexible benefit”, in relation to a member of a pension scheme or a survivor of a member, means—
a money purchase benefit,
a cash balance benefit, or
a benefit, other than a money purchase benefit or cash balance benefit, calculated by reference to an amount available for the provision of benefits to or in respect of the member (whether the amount so available is calculated by reference to payments made by the member or any other person in respect of the member or any other factor).
In this Part “cash balance benefit”, in relation to a member of a pension scheme or a survivor of a member, means a benefit calculated by reference to an amount available for the provision of benefits to or in respect of the member (“the available amount”) where there is a promise about that amount.
But a benefit is not a “cash balance benefit” if, under the scheme—
a pension may be provided from the available amount to or in respect of the member, and
there is a promise about the rate of that pension.
The promise mentioned in subsection (1) includes, in particular, a promise about the change in the value of, or the return from, payments made by the member or any other person in respect of the member.
The promise mentioned in subsection (2)(b) includes a promise that—
the available amount will be sufficient to provide a pension of a particular rate;
the rate of a pension will represent a particular proportion of the available amount.
A benefit is not excluded from the definition of “cash balance benefit” by subsection (2) merely because under the scheme there is a promise that—
the rate or amount of the benefit payable in respect of a deceased member will be a particular proportion of the rate or amount of the benefit which was (or would have been) payable to the member, or
the amount of a lump sum payable to a member, or in respect of a deceased member, will represent a particular proportion of the available amount.
In this Part—
in relation to a scheme established under a trust, the trustees, and
In any provision of this Part as it extends to England and Wales and Scotland—
In any provision of this Part as it extends to Northern Ireland—
In Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 ”.
The Secretary of State may make payments into the Remploy Limited Pension and Assurance Scheme.
In the Judicial Pensions and Retirement Act 1993, after Part 1 insert—
Schedule 5 contains related amendments.
In paragraph 1(5) of Schedule 2A to the Judicial Pensions and Retirement Act 1993 (pension credits), for the words from “in respect of the office” to the end substitute “ in respect of the rights from which the pension credit is derived ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sections 17(11), 24D(5), 37(7) and 38A of the Pension Schemes Act 1993 (regulations about relevant gender change cases) extend to Scotland.
The Pension Schemes Act 1993 is amended as follows.
“normal benefit age”, in relation to a pension credit benefit for a member of a scheme, is the earliest age at which the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill-health or otherwise); “normal pension age”, in relation to a benefit for a member of a scheme, means the earliest age at which the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill-health or otherwise).
In section 101C (basic principle as to pension credit benefit), for subsection (1) substitute—
The appropriate national authority may by regulations make provision that is consequential on any provision made by this Act.
Regulations under this section may amend, repeal, revoke or otherwise modify any primary or subordinate legislation (whenever passed or made).
In this section—
Regulations made by the Secretary of State or the Treasury under this Act are to be made by statutory instrument.
A statutory instrument containing— (whether alone or with other provision) may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.
the first regulations under section 8(3)(b), 9, 10, 11 or 21,
regulations under section 48(3)(b), or
regulations under section 83 that amend, repeal or otherwise modify a provision of primary legislation,
Any other statutory instrument containing regulations under this Act is subject to annulment in pursuance of a resolution of either House of Parliament.
Subsection (3) does not apply to a statutory instrument containing regulations under section 89(4) or (6) only.
A power of the Department for Social Development in Northern Ireland to make regulations under this Act is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)).
Subsection (3) applies where regulations made by the Department for Social Development in Northern Ireland contain— (whether alone or with other provision).
provision made under section 51(3)(b), or
provision made under section 83 that amends, repeals, revokes or otherwise modifies a provision of primary legislation,
Where this subsection applies, the regulations—
must be laid before the Northern Ireland Assembly after being made;
take effect on such date as may be specified in the regulations but (without prejudice to the validity of anything done under them or to the making of new regulations) cease to have effect on the expiry of a period of 6 months from that date unless at some time before the expiry of that period the regulations are approved by a resolution of the Northern Ireland Assembly.
Any other regulations made by the Department for Social Development in Northern Ireland under this Act are subject to negative resolution within the meaning of section 41(6) of the Interpretation Act (Northern Ireland) 1954 (c. 33 (N.I.)).
Subsection (4) does not apply to regulations containing provision under section 89(6) only.
A power to make regulations under this Act may be used—
to make different provision for different purposes;
in relation to all or only some of the purposes for which it may be used.
Regulations under this Act may include incidental, supplementary, consequential, transitional, transitory or saving provision.
In this section “the relevant provisions” means—
Part 2,
section 36,
section 37,
in Chapter 2 of Part 4, sections 48, 49, 51 and 52, and
in Chapter 3 of Part 4, sections 55 to 57 and 61 to 63.
The relevant provisions apply to a pension scheme managed by or on behalf of the Crown as they apply to other pension schemes.
Accordingly, references in those provisions to a person in the person's capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that capacity.
References in the relevant provisions to a person in the person's capacity as an employer include the Crown, or a person acting on behalf of the Crown, in that capacity.
Nothing in the relevant provisions applies to Her Majesty in Her private capacity (within the meaning of the Crown Proceedings Act 1947).
This Act extends to England and Wales and Scotland only, subject to the following provisions of this section.
Any amendment or repeal made by this Act has the same extent as the enactment to which it relates.
Section 81 extends to Scotland only.
The following extend also to Northern Ireland—
section 54(3);
Chapter 5 of Part 4;
this Part.
The following extend to Northern Ireland only—
in Chapter 2 of Part 4, sections 51 and 52;
in Chapter 3 of Part 4, sections 61 to 63;
section 71(8) and (9).
The following come into force on the day on which this Act is passed—
section 47 and Schedule 3;
any other provision of Part 4 so far as is necessary for enabling the exercise on or after the day on which this Act is passed of any power to make provision by regulations;
sections 78 and 79 and Schedule 5;
section 80;
this Part.
Section 82 comes into force on 1 April 2015.
The following come into force on 6 April 2015—
paragraphs 24, 30, 33 and 36 of Schedule 2 (and section 46 so far as relating to those provisions);
Part 4, so far as not already in force.
The following come into force on such day or days as may be appointed by regulations made by the Secretary of State—
Parts 1 to 3 other than paragraphs 24, 30, 33 and 36 of Schedule 2 (and section 46 so far as relating to those provisions);
sections 77 and 81.
Regulations under subsection (4) may appoint different days for different purposes.
The Secretary of State or the Department for Social Development in Northern Ireland may by regulations make transitional, transitory or saving provision in connection with the coming into force of any provision of this Act.
This Act may be cited as the Pension Schemes Act 2015.