Social Security Act 1986

Social Security Act 1973 (c. 38) U.K.

1 U.K. The Social Security Act 1973 shall be amended as follows.

2 In section 58(2) (linked qualifying service)—

(a) the following paragraph shall be substituted for paragraph (a)—

“(a) under the rules of a scheme applying to him in the earlier period of service—

(i) there was made a transfer of his accrued rights under that scheme to another scheme applying to him in the later period of service; or

(ii) those rights were secured by a policy of insurance or an annuity contract and were subsequently transferred to another scheme applying to him in the later period of service;”; and

(b) in paragraph (b), for the words “that transfer” there shall be substituted the words “the transfer of his accrued rights to the second scheme.”.

3 In section 64 (modification of occupational pension scheme by order of Occupational Pensions Board) the following subsection shall be inserted after subsection (1)—

“(1A) The Board shall also have power on such an application to make an order—

(a) authorising the modification of the scheme with a view to achieving any one or more of such other purposes as may be prescribed; or

(b) modifying the scheme with a view to achieving any one or more of those purposes.”.

4 In section 66—

(a) in subsection (1)(a), for the words “and the Pensions Act” there shall be substituted the words “, the Pensions Act and Part I of the Social Security Act 1986”;

(b) in subsection (7)(a), after the words “contracting-out certificates” there shall be inserted the words “and appropriate scheme certificates”; and

(c) the following subsection shall be substituted for subsection (10)—

“(10) References in this section—

(a) to this Part of this Act, the Pensions Act and Part I of the Social Security Act 1986 include references to any provisions in force in Northern Ireland and corresponding to provisions of this Part of this Act, the Pensions Act or Part I of the Social Security Act 1986; and

(b) to contracting-out certificates and appropriate scheme certificates include references to contracting-out certificates and appropriate scheme certificates within the meaning of any such provisions.”.

5 In section 67(1)(a) (review of determinations by Board) after the words “contracting-out certificate” there shall be inserted the words “or an appropriate scheme certificate”.

6 In section 69 (rule against perpetuities)—

(a) in subsection (1), for the words “an occupational” there shall be substituted the words “a personal or occupational”;

(b) in subsection (2), for the words “under this Part of this Act” there shall be substituted the words “or an appropriate scheme under Part I of the Social Security Act 1986”; and

(c) in subsection (5), for the words “which ceases to be contracted-out, or” there shall be substituted the words “which ceases—

(a) if it is an occupational pension scheme, to be contracted-out; or

(b) if it is a personal pension scheme, to be an appropriate scheme,

or ”.

7 Sections 70 (legal restrictions of doubtful application), 71 (friendly societies) and 72 (fees for official services to schemes) shall have effect in relation to personal pension schemes as they have effect in relation to occupational pension schemes.

Modifications etc. (not altering text)

C1 Sch. 10 para. 7: references relate to the Social Security Act 1973 (c. 38)

8 In section 99(1) the following definitions shall be inserted at the appropriate places—

• “ “appropriate scheme” shall be construed in accordance with Part I of the Social Security Act 1986;”; and

• “ “personal pension scheme” has the same meaning as in the Social Security Act 1986;”.

9 In paragraph 4 of Schedule 16 (preservation of benefits under occupational pension schemes)—

(a) for the words “requisite benefits” in the first place where they occur in sub-paragraph (2) and in sub-paragraph (3) there shall be substituted the words “a guaranteed minimum pension”; and

(b) for the words “his requisite benefits” in sub-paragraph (2) there shall be substituted the words “the guaranteed minimum pension”.