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Pension Schemes Act 1993

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  1. Introductory Text

  2. Part I Preliminary

    1. 1.Categories of pension schemes

  3. Part II Administration

    1. The Occupational Pensions Board

      1. 2.Constitution and functions of the Board

      2. 3.Membership of the Board

      3. 4.Reports of the Board

      4. 5.Further provisions as to constitution and procedure of the Board

    2. Registration of schemes

      1. 6.Registration of occupational and personal pension schemes

  4. Part III Certification of Pension Schemes and Effects on Members' State Scheme Rights and Duties

    1. Chapter I Certification

      1. Preliminary

        1. 7.Issue of contracting-out and appropriate scheme certificates

        2. 8.Meaning of “contracted-out employment”, “guaranteed minimum pension” and “minimum payment”

      2. General requirements for certification

        1. 9.Requirements for certification of schemes: general

        2. 10.Protected rights and money purchase benefits

        3. 11.Elections as to employments covered by contracting-out certificates

        4. 12.Determination of basis on which scheme is contracted-out

      3. Requirements for certification of occupational pension schemes providing guaranteed minimum pensions

        1. 13.Minimum pensions for earners

        2. 14.Earner’s guaranteed minimum

        3. 15.Increase of guaranteed minimum where commencement of guaranteed minimum pension postponed

        4. 16.Revaluation of earnings factors for purposes of s. 14: early leavers etc

        5. 17.Minimum pensions for widows and widowers

        6. 18.Treatment of insignificant amounts

        7. 19.Discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts

        8. 20.Transfer of accrued rights

        9. 21.Commutation, surrender and forfeiture

        10. 22.Financing of benefits

        11. 23.Securing of benefits

        12. 24.Sufficiency of resources

      4. Discretionary requirements

        1. 25.Power for Board to impose conditions as to investments and resources

      5. Requirements for certification of occupational and personal money purchase schemes

        1. 26.Persons who may establish scheme

        2. 27.Identification and valuation of protected rights

        3. 28.Ways of giving effect to protected rights

        4. 29.The pension and annuity requirements

        5. 30.Securing of liability for protected rights

        6. 31.Investment and resources of schemes

        7. 32.Suspension or forfeiture

        8. 33.Tax requirements to prevail over certification requirements

      6. Cancellation, variation, surrender and refusal of certificates

        1. 34.Cancellation, variation, surrender and refusal of certificates

        2. 35.Surrender and cancellation of contracting-out certificates: issue of further certificates

        3. 36.Surrender and cancellation of contracting-out certificates: cancellation of further certificates

      7. Alteration of scheme rules after certification

        1. 37.Alteration of rules of contracted-out schemes

        2. 38.Alteration of rules of appropriate schemes

      8. General regulations as to administration of Part III

        1. 39.General power to make regulations

    2. Chapter II Reduction in state scheme contributions and Social Security benefits for members of certified schemes

      1. Preliminary

        1. 40.Scope of Chapter II

      2. Reduced rates of state scheme Class 1 contributions

        1. 41.Reduced rates of Class 1 contributions for earners in contracted-out employment

        2. 42.Review and alteration of rates of contributions applicable under s. 41

      3. Minimum contributions: members of appropriate personal pension schemes

        1. 43.Payment of minimum contributions to personal pension schemes

        2. 44.Earner’s chosen scheme

        3. 45.Amount of minimum contributions

      4. Effect of entitlement to guaranteed minimum pensions on payment of social security benefits

        1. 46.Effect of entitlement to guaranteed minimum pensions on payment of social security benefits

        2. 47.Further provisions concerning entitlement to guaranteed minimum pensions for the purposes of s. 46

        3. 48.Reduced benefits where minimum payments or minimum contributions paid

      5. Married women and widows

        1. 49.Married women and widows

    3. Chapter III Termination of contracted-out or appropriate scheme status: state scheme premiums

      1. Approval of arrangements for schemes ceasing to be certified

        1. 50.Powers of Board to approve arrangements for scheme ceasing to be certified

        2. 51.Calculation of guaranteed minimum pensions preserved under approved arrangements

      2. Supervision of formerly certified schemes

        1. 52.Supervision of schemes which have ceased to be certified

        2. 53.Supervision: former contracted-out schemes

        3. 54.Supervision: former appropriate personal pension schemes

      3. State scheme premiums

        1. 55.Payment of state scheme premiums on termination of certified status

        2. 56.Provisions supplementary to s. 55

        3. 57.Elections to pay contributions equivalent premiums

        4. 58.Amount of premiums payable under s. 55

        5. 59.Alternative basis for revaluation of earnings factors for calculation of certain premiums

        6. 60.Effect of payment of premiums on rights

        7. 61.Deduction of contributions equivalent premium from refund of scheme contributions

        8. 62.No recovery of state scheme premiums from earners etc

        9. 63.Further provisions concerning calculations relating to premiums

        10. 64.Actuarial tables for purposes of calculations relating to premiums

        11. 65.Inclusion of former and future earners for some purposes of this Chapter

        12. 66.Power to apply certain provisions to widowers

        13. 67.Non-payment of state scheme premiums

        14. 68.Unpaid premiums: supplementary

  5. Part IV Protection for early leavers

    1. Chapter I reservation of benefit under occupational schemes

      1. 69.Scope of Chapter I: the preservation requirements

      2. 70.Interpretation

      3. 71.Basic principle as to short service benefit

      4. 72.No discrimination between short service and long service beneficiaries

      5. 73.Form of short service benefit and its alternatives

      6. 74.Computation of short service benefit

      7. 75.Credits

      8. 76.Pension increases

      9. 77.Assignment, surrender and commutation of benefit

      10. 78.Forfeiture, etc

      11. 79.Charges, liens and set-offs

      12. 80.Power to modify ss. 77 to 79 as respects alternative benefits

      13. 81.Discharge of liability where short service or alternative benefits secured by insurance policies or annuity contracts

      14. 82.Supplementary regulations

    2. Chapter II Revaluation of accrued benefits (excluding guaranteed minimum pensions)

      1. 83.Scope of Chapter II

      2. 84.Basis of revaluation

      3. 85.Revaluation not to apply to substituted benefit

      4. 86.Supplementary provisions

    3. Chapter III Protection of increases in guaranteed minimum pensions (“anti-franking”)

      1. 87.General protection principle

      2. 88.The relevant sum

      3. 89.The appropriate addition

      4. 90.The later earnings addition

      5. 91.Special provision where employment continues after it ceases to be contracted-out by reference to scheme

      6. 92.Supplementary provisions

    4. Chapter IV Transfer values

      1. 93.Scope of Chapter IV

      2. 94.Right to cash equivalent

      3. 95.Ways of taking right to cash equivalent

      4. 96.Further provisions concerning exercise of option under s. 95

      5. 97.Calculation of cash equivalents

      6. 98.Variation and loss of rights under s. 94

      7. 99.Trustees' duties after exercise of option

      8. 100.Withdrawal of applications

      9. 101.Supplementary provisions

  6. Part V Annual Increases of Pensions in Payment

    1. Chapter I Pensions under Final Salary Schemes etc.

      1. 102.Scope of Chapter I: annual increase of certain occupational pensions

      2. 103.Annual increase of later service component

      3. 104.Annual increase of earlier service component where scheme is in surplus

      4. 105.Proportional increase where first period is less than 12 months

      5. 106.Restriction on increase where member is under 55

      6. 107.Application of Chapter I to pensions not attributable to pensionable service

      7. 108.No payments to employers from non-complying schemes

    2. Chapter II Guaranteed minimum pensions

      1. 109.Annual increase of guaranteed minimum pensions

      2. 110.Requirement as to resources for annual increase of guaranteed minimum pensions

  7. Part VI Further Requirements for Protection of Scheme Members

    1. 111.Voluntary contributions

    2. 112.Restrictions on investment of scheme’s resources in employer-related assets

    3. 113.Disclosure of information about schemes to members etc

    4. 114.Additional documents for members etc. and Registrar

    5. 115.Powers as respects failure to comply with information requirements

    6. 116.Regulations as to auditors

    7. 117.Regulations as to form and content of advertisements

    8. 118.Equal access requirements

  8. Part VII Insolvency of employers

    1. Chapter I Independent trustees

      1. 119.Requirement for independent trustee where employer becomes insolvent etc

      2. 120.Members' powers to apply to court to enforce duty under s. 119

      3. 121.Further provisions as to appointment and powers of independent trustees

      4. 122.Duty of insolvency practitioner or official receiver to give information to scheme trustees

    2. Chapter II Payment by Secretary of State of unpaid scheme contributions

      1. 123.Interpretation of Chapter II

      2. 124.Duty of Secretary of State to pay unpaid contributions to schemes

      3. 125.Certification of amounts payable under s. 124 by insolvency officers

      4. 126.Complaint to industrial tribunal

      5. 127.Transfer to Secretary of State of rights and remedies

    3. Chapter III Priority in bankruptcy

      1. 128.Priority in bankruptcy etc

  9. Part VIII Relationship between requirements and scheme rules

    1. 129.Overriding requirements

    2. 130.Extra-statutory benefits

    3. 131.Relationship of preservation requirements and scheme rules

    4. 132.Duty to bring schemes into conformity with indirectly-applying requirements

    5. 133.Advice of the Board as to conformity of schemes with requirements

    6. 134.Determination of questions whether schemes conform with requirements

    7. 135.Persons competent to make applications under s. 134

  10. Part IX Modification and winding up of schemes

    1. Modification

      1. 136.Applications to the Board to modify schemes (other than public service schemes)

      2. 137.Persons competent to make applications under s. 136

      3. 138.Further provisions concerning the Board’s powers under s. 136

      4. 139.Other functions of the Board as respects modification of schemes

      5. 140.Effect of orders under ss. 136 and 139

      6. 141.Modification of public service schemes

    2. Winding up

      1. 142.Powers of the Board to wind up schemes

      2. 143.Winding up of public service schemes

      3. 144.Deficiencies in the assets of a scheme on winding up

  11. Part X Investigations: the Pensions Ombudsman

    1. 145.The Pensions Ombudsman

    2. 146.Functions of the Pensions Ombudsman

    3. 147.Death, insolvency or disability of authorised complainant

    4. 148.Staying court proceedings where a complaint is made or a dispute is referred

    5. 149.Procedure on an investigation

    6. 150.Investigations: further provisions

    7. 151.Determinations of the Pensions Ombudsman

    8. 152.Power to make special county court rules

  12. Part XI General and miscellaneous provisions

    1. Modification powers

      1. 153.Power to modify certain provisions of this Act

      2. 154.Application of enactments as respects personal pension schemes

    2. Information about schemes

      1. 155.Requirement to give information to the Secretary of State or the Board for the purposes of certain provisions

      2. 156.Information as to guaranteed minimum pensions

      3. 157.Power of Secretary of State to obtain information in connection with applications under s. 124

      4. 158.Disclosure of information between government departments etc

    3. Avoidance of certain transactions and provisions

      1. 159.Inalienability of guaranteed minimum pension and protected rights payments

      2. 160.Terms of contracts of service or schemes restricting choice to be void

      3. 161.Provisions excluding Chapter II of Part VII to be void

      4. 162.Removal of restrictions on friendly societies' pension business

      5. 163.Exemption of certain schemes from rule against perpetuities

    4. Special classes of earner

      1. 164.Crown employment

      2. 165.Application of certain provisions to cases with foreign element

    5. Reciprocity with other countries

      1. 166.Reciprocity with other countries

    6. Application of provisions relating to social security administration

      1. 167.Application of general provisions relating to administration of social security

    7. General provisions as to offences

      1. 168.Breach of regulations

      2. 169.Offences by bodies corporate

    8. General provisions as to determinations and appeals

      1. 170.Determination of questions by Secretary of State

      2. 171.Questions arising in proceedings

      3. 172.Review of the Board’s determinations

      4. 173.References and appeals from the Board

    9. Financial provisions

      1. 174.Grants by the Board to advisory bodies etc

      2. 175.Levies towards meeting certain costs and grants

      3. 176.Fees for official services to schemes

      4. 177.General financial arrangements

  13. Part XII Supplementary Provisions

    1. Interpretation

      1. 178.Trustees and managers of schemes

      2. 179.Linked qualifying service

      3. 180.Normal pension age

      4. 181.General interpretation

    2. Subordinate legislation etc.

      1. 182.Orders and regulations (general provisions)

      2. 183.Sub-delegation

      3. 184.Consultation with Social Security Advisory Committee about regulations under s. 36(6)

      4. 185.Consultations about other regulations

      5. 186.Parliamentary control of orders and regulations

      6. 187.Northern Ireland Constitution Act 1973: “reserved matters”

    3. Supplemental provisions

      1. 188.Repeals

      2. 189.Transitional provisions and savings

      3. 190.Prospective and consequential amendments

      4. 191.Transitory modifications

      5. 192.Extent

      6. 193.Short title and commencement

    1. Schedule 1

      The Occupational Pensions Board.

    2. Schedule 2

      Certification regulations.

      1. Part I Occupational pension schemes.

      2. Part II Personal Pension Schemes.

    3. Schedule 3

      Methods of revaluing accrued pension benefits.

    4. Schedule 4

      Priority in Bankruptcy etc.

    5. Schedule 5

      Repeals.

      1. Part I General.

      2. Part II Provisions relating to equal access.

      3. Part III Provisions repealed as respects Great Britain only.

      4. Part IV Subordinate legislation revoked.

    6. Schedule 6

      Transitional Provisions and Savings.

      1. Part I General Provisions.

      2. Part II Specific Provisions.

    7. Schedule 7

      Re-enactment or amendment of certain provisions not in force.

    8. Schedule 8

      Consequential Amendments.

    9. Schedule 9

      Transitory Modifications.

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