Pensions Act 1995

  1. Introductory Text

  2. Part I Occupational pensions

    1. Occupational Pensions Regulatory Authority

      1. 1.The new authority

      2. 2.Reports to Secretary of State

    2. Supervision by the Authority

      1. 3.Prohibition orders

      2. 4.Suspension orders

      3. 5.Removal of trustees: notices

      4. 6.Removal or suspension of trustees: consequences

      5. 7.Appointment of trustees

      6. 8.Appointment of trustees: consequences

      7. 9.Removal and appointment of trustees: property

      8. 10.Civil penalties

      9. 11.Powers to wind up schemes

      10. 12.Powers to wind up public service schemes

      11. 13.Injunctions and interdicts

      12. 14.Restitution

      13. 15.Directions

    3. Member-nominated trustees and directors

      1. 16.Requirement for member-nominated trustees

      2. 17.Exceptions

      3. 18.Corporate trustees: member-nominated directors

      4. 19.Corporate trustees: exceptions

      5. 20.Selection, and eligibility, of member-nominated trustees and directors

      6. 21.Member-nominated trustees and directors: supplementary

    4. Independent trustees

      1. 22.Circumstances in which following provisions apply

      2. 23.Requirement for independent trustee

      3. 24.Members' powers to apply to court to enforce duty

      4. 25.Appointment and powers of independent trustees: further provisions

      5. 26.Insolvency practitioner or official receiver to give information to trustees

    5. Trustees: general

      1. 27.Trustee not to be auditor or actuary of the scheme

      2. 28.Section 27: consequences

      3. 29.Persons disqualified for being trustees

      4. 30.Persons disqualified: consequences

      5. 31.Trustees not to be indemnified for fines or civil penalties

    6. Functions of trustees

      1. 32.Decisions by majority

      2. 33.Investment powers: duty of care

      3. 34.Power of investment and delegation

      4. 35.Investment principles

      5. 36.Choosing investments

      6. 37.Payment of surplus to employer

      7. 38.Power to defer winding up

      8. 39.Exercise of powers by member trustees

    7. Functions of trustees or managers

      1. 40.Restriction on employer-related investments

      2. 41.Provision of documents for members

    8. Employee trustees

      1. 42.Time off for performance of duties and for training

      2. 43.Payment for time off

      3. 44.Time limit for proceedings

      4. 45.Remedies

      5. 46.Right not to suffer detriment in employment or be unfairly dismissed

    9. Advisers

      1. 47.Professional advisers

      2. 48.“Blowing the whistle”

    10. Receipts, payments and records

      1. 49.Other responsibilities of trustees, employers, etc

    11. Resolution of disputes

      1. 50.Resolution of disputes

    12. Indexation

      1. 51.Annual increase in rate of pension

      2. 52.Restriction on increase where member is under 55

      3. 53.Effect of increases above the statutory requirement

      4. 54.Sections 51 to 53: supplementary

      5. 55.Section 51: end of annual increase in GMP

    13. Minimum funding requirement

      1. 56.Minimum funding requirement

      2. 57.Valuation and certification of assets and liabilities

      3. 58.Schedules of contributions

      4. 59.Determination of contributions: supplementary

      5. 60.Serious underprovision

      6. 61.Sections 56 to 60: supplementary

    14. Equal treatment

      1. 62.The equal treatment rule

      2. 63.Equal treatment rule: supplementary

      3. 64.Equal treatment rule: exceptions

      4. 65.Equal treatment rule: consequential alteration of schemes

      5. 66.Equal treatment rule: effect on terms of employment, etc

    15. Modification of schemes

      1. 67.Restriction on powers to alter schemes

      2. 68.Power of trustees to modify schemes by resolution

      3. 69.Grounds for applying for modifications

      4. 70.Section 69: supplementary

      5. 71.Effect of orders under section 69

      6. 72.Modification of public service pension schemes

    16. Winding up

      1. 73.Preferential liabilities on winding up

      2. 74.Discharge of liabilities by insurance, etc

      3. 75.Deficiencies in the assets

      4. 76.Excess assets on winding up

      5. 77.Excess assets remaining after winding up: power to distribute

    17. The Pensions Compensation Board

      1. 78.The Compensation Board

      2. 79.Reports to Secretary of State

      3. 80.Review of decisions

    18. The compensation provisions

      1. 81.Cases where compensation provisions apply

      2. 82.Applications for payments

      3. 83.Amount of compensation

      4. 84.Payments made in anticipation

      5. 85.Surplus funds

      6. 86.Modification of compensation provisions

    19. Money purchase schemes

      1. 87.Schedules of payments to money purchase schemes

      2. 88.Schedules of payments to money purchase schemes: supplementary

      3. 89.Application of further provisions to money purchase schemes

      4. 90.Unpaid contributions in cases of insolvency

    20. Assignment, forfeiture, bankruptcy etc.

      1. 91.Inalienability of occupational pension

      2. 92.Forfeiture, etc

      3. 93.Forfeiture by reference to obligation to employer

      4. 94.Sections 91 to 93: supplementary

      5. 95.Pension rights of individuals adjudged bankrupt etc

    21. Questioning the decisions of the Authority

      1. 96.Review of decisions

      2. 97.References and appeals from the Authority

    22. Gathering information: the Authority

      1. 98.Provision of information

      2. 99.Inspection of premises

      3. 100.Warrants

      4. 101.Information and inspection: penalties

      5. 102.Savings for certain privileges etc

      6. 103.Publishing reports

    23. Disclosure of information: the Authority

      1. 104.Restricted information

      2. 105.Information supplied to the Authority by corresponding overseas authorities

      3. 106.Disclosure for facilitating discharge of functions by the Authority

      4. 107.Disclosure for facilitating discharge of functions by other supervisory authorities

      5. 108.Other permitted disclosures

      6. 109.Disclosure of information by the Inland Revenue

    24. Gathering information: the Compensation Board

      1. 110.Provision of information

      2. 111.Information: penalties

      3. 112.Savings for certain privileges

      4. 113.Publishing reports

      5. 114.Disclosure of information

    25. General

      1. 115.Offences by bodies corporate and partnerships

      2. 116.Breach of regulations

      3. 117.Overriding requirements

      4. 118.Powers to modify this Part

      5. 119.Calculations etc. under regulations: sub-delegation

      6. 120.Consultations about regulations

      7. 121.Crown application

      8. 122.Consequential amendments

      9. 123.“Connected” and “associated” persons

      10. 124.Interpretation of Part I

      11. 125.Section 124: supplementary

  3. Part II State Pensions

    1. 126.Equalisation of pensionable age and of entitlement to certain benefits

    2. 127.Enhancement of additional pension, etc. where family credit or disability working allowance paid

    3. 128.Additional pension: calculation of surpluses

    4. 129.Contribution conditions

    5. 130.Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act

    6. 131.Graduated retirement benefit.1992 c. 4

    7. 132.Extension of Christmas bonus for pensioners

    8. 133.Contributions paid in error

    9. 134.Minor amendments

  4. Part III Certification of pension schemes and effects on members' state scheme rights and duties

    1. Introductory

      1. 135.The “principal appointed day” for Part III

    2. New certification requirements applying as from the principal appointed day

      1. 136.New requirements for contracted-out schemes

    3. Reduction in State scheme contributions, payment of rebates and reduction in State scheme benefits

      1. 137.State scheme contributions and rebates

      2. 138.Minimum contributions towards appropriate personal pension schemes

      3. 139.Money purchase and personal pension schemes: verification of ages

      4. 140.Reduction in benefits for members of certified schemes

    4. Premiums and return to State scheme

      1. 141.State scheme etc. premiums and buyback into State scheme

    5. Protected rights

      1. 142.Interim arrangements for giving effect to protected rights

      2. 143.Requirements for interim arrangements

      3. 144.Interim arrangements: supplementary

      4. 145.Extension of interim arrangements to occupational pension schemes

      5. 146.Discharge of protected rights on winding up: insurance policies

    6. Miscellaneous

      1. 147.Monitoring personal pension schemes

      2. 148.Earner employed in more than one employment

      3. 149.Hybrid occupational pension schemes

      4. 150.Dissolution of Occupational Pensions Board

    7. Minor and consequential amendments

      1. 151.Minor and consequential amendments related to sections 136 to 150

  5. Part IV Miscellaneous and General

    1. Transfer values

      1. 152.Extension of scope of right to cash equivalent

      2. 153.Right to guaranteed cash equivalent

      3. 154.Right to guaranteed cash equivalent: supplementary

    2. Penalties

      1. 155.Breach of regulations under the Pension Schemes Act 1993

    3. Pensions Ombudsman

      1. 156.Employment of staff by the Pensions Ombudsman

      2. 157.Jurisdiction of Pensions Ombudsman

      3. 158.Costs and expenses

      4. 159.Disclosing information

      5. 160.Interest on late payment of benefit

    4. Modification and winding up of schemes

      1. 161.Repeal of sections 136 to 143 of the Pension Schemes Act 1993

    5. Personal pensions

      1. 162.Annual increase in rate of personal pension

      2. 163.Section 162: supplementary

      3. 164.Power to reject notice choosing appropriate personal pension scheme

    6. Levy

      1. 165.Levy

    7. Pensions on divorce, etc.

      1. 166.Pensions on divorce etc

      2. 167.Pensions on divorce, etc.: Scotland

    8. War Pensions

      1. 168.War pensions for widows: effect of remarriage

      2. 169.Extensions of Pensions Appeal Tribunals Act 1943

    9. Official and public service pensions

      1. 170.Pensions for dependants of the Prime Minister etc

      2. 171.Equal treatment in relation to official pensions

      3. 172.Information about public service schemes

    10. General minor and consequential amendments

      1. 173.General minor and consequential amendments

    11. Subordinate legislation etc.

      1. 174.Orders and regulations (general provisions)

      2. 175.Parliamentary control of orders and regulations

    12. General

      1. 176.Interpretation

      2. 177.Repeals

      3. 178.Extent

      4. 179.Northern Ireland

      5. 180.Commencement

      6. 181.Short title

    1. Schedule 1

      Occupational Pensions Regulatory Authority.

    2. Schedule 2

      Pensions Compensation Board.

    3. Schedule 3

      Amendments consequential on Part I.

    4. Schedule 4


      1. Part I Pensionable ages for men and women.

      2. Part II Entitlement to certain pension and other benefits.

      3. Part III Consequential amendments.

    5. Schedule 5

      Amendments relating to Part III.

    6. Schedule 6

      General minor and consequential amendments.

    7. Schedule 7


      1. Part I Occupational pensions.

      2. Part II State pensions.

      3. Part III Certification of pension schemes etc.

      4. Part IV Miscellaneous and General.