Search Legislation

Welfare Reform and Pensions Act 1999

Changes to legislation:

There are currently no known outstanding effects for the Welfare Reform and Pensions Act 1999, Section 40. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

40 Other pension schemes.E+W+S
This section has no associated Explanatory Notes

(1)The Secretary of State may by regulations make provision for a pension to which subsection (2) applies to be increased, as a minimum, by reference to [F1relevant percentage increases], so far as not exceeding [F2the maximum percentage] per annum.

(2)[F3Subject to subsection (2A), this] subsection applies to—

(a)a pension provided to give effect to eligible pension credit rights of a member under a qualifying occupational pension scheme, F4...

F4F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5(2A)Subsection (2) does not apply to pensions which—

(a)are money purchase benefits, and

(b)become pensions in payment on or after the commencement day.]

[F6(2AA) In subsection (1) “ relevant percentage increases ” means percentage increases estimated by the Secretary of State from time to time for the purposes of paragraph 2(3)(a) of Schedule 3 to the Pension Schemes Act 1993 for revaluation periods of 12 months. ]

[F5(2B) For the purposes of subsection (1) the “ maximum percentage ” means—

(a)5% in a case where—

(i)the pension is in payment before the commencement day, or

(ii)the pension is not in payment before the commencement day but the entitlement to the relevant pension credit arose before that day, and

(b)2.5% in a case where the entitlement to the relevant pension credit arises on or after the commencement day.]

(3)In this section—

  • [F7commencement day ” means the day appointed for the coming into force of section 280 of the Pensions Act 2004 (amendments to section 40); ]

  • eligible”, in relation to pension credit rights, means of a description prescribed by regulations made by the Secretary of State;

  • [F7money purchase benefit ” has the meaning given by section 181(1) of the Pension Schemes Act 1993; ]

  • pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a credit under section 29(1)(b) or under corresponding Northern Ireland legislation;

  • qualifying occupational pension scheme” means an occupational pension scheme which is not a public service pension scheme;

  • [F7relevant pension credit ” means the pension credit to which the eligible pension credit rights F8... are (directly or indirectly) attributable; ]

  • safeguarded rights” has the meaning given in section 68A of the M1Pension Schemes Act 1993.

Textual Amendments

F1Words in s. 40(1) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 19(10), 38(4); S.I. 2011/3034, art. 3(b)

F2Words in s. 40(1) substituted (15.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 280(2), 322(1) (with s. 313); S.I. 2005/275, art. 2(7), Sch. Pt. 7; S.I. 2005/695, art. 2(4)

F3Words in s. 40(2) substituted (15.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 280(3), 322(1) (with s. 313); S.I. 2005/275, art. 2(7), Sch. Pt. 7; S.I. 2005/695, art. 2(4)

F5S. 40(2A)(2B) inserted (15.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 280(4), 322(1) (with s. 313); S.I. 2005/275, art. 2(7), Sch. Pt. 7; S.I. 2005/695, art. 2(4)

F7Words in s. 40(3) inserted (15.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 280(5), 322(1) (with s. 313); S.I. 2005/275, art. 2(7), Sch. Pt. 7; S.I. 2005/695, art. 2(4)

F8Words in s. 40(3) repealed (6.4.2009) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 11 Pt. 2; S.I. 2009/82, art. 2(2)(g)

Modifications etc. (not altering text)

Commencement Information

I1S. 40 wholly in force at 1.12.2000; s. 40 in force for certain purposes at Royal Assent see s. 89(1); s. 40 in force at 1.12.2000 insofar as not already in force by S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

Marginal Citations

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources