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Pensions Act 2004

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part 1 The Pensions Regulator

    1. Establishment

      1. 1.The Pensions Regulator

      2. 2.Membership of the Regulator

      3. 3.Further provision about the Regulator

    2. General provisions about functions

      1. 4.Regulator’s functions

      2. 5.Regulator’s objectives

      3. 6.Supplementary powers

      4. 7.Transfer of OPRA’s functions to the Regulator

    3. Non-executive functions

      1. 8.Non-executive functions

    4. The Determinations Panel

      1. 9.The Determinations Panel

      2. 10.Functions exercisable by the Determinations Panel

    5. Annual report

      1. 11.Annual reports to Secretary of State

    6. Provision of information, education and assistance

      1. 12.Provision of information, education and assistance

    7. New powers in respect of occupational and personal pension schemes

      1. 13.Improvement notices

      2. 14.Third party notices

      3. 15.Injunctions and interdicts

      4. 16.Restitution

      5. 17.Power of the Regulator to recover unpaid contributions

      6. 18.Pension liberation: interpretation

      7. 19.Pension liberation: court’s power to order restitution

      8. 20.Pension liberation: restraining orders

      9. 21.Pension liberation: repatriation orders

    8. Powers in relation to winding up of occupational pension schemes

      1. 22.Powers to wind up occupational pension schemes

      2. 23.Freezing orders

      3. 24.Consequences of freezing order

      4. 25.Period of effect etc of freezing order

      5. 26.Validation of action in contravention of freezing order

      6. 27.Effect of determination to wind up scheme on freezing order

      7. 28.Effect of winding up order on freezing order

      8. 29.Effect of assessment period under Part 2 on freezing order

      9. 30.Power to give a direction where freezing order ceases to have effect

      10. 31.Notification of trustees, managers, employers and members

      11. 32.Sections 23 to 31: supplementary

    9. Trustees of occupational pension schemes

      1. 33.Prohibition orders

      2. 34.Suspension orders

      3. 35.Appointments of trustees by the Regulator

      4. 36.Independent trustees

      5. 37.Disqualification

    10. Contribution notices where avoidance of employer debt

      1. 38.Contribution notices where avoidance of employer debt

      2. 39.The sum specified in a section 38 contribution notice

      3. 40.Content and effect of a section 38 contribution notice

      4. 41.Section 38 contribution notice: relationship with employer debt

      5. 42.Section 38 contribution notice: clearance statements

    11. Financial support directions

      1. 43.Financial support directions

      2. 44.Meaning of “service company” and “insufficiently resourced”

      3. 45.Meaning of “financial support”

      4. 46.Financial support directions: clearance statements

      5. 47.Contribution notices where non-compliance with financial support direction

      6. 48.The sum specified in a section 47 contribution notice

      7. 49.Content and effect of a section 47 contribution notice

      8. 50.Section 47 contribution notice: relationship with employer debt

      9. 51.Sections 43 to 50: interpretation

    12. Transactions at an undervalue

      1. 52.Restoration orders where transactions at an undervalue

      2. 53.Restoration orders: supplementary

      3. 54.Content and effect of a restoration order

      4. 55.Contribution notice where failure to comply with restoration order

      5. 56.Content and effect of a section 55 contribution notice

    13. Sections 38 to 56: partnerships and limited liability partnerships

      1. 57.Sections 38 to 56: partnerships and limited liability partnerships

    14. Applications under the Insolvency Act 1986

      1. 58.Regulator’s right to apply under section 423 of Insolvency Act 1986

    15. Register of schemes

      1. 59.Register of occupational and personal pension schemes

      2. 60.Registrable information

      3. 61.The register: inspection, provision of information and reports etc

      4. 62.The register: duties of trustees or managers

      5. 63.Duty of the Regulator to issue scheme return notices

      6. 64.Duty of trustees or managers to provide scheme return

      7. 65.Scheme returns: supplementary

    16. Register of prohibited trustees

      1. 66.Register of prohibited trustees

      2. 67.Accessibility of register of prohibited trustees

    17. Collecting information relevant to the Board of the Pension Protection Fund

      1. 68.Information relevant to the Board

      2. 69.Duty to notify the Regulator of certain events

    18. Reporting breaches of the law

      1. 70.Duty to report breaches of the law

    19. Reports by skilled persons

      1. 71.Reports by skilled persons

    20. Gathering information

      1. 72.Provision of information

      2. 73.Inspection of premises

      3. 74.Inspection of premises in respect of employers' obligations

      4. 75.Inspection of premises: powers of inspectors

      5. 76.Inspection of premises: supplementary

      6. 77.Penalties relating to sections 72 to 75

      7. 78.Warrants

      8. 79.Sections 72 to 78: interpretation

    21. Provision of false or misleading information

      1. 80.Offences of providing false or misleading information

    22. Use of information

      1. 81.Use of information

    23. Disclosure of information

      1. 82.Restricted information

      2. 83.Information supplied to the Regulator by corresponding overseas authorities

      3. 84.Disclosure for facilitating exercise of functions by the Regulator

      4. 85.Disclosure for facilitating exercise of functions by the Board

      5. 86.Disclosure for facilitating exercise of functions by other supervisory authorities

      6. 87.Other permitted disclosures

      7. 88.Tax information

    24. Reports

      1. 89.Publishing reports etc

    25. Codes of practice

      1. 90.Codes of practice

      2. 91.Procedure for issue and publication of codes of practice

      3. 92.Revocation of codes of practice

    26. Exercise of regulatory functions

      1. 93.The Regulator’s procedure in relation to its regulatory functions

      2. 94.Publication of procedure in relation to regulatory functions

      3. 95.Application of standard and special procedure

      4. 96.Standard procedure

      5. 97.Special procedure: applicable cases

      6. 98.Special procedure

      7. 99.Compulsory review

      8. 100.Duty to have regard to the interests of members etc

      9. 101.Powers to vary or revoke orders, notices or directions etc

    27. The Pensions Regulator Tribunal

      1. 102.The Pensions Regulator Tribunal

      2. 103.References to the Tribunal

      3. 104.Appeal on a point of law

      4. 105.Redetermination etc by the Tribunal

      5. 106.Legal assistance scheme

  3. Part 2 The Board of the Pension Protection Fund

    1. Chapter 1 The Board

      1. Establishment

        1. 107.The Board of the Pension Protection Fund

        2. 108.Membership of the Board

        3. 109.Further provision about the Board

      2. General provision about functions

        1. 110.Board’s functions

        2. 111.Supplementary powers

      3. Non-executive functions

        1. 112.Non-executive functions

      4. Financial matters

        1. 113.Investment of funds

        2. 114.Investment principles

        3. 115.Borrowing

        4. 116.Grants

        5. 117.Administration levy

        6. 118.Fees

      5. Annual reports

        1. 119.Annual reports to Secretary of State

    2. Chapter 2 Information relating to employer’s insolvency etc

      1. Insolvency events

        1. 120.Duty to notify insolvency events in respect of employers

        2. 121.Insolvency event, insolvency date and insolvency practitioner

      2. Status of scheme

        1. 122.Insolvency practitioner’s duty to issue notices confirming status of scheme

        2. 123.Approval of notices issued under section 122

      3. Board’s duties

        1. 124.Board’s duty where there is a failure to comply with section 122

        2. 125.Binding notices confirming status of scheme

    3. Chapter 3 Pension protection

      1. Eligible schemes

        1. 126.Eligible schemes

      2. Circumstances in which Board assumes responsibility for eligible schemes

        1. 127.Duty to assume responsibility for schemes following insolvency event

        2. 128.Duty to assume responsibility for schemes following application or notification

        3. 129.Applications and notifications for the purposes of section 128

        4. 130.Board’s duty where application or notification received under section 129

        5. 131.Protected liabilities

      3. Restrictions on schemes during the assessment period

        1. 132.Assessment periods

        2. 133.Admission of new members, payment of contributions etc

        3. 134.Directions

        4. 135.Restrictions on winding up, discharge of liabilities etc

        5. 136.Power to validate contraventions of section 135

        6. 137.Board to act as creditor of the employer

        7. 138.Payment of scheme benefits

        8. 139.Loans to pay scheme benefits

      4. Ill health pensions

        1. 140.Reviewable ill health pensions

        2. 141.Effect of a review

        3. 142.Sections 140 and 141: interpretation

      5. Valuation of assets and liabilities

        1. 143.Board’s obligation to obtain valuation of assets and protected liabilities

        2. 144.Approval of valuation

        3. 145.Binding valuations

      6. Refusal to assume responsibility

        1. 146.Schemes which become eligible schemes

        2. 147.New schemes created to replace existing schemes

        3. 148.Withdrawal following issue of section 122(4) notice

      7. Cessation of involvement with a scheme

        1. 149.Circumstances in which Board ceases to be involved with an eligible scheme

        2. 150.Consequences of the Board ceasing to be involved with a scheme

      8. Reconsideration

        1. 151.Application for reconsideration

        2. 152.Duty to assume responsibility following reconsideration

      9. Closed schemes

        1. 153.Closed schemes

      10. Winding up

        1. 154.Requirement to wind up schemes with sufficient assets to meet protected liabilities

      11. Provisions applying to closed schemes

        1. 155.Treatment of closed schemes

        2. 156.Valuations of closed schemes

      12. Reconsideration of closed schemes

        1. 157.Applications and notifications where closed schemes have insufficient assets

        2. 158.Duty to assume responsibility for closed schemes

        3. 159.Closed schemes: further assessment periods

      13. Assumption of responsibility for a scheme

        1. 160.Transfer notice

        2. 161.Effect of Board assuming responsibility for a scheme

        3. 162.The pension compensation provisions

        4. 163.Adjustments to be made where the Board assumes responsibility for a scheme

        5. 164.Postponement of compensation entitlement for the assessment period

        6. 165.Guaranteed minimum pensions

        7. 166.Duty to pay scheme benefits unpaid at assessment date etc

        8. 167.Modification of Chapter where liabilities discharged during assessment period

        9. 168.Administration of compensation

      14. Discharge of Board’s liabilities

        1. 169.Discharge of liabilities in respect of compensation

        2. 170.Discharge of liabilities in respect of money purchase benefits

      15. Equal treatment

        1. 171.Equal treatment

      16. Relationship with fraud compensation regime

        1. 172.Relationship with fraud compensation regime

      17. The fund

        1. 173.Pension Protection Fund

      18. The levies

        1. 174.Initial levy

        2. 175.Pension protection levies

        3. 176.Supplementary provisions about pension protection levies

        4. 177.Amounts to be raised by the pension protection levies

        5. 178.The levy ceiling

        6. 179.Valuations to determine scheme underfunding

        7. 180.Pension protection levies during the transitional period

        8. 181.Calculation, collection and recovery of levies

    4. Chapter 4 Fraud compensation

      1. Entitlement to fraud compensation

        1. 182.Cases where fraud compensation payments can be made

        2. 183.Board’s duties in respect of certain applications under section 182

        3. 184.Recovery of value

        4. 185.Fraud compensation payments

        5. 186.Interim payments

        6. 187.Board’s powers to make fraud compensation transfer payments

      2. The fund

        1. 188.Fraud Compensation Fund

      3. The levy

        1. 189.Fraud compensation levy

    5. Chapter 5 Gathering information

      1. 190.Information to be provided to the Board etc

      2. 191.Notices requiring provision of information

      3. 192.Entry of premises

      4. 193.Penalties relating to sections 191 and 192

      5. 194.Warrants

      6. Provision of false or misleading information

        1. 195.Offence of providing false or misleading information to the Board

      7. Use of information

        1. 196.Use of information

      8. Disclosure of information

        1. 197.Restricted information

        2. 198.Disclosure for facilitating exercise of functions by the Board

        3. 199.Disclosure for facilitating exercise of functions by the Regulator

        4. 200.Disclosure for facilitating exercise of functions by other supervisory authorities

        5. 201.Other permitted disclosures

        6. 202.Tax information

      9. Provision of information to members of schemes etc

        1. 203.Provision of informationto members of schemes etc

      10. Interpretation

        1. 204.Sections 190 to 203: interpretation

      11. Reports

        1. 205.Publishing reports etc

    6. Chapter 6 Reviews, appeals and maladministration

      1. Review etc by the Board

        1. 206.Meaning of “reviewable matters”

        2. 207.Review and reconsideration by the Board of reviewable matters

        3. 208.Investigation by the Board of complaints of maladministration

      2. The PPF Ombudsman

        1. 209.The Ombudsman for the Board of the Pension Protection Fund

        2. 210.Deputy PPF Ombudsmen

        3. 211.Status etc of the PPF Ombudsman and deputies

        4. 212.Annual reports to Secretary of State

      3. References to the PPF Ombudsman

        1. 213.Reference of reviewable matter to the PPF Ombudsman

        2. 214.Investigation by PPF Ombudsman of complaints of maladministration

        3. 215.Referral of questions of law

        4. 216.Publishing reports etc

        5. 217.Determinations of the PPF Ombudsman

        6. 218.Obstruction etc of the PPF Ombudsman

    7. Chapter 7 Miscellaneous

      1. Backdating the winding up of eligible schemes

        1. 219.Backdating the winding up of eligible schemes

      2. Pension sharing

        1. 220.Pension sharing

  4. Part 3 Scheme funding

    1. Introductory

      1. 221.Pension schemes to which this Part applies

    2. Scheme funding

      1. 222.The statutory funding objective

      2. 223.Statement of funding principles

      3. 224.Actuarial valuations and reports

      4. 225.Certification of technical provisions

      5. 226.Recovery plan

      6. 227.Schedule of contributions

      7. 228.Failure to make payments

      8. 229.Matters requiring agreement of the employer

      9. 230.Matters on which advice of actuary must be obtained

      10. 231.Powers of the Regulator

    3. Supplementary provisions

      1. 232.Power to modify provisions of this Part

      2. 233.Construction as one with the Pensions Act 1995

  5. Part 4 Financial planning for retirement

    1. Retirement planning

      1. 234.Promoting and facilitating financial planning for retirement

      2. 235.Supply of information for purposes of section 234

      3. 236.Use and supply of information: private pensions policy and retirement planning

      4. 237.Combined pension forecasts

    2. Employee information and advice

      1. 238.Information and advice to employees

  6. Part 5 Occupational and personal pension schemes: miscellaneous provisions

    1. Categories of pension scheme

      1. 239.Categories of pension scheme

      2. 240.Meaning of “employer” in Part 1 of the Pensions Act 1995

    2. Requirements for member-nominated trustees and directors

      1. 241.Requirement for member-nominated trustees

      2. 242.Requirement for member-nominated directors of corporate trustees

      3. 243.Member-nominated trustees and directors: supplementary

    3. Obligations of trustees of occupational pension schemes

      1. 244.Investment principles

      2. 245.Power to make regulations governing investment by trustees

      3. 246.Borrowing by trustees

      4. 247.Requirement for knowledge and understanding: individual trustees

      5. 248.Requirement for knowledge and understanding: corporate trustees

      6. 249.Requirement for knowledge and understanding: supplementary

    4. Payment of surplus to employer

      1. 250.Payment of surplus to employer

      2. 251.Payment of surplus to employer: transitional power to amend scheme

    5. Restrictions on payment into occupational pension schemes

      1. 252.UK-based scheme to be trust with effective rules

      2. 253.Non-European scheme to be trust with UK-resident trustee

      3. 254.Representative of non-European scheme to be treated as trustee

    6. Activities of occupational pension schemes

      1. 255.Activities of occupational pension schemes

    7. No indemnification for fines or civil penalties

      1. 256.No indemnification for fines or civil penalties

    8. Pension protection on transfer of employment

      1. 257.Conditions for pension protection

      2. 258.Form of protection

    9. Consultation by employers

      1. 259.Consultation by employers: occupational pension schemes

      2. 260.Consultation by employers: personal pension schemes

      3. 261.Further provisions about regulations relating to consultation

    10. Modification of pension rights

      1. 262.Modification of subsisting rights

    11. Short service benefit

      1. 263.Increase in age at which short service benefit must be payable

    12. Early leavers

      1. 264.Early leavers: cash transfer sums and contribution refunds

    13. Safeguarding pension rights

      1. 265.Paternity leave and adoption leave

      2. 266.Inalienability of occupational pension

    14. Voluntary contributions

      1. 267.Voluntary contributions

    15. Payments by employers

      1. 268.Payments made by employers to personal pension schemes

      2. 269.Payments made by employers and members to occupational pension schemes

    16. Winding up

      1. 270.Winding up

    17. Deficiency in assets of certain occupational pension schemes

      1. 271.Debt due from the employer when assets insufficient

      2. 272.Debt due from the employer in the case of multi-employer schemes

    18. Pension disputes

      1. 273.Resolution of disputes

    19. The Pensions Ombudsman

      1. 274.The Pensions Ombudsman and Deputy Pensions Ombudsmen

      2. 275.Jurisdiction

      3. 276.Investigations

    20. Pension compensation

      1. 277.Amendments relating to the Pensions Compensation Board

    21. Annual increases in rate of pensions

      1. 278.Annual increase in rate of certain occupational pensions

      2. 279.Annual increase in rate of certain personal pensions

      3. 280.Power to increase pensions giving effect to pension credits etc

    22. Revaluation

      1. 281.Exemption from statutory revaluation requirement

    23. Contracting out

      1. 282.Meaning of “working life” in Pension Schemes Act 1993

      2. 283.Power to prescribe conditions by reference to Inland Revenue approval

      3. 284.Restrictions on commutation and age at which benefits may be received

    24. Stakeholder pensions

      1. 285.Meaning of “stakeholder pension scheme”

  7. Part 6 Financial assistance scheme for members of certain pension schemes

    1. 286.Financial assistance scheme for members of certain pension schemes

  8. Part 7 Cross-border activities within European Union

    1. UK occupational pension scheme receiving contributions from European employer

      1. 287.Occupational pension scheme receiving contributions from European employer

      2. 288.General authorisation to accept contributions from European employers

      3. 289.Approval in relation to particular European employer

      4. 290.Notification of legal requirements of host member State outside United Kingdom

      5. 291.Duty of trustees or managers to act consistently with law of host member State

      6. 292.Power of Regulator to require ring-fencing of assets

    2. European occupational pension scheme receiving contributions from UK employer

      1. 293.Functions of Regulator in relation to institutions administered in other member States

    3. Assistance for other European regulators

      1. 294.Stopping disposal of assets of institutions administered in other member States

    4. Interpretation

      1. 295.Interpretation of Part

  9. Part 8 State pensions

    1. Entitlement to more than one pension

      1. 296.Persons entitled to more than one Category B retirement pension

    2. Deferral of state pension

      1. 297.Deferral of retirement pensions and shared additional pensions

    3. Miscellaneous

      1. 298.Disclosure of state pension information

      2. 299.Claims for certain benefits following termination of reciprocal agreement with Australia

  10. Part 9 Miscellaneous and supplementary

    1. Dissolution of existing bodies

      1. 300.Dissolution of OPRA

      2. 301.Transfer of employees from OPRA to the Regulator

      3. 302.Dissolution of the Pensions Compensation Board

    2. Service of notifications etc and electronic working

      1. 303.Service of notifications and other documents

      2. 304.Notification and documents in electronic form

      3. 305.Timing and location of things done electronically

    3. General

      1. 306.Overriding requirements

      2. 307.Modification of this Act in relation to certain categories of schemes

      3. 308.Modification of pensions legislation that refers to employers

      4. 309.Offences by bodies corporate and partnerships

      5. 310.Admissibility of statements

      6. 311.Protected items

      7. 312.Liens

      8. 313.Crown application

    4. Regulations and orders

      1. 314.Breach of regulations

      2. 315.Subordinate legislation (general provisions)

      3. 316.Parliamentary control of subordinate legislation

      4. 317.Consultations about regulations

    5. Interpretation

      1. 318.General interpretation

    6. Miscellaneous and supplementary

      1. 319.Minor and consequential amendments

      2. 320.Repeals and revocations

      3. 321.Pre-consolidation amendments

      4. 322.Commencement

      5. 323.Extent

      6. 324.Northern Ireland

      7. 325.Short title

    1. Schedule 1

      The Pensions Regulator

      1. Part 1 Members of the Regulator

      2. Part 2 Staff of the Regulator

      3. Part 3 Members of the Determinations Panel

      4. Part 4 Proceedings and delegation etc

      5. Part 5 Funding and accounts

      6. Part 6 Status and liability etc

    2. Schedule 2

      The reserved regulatory functions

      1. Part 1 Functions under the Pension Schemes Act 1993 (c. 48)

      2. Part 2 Functions under the Pensions Act 1995 (c. 26)

      3. Part 3 Functions under the Welfare Reform and Pensions Act 1999 (c. 30)

      4. Part 4 Functions under this Act

    3. Schedule 3

      Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions

    4. Schedule 4

      The Pensions Regulator Tribunal

      1. Part 1 The Tribunal

      2. Part 2 Constitution of the Tribunal

      3. Part 3 Tribunal Procedure

      4. Part 4 Status etc

    5. Schedule 5

      The Board of the Pension Protection Fund

      1. Part 1 Members of the Board

      2. Part 2 Staff of the Board

      3. Part 3 Proceedings and delegation etc

      4. Part 4 Accounts

      5. Part 5 Status and liability etc

    6. Schedule 6

      Transfer of property, rights and liabilities to the Board

    7. Schedule 7

      Pension compensation provisions

    8. Schedule 8

      Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

    9. Schedule 9

      Reviewable matters

    10. Schedule 10

      Use and supply of information: private pensions policy and retirement planning

    11. Schedule 11

      Deferral of retirement pensions and shared additional pensions

      1. Part 1 Principal amendments of Social Security Contributions and Benefits Act 1992 (c. 4)

      2. Part 2 Consequential amendments

      3. Part 3 Transitional provisions

    12. Schedule 12

      Minor and consequential amendments

    13. Schedule 13

      Repeals and revocations

      1. Part 1 Repeals

      2. Part 2 Revocations

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