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Pension Schemes Act 2015

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Changes over time for: Cross Heading: Pensions Act 1995 (c. 26)

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Pensions Act 1995 (c. 26)E+W+S

6E+W+SThe Pensions Act 1995 is amended as follows.

7E+W+SIn section 37 (payment of surplus to employer), in subsection (1A)—

(a)after “does not apply in the case of” insert

(a)”;

(b)at the end insert—

(b)any payments out of funds held for the purposes of providing collective benefits under the scheme (but see section 24 of the Pension Schemes Act 2015).

8E+W+SIn section 38 (power to defer winding up), in subsection (3), for paragraph (a) (but not the “or” at the end) substitute—

(a)a scheme under which all the benefits that may be provided are money purchase benefits,.

9E+W+SIn section 51 (annual increase in rate of pension), in subsection (1)(a)(iii), for “is not a money purchase scheme” substitute “ is not a defined contributions scheme ”.

10E+W+SIn section 51A (restrictions on increase where annuity tied to investments), in subsection (1), for “money purchase scheme” substitute “ defined contributions scheme ”.

11E+W+SIn section 73 (preferential liabilities on winding up), for subsection (2) substitute—

(2)This section applies to a pension scheme that is—

(a)an occupational defined benefits scheme,

(b)an occupational shared risk scheme, or

(c)an occupational defined contributions scheme,

unless subsection (2A) provides for the scheme to be exempt.

(2A)A scheme is exempt from this section if it is—

(a)a scheme under which all the benefits that may be provided are money purchase benefits, or

(b)a prescribed scheme or a scheme of a prescribed description.

12E+W+SIn section 75 (employer debt where deficiency in assets on winding up etc), for subsection (1) substitute—

(1)This section applies in relation to a pension scheme that is—

(a)an occupational defined benefits scheme,

(b)an occupational shared risk scheme, or

(c)an occupational defined contributions scheme,

unless subsection (1A) provides for the scheme to be exempt.

(1A)A scheme is exempt from this section if it is—

(a)a scheme under which all the benefits that may be provided are money purchase benefits,

(b)a scheme under which all the benefits that may be provided are collective benefits,

(c)a scheme under which all the benefits that may be provided are money purchase benefits or collective benefits, or

(d)a prescribed scheme or a scheme of a prescribed description.

(1B)Where—

(a)some of the benefits that may be provided under a scheme are collective benefits and some are not, and

(b)the scheme does not fall within paragraph (c) or (d) of subsection (1A),

the scheme is to be treated for the purposes of this Part as two separate schemes, one relating to the collective benefits and the other relating to the other benefits.

13(1)Section 87 (schedules of payments to money purchase schemes) is amended as follows.E+W+S

(2)For subsection (1) substitute—

(1)This section applies to an occupational pension scheme that is a scheme under which —

(a)all the benefits that may be provided are money purchase benefits, or

(b)all the benefits that may be provided are money purchase benefits or collective benefits,

other than a scheme falling within a prescribed class or description.

(3)In subsection (2)(a), after “members of the scheme” insert “ in respect of money purchase benefits ”.

(4)In the heading, for “to money purchase schemes” substitute “ in respect of money purchase benefits under certain schemes ”.

14E+W+SFor the italic cross-heading above section 87 substitute “ Schemes providing money purchase benefits ”.

15E+W+SIn the heading to section 88 (schedules of payments to money purchase schemes: supplementary), for “to money purchase schemes” substitute “ in respect of money purchase benefits under certain schemes ”.

16(1)Section 89 (application of further provisions to money purchase schemes) is amended as follows.E+W+S

(2)In subsection (1), for “money purchase schemes” substitute “ schemes under which all the benefits that may be provided are money purchase benefits and that are schemes ”.

(3)In subsection (2), for “money purchase schemes” substitute “ schemes under which all the benefits that may be provided are money purchase benefits ”.

17E+W+SIn section 124 (interpretation), in subsection (1), at the appropriate places insert—

collective benefit” has the meaning given by section 8 of the Pension Schemes Act 2015,

defined benefits scheme” has the meaning given by section 2 of the Pension Schemes Act 2015,

defined contributions scheme” has the meaning given by section 4 of the Pension Schemes Act 2015,

occupational”, in relation to a defined benefits scheme, shared risk scheme or defined contributions scheme, means an occupational pension scheme of that description,

shared risk scheme” has the meaning given by section 3 of the Pension Schemes Act 2015,.

18(1)Section 125 (interpretation of Part 1: supplementary) is amended as follows.E+W+S

(2)In subsection (1), for paragraph (a) (but not the “and” at the end) substitute—

(a)the scheme is not a scheme under which all the benefits that may be provided are money purchase benefits,.

(3)In subsection (2), for paragraphs (a) and (b) substitute “ under which some but not all of the benefits that may be provided are money purchase benefits ”.

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