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Pension Schemes Act 2015

Section 56: Provision about conversion of certain benefits for drawdown: Great Britain

209.This section is a regulation making power. It allows regulations to be made which would place conditions on the conversion of “flexible benefits” (see section 74 for the definition) into money purchase benefits, where that conversion is being undertaken to allow the member or the member’s survivor to take up the option of a drawdown pension.

210.This power includes:

  • where only part of flexible benefits other than money purchase benefits is converted, how the benefit left in the relevant arrangement should be calculated in the future.

  • where a member or the member’s survivor wishes to take up the option of converting benefits to money purchase benefits for the purposes of drawdown before reaching the scheme’s normal pension age, setting out how the flexible benefits are calculated for the purposes of conversion and the conditions under which the benefits may be reduced.

211.Finally, any regulations made under this power may override any scheme rules which conflict with them.

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Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.