PART 2SIMPLIFICATION ETC.
Private pensions
79Abolition of safeguarded rights
Part 3A of the Pension Schemes Act (safeguarded rights) ceases to have effect.
I180Revaluation of accrued benefits etc.
1
Schedule 1, which—
a
amends Schedule 2 to the Pension Schemes Act (methods of revaluing accrued pension benefits),
b
amends Schedule 6 to the 2005 Order (pension compensation provisions), and
c
makes consequential amendments,
has effect.
2
The amendments made by Parts 1 and 3 of Schedule 1 do not apply in relation to a revaluation period ending before this section comes into operation.
3
In subsection (2) “revaluation period” has the same meaning as in paragraph 2(2) of Schedule 2 to the Pension Schemes Act.
State pensions etc.
F281Consolidation of additional pension
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F382Effect of entitlement to guaranteed minimum pension
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I283Additional State Pension etc.: minor and consequential amendments
Schedule 3 (Additional State Pension etc.: minor and consequential amendments) has effect.
F184State pension credit: extension of assessed income period for those aged 75 or over
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I385Contracting-out: abolition of all protected rights
1
As from the contracting-out abolition date, pension schemes are not required to make special provision in relation to the protected rights of members.
2
Accordingly—
a
the provisions of the Pension Schemes Act within subsection (3) cease to have effect as from that date, and
b
sections 21A, 23A and 28A of the Pension Schemes Act (as inserted by paragraphs 9, 10 and 12 of Schedule 4 to the Pensions Act (Northern Ireland) 2008 (c. 1)) are not to have any effect as from that date (in spite of section 13(4) of that Act of 2008).
3
The provisions of the Pension Schemes Act within this subsection are—
a
section 6 (protected rights and money purchase benefits),
b
section 22 (persons who may establish scheme),
c
section 23 (identification and valuation of protected rights),
d
section 26 (securing of liability for protected rights),
e
section 28 (suspension or forfeiture), and
f
section 29A (appropriate schemes: “blowing the whistle”).
4
In this section—
“the contracting-out abolition date” means the day appointed under section 21 of the Pensions Act (Northern Ireland) 2008 for the coming into operation of section 13(1) of that Act (abolition of contracting-out for defined contribution pension schemes), and
“protected rights” has the same meaning as in the Pension Schemes Act (see section 6 of that Act).