PART 3GENERAL CHANGES TO LEGISLATION ABOUT PENSION SCHEMES
Administration and governance
F236Pensions promise obtained from third party
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F137Duty to act in the best interests of members
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38Disclosure of information about schemes
1
Section 109 of the Pension Schemes Act (disclosure of information about schemes to members etc) is amended as follows.
2
In subsection (1)—
a
in the opening words, for “the persons mentioned in subsection (2)” substitute “
persons of prescribed descriptions
”
;
b
in paragraph (ca), omit “to the member” and “by him”.
3
Omit subsection (2).
4
Before subsection (3) insert—
2A
In complying with requirements specified in the regulations, a person must have regard to any guidance prepared from time to time by the Department.
5
For subsection (4) substitute—
4
Where the regulations specify requirements to be complied with in the case of an occupational pension scheme with respect to keeping recognised trade unions informed, the regulations must make provision for referring to an industrial tribunal any question whether an organisation is a recognised trade union.
4A
For the purposes of subsection (4) a trade union is a recognised trade union in relation to an occupational pension scheme if it is an independent trade union recognised to any extent for the purposes of collective bargaining in relation to members and to prospective members of the scheme.
6
In subsection (5), for “some or all of the persons mentioned in subsection (2)” substitute “
persons of a prescribed description
”
.
7
Omit paragraph 13 of Schedule 10 to the 2005 Order, which is no longer needed given subsection (3).
Early leavers
F339Extension of preservation of benefit under occupational pension schemes
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40Revaluation of accrued benefits
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Indexation
41Collective benefits exempt from indexation
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42Regulatory own fund schemes exempt from indexation
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43Power to create other exemptions from indexation
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Independent trustees
44Removal of requirement to maintain register of independent trustees
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Rules about modification of schemes
F345Rules about modification of schemes
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Pension sharing
46Pension sharing and normal benefit age
1
The Pension Schemes Act is amended as follows.
2
In section 97B (interpretation) for the definition of “normal benefit age” substitute—
“normal benefit age”, in relation to a pension credit benefit for a member of a scheme, is the earliest age at which the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill-health or otherwise);
“normal pension age”, in relation to a benefit for a member of a scheme, means the earliest age at which the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill-health or otherwise);
3
In section 97C (basic principle as to pension credit benefit), for subsection (1) substitute—
1
The normal benefit age in relation to a pension credit benefit for a member of a scheme—
a
must not be lower than 60, and
b
must not be higher than the permitted maximum.
1A
The “permitted maximum” is 65 or, if higher, the highest normal pension age for any benefit that is payable under the scheme to or in respect of any of the members by virtue of rights which are not attributable (directly or indirectly) to a pension credit.
Other amendments
I147Other amendments to do with Parts 1 and 2
Schedule 2—
a
contains amendments to do with Parts 1 and 2, and
b
replaces references to “money purchase scheme” so as to limit the number of different ways of categorising pension schemes.