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PART 3 General changes to legislation about pension schemes
CHAPTER 3 Drawdown, conversion of benefits and lump sums
55.Sums or assets that may be designated as available for drawdown: Great Britain
56.Provision about conversion of certain benefits for drawdown: Great Britain
58.Restrictions on conversion of benefits during winding up etc: Great Britain
59.Restriction on payment of lump sums during PPF assessment period: Great Britain
61.Sums or assets that may be designated as available for drawdown: Northern Ireland
62.Provision about conversion of certain benefits for drawdown: Northern Ireland
63.Provision about calculation of lump sums: Northern Ireland
64.Restrictions on conversion of benefits during winding up etc: Northern Ireland
65.Restriction on payment of lump sums during PPF assessment period: Northern Ireland
SCHEDULES
Early leavers: revaluation of accrued benefits
2.Before section 83 insert— Overview and meaning of “the 2015...
4.For section 84 substitute— Old basis of revaluation: occupational pension...
5.After section 85 insert— Power to add revaluation methods for...
6.After section 86 insert— The revaluation methods The revaluation methods referred to in this Chapter are defined...
7.In section 186(3) (statutory instruments subject to affirmative procedure), after...
8.In Schedule 3 to that Act (revaluation methods), before paragraph...
10.In paragraph 5(1) of that Schedule, for “if his pensionable...
11.Omit the following, which are no longer needed given the...
Other amendments to do with Parts 1 and 2
7.In section 37 (payment of surplus to employer), in subsection...
8.In section 38 (power to defer winding up), in subsection...
10.In section 51A (restrictions on increase where annuity tied to...
11.In section 73 (preferential liabilities on winding up), for subsection...
12.In section 75 (employer debt where deficiency in assets on...
13.(1) Section 87 (schedules of payments to money purchase schemes)...
14.For the italic cross-heading above section 87 substitute “ Schemes...
15.In the heading to section 88 (schedules of payments to...
16.(1) Section 89 (application of further provisions to money purchase...
17.In section 124 (interpretation), in subsection (1), at the appropriate...
18.(1) Section 125 (interpretation of Part 1: supplementary) is amended...
25.In section 17 (power of the Regulator to recover unpaid...
27.In section 38 (contribution notices where avoidance of employer debt),...
28.(1) Section 43 (financial support directions) is amended as follows....
29.In section 52 (restoration orders where transactions at an undervalue),...
30.(1) Section 90 (codes of practice) is amended as follows....
31.In section 126 (schemes eligible for pension protection), for subsection...
32.For section 221 (application of scheme funding rules) substitute— Pension...
33.In section 254 (representative of non-European scheme to be treated...
34.In section 258 (pension protection on transfer of employment: form...
35.In section 286 (financial assistance scheme for members of certain...
37.In section 307 (modification of Pensions Act 2004 in relation...
40.(1) Section 20 (quality requirement: UK money purchase schemes) is...
41.In section 21 (quality requirement: UK defined benefits schemes) for...
42.In section 23A (alternative quality requirements for UK defined benefits...
43.(1) Section 24 (quality requirement: UK hybrid schemes) is amended...
44.(1) Section 26 (quality requirement: UK personal pension schemes) is...
45.(1) Section 28 (certification that quality requirement or alternative requirement...
46.For the heading to section 29 substitute “ Transitional periods...
47.(1) Section 30 (transitional period for defined benefits and hybrid...
48.In section 35 (compliance notices), in subsection (5), for “a...
49.In section 38 (calculation and payment of contributions), in subsection...
1.The Financial Services and Markets Act 2000 is amended as...
2.After section 333 insert— PART 20A PENSIONS GUIDANCE Introduction and...
3.In section 1B (the FCA's general duties), after subsection (7)...
4.In section 1M (the FCA's general duty to consult), after...
5.In section 1S (reviews by independent person into discharge of...
6.After section 137FA insert— FCA general rules: disclosure of information...
7.(1) Section 138F (notification of rules) is amended as follows....
10.In section 140A (competition scrutiny: interpretation), in subsection (1), in...
11.In section 168 (appointment of persons to carry out investigations...
12.In section 429 (Parliamentary control of statutory instruments), in subsection...
13.In Schedule 1ZA (the FCA), in paragraph 8 (arrangements for...
14.In that Schedule, in paragraph 11 (annual report), in sub-paragraph...
15.In that Schedule, in paragraph 21 (FCA financial penalty scheme),...
17.In section 85 of the Financial Services Act 2012 (relevant...
19.Expenses incurred by the Financial Conduct Authority before the day...
PART 1 Great Britain amendments
Pension Schemes Act 1993 (c. 48)
5.In section 24F (transfers out of GMP-converted schemes), in subsection...
9.(1) Section 95 (ways of taking right to cash equivalent)...
10.(1) Section 96 (further provisions concerning exercise of option under...
11.(1) Section 97 (calculation of cash equivalents) is amended as...
12.For section 98 substitute— Loss of right to cash equivalent...
13.(1) Section 99 (trustees' duties after exercise of option) is...
14.After section 100 insert— Prohibition on excluding future accruals etc...
15.(1) Section 101F (power to give transfer notice) is amended...
16.For section 101G (restrictions on power to give transfer notice)...
17.(1) Section 101H (salary related schemes: statements of entitlement) is...
18.(1) Section 101J (time for compliance with transfer notice) is...
19.In section 101M (effect of transfer on trustees' duties), for...
20.After section 101N insert— Prohibition on excluding transfers of some...
23.In section 129 (overriding requirements), in subsection (1), for “Chapters...
24.In section 130 (extra-statutory benefits), in paragraph (b), for “Chapter...
25.In section 153 (power to modify certain provisions), in subsection...
26.In section 179 (linked qualifying service), in subsection (1)(a)—
27.In section 181 (interpretation), in subsection (1), in paragraph (b)...
29.In section 67A (the subsisting rights provisions: interpretation), in subsection...
30.In section 73 (preferential liabilities on winding up), in subsection...
31.In section 73B (sections 73 and 73A: supplementary), in subsection...
32.In section 124 (interpretation of Part 1), in subsection (1),...
35.(1) Section 18 (pension liberation: interpretation) is amended as follows....
36.In section 23 (freezing orders), in subsection (4)(g), for “salary...
37.In section 24 (consequences of freezing order), in subsection (7),...
38.In section 73 (inspection of premises), in subsection (2)(d)—
39.In section 135 (restrictions on winding up, discharge of liabilities...
40.In section 138 (payment of scheme benefits), in subsection (3)(b),...
42.(1) Schedule 7 (pension compensation provisions) is amended as follows....
PART 2 Northern Ireland amendments
Pension Schemes (Northern Ireland) Act 1993 (c. 49)
49.The Pension Schemes (Northern Ireland) Act 1993 is amended as...
51.In section 20F (transfers out of GMP-converted schemes), in subsection...
52.In section 52 (payment of state scheme premiums on termination...
55.(1) Section 91 (ways of taking right to cash equivalent)...
56.(1) Section 92 (further provisions concerning exercise of option under...
57.(1) Section 93 (calculation of cash equivalents) is amended as...
58.For section 94 substitute— Loss of right to cash equivalent...
59.(1) Section 95 (trustees' duties after exercise of option) is...
60.After section 96 insert— Prohibition on excluding future accruals etc...
61.(1) Section 97F (power to give transfer notice) is amended...
62.For section 97G (restrictions on power to give transfer notice)...
63.(1) Section 97H (salary related schemes: statements of entitlement) is...
64.(1) Section 97J (time for compliance with transfer notice) is...
65.In section 97M (effect of transfer on trustees' duties), for...
66.After section 97N insert— Prohibition on excluding transfers of some...
69.In section 125 (overriding requirements), in subsection (1), for “Chapters...
70.In section 126 (extra-statutory benefits), in paragraph (b), for “Chapter...
71.In section 149 (power to modify certain provisions), in subsection...
72.In section 174 (linked qualifying service), in subsection (1)(a)—
73.In section 176 (interpretation), in subsection (1), in paragraph (b)...
Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
74.The Pensions (Northern Ireland) Order 1995 is amended as follows....
75.In Article 67A (the subsisting rights provisions: interpretation), in paragraph...
76.In Article 73 (preferential liabilities on winding up), in paragraph...
77.In Article 73B (Article 73 and 73A: supplementary), in paragraph...
78.In Article 121 (interpretation of Part 2), in paragraph (1),...
Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
79.The Pensions (Northern Ireland) Order 2005 is amended as follows....
81.(1) Article 14 (pension liberation: interpretation) is amended as follows....
82.In Article 19 (freezing orders), in paragraph (4)(g), for “salary...
83.In Article 20 (consequences of freezing order), in paragraph (7),...
84.In Article 68 (inspection of premises), in paragraph (2)(d)—
85.In Article 119 (restrictions on winding up, discharge of liabilities...
86.In Article 122 (payment of scheme benefits), in paragraph (3)(b),...
87.(1) Schedule 6 (pension compensation provisions) is amended as follows....
Pension scheme for fee-paid judges: consequential amendments
Judicial Pensions and Retirement Act 1993 (c. 8)
4.The Judicial Pensions and Retirement Act 1993 is amended as...
5.In section 22 (application of the Pensions (Increase) Act 1971...
6.(1) Section 28 (funding arrangements) is amended as follows.
7.In section 28A (contributions in respect of Northern Ireland judges),...
8.(1) Section 29 (regulations and orders) is amended as follows....
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