Pension Schemes Act 2015

1. Introduction

2. Background

3. Summary

   1. Shared risk schemes and collective benefits

   2. Pensions guidance

   3. Independent advice

   4. Drawdown, conversion of benefits and lump sums

   5. Transfers

   6. Other measures

4. Previous Legislation

5. Overview & Structure

   1. Part 1 – Categories of pension scheme

   2. Part 2 – Collective benefits

   3. Part 3 – General changes to legislation about pension schemes

   4. Part 4 - Pension flexibilities

   5. Part 5 – Miscellaneous

   6. Part 6 – General

6. Territorial Extent

7. Commentary on Sections

   1. Part 1 – Categories of Pension Scheme

      1. Section 1: Introduction

         Section 2: Defined benefits scheme

         Section 3: Shared risk scheme (sometimes known as “defined ambition”)

         Section 4: Defined contributions scheme

      2. Section 5: Meaning of “pensions promise” etc

      3. Section 6: Treatment of a scheme as two or more separate schemes

      4. Section 7: Interpretation of Part 1

   2. Part 2 – Collective Benefits

      1. Section 8: Introduction and definition

      2. Section 9: Duty to set targets for collective benefits

      3. Section 10: Policy about factors used to determine each benefit

         Section 11: Powers to impose requirements about factors used to determine each benefit

      4. Section 12: Payment schedule

         Section 13: Overdue contributions and other payments

      5. Section 14: Statement of investment strategy

         Section 15: Investment performance reports

      6. Section 16: Investment powers

      7. Section 17: Restriction on borrowing by trustees and managers

      8. Section 18: Investment powers: duty of care

      9. Section 19: Valuation reports

         Section 20: Valuation process

      10. Section 21: Policy for dealing with a deficit or surplus

      11. Section 22: Power to impose requirements about dealing with a deficit or surplus

      12. Section 23: Deficits attributable to an offence or the imposition of a levy

      13. Section 24: Payment of amounts out of collective benefit funds

      14. Section 25: Policy for calculating cash equivalent of benefits

      15. Section 26: Winding up

      16. Section 27: Requirement to wind up scheme in specified circumstances

      17. Section 28: Policies about winding up

      18. Section 29: Working out which assets are available for the provision of which benefits

      19. Section 30: Requirement to obtain actuarial advice

          Section 31: Sub-delegation

          Section 32: Publication of documents etc

          Section 33: Enforcement

      20. Section 34: Overriding requirements

      21. Section 35: Interpretation of Part 2

   3. Part 3 – General Changes to Pensions Legislation about Pension Schemes

      1. Section 36: Pensions promise obtained from third party

      2. Section 37: Duty to act in the best interests of members

      3. Section 38: Disclosure of information about schemes

      4. Section 39: Extension of preservation of benefit under occupational pension schemes

      5. Section 40: Revaluation of accrued benefits

         Schedule 1: Early leavers: revaluation of accrued benefits

      6. Section 41: Collective benefits exempt from indexation

         Section 42: Regulatory own fund schemes exempt from indexation

         Section 43: Power to create other exemptions from indexation

      7. Section 44: Removal of requirement to maintain register of independent trustees

      8. Section 45: Rules about modification of schemes

      9. Section 46: Other amendments to do with Parts 1 and 2

         Schedule 2: Other amendments to do with Parts 1 and 2

         1. Pension Schemes Act 1993

         2. Pensions Act 1995

         3. Welfare Reform and Pensions Act 1999

         4. Pensions Act 2004

         5. Pensions Act 2008

   4. Part 4 Pension Flexibilities

      1. Section 47: Pensions guidance

         Schedule 3: Pensions guidance

      2. Section 48: Independent advice in respect of conversions and transfers: Great Britain

      3. Section 49: Power to require employer to pay for the advice for purposes of section 48

      4. Section 50: Independent advice: consequential amendments: Great Britain

      5. Section 51: Independent advice in respect of conversions and transfers: Northern Ireland

      6. Section 52: Power to require employer to arrange advice for purposes of section 51

      7. Section 53: Independent advice: consequential amendments: Northern Ireland

      8. Section 54: Independent advice: income tax exemption

      9. Section 55: Sums or assets that may be designated as available for drawdown: Great Britain

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

      11. Section 57: Provision about calculation of lump sums: Great Britain

      12. Section 58: Restrictions on conversion of benefits during winding up etc: Great Britain

      13. Section 59: Restriction on payment of lump sums during PPF assessment period: Great Britain

      14. Section 60: Sections 55 to 57: consequential amendments

      15. Section 61: Sums or assets that may be designated as available for drawdown: Northern Ireland

      16. Section 62: Provision about conversion of certain benefits for drawdown: Northern Ireland

      17. Section 63: Provision about calculation of lump sums: Northern Ireland

      18. Section 64: Restrictions on conversion of benefits during winding up etc: Northern Ireland

      19. Section 65: Restriction on payment of lump sums during PPF assessment period: Northern Ireland

      20. Section 66: Sections 61 to 63: consequential amendments

      21. Section 67: Rights to transfer benefits

          Schedule 4: Rights to transfer benefits

      22. Section 68: Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain

      23. Section 69: Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain

      24. Section 70: Sections 68 and 69: consequential amendments

      25. Section 71: Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland

      26. Section 72: Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland

      27. Section 73: Sections 71 and 72: consequential amendments

      28. Section 74: Meaning of “flexible benefit”

          Section 75: Meaning of “cash balance benefit”

          Section 76: Interpretation of Part 4

   5. Part 5 – Miscellaneous

      1. Section 77: Payments into Remploy Limited Pension and Assurance Scheme

      2. Section 78: Pension scheme for fee-paid judges

         Schedule 5: Pension scheme for fee-paid judges: consequential amendments

      3. Section 79: Judicial pensions: pension sharing on divorce etc

      4. Section 80: Public service pension schemes

      5. Section 81: Extension to Scotland of certain provisions about marriage of same sex couples

      6. Section 82: Pension sharing and normal benefit age

   6. Part 6   General

      1. Section 83: Power to make consequential amendments

         Section 84: Regulations

         Section 85: Regulations: Northern Ireland

         Section 86: Regulations: supplementary

      2. Section 87: Crown application

      3. Section 88: Extent

8. Commencement Dates

   1. Section 89: Commencement

9. Hansard References