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Pension Schemes Act 2015
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Changes over time for: Pension Schemes Act 2015 (Schedules only)
Version Superseded: 01/01/2019
Alternative versions:
- 03/03/2015- Amendment
- 06/04/2015- Amendment
- 06/04/2015
Point in time - 01/01/2019- Amendment
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Changes to legislation:
There are currently no known outstanding effects for the Pension Schemes Act 2015.
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SCHEDULES
Prospective
Section 40
SCHEDULE 1E+W+SEarly leavers: revaluation of accrued benefits
F11E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
F12E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
F13E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
F14E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
F15E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
F16E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
F17E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(d), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
8E+W+SIn Schedule 3 to that Act (revaluation methods), before paragraph 1 insert—
“The default methodE+W+S
A1The default method is to revalue the benefits in any way in which they would have been revalued if—
(a)in the case of an occupational pension scheme, the member's pensionable service had not terminated, or
(b)in the case of a personal pension scheme, contributions in respect of the member had not ceased to be paid.”
9E+W+SOmit paragraphs 3A and 4 of that Schedule.
10E+W+SIn paragraph 5(1) of that Schedule, for “if his pensionable service had not terminated” substitute “if—
(a)in the case of an occupational pension scheme, the member's pensionable service had not terminated, or
(b)in the case of a personal pension scheme, contributions in respect of the member had not ceased to be paid.”
11E+W+SOmit the following, which are no longer needed given the earlier provisions of this Schedule—
(a)paragraph 31(3) of Schedule 12 to the Welfare Reform and Pensions Act 1999;
(b)section 19(1) to (3) of the Pensions Act 2011.
Section 46
SCHEDULE 2E+W+SOther amendments to do with Parts 1 and 2
Prospective
Pension Schemes Act 1993 (c. 48)E+W+S
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b71E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b72E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b73E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b74E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b75E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
Pensions Act 1995 (c. 26)E+W+S
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b76E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b77E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b78E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b79E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b710E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b711E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b712E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b713E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b714E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b715E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b716E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b717E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b718E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
Welfare Reform and Pensions Act 1999 (c. 30)E+W+S
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b719E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
Financial Services and Markets Act 2000 (c. 8)E+W+S
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b720E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b721E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-fbc29c7ed86cc365dd656d70125e09b722E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pensions Act 2004 (c. 35)E+W+S
Prospective
23E+W+SThe Pensions Act 2004 is amended as follows.
24E+W+SIn section 13 (improvement notices), in subsection (7)—
(a)omit the “or” at the end of paragraph (e);
(b)after paragraph (f) insert “, or
(g)the Pension Schemes Act 2015.”
Prospective
No commentary item could be found for this reference key-b94d556e02f25cb659796a6704de2c7b25E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
No commentary item could be found for this reference key-b94d556e02f25cb659796a6704de2c7b26E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
No commentary item could be found for this reference key-b94d556e02f25cb659796a6704de2c7b27E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
No commentary item could be found for this reference key-b94d556e02f25cb659796a6704de2c7b28E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
No commentary item could be found for this reference key-b94d556e02f25cb659796a6704de2c7b29E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30(1)Section 90 (codes of practice) is amended as follows.E+W+S
(2)In subsection (2)(i), for “money purchase schemes” substitute “ certain schemes ”.
(3)In subsection (6), in the definition of “the pensions legislation”—
(a)omit the “or” at the end of paragraph (c);
(b)after paragraph (d) insert—
“(e)Schedule 18 to the Pensions Act 2014, or
(f)the Pension Schemes Act 2015.”
Prospective
F231E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 2 para. 31 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(e)(iii), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
Prospective
F332E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 2 para. 32 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(e)(iii), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
33E+W+SIn section 254 (representative of non-European scheme to be treated as trustee), in subsection (3)—
(a)omit the “or” at the end of paragraph (c);
(b)after paragraph (d) insert “, or
(e)the Pension Schemes Act 2015.”
Prospective
F434E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4Sch. 2 para. 34 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(e)(iv), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
Prospective
F535E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Sch. 2 para. 35 omitted (1.8.2022) by virtue of Pension Schemes Act 2021 (c. 1), ss. 128(e)(iv), 131(1); S.I. 2022/721, regs. 1(2), 3(e)
36E+W+SIn section 291 (duty of trustees or managers to act consistently with law of host member state), in subsection (4)—
(a)omit the “or” at the end of paragraph (c);
(b)after paragraph (d) insert “, or
(e)the Pension Schemes Act 2015.”
Prospective
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888837E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888838E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
Pensions Act 2008 (c. 30)E+W+S
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888839E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888840E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888842E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888843E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888844E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888845E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888846E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888847E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888849E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888850E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prospective
Pensions Act 2014 (c. 19)E+W+S
No commentary item could be found for this reference key-bd0d61665ef0dd9f125163707a10888851E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 47
SCHEDULE 3E+W+SPensions guidance
1E+W+SThe Financial Services and Markets Act 2000 is amended as follows.
2E+W+SAfter section 333 insert—
“PART 20A E+W+SPENSIONS GUIDANCE
333AIntroduction and definitions
(1)This Part is about the giving of pensions guidance.
(2)“Pensions guidance” means guidance given for the purpose of helping a member of a pension scheme, or a survivor of a member of a pension scheme, to make decisions about what to do with the flexible benefits that may be provided to the member or survivor.
(3)In this Part—
“flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;
“pensions guidance” has the meaning given by subsection (2);
“pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993;
“survivor” has the meaning given by section 76 of the Pension Schemes Act 2015.
Giving of pensions guidanceE+W+S
333BTreasury's role in relation to pensions guidance
(1)The Treasury must take such steps as they consider appropriate to ensure that people have access to pensions guidance.
(2)The Treasury may—
(a)seek to increase awareness of the availability of the guidance;
(b)undertake or commission research relating to the giving of the guidance.
333CGiving of pensions guidance
(1)The bodies listed in subsection (2) are to give pensions guidance in accordance with arrangements made with the Treasury.
(2)Those bodies are—
(a)the Pensions Advisory Service Limited;
(b)the National Association of Citizens Advice Bureaux;
(c)the Scottish Association of Citizens Advice Bureaux;
(d)the Northern Ireland Association of Citizens Advice Bureaux.
(3)The bodies listed in subsection (2) may give pensions guidance by arranging for it to be given by another person (including another listed body).
(4)The National Association of Citizens Advice Bureaux, the Scottish Association of Citizens Advice Bureaux and the Northern Ireland Association of Citizens Advice Bureaux may jointly carry out their functions of giving pensions guidance.
(5)The Treasury may by regulations repeal one or more of paragraphs (a) to (d) of subsection (2).
(6)Regulations under subsection (5) may make consequential amendments of this Act.
333DFinancial assistance to bodies involved in giving pensions guidance
(1)The Treasury may make grants or loans or give any other form of financial assistance to—
(a)the Pensions Advisory Service Limited;
(b)the Northern Ireland Association of Citizens Advice Bureaux.
(For the power to make grants to the National Association of Citizens Advice Bureaux and the Scottish Association of Citizens Advice Bureaux see section 40A of the Consumers, Estate Agents and Redress Act 2007.)
(2)Any grant, loan or other form of financial assistance under subsection (1)—
(a)is to be made or given for the purpose of enabling the body to carry out its functions under section 333C(1), and
(b)may be made or given subject to such other terms as the Treasury consider appropriate.
Designation of guidance providersE+W+S
333EDesignation of providers of pensions guidance
(1)In this Part “designated guidance provider” means—
(a)the Pensions Advisory Service Limited,
(b)the National Association of Citizens Advice Bureaux,
(c)the Scottish Association of Citizens Advice Bureaux,
(d)the Northern Ireland Association of Citizens Advice Bureaux, or
(e)a person designated by the Treasury as someone who must, in giving pensions guidance, comply with standards set by the FCA under section 333H.
(2)Before designating a person under subsection (1)(e), the Treasury must—
(a)consult the FCA,
(b)notify the person to be designated, and
(c)consider any representations made.
(3)The Treasury may revoke a designation under subsection (1)(e).
(4)The Treasury must give notice in writing of a designation under subsection (1)(e) or the revocation of a designation under subsection (3) to the person designated or (as the case may be) the person whose designation has been revoked.
(5)The Treasury must send a copy of a notice given under subsection (4) to—
(a)all other designated guidance providers, and
(b)the FCA.
(6)The Treasury must from time to time publish, in such manner as they consider appropriate, a list of the persons who are designated under subsection (1)(e).
Co-operation and information sharingE+W+S
333FCo-operation and information sharing
(1)The following must co-operate with one another in matters relating to the giving of pensions guidance—
(a)each designated guidance provider;
(b)the Treasury.
(2)Designated guidance providers and the Treasury may share information for the purposes of subsection (1).
False claims when giving pensions guidanceE+W+S
333GOffence of falsely claiming to be giving pensions guidance under Treasury arrangements
(1)It is an offence for a person who is not giving pensions guidance under arrangements made with the Treasury—
(a)to describe himself (in whatever terms) as a person who is doing so, or
(b)to behave, or otherwise hold himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is doing so.
(2)For the purposes of subsection (1), pensions guidance given by a designated guidance provider is given under arrangements made with the Treasury.
(3)In proceedings for an offence under this section it is a defence for the accused to show that the accused took all reasonable precautions and exercised all due diligence to avoid committing the offence.
(4)A person guilty of an offence under this section is liable on summary conviction—
(a)in England and Wales, to imprisonment for a term not exceeding 51 weeks or a fine, or both;
(b)in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding level 5 on the standard scale, or both;
(c)in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding level 5 on the standard scale, or both.
(5)In relation to an offence committed before section 281(5) of the Criminal Justice Act 2003 comes into force, the reference in subsection (4)(a) to 51 weeks is to be read as a reference to 6 months.
(6)In relation to an offence committed before section 85(1) of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 comes into force, the reference in subsection (4)(a) to a fine is to be read as a reference to a fine not exceeding level 5 on the standard scale.
Standards for giving of pensions guidance by designated guidance providersE+W+S
333HStandards for giving of pensions guidance by designated guidance providers
(1)The FCA must from time to time set standards for the giving of pensions guidance by designated guidance providers.
(2)A failure by a designated guidance provider to comply with a standard set under this section is actionable at the suit of a private person who suffers loss as a result of the failure, subject to the defences and other incidents applying to actions for breach of statutory duty.
(3)In subsection (2) “private person” has the same meaning as in section 138D.
(4)Standards set under this section may provide for subsection (2) not to apply to a failure to comply with a specified provision of the standards.
(5)Standards set under this section—
(a)may make different provision for different cases and may, in particular, make different provision in respect of different classes of designated guidance providers or different types of pensions guidance;
(b)may include incidental, supplemental, consequential or transitional provision.
(6)The procedural provisions of this Act in the first column of the table apply to the setting of standards under this section as if references in those provisions to the making of rules (however expressed) were references to the setting of standards and with the additional modifications in the second column.
| Procedural provisions of this Act | Additional modifications |
|---|---|
| Sections 138G and 138H | Treat the references to a rule-making instrument as references to a standard-making instrument. |
| Section 138I | Treat— (a) subsection (1)(a) as if it were omitted; (b) subsection (2)(d) as if it referred to an explanation of the FCA's reasons for believing that setting the proposed standards would secure an appropriate degree of protection for recipients of pensions guidance from designated guidance providers. |
| Section 138L | Treat the reference in subsection (1) to consumers (as defined in section 425A) as a reference to recipients of pensions guidance from designated guidance providers. |
333IMonitoring of compliance with standards by designated guidance providers
(1)The FCA must maintain arrangements for monitoring compliance by designated guidance providers with the standards set under section 333H.
(2)Sections 165 and 167 apply for the purpose of enabling the FCA to monitor compliance but as if—
(a)references to an authorised person or a former authorised person (other than in section 165(11)(d)) were references to a designated guidance provider or a former designated guidance provider;
(b)section 165(7)(b) to (d) were omitted;
(c)the reference in section 167(5A)(b) to the FCA or the PRA were a reference to the FCA.
(3)Section 175 applies as if a power that the FCA or an investigator has by virtue of subsection (2) were a power under Part 11.
(4)Section 177 applies as if a requirement imposed by virtue of subsection (2) were a requirement imposed under Part 11.
(5)References in a provision of Part 11 to section 165, 167, 175 or 177 include the relevant section as applied with modifications by this section.
333JFailure by designated guidance providers to comply with standards: FCA recommendations
(1)If the FCA considers that a designated guidance provider has failed to comply with a standard set under section 333H the FCA may—
(a)recommend steps that the designated guidance provider might take to prevent the continuance or recurrence of the failure or to make redress to those affected by the failure, and
(b)having made such a recommendation, recommend that the Treasury give a direction under section 333M.
(2)The FCA must publish a recommendation made under subsection (1)(b) unless the FCA considers that to do so—
(a)would be against the public interest, or
(b)would be inappropriate for some other reason.
(3)If the condition in subsection (2)(a) or (b) is satisfied in relation to a recommendation but would not be satisfied if the FCA published part only of the recommendation, the FCA may publish that part.
(4)If the power conferred by section 333E(3) to revoke a designation is exercised before the power in subsection (1) the reference in subsection (1) to a designated guidance provider is to be read as a reference to a person who, at the time of the failure to comply, was a designated guidance provider.
333KFCA policy on making recommendations under section 333J
(1)The FCA must prepare and issue a statement of its policy with respect to the making of recommendations under section 333J.
(2)The FCA may at any time alter or replace a statement issued under this section.
(3)If a statement issued under this section is altered or replaced, the FCA must issue the altered or replaced statement.
(4)The FCA may issue a statement under this section only with the consent of the Treasury.
(5)A statement issued under this section must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of the public.
(6)The FCA may charge a reasonable fee for providing a person with a copy of the statement.
333LFCA policy on making recommendations under section 333J: procedure
(1)Before issuing a statement under section 333K, the FCA must—
(a)consult the Treasury, and
(b)publish a draft of the proposed statement in the way appearing to the FCA to be best calculated to bring it to the attention of the public.
(2)The draft must be accompanied by notice that representations about the proposal may be made to the FCA within a specified time.
(3)Before issuing the proposed statement, the FCA must have regard to any representations made to it within the specified time.
(4)If the FCA issues the proposed statement it must publish an account, in general terms, of—
(a)the representations made to it within the specified time, and
(b)its response to them.
(5)If the statement differs from the draft published under subsection (1)(b) in a way which is, in the opinion of the FCA, significant, the FCA must (in addition to complying with subsection (4)) publish details of the difference.
(6)The FCA may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1)(b).
(7)This section also applies to a proposal to alter or replace a statement.
333MFailure by designated guidance providers to comply with standards: Treasury directions
(1)If the Treasury consider that a designated guidance provider has failed to comply with a standard set under section 333H the Treasury may direct the provider to take such steps as the Treasury consider appropriate—
(a)to prevent the continuance or recurrence of the failure;
(b)to make redress to those affected by the failure.
(2)The Treasury may give a direction under subsection (1) only if the FCA has made a recommendation under section 333J(1)(b) (although the terms of the direction need not be the same as that recommended by the FCA).
(3)The Treasury must—
(a)give notice in writing of a direction under subsection (1), and
(b)send a copy of the notice to the FCA.
(4)The notice must inform the designated guidance provider that representations about why the direction should not be published may be made to the Treasury within a specified time.
(5)Once the time specified under subsection (4) has elapsed, the Treasury must publish the direction unless—
(a)the Treasury consider that to do so would be against the public interest;
(b)having considered representations made by the designated guidance provider within the specified time, the Treasury consider that it would be inappropriate to do so for some other reason.
(6)If the condition in subsection (5)(a) or (b) is satisfied in relation to a direction but would not be satisfied if the Treasury published part only of the direction, the Treasury may publish that part.
(7)A direction under subsection (1) is enforceable, on an application made by the Treasury, by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.
333NDirections to designated guidance providers under section 333M: relationship with power to revoke a designation
(1)The power conferred by section 333M(1) is exercisable in addition to, or instead of, the power conferred by section 333E(3) to revoke a designation.
(2)If the power in section 333E(3) is exercised before the power in section 333M(1) the reference in section 333M(1) to a designated guidance provider is to be read as a reference to a person who, at the time of the failure to comply, was a designated guidance provider.
(3)Subsection (1) does not limit the grounds on which the power in section 333E(3) may be exercised.
FCA's duties and power to give guidanceE+W+S
333OFCA's duties
(1)The FCA must discharge its general pensions guidance functions with a view to securing an appropriate degree of protection for recipients of pensions guidance from designated guidance providers.
(2)In discharging its general pensions guidance functions the FCA must have regard to—
(a)its strategic and operational objectives in section 1B(2) and (3), and
(b)the regulatory principles in section 3B.
(3)In this section the FCA's “general pensions guidance functions” means its functions of—
(a)setting standards under section 333H,
(b)issuing statements under section 333K,
(c)giving general guidance under section 333P (see section 333P(9)),
(d)making rules under section 333Q, and
(e)determining the general policy and principles by reference to which it performs particular functions under this Part.
333PPower of the FCA to give guidance
(1)The FCA may give guidance consisting of such information and advice relating to its functions under sections 333H, 333I, 333J, 333K and 333Q as it considers appropriate.
(2)Subsection (3) applies where the FCA proposes to give guidance to designated guidance providers generally, or to a class of designated guidance provider, in relation to standards set under section 333H or rules made under section 333Q.
(3)Where this subsection applies, subsections (1)(b), (2)(e) and (3) of section 138I apply to the proposed guidance as they apply to proposed rules, unless the FCA considers that the delay in complying with those provisions would be prejudicial to the interests of recipients of pensions guidance from designated guidance providers.
(4)The FCA may—
(a)publish its guidance,
(b)offer copies of its published guidance for sale at a reasonable price, and
(c)if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.
(5)On giving any general guidance, the FCA must give written notice to the Treasury without delay.
(6)If the FCA alters any of its general guidance, it must give written notice to the Treasury without delay.
(7)The notice under subsection (6) must include details of the alteration.
(8)If the FCA revokes any of its general guidance, it must give written notice to the Treasury without delay.
(9)In this section “general guidance” means guidance given by the FCA under this section which is—
(a)given to persons generally, to designated guidance providers generally or to a class of designated guidance provider,
(b)intended to have continuing effect, and
(c)given in writing or other legible form.
Funding of pensions guidanceE+W+S
333QFunding of FCA's pensions guidance costs
(1)For the purpose of meeting the FCA's pensions guidance costs the FCA must make rules requiring designated guidance providers, or any specified class of designated guidance provider, to pay to the FCA specified amounts or amounts calculated in a specified way.
(2)Before the FCA publishes a draft of the rules it must consult the Treasury.
(3)The amounts to be paid under the rules may include a component—
(a)to cover the expenses of the FCA in collecting the payments;
(b)to enable the FCA to maintain an adequate reserve.
(4)In this section the “FCA's pensions guidance costs” means the expenses incurred, or expected to be incurred, by the FCA in connection with the carrying out of the functions conferred on it by this Part other than by section 333R.
333RFunding of Treasury's pensions guidance costs
(1)The Treasury must, from time to time, notify the FCA of the amount of the Treasury's pensions guidance costs.
(2)Having been so notified, the FCA must make rules requiring authorised persons, or any specified class of authorised person, to pay to the FCA specified amounts or amounts calculated in a specified way with a view to recovering the amount notified under subsection (1).
(3)The amounts to be paid under the rules may include a component to cover the expenses of the FCA in collecting the payments (“collection costs”).
(4)Before the FCA publishes a draft of the rules it must consult the Treasury.
(5)The rules may be made only with the consent of the Treasury.
(6)The Treasury may notify the FCA of matters that they will take into account when deciding whether or not to give consent for the purposes of subsection (5).
(7)The FCA must have regard to any matters notified under subsection (6) before publishing a draft of rules to be made under this section.
(8)The FCA must pay to the Treasury the amounts that it receives under rules made under this section apart from amounts in respect of its collection costs (which it may keep).
(9)The Treasury must pay into the Consolidated Fund the amounts received by them under subsection (8).
(10)In this section the “Treasury's pensions guidance costs” means the expenses incurred, or expected to be incurred, by the Treasury—
(a)in giving pensions guidance or arranging for it to be given by designated guidance providers,
(b)in meeting the expenses of designated guidance providers incurred in connection with the giving of the guidance (whether by means of the power conferred by section 333D or otherwise),
(c)in providing services to designated guidance providers to support them in giving the guidance,
(d)in increasing awareness of the availability of the guidance,
(e)in undertaking or commissioning research relating to the giving of the guidance, and
(f)otherwise in connection with the carrying out of its functions under section 333B.
(11)For the purposes of subsection (10)(b) “expenses of designated guidance providers”—
(a)includes expenses incurred by virtue of sections 333H(2), 333J, 333M and 333Q, and
(b)where a recommendation or direction has been made by virtue of section 333J(4) or 333N(2), includes expenses of a former designated guidance provider.
(12)The Treasury may by regulations amend the definition of the “Treasury's pensions guidance costs” in subsection (10).”
3E+W+SIn section 1B (the FCA's general duties), after subsection (7) insert—
“(7A)The FCA's general functions do not include its general pensions guidance functions (see section 333O(3)).”
4E+W+SIn section 1M (the FCA's general duty to consult), after “section 1B” insert “ and its duties under section 333O ”.
5E+W+SIn section 1S (reviews by independent person into discharge of FCA functions), in subsection (3) (excluded functions), after “(4)” insert “ or its duties under section 333O(1) and (2)(a) ”.
6E+W+SAfter section 137FA insert—
“137FBFCA general rules: disclosure of information about the availability of pensions guidance
(1)The FCA must make general rules requiring information about the availability of pensions guidance to be given by the trustees or managers of a relevant pension scheme to members of the scheme, and survivors of members of the scheme, with subsisting rights in respect of any flexible benefits.
(2)Before the FCA publishes a draft of any rules to be made by virtue of this section, it must consult—
(a)the Secretary of State, and
(b)the Treasury.
(3)In determining what provision to include in the rules, the FCA must have regard to any regulations that are for the time being in force under section 113 of the Pension Schemes Act 1993 concerning the giving of information about the availability of pensions guidance to members of pension schemes, and survivors of members of pension schemes, with subsisting rights in respect of any flexible benefits.
(4)In this section—
“flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;
“pensions guidance” means pensions guidance given by virtue of Part 20A;
“relevant pension scheme” means a pension scheme set up by a person with permission under this Act to establish—
(a)a personal pension scheme within the meaning of an order under section 22, or
(b)a stakeholder pension scheme within the meaning of such an order;
“subsisting right” has the meaning given by section 76 of the Pension Schemes Act 2015;
“survivor” has the meaning given by section 76 of the Pension Schemes Act 2015.”
7(1)Section 138F (notification of rules) is amended as follows.E+W+S
(2)The existing text becomes subsection (1).
(3)After that subsection insert—
“(2)Subsection (1)(b) does not apply to rules made under or by virtue of section 137FB, 333Q or 333R.”
8E+W+SIn section 138I (rules: consultation by the FCA)—
(a)in subsection (6) (exemption from requirement to carry out a cost benefit analysis), after paragraph (a) insert—
“(aa)section 137FB;”;
(b)in that subsection, after paragraph (c) insert—
“(ca)section 333Q;
(cb)section 333R;”;
(c)in subsection (10) (rules to which requirement to consult the PRA does not apply), after “apply to” insert “—
(a)rules made by the FCA under section 137FB, 333Q or 333R, or
(b)”.
9E+W+SIn section 139A (power of the FCA to give guidance), after subsection (1) insert—
“(1A)The FCA may not give guidance under this section relating to its functions under sections 333H, 333I, 333J, 333K and 333Q (see section 333P for provision about the giving of guidance relating to these functions).”
10E+W+SIn section 140A (competition scrutiny: interpretation), in subsection (1), in paragraph (a) of the definition of “regulating provisions”—
(a)in sub-paragraph (ii), after “section 139B(5)” insert “ or 333P(9) ”;
(b)after sub-paragraph (iv) insert—
“(v)standards set under section 333H;
(vi)statement issued by the FCA under 333K;”.
11E+W+SIn section 168 (appointment of persons to carry out investigations in particular cases), in subsection (2)(a), after “section 24(1)” insert “ or 333G ”.
12E+W+SIn section 429 (Parliamentary control of statutory instruments), in subsection (2) (regulations subject to the affirmative resolution procedure), for “or 262” substitute “ , 262, 333C or 333R ”.
13E+W+SIn Schedule 1ZA (the FCA), in paragraph 8 (arrangements for discharging functions)—
(a)in sub-paragraph (3) (legislative functions that must be exercised by the FCA acting through its governing body), in paragraph (c)(i), for “or 312J” substitute “ , 312J or 333K ”;
(b)in sub-paragraph (3), after paragraph (d) insert—
“(e)setting standards under section 333H.”
(c)in sub-paragraph (4), after “section 139B(5)” insert “ or 333P(9) ”.
14E+W+SIn that Schedule, in paragraph 11 (annual report), in sub-paragraph (1) (matters to be covered in the report), after paragraph (ha) insert—
“(hb)how, in its opinion, it has complied with its duties in section 333O,”.
15E+W+SIn that Schedule, in paragraph 21 (FCA financial penalty scheme), in sub-paragraph (2) (list of “regulated persons” who may benefit from the scheme)—
(a)omit the “and” at the end of paragraph (c);
(b)at the end of paragraph (d) insert “, and
(e)designated guidance providers.”
16E+W+SIn that Schedule, in paragraph 23 (fees)—
(a)in sub-paragraph (1), in the opening words, after “of this Act” insert “ other than sections 333Q and 333R ”;
(b)in sub-paragraph (1)(a), after “functions” insert “ , other than its excepted functions, ”;
(c)in sub-paragraph (2)(a), after “(ca)” insert “ but not its excepted functions ”;
(d)after sub-paragraph (2) insert—
“(2ZA)The “excepted functions” of the FCA are—
(a)its functions under sections 333E to 333Q, and
(b)its functions under section 333R so far as relating to the collection of payments.”
17E+W+SIn section 85 of the Financial Services Act 2012 (relevant functions in relation to scheme for investigating complaints against FCA and other regulators), in subsection (4) (legislative functions of the FCA that are excluded)—
(a)in paragraph (c)(i), for “or 312J” substitute “ , 312J or 333K ”;
(b)in paragraph (e), after “139B(5)” insert “ or 333P(9) ”;
(c)after paragraph (e) insert—
“(f)setting standards under section 333H of FSMA 2000.”
18(1)For the purpose of the exercise of a function conferred by a provision listed in the first column of the table, a consultation requirement listed in the corresponding entry in the second column may be satisfied by things done before the day on which this Act is passed.E+W+S
| Provision conferring function | Consultation requirement |
|---|---|
| Section 137FB of FSMA | Sections 137FB(2) and 138I(1) of FSMA |
| Section 333E(1)(e) of FSMA | Section 333E(2) of FSMA |
| Section 333H(1) of FSMA | Section 138I(1) of FSMA as applied with modifications by section 333H(6) of FSMA |
| Section 333K(1) of FSMA | Section 333L(1) of FSMA |
| Section 333P(1) of FSMA | Section 138(1)(b) of FSMA as applied by section 333P(3) of FSMA |
| Section 333Q(1) of FSMA | Sections 138I(1) and 333Q(2) of FSMA. |
| Section 333R(2) of FSMA | Sections 138I(1) and 333R(4) of FSMA |
(2)Where before the day on which this Act is passed the Financial Conduct Authority publishes a draft of proposed standards for the giving of pensions guidance by designated guidance providers—
(a)the consultation requirement in section 138I of FSMA may be treated as satisfied by virtue of sub-paragraph (1) even if the draft is not accompanied by—
(i)a cost benefit analysis, or
(ii)an explanation of the Financial Conduct Authority's reasons for believing that setting the proposed standards would secure an appropriate degree of protection for recipients of pensions guidance from designated guidance providers, and
(b)if it is, any resulting standards published under section 138G(4) of FSMA must be accompanied by—
(i)a cost benefit analysis within the meaning of section 138I of that Act even if the conditions in subsection (5) of section 138I are not satisfied, and
(ii)an explanation of the Financial Conduct Authority's reasons for believing that setting the standards will secure an appropriate degree of protection for recipients of pensions guidance from designated guidance providers.
(3)References in sub-paragraph (2) to provisions of sections 138G and 138I of FSMA are to those provisions as applied with modifications by section 333H(6) of that Act.
(4)Where before the day on which this Act is passed the Financial Conduct Authority publishes a draft of proposed rules requiring information about the availability of pensions guidance to be given by the trustees or managers of a relevant pension scheme to members of the scheme, and survivors of members of the scheme, with subsisting rights in respect of any flexible benefits, the consultation requirement in section 137FB(2) of FSMA may be treated as satisfied by virtue of sub-paragraph (1) even if the only consultation before publication was with the Treasury.
(5)In this paragraph—
“consultation requirement” includes—
(a)a requirement to publish a draft;
(b)a requirement under section 333E(2)(b) or (c) of FSMA;
“FSMA” means the Financial Services and Markets Act 2000.
19E+W+SExpenses incurred by the Financial Conduct Authority before the day on which this Act is passed in anticipation of the conferral of functions on it by virtue of the amendments made by this Schedule are to be treated as if they had been incurred on or after that day.
Section 67
SCHEDULE 4E+W+SRights to transfer benefits
PART 1 E+W+SGreat Britain amendments
Judicial Pensions Act 1981 (c. 20)E+W+S
1E+W+SIn Schedule 1A to the Judicial Pensions Act 1981 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 ”.
Judicial Pensions and Retirement Act 1993 (c. 8)E+W+S
2E+W+SIn Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 ”.
Pension Schemes Act 1993 (c. 48)E+W+S
3E+W+SThe Pension Schemes Act 1993 is amended as follows.
4(1)Chapters 4 and 5 of Part 4 of the Act become Chapters 1 and 2 of a new Part 4ZA.E+W+S
(2)Accordingly—
(a)before section 93 (and before the Chapter heading above it) insert— “ PART 4ZA TRANSFERS AND CONTRIBUTION REFUNDS ”;
(b)for the Chapter heading above section 93 substitute— “ CHAPTER 1 TRANSFER RIGHTS: GENERAL ”;
(c)for the Chapter heading above section 101AA substitute— “ CHAPTER 2 EARLY LEAVERS: CASH TRANSFER SUMS AND CONTRIBUTION REFUNDS ”.
5E+W+SIn section 24F (transfers out of GMP-converted schemes), in subsection (3), omit “guaranteed”.
6E+W+SUntil the coming into force of its repeal by Schedule 13 to the Pensions Act 2014, section 56 of the Pension Schemes Act 1993 (payment of state scheme premiums on termination of certified status: supplementary) has effect as if, in subsection (4)(b), for “Chapter 5 of Part 4” there were substituted “ Chapter 2 of Part 4ZA ”.
7E+W+SIn section 73 (form of short service benefit and its alternatives), in subsection (3), for “Chapter IV of this Part” substitute “ Chapter 1 of Part 4ZA ”.
8E+W+SFor sections 93 to 94 substitute—
“93Scope of Chapter 1
(1)This Chapter applies to a member of a pension scheme if all of the following conditions are met.
(2)Condition 1 is that the member has accrued rights to any category of benefits under the scheme rules.
(3)Condition 2 is that no crystallisation event has occurred in relation to the member's accrued rights to benefits in that category (see subsection (7)).
(4)Condition 3 is that—
(a)the member is no longer accruing rights to benefits in that category (see subsection (8)), and
(b)in the case of benefits that are not flexible benefits, the member stopped accruing those rights at least one year before normal pension age.
(5)But this Chapter does not apply to—
(a)a member of a salary related occupational pension scheme whose pensionable service terminated before 1 January 1986 and in respect of whom prescribed requirements are satisfied;
(b)a member of a personal pension scheme which is comprised in an annuity contract made before 4 January 1988.
(6)In this Chapter a reference to a “category” of benefits is to one of the following three categories—
(a)money purchase benefits;
(b)flexible benefits other than money purchase benefits;
(c)benefits that are not flexible benefits.
(7)For the purposes of Condition 2 a crystallisation event occurs in relation to a member's accrued rights to benefits in a category when—
(a)payment of a pension in respect of any of the benefits has begun,
(b)in the case of money purchase benefits, sums or assets held for the purpose of providing any of the benefits are designated as available for the payment of drawdown pension (as defined by paragraph 4 of Schedule 28 to the Finance Act 2004), or
(c)in the case of a personal pension scheme, sums or assets held for the purpose of providing any of the benefits are applied for purchasing an annuity or insurance policy.
(8)For the purposes of Condition 3 a member stops accruing rights to a category of benefits when there are no longer arrangements in place for the accrual of rights to benefits in that category for or in respect of the member.
(9)In this section a reference to accrued rights does not include pension credit rights.
(10)Regulations may—
(a)provide for this Chapter not to apply in relation to a person of a prescribed description;
(b)provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;
(c)modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.
(11)In the following provisions of this Chapter—
(a)a reference to a “member” of a pension scheme is a reference to a member to whom this Chapter applies, and
(b)a reference to a member's “transferrable rights” are to any rights in relation to a category of benefits by virtue of which this Chapter applies to the member.
93ARight to statement of entitlement: benefits other than money purchase
(1)The trustees or managers of a pension scheme must, on the application of any member, provide the member with a statement of entitlement in respect of the member's transferrable rights in relation to categories of benefits other than money purchase benefits.
(2)In the case of a member with transferrable rights in relation to two categories of benefits other than money purchase benefits, the application may relate to transferrable rights in relation to either or both of those categories.
(3)For the purposes of this Chapter a member's “statement of entitlement” is a written statement of the amount of the cash equivalent at the guarantee date of the transferrable rights to which the application under subsection (1) relates.
(4)In this Chapter “the guarantee date” means the date by reference to which the value of the cash equivalent is calculated, and must be—
(a)within the prescribed period beginning with the date of the application, and
(b)within the prescribed period ending with the date on which the statement of entitlement is provided to the member.
(5)Regulations may make provision in relation to applications under this section and may, in particular, restrict the making of successive applications.
(6)If the trustees or managers of a pension scheme fail to comply with subsection (1), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
94Right to cash equivalent
(1)A member of a pension scheme who has received a statement of entitlement under section 93A acquires a right to take the cash equivalent shown in that statement in accordance with this Chapter.
(2)A member of a pension scheme who has transferrable rights in relation to money purchase benefits acquires a right to take their cash equivalent in accordance with this Chapter.”
Commencement Information
I1Sch. 4 para. 8 wholly in force; Sch. 4 para. 8 in force at Royal Assent for specified purposes; Sch. 4 para. 8 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
9(1)Section 95 (ways of taking right to cash equivalent) is amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)A member of a pension scheme who has acquired a right to take a cash equivalent in accordance with this Chapter may only take it by making an application in writing to the trustees or managers of the scheme requiring them to use the cash equivalent in one of the ways specified below.
(1A)In the case of a right acquired under section 94(1), the application must be made—
(a)within the period of 3 months beginning with the guarantee date shown in the relevant statement of entitlement, and
(b)if the cash equivalent relates to benefits that are not flexible benefits, by no later than the date that falls one year before the member attains normal pension age.”
(3)In subsections (2)(a)(i) and (b)(i) and (3)(a)(i) and (b)(i), for “accrued rights” substitute “ transferrable rights ”.
(4)After subsection (6) insert—
“(6A)Regulations may extend the period specified in subsection (1A)(a) in prescribed circumstances.”
(5)Omit subsections (7) and (8).
Commencement Information
I2Sch. 4 para. 9 wholly in force; Sch. 4 para. 9 in force at Royal Assent for specified purposes; Sch. 4 para. 9 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
10(1)Section 96 (further provisions concerning exercise of option under section 95) is amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)A member who has acquired a right to take a cash equivalent under section 94(1) or (2) may exercise the option conferred by section 95(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—
(a)in relation to the whole of that cash equivalent, or
(b)if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).”
(3)In subsection (2), in paragraphs (a) and (b), for each “accrued rights” substitute “ transferrable rights ”.
(4)For subsection (4) substitute—
“(4)Where a member of a pension scheme—
(a)is entitled to make an application under section 95(1) in relation to any category of benefits, and
(b)is also entitled to give a transfer notice under section 101F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 101G(2)),
the member may not, if the scheme so provides, make an application under section 95(1) in relation to that category of benefits without also giving a transfer notice under section 101F(1) in relation to that category of benefits.”
11(1)Section 97 (calculation of cash equivalents) is amended as follows.E+W+S
(2)After subsection (1) insert—
“(1A)Where a member applies under section 95 to take a cash equivalent that relates to money purchase benefits, the cash equivalent is to be calculated by reference to the date of the application.”
(3)In subsection (2)—
(a)in paragraph (a), in the opening words, for “except guaranteed cash equivalents” substitute “ that relate to money purchase benefits ”;
(b)in paragraph (aa), for “, including a guaranteed cash equivalent,” substitute “ that relates to any category of benefits ”.
(4)In subsection (3), omit paragraph (a).
(5)For subsection (3A) substitute—
“(3A)For the purposes of subsection (3), the “appropriate date”—
(a)in relation to a cash equivalent that relates to benefits other than money purchase benefits, means the guarantee date for the purposes of the relevant statement of entitlement under section 93A, and
(b)in relation to a cash equivalent that relates to money purchase benefits, means the date on which the trustees or managers receive an application from the member under section 95.
(3B)Where regulations under subsection (2)(b) provide for the cash equivalent shown in a statement of entitlement to be increased or reduced after the member has made an application under section 95, the regulations may provide for the application under section 95 to lapse (but this does not prevent the member making a fresh application in respect of the increased or reduced cash equivalent).”
12E+W+SFor section 98 substitute—
“98Loss of right to cash equivalent
(1)A member of a pension scheme who acquires the right to take a cash equivalent under section 94(1) loses that right if no application to take the cash equivalent is made within the period required by section 95(1A) or (6A).
(2)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if, after the member makes an application under section 95, the duty of the trustees or managers to do what is needed to carry out what the member requires is extinguished by section 99(2A).
(3)Nothing in subsection (1) or (2) prevents the member from later acquiring a new right to take a cash equivalent in relation to the same benefits.
(4)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if the scheme is wound up.”
13(1)Section 99 (trustees' duties after exercise of option) is amended as follows.E+W+S
(2)For subsection (2) substitute—
“(2)Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 95 they must do what is needed to carry out what the member requires—
(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the guarantee date shown in the relevant statement of entitlement, and
(b)in the case of an application that relates to money purchase benefits, within 6 months beginning with the date of the application.”
(3)In subsection (3)(a) omit “at any time before the expiry of the period of 12 months beginning with the termination date”.
(4)Omit subsection (3A).
(5)After subsection (4A) insert—
“(4B)Regulations may extend the period for compliance under subsection (2) or (3) in prescribed circumstances.”
Commencement Information
I3Sch. 4 para. 13 wholly in force; Sch. 4 para. 13 in force at Royal Assent for specified purposes; Sch. 4 para. 13 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
14E+W+SAfter section 100 insert—
“100AProhibition on excluding future accruals etc
Except as mentioned in sections 96(4) and 101G(4), a pension scheme may not contain rules that would have the effect of—
(a)preventing a member from exercising a right under this Chapter in relation to a category of benefits without also exercising a right under this Chapter or otherwise to require a transfer payment to be made in respect of another category of benefits, or
(b)preventing a member who exercises a right under this Chapter in relation to a category of benefits from accruing rights to benefits in another category.
100BMeaning of “scheme rules”: occupational pension schemes
(1)In this Chapter references to the scheme rules, in relation to a pension scheme, are references to—
(a)the rules of the scheme, except so far as overridden by a relevant legislative provision,
(b)the relevant legislative provisions, to the extent that they have effect in relation to the scheme and are not reflected in the rules of the scheme, and
(c)any provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of Part 4 of this Act.
(2)For the purposes of subsection (1)—
(a)“relevant legislative provision” means any provision contained in any of the following provisions—
(i)Schedule 5 to the Social Security Act 1989;
(ii)Chapter 2 or 3 of Part 4 of this Act or regulations made under either of those Chapters;
(iii)this Part of this Act or regulations made under this Part;
(iv)Part 4A of this Act or regulations made under that Part;
(v)section 110(1) of this Act;
(vi)Part 1 of the Pensions Act 1995 or subordinate legislation made or having effect as if made under that Part;
(vii)section 31 of the Welfare Reform and Pensions Act 1999;
(viii)any provision mentioned in section 306(2) of the Pensions Act 2004;
(ix)regulations made under Schedule 17 to the Pensions Act 2014;
(x)regulations made under Schedule 18 to the Pensions Act 2014;
(xi)regulations made under Part 2 of the Pension Schemes Act 2015;
(xii)section 55 of the Pension Schemes Act 2015;
(xiii)regulations made under section 56 or 57 of the Pension Schemes Act 2015;
(b)a relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions—
(i)paragraph 3 of Schedule 5 to the Social Security Act 1989;
(ii)section 129(1) of this Act;
(iii)section 117(1) of the Pensions Act 1995;
(iv)section 31(4) of the Welfare Reform and Pensions Act 1999;
(v)section 306(1) of the Pensions Act 2004;
(vi)regulations made under paragraph 17 of Schedule 17 to the Pensions Act 2014;
(vii)regulations made under paragraph 6 of Schedule 18 to the Pensions Act 2014;
(viii)regulations made under section 34 of the Pension Schemes Act 2015;
(ix)section 55(3) of the Pension Schemes Act 2015;
(x)regulations made under section 56(4) or 57(4) of the Pension Schemes Act 2015.
100CMeaning of “normal pension age” in this Chapter
(1)In this Chapter “normal pension age”, in relation to a category of benefits under a pension scheme, means—
(a)in a case where the scheme is an occupational pension scheme and those benefits consist only of a guaranteed minimum pension, the earliest age at which the member is entitled to receive the guaranteed minimum pension on retirement from any employment to which the scheme applies,
(b)in any other case where the scheme is an occupational pension scheme and the scheme provides for the member to become entitled to receive any of those benefits at a particular age on retirement from any employment to which the scheme applies, the earliest age at which the member becomes entitled to receive any of the benefits, and
(c)in a case not falling within paragraph (a) or (b), normal minimum pension age as defined by section 279(1) of the Finance Act 2004.
(2)For the purposes of subsection (1) any scheme rule making special provision as to early retirement on grounds of ill-health or otherwise is to be disregarded.
100DInterpretation of Chapter
In this Chapter—
“accrued rights”, in relation to a member of a pension scheme, means rights that have accrued to or in respect of the member to benefits under the scheme;
“category”, in relation to benefits, has the meaning given by section 93(6);
“flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;
“guarantee date”, in relation to a member who has received a statement of entitlement, has the meaning given by section 93A;
“member” is to be read in accordance with section 93(11);
“normal pension age” has the meaning given by section 100C;
“pension credit rights”, in relation to a member of a pension scheme, means rights to benefits under the scheme which are attributable (directly or indirectly) to a pension credit;
“salary related occupational pension scheme”: an occupational pension scheme is “salary related” if—
(a)the scheme is not a scheme under which all the benefits that may be provided are money purchase benefits, and
(b)the scheme does not fall within a prescribed class;
“scheme rules”, in relation to a pension scheme, has the meaning given by section 100B;
“statement of entitlement” has the meaning given by section 93A;
“transferrable rights” is to be read in accordance with section 93(11).”
15(1)Section 101F (power to give transfer notice) is amended as follows.E+W+S
(2)In subsection (1), for “pension credit benefit” substitute “ pension credit rights ”.
(3)After subsection (3) insert—
“(3A)An eligible member who has pension credit rights in relation to more than one category of benefits under the scheme may exercise the power to give a transfer notice in relation to the pension credit rights in relation to any one or more of those categories.”
(4)For subsection (4) substitute—
“(4)The cash equivalent for the purposes of subsection (1) shall—
(a)in a case where the pension credit rights relate to a category of benefits other than money purchase benefits, be taken to be the amount shown in the relevant statement under section 101H, and
(b)in a case where the pension credit rights relate to money purchase benefits, be determined by reference to the date the notice under that subsection is given.”
(5)For subsection (6A) substitute—
“(6A)Regulations may—
(a)provide for this Chapter not to apply in relation to a person of a prescribed description;
(b)provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;
(c)modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.
(6B)In this Chapter a reference to a “category” of benefits is to one of the following three categories—
(a)money purchase benefits;
(b)flexible benefits other than money purchase benefits;
(c)benefits that are not flexible benefits.”
Commencement Information
I4Sch. 4 para. 15 wholly in force; Sch. 4 para. 15 in force at Royal Assent for specified purposes; Sch. 4 para. 15 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
16E+W+SFor section 101G (restrictions on power to give transfer notice) substitute—
“101GRestrictions on power to give transfer notice
(1)An eligible member may not give a transfer notice in relation to a category of benefits if a crystallisation event has occurred in relation to any of the member's pension credit rights to benefits in that category.
(2)An eligible member may give a transfer notice in relation to a category of benefits other than money purchase benefits only if—
(a)the member has been provided with a statement under section 101H in relation to benefits in that category, and
(b)not more than 3 months have passed since the date by reference to which the amount shown in the statement is determined.
(3)An eligible member may not give a transfer notice in relation to benefits other than flexible benefits if there is less than one year to go until the member reaches normal benefit age.
(4)Where an eligible member of a qualifying scheme—
(a)is entitled to give a transfer notice in relation to any category of benefits, and
(b)is also entitled to make an application to the trustees or managers of the scheme under section 95(1) in relation to benefits in the same category (or would be entitled to do so but for section 95(1A)(a)),
the member may not, if the scheme so provides, give a transfer notice in relation to that category of benefits without also making an application under section 95(1) in relation to that category of benefits.
(5)A transfer notice may not be given if a previous transfer notice given by the member to the trustees or managers of the scheme is outstanding.
(6)Regulations may extend the period specified in subsection (2)(b) in prescribed circumstances.
(7)For the purposes of subsection (1) a crystallisation event occurs in relation to a member's pension credit rights to benefits in a category when—
(a)payment of a pension in respect of any of the benefits has begun,
(b)in the case of money purchase benefits, sums or assets held for the purpose of providing any of the benefits are designated as available for the payment of drawdown pension (as defined by paragraph 4 of Schedule 28 to the Finance Act 2004), or
(c)in the case of a personal pension scheme, sums or assets held for the purpose of providing any of the benefits are applied for purchasing an annuity or insurance policy.”
Commencement Information
I5Sch. 4 para. 16 wholly in force; Sch. 4 para. 16 in force at Royal Assent for specified purposes; Sch. 4 para. 16 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
17(1)Section 101H (salary related schemes: statements of entitlement) is amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)The trustees or managers of a qualifying scheme must, on the application of an eligible member, provide the member with a written statement of the amount of the cash equivalent of the member's pension credit rights in relation to categories of benefits other than money purchase benefits.
(1A)In the case of a member with pension credit rights in relation to two categories of benefits other than money purchase benefits, the application may relate to pension credit rights in relation to either or both of those categories.”
(3)In the heading for “Salary related schemes” substitute “ Benefits other than money purchase ”.
18(1)Section 101J (time for compliance with transfer notice) is amended as follows.E+W+S
(2)In subsection (1), for paragraphs (a) and (b) substitute—
“(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the valuation date, and
(b)in the case of an application that relates to money purchase benefits, within 6 months of the date on which the notice is given.”
(3)After subsection (2) insert—
“(2A)Regulations may extend the period for complying with the notice in prescribed circumstances.”
(4)For subsection (7) substitute—
“(7)In subsection (1)(a), “valuation date” means the date by reference to which the amount shown in the relevant statement under section 101H is determined.”
Commencement Information
I6Sch. 4 para. 18 wholly in force; Sch. 4 para. 18 in force at Royal Assent for specified purposes; Sch. 4 para. 18 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
19E+W+SIn section 101M (effect of transfer on trustees' duties), for the words from “pension credit benefit” to the end of the section substitute “ benefits to which the transfer notice relates ”.
20E+W+SAfter section 101N insert—
“101NAProhibition on excluding transfers of some rights without others etc
Except as mentioned in sections 96(4) and 101G(4), a pension scheme may not contain rules that would have the effect of—
(a)preventing a member from exercising a right under this Chapter in relation to a category of benefits without also exercising a right under this Chapter or otherwise to require a transfer payment to be made in respect of another category of benefits, or
(b)preventing a member who exercises a right under this Chapter in relation to a category of benefits from accruing rights to benefits in another category.”
21(1)Section 101P (interpretation) is amended as follows.E+W+S
(2)In subsection (1), at the appropriate places insert—
““category”, in relation to benefits, has the meaning given by section 101F(6B);”
““flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;”.
(3)In that subsection, omit the definition of “pension credit benefit”.
(4)Omit subsection (2).
(5)In subsection (3), for “given to the trustees or managers of a salary related occupational pension scheme” substitute “ in relation to benefits other than money purchase benefits ”.”
22E+W+SOmit section 101Q.
23E+W+SIn section 129 (overriding requirements), in subsection (1), for “Chapters II, III, IV and V of Part IV” substitute “ Chapters 2 and 3 of Part 4, Chapters 1 and 2 of Part 4ZA ”.
24E+W+SIn section 130 (extra-statutory benefits), in paragraph (b), for “Chapter II, IV or V of Part IV” substitute “ Chapter 2 of Part 4 or Chapter 1 or 2 of Part 4ZA ”.
25E+W+SIn section 153 (power to modify certain provisions), in subsection (1), for “Chapters II, III and IV of Part IV” substitute “ Chapters 2 and 3 of Part 4 and Chapter 1 of Part 4ZA ”.
26E+W+SIn section 179 (linked qualifying service), in subsection (1)(a)—
(a)in the opening words, for “Chapter 4 or 5 of Part 4” substitute “ Chapter 1 or 2 of Part 4ZA ”;
(b)in sub-paragraph (iii)—
(i)for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”;
(ii)for “Chapter 5” substitute “ Chapter 2 ”.
27E+W+SIn section 181 (interpretation), in subsection (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
Pensions Act 1995 (c. 26)E+W+S
28E+W+SThe Pensions Act 1995 is amended as follows.
29E+W+SIn section 67A (the subsisting rights provisions: interpretation), in subsection (9)(a), for sub-paragraph (ii) substitute—
“(ii)Chapter 2 or 3 of Part 4 of the Pension Schemes Act 1993 (certain protection for early leavers) or regulations made under either of those Chapters;
(iia)Chapter 1 or 2 of Part 4ZA of that Act (transfers and contribution refunds) or regulations made under either of those Chapters;”.
30E+W+SIn section 73 (preferential liabilities on winding up), in subsection (9), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
31E+W+SIn section 73B (sections 73 and 73A: supplementary), in subsection (7), for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”.
32E+W+SIn section 124 (interpretation of Part 1), in subsection (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part 4 of the Pension Schemes Act 1993 (early leavers)” substitute “ Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) ”.
Learning and Skills Act 2000 (c. 21)E+W+S
33E+W+SIn section 135 (pensions: interpretation), in subsection (4), for “section 93(1A)” substitute “ section 100D ”.
Pensions Act 2004 (c. 35)E+W+S
34E+W+SThe Pensions Act 2004 is amended as follows.
35(1)Section 18 (pension liberation: interpretation) is amended as follows.E+W+S
(2)In subsection (2)(a)—
(a)after “accrued rights” insert “ or an entitlement ”;
(b)in sub-paragraph (ii), for “the applicable rules” substitute “ the scheme rules ”.
(3)In subsection (3)—
(a)for paragraph (a) substitute—
“(a)section 94 of the Pension Schemes Act 1993 (right to cash equivalent under Chapter 1 of Part 4ZA of that Act);”;
(b)in paragraph (b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
(4)In subsection (4)(d), for “the applicable rules” substitute “ the scheme rules ”.
(5)Omit subsection (5).
36E+W+SIn section 23 (freezing orders), in subsection (4)(g), for “salary related schemes” substitute “ benefits other than money purchase ”.
37E+W+SIn section 24 (consequences of freezing order), in subsection (7), for paragraphs (a) and (b) substitute—
“(a)Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 (transfer rights: general), or
(b)Chapter 2 of that Part (early leavers: cash transfer sums and contribution refunds),”.
38E+W+SIn section 73 (inspection of premises), in subsection (2)(d)—
(a)for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”;
(b)for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
39E+W+SIn section 135 (restrictions on winding up, discharge of liabilities etc), in subsection (6)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
40E+W+SIn section 138 (payment of scheme benefits), in subsection (3)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
41(1)Section 318 (interpretation) is amended as follows.E+W+S
(2)In subsection (2), for “an occupational pension scheme” substitute “ a pension scheme ”.
(3)In subsection (3)(a), for sub-paragraph (ii) substitute—
“(ii)Chapter 2 or 3 of Part 4 of the Pension Schemes Act 1993 (certain protection for early leavers) or regulations made under either of those Chapters;
(iia)Chapter 1 or 2 of Part 4ZA of that Act (transfers and contribution refunds) or regulations made under either of those Chapters;”.
42(1)Schedule 7 (pension compensation provisions) is amended as follows.E+W+S
(2)In paragraph 20(1)(c), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
(3)In paragraph 32(1)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.
Scottish Parliamentary Pensions Act 2009 (asp 1)E+W+S
43(1)Schedule 1 to the Scottish Parliamentary Pensions Act 2009 (Scottish Parliamentary Pension Scheme) is amended as follows.E+W+S
(2)In paragraph 75, in Condition 6, for “section 93A(2)” substitute “ section 93A(4) ”.
(3)In paragraph 91(2)(g), for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”.
Pensions Act 2014 (c. 19)E+W+S
44E+W+SThe Pensions Act 2014 is amended as follows.
45E+W+SIn section 34 (power to prohibit offer of incentives to transfer pension rights), in subsection (7), in the definition of “salary related occupational pension scheme”, for “section 93(1A)” substitute “ section 100D ”.
46E+W+SIn Schedule 17 (automatic transfer of pension benefits etc), in paragraph 1—
(a)in sub-paragraph (4)(d), for “applicable rules” substitute “ scheme rules ”;
(b)for sub-paragraph (6) substitute—
“(6)In sub-paragraph (4)—
(a)the reference to “scheme rules” is to be read in accordance with section 100B of the Pension Schemes Act 1993;
(b)“benefits” means—
(i)money purchase benefits other than money purchase benefits of a prescribed description, or
(ii)benefits of a prescribed description.”
PART 2 E+W+SNorthern Ireland amendments
Judicial Pensions Act 1981 (c. 20)E+W+S
47E+W+SIn Schedule 1A to the Judicial Pensions Act 1981 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 ”.
Judicial Pensions and Retirement Act 1993 (c. 8)E+W+S
48E+W+SIn Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993” substitute “ Chapter 1 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 ”.
Pension Schemes (Northern Ireland) Act 1993 (c. 49)E+W+S
49E+W+SThe Pension Schemes (Northern Ireland) Act 1993 is amended as follows.
50(1)Chapters 4 and 5 of Part 4 of the Act become Chapters 1 and 2 of a new Part 4ZA.E+W+S
(2)Accordingly—
(a)before section 89 (and before the Chapter heading above it) insert— “ PART 4ZA TRANSFERS AND CONTRIBUTION REFUNDS ”;
(b)for the Chapter heading above section 89 substitute— “ CHAPTER 1 TRANSFER RIGHTS: GENERAL ”;
(c)for the Chapter heading above section 97AA substitute— “ CHAPTER 2 EARLY LEAVERS: CASH TRANSFER SUMS AND CONTRIBUTION REFUNDS ”.
51E+W+SIn section 20F (transfers out of GMP-converted schemes), in subsection (3), omit “guaranteed”.
52E+W+SIn section 52 (payment of state scheme premiums on termination of certified status: supplementary), in subsection (4)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
53E+W+SIn section 69 (form of short service benefit and its alternatives), in subsection (3), for “Chapter IV of this Part” substitute “ Chapter 1 of Part 4ZA ”.
54E+W+SFor sections 89 to 90 substitute—
“89Scope of Chapter 1
(1)This Chapter applies to a member of a pension scheme if all of the following conditions are met.
(2)Condition 1 is that the member has accrued rights to any category of benefits under the scheme rules.
(3)Condition 2 is that no crystallisation event has occurred in relation to the member's accrued rights to benefits in that category (see subsection (7)).
(4)Condition 3 is that—
(a)the member is no longer accruing rights to benefits in that category (see subsection (8)), and
(b)in the case of benefits that are not flexible benefits, the member stopped accruing those rights at least one year before normal pension age.
(5)But this Chapter does not apply to—
(a)a member of a salary related occupational pension scheme whose pensionable service terminated before 1 January 1986 and in respect of whom prescribed requirements are satisfied;
(b)a member of a personal pension scheme which is comprised in an annuity contract made before 4 January 1988.
(6)In this Chapter a reference to a “category” of benefits is to one of the following three categories—
(a)money purchase benefits;
(b)flexible benefits other than money purchase benefits;
(c)benefits that are not flexible benefits.
(7)For the purposes of Condition 2 a crystallisation event occurs in relation to a member's accrued rights to benefits in a category when—
(a)payment of a pension in respect of any of the benefits has begun,
(b)in the case of money purchase benefits, sums or assets held for the purpose of providing any of the benefits are designated as available for the payment of drawdown pension (as defined by paragraph 4 of Schedule 28 to the Finance Act 2004), or
(c)in the case of a personal pension scheme, sums or assets held for the purpose of providing any of the benefits are applied for purchasing an annuity or insurance policy.
(8)For the purposes of Condition 3 a member stops accruing rights to a category of benefits when there are no longer arrangements in place for the accrual of rights to benefits in that category for or in respect of the member.
(9)In this section a reference to accrued rights does not include pension credit rights.
(10)Regulations may—
(a)provide for this Chapter not to apply in relation to a person of a prescribed description;
(b)provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;
(c)modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.
(11)In the following provisions of this Chapter—
(a)a reference to a “member” of a pension scheme is a reference to a member to whom this Chapter applies, and
(b)a reference to a member's “transferrable rights” are to any rights in relation to a category of benefits by virtue of which this Chapter applies to the member.
89ARight to statement of entitlement: benefits other than money purchase
(1)The trustees or managers of a pension scheme must, on the application of any member, provide the member with a statement of entitlement in respect of the member's transferrable rights in relation to categories of benefits other than money purchase benefits.
(2)In the case of a member with transferrable rights in relation to two categories of benefits other than money purchase benefits, the application may relate to transferrable rights in relation to either or both of those categories.
(3)For the purposes of this Chapter a member's “statement of entitlement” is a written statement of the amount of the cash equivalent at the guarantee date of the transferrable rights to which the application under subsection (1) relates.
(4)In this Chapter “the guarantee date” means the date by reference to which the value of the cash equivalent is calculated, and must be—
(a)within the prescribed period beginning with the date of the application, and
(b)within the prescribed period ending with the date on which the statement of entitlement is provided to the member.
(5)Regulations may make provision in relation to applications under this section and may, in particular, restrict the making of successive applications.
(6)If the trustees or managers of a pension scheme fail to comply with subsection (1), Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
90Right to cash equivalent
(1)A member of a pension scheme who has received a statement of entitlement under section 89A acquires a right to take the cash equivalent shown in that statement in accordance with this Chapter.
(2)A member of a pension scheme who has transferrable rights in relation to money purchase benefits acquires a right to take their cash equivalent in accordance with this Chapter.”
Commencement Information
I7Sch. 4 para. 54 wholly in force; Sch. 4 para. 54 in force at Royal Assent for specified purposes; Sch. 4 para. 54 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
55(1)Section 91 (ways of taking right to cash equivalent) is amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)A member of a pension scheme who has acquired a right to take a cash equivalent in accordance with this Chapter may only take it by making an application in writing to the trustees or managers of the scheme requiring them to use the cash equivalent in one of the ways specified below.
(1A)In the case of a right acquired under section 90(1), the application must be made—
(a)within the period of 3 months beginning with the guarantee date shown in the relevant statement of entitlement, and
(b)if the cash equivalent relates to benefits that are not flexible benefits, by no later than the date that falls one year before the member attains normal pension age.”
(3)In subsections (2)(a)(i) and (b)(i) and (3)(a)(i) and (b)(i), for “accrued rights” substitute “ transferrable rights ”.
(4)After subsection (6) insert—
“(6A)Regulations may extend the period specified in subsection (1A)(a) in prescribed circumstances.”
(5)Omit subsections (7) and (8).
Commencement Information
I8Sch. 4 para. 55 wholly in force; Sch. 4 para. 55 in force at Royal Assent for specified purposes; Sch. 4 para. 55 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
56(1)Section 92 (further provisions concerning exercise of option under section 91) is amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)A member who has acquired a right to take a cash equivalent under section 90(1) or (2) may exercise the option conferred by section 91(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—
(a)in relation to the whole of that cash equivalent, or
(b)if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).”
(3)In subsection (2), in paragraphs (a) and (b), for each “accrued rights” substitute “ transferrable rights ”.
(4)For subsection (4) substitute—
“(4)Where a member of a pension scheme—
(a)is entitled to make an application under section 91(1) in relation to any category of benefits, and
(b)is also entitled to give a transfer notice under section 97F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 97G(2)),
the member may not, if the scheme so provides, make an application under section 91(1) in relation to that category of benefits without also giving a transfer notice under section 97F(1) in relation to that category of benefits.”
57(1)Section 93 (calculation of cash equivalents) is amended as follows.E+W+S
(2)After subsection (1) insert—
“(1A)Where a member applies under section 91 to take a cash equivalent that relates to money purchase benefits, the cash equivalent is to be calculated by reference to the date of the application.”
(3)In subsection (2)—
(a)in paragraph (a), in the opening words, for “except guaranteed cash equivalents (as defined in section 90(1A))” substitute “ that relate to money purchase benefits ”;
(b)in paragraph (aa), for “, including a guaranteed cash equivalent,” substitute “ that relates to any category of benefits ”.
(4)In subsection (3), omit paragraph (a).
(5)For subsection (3A) substitute—
“(3A)For the purposes of subsection (3), the “appropriate date”—
(a)in relation to a cash equivalent that relates to benefits other than money purchase benefits, means the guarantee date for the purposes of the relevant statement of entitlement under section 89A, and
(b)in relation to a cash equivalent that relates to money purchase benefits, means the date on which the trustees or managers receive an application from the member under section 91.
(3B)Where regulations under subsection (2)(b) provide for the cash equivalent shown in a statement of entitlement to be increased or reduced after the member has made an application under section 91, the regulations may provide for the application under section 91 to lapse (but this does not prevent the member making a fresh application in respect of the increased or reduced cash equivalent).”
58E+W+SFor section 94 substitute—
“94Loss of right to cash equivalent
(1)A member of a pension scheme who acquires the right to take a cash equivalent under section 90(1) loses that right if no application to take the cash equivalent is made within the period required by section 91(1A) or (6A).
(2)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if, after the member makes an application under section 91, the duty of the trustees or managers to do what is needed to carry out what the member requires is extinguished by section 95(2A).
(3)Nothing in subsection (1) or (2) prevents the member from later acquiring a new right to take a cash equivalent in relation to the same benefits.
(4)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if the scheme is wound up.”
59(1)Section 95 (trustees' duties after exercise of option) is amended as follows.E+W+S
(2)For subsection (2) substitute—
“(2)Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 91 they must do what is needed to carry out what the member requires—
(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the guarantee date shown in the relevant statement of entitlement, and
(b)in the case of an application that relates to money purchase benefits, within 6 months beginning with the date of the application.”
(3)In subsection (3)(a) omit “at any time before the expiry of the period of 12 months beginning with the termination date”.
(4)Omit subsection (3A).
(5)After subsection (4A) insert—
“(4B)Regulations may extend the period for compliance under subsection (2) or (3) in prescribed circumstances.”
Commencement Information
I9Sch. 4 para. 59 wholly in force; Sch. 4 para. 59 in force at Royal Assent for specified purposes; Sch. 4 para. 59 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
60E+W+SAfter section 96 insert—
“96AProhibition on excluding future accruals etc
Except as mentioned in sections 92(4) and 97G(4), a pension scheme may not contain rules that would have the effect of—
(a)preventing a member from exercising a right under this Chapter in relation to a category of benefits without also exercising a right under this Chapter or otherwise to require a transfer payment to be made in respect of another category of benefits, or
(b)preventing a member who exercises a right under this Chapter in relation to a category of benefits from accruing rights to benefits in another category.
96BMeaning of “scheme rules”: occupational pension schemes
(1)In this Chapter references to the scheme rules, in relation to a pension scheme, are references to—
(a)the rules of the scheme, except so far as overridden by a relevant legislative provision,
(b)the relevant legislative provisions, to the extent that they have effect in relation to the scheme and are not reflected in the rules of the scheme, and
(c)any provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of Part 4.
(2)For the purposes of subsection (1)—
(a)“relevant legislative provision” means any provision contained in any of the following provisions—
(i)Schedule 5 to the Social Security (Northern Ireland) Order 1989;
(ii)Chapter 2 or 3 of Part 4 or regulations made under either of those Chapters;
(iii)this Part or regulations made under this Part;
(iv)Part 4A or regulations made under that Part;
(v)section 106(1);
(vi)Part 2 of the Pensions (Northern Ireland) Order 1995 or orders or regulations made or having effect as if made under that Part;
(vii)Article 28 of the Welfare Reform and Pensions (Northern Ireland) Order 1999;
(viii)any provision mentioned in Article 279(2) of the Pensions (Northern Ireland) Order 2005;
(ix)section 61 of the Pension Schemes Act 2015;
(x)regulations made under section 62 or 63 of the Pension Schemes Act 2015;
(b)a relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions—
(i)paragraph 3 of Schedule 5 to the Social Security (Northern Ireland) Order 1989;
(ii)section 125(1);
(iii)Article 114(1) of the Pensions (Northern Ireland) Order 1995;
(iv)Article 28(4) of the Welfare Reform and Pensions (Northern Ireland) Order 1999;
(v)Article 279(1) of the Pensions (Northern Ireland) Order 2005;
(vi)section 61(3) of the Pension Schemes Act 2015;
(vii)regulations made under section 62(4) or 63(4) of the Pension Schemes Act 2015.
96CMeaning of “normal pension age” in this Chapter
(1)In this Chapter “normal pension age”, in relation to a category of benefits under a pension scheme, means—
(a)in a case where the scheme is an occupational pension scheme and those benefits consist only of a guaranteed minimum pension, the earliest age at which the member is entitled to receive the guaranteed minimum pension on retirement from any employment to which the scheme applies,
(b)in any other case where the scheme is an occupational pension scheme and the scheme provides for the member to become entitled to receive any of those benefits at a particular age on retirement from any employment to which the scheme applies, the earliest age at which the member becomes entitled to receive any of the benefits, and
(c)in a case not falling within paragraph (a) or (b), normal minimum pension age as defined by section 279(1) of the Finance Act 2004.
(2)For the purposes of subsection (1) any scheme rule making special provision as to early retirement on grounds of ill-health or otherwise is to be disregarded.
96DInterpretation of Chapter
In this Chapter—
“accrued rights”, in relation to a member of a pension scheme, means rights that have accrued to or in respect of the member to benefits under the scheme;
“category”, in relation to benefits, has the meaning given by section 89(6);
“flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;
“guarantee date”, in relation to a member who has received a statement of entitlement, has the meaning given by section 89A;
“member” is to be read in accordance with section 89(11);
“normal pension age” has the meaning given by section 96C;
“pension credit rights”, in relation to a member of a pension scheme, means rights to benefits under the scheme which are attributable (directly or indirectly) to a pension credit;
“salary related occupational pension scheme”: an occupational pension scheme is “salary related” if—
(a)the scheme is not a scheme under which all the benefits that may be provided are money purchase benefits, and
(b)the scheme does not fall within a prescribed class;
“scheme rules”, in relation to a pension scheme, has the meaning given by section 96B;
“statement of entitlement” has the meaning given by section 89A;
“transferrable rights” is to be read in accordance with section 89(11).”
61(1)Section 97F (power to give transfer notice) is amended as follows.E+W+S
(2)In subsection (1), for “pension credit benefit” substitute “ pension credit rights ”.
(3)After subsection (3) insert—
“(3A)An eligible member who has pension credit rights in relation to more than one category of benefits under the scheme may exercise the power to give a transfer notice in relation to the pension credit rights in relation to any one or more of those categories.”
(4)For subsection (4) substitute—
“(4)The cash equivalent for the purposes of subsection (1) shall—
(a)in a case where the pension credit rights relate to a category of benefits other than money purchase benefits, be taken to be the amount shown in the relevant statement under section 97H, and
(b)in a case where the pension credit rights relate to money purchase benefits, be determined by reference to the date the notice under that subsection is given.”
(5)For subsection (6A) substitute—
“(6A)Regulations may—
(a)provide for this Chapter not to apply in relation to a person of a prescribed description;
(b)provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;
(c)modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.
(6B)In this Chapter a reference to a “category” of benefits is to one of the following three categories—
(a)money purchase benefits;
(b)flexible benefits other than money purchase benefits;
(c)benefits that are not flexible benefits.”
Commencement Information
I10Sch. 4 para. 61 wholly in force; Sch. 4 para. 61 in force at Royal Assent for specified purposes; Sch. 4 para. 61 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
62E+W+SFor section 97G (restrictions on power to give transfer notice) substitute—
“97GRestrictions on power to give transfer notice
(1)An eligible member may not give a transfer notice in relation to a category of benefits if a crystallisation event has occurred in relation to any of the member's pension credit rights to benefits in that category.
(2)An eligible member may give a transfer notice in relation to a category of benefits other than money purchase benefits only if—
(a)the member has been provided with a statement under section 97H in relation to benefits in that category, and
(b)not more than 3 months have passed since the date by reference to which the amount shown in the statement is determined.
(3)An eligible member may not give a transfer notice in relation to benefits other than flexible benefits if there is less than one year to go until the member reaches normal benefit age.
(4)Where an eligible member of a qualifying scheme—
(a)is entitled to give a transfer notice in relation to any category of benefits, and
(b)is also entitled to make an application to the trustees or managers of the scheme under section 91(1) in relation to benefits in the same category (or would be entitled to do so but for section 91(1A)(a)),
the member may not, if the scheme so provides, give a transfer notice in relation to that category of benefits without also making an application under section 91(1) in relation to that category of benefits.
(5)A transfer notice may not be given if a previous transfer notice given by the member to the trustees or managers of the scheme is outstanding.
(6)Regulations may extend the period specified in subsection (2)(b) in prescribed circumstances.
(7)For the purposes of subsection (1) a crystallisation event occurs in relation to a member's pension credit rights to benefits in a category when—
(a)payment of a pension in respect of any of the benefits has begun,
(b)in the case of money purchase benefits, sums or assets held for the purpose of providing any of the benefits are designated as available for the payment of drawdown pension (as defined by paragraph 4 of Schedule 28 to the Finance Act 2004), or
(c)in the case of a personal pension scheme, sums or assets held for the purpose of providing any of the benefits are applied for purchasing an annuity or insurance policy.”
Commencement Information
I11Sch. 4 para. 62 wholly in force; Sch. 4 para. 62 in force at Royal Assent for specified purposes; Sch. 4 para. 62 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
63(1)Section 97H (salary related schemes: statements of entitlement) is amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)The trustees or managers of a qualifying scheme must, on the application of an eligible member, provide the member with a written statement of the amount of the cash equivalent of the member's pension credit rights in relation to categories of benefits other than money purchase benefits.
(1A)In the case of a member with pension credit rights in relation to two categories of benefits other than money purchase benefits, the application may relate to pension credit rights in relation to either or both of those categories.”
(3)In the heading for “Salary related schemes” substitute “ Benefits other than money purchase ”.
64(1)Section 97J (time for compliance with transfer notice) is amended as follows.E+W+S
(2)In subsection (1), for paragraphs (a) and (b) substitute—
“(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the valuation date, and
(b)in the case of an application that relates to money purchase benefits, within 6 months of the date on which the notice is given.”
(3)After subsection (2) insert—
“(2A)Regulations may extend the period for complying with the notice in prescribed circumstances.”
(4)For subsection (7) substitute—
“(7)In subsection (1)(a), “valuation date” means the date by reference to which the amount shown in the relevant statement under section 97H is determined.”
Commencement Information
I12Sch. 4 para. 64 wholly in force; Sch. 4 para. 64 in force at Royal Assent for specified purposes; Sch. 4 para. 64 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
65E+W+SIn section 97M (effect of transfer on trustees' duties), for the words from “pension credit benefit” to the end of the section substitute “ benefits to which the transfer notice relates ”.
66E+W+SAfter section 97N insert—
“97NAProhibition on excluding transfers of some rights without others etc
Except as mentioned in sections 92(4) and 97G(4), a pension scheme may not contain rules that would have the effect of—
(a)preventing a member from exercising a right under this Chapter in relation to a category of benefits without also exercising a right under this Chapter or otherwise to require a transfer payment to be made in respect of another category of benefits, or
(b)preventing a member who exercises a right under this Chapter in relation to a category of benefits from accruing rights to benefits in another category.”
67(1)Section 97P (interpretation) is amended as follows.E+W+S
(2)In subsection (1), at the appropriate places insert—
““category”, in relation to benefits, has the meaning given by section 97F(6B);”
““flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;”.
(3)In that subsection, omit the definition of “pension credit benefit”.
(4)Omit subsection (2).
(5)In subsection (3), for “given to the trustees or managers of a salary related occupational pension scheme” substitute “ in relation to benefits other than money purchase benefits ”.”
68E+W+SOmit section 97Q.
69E+W+SIn section 125 (overriding requirements), in subsection (1), for “Chapters II, III, IV and V of Part IV” substitute “ Chapters 2 and 3 of Part 4, Chapters 1 and 2 of Part 4ZA ”.
70E+W+SIn section 126 (extra-statutory benefits), in paragraph (b), for “Chapter II, IV or V of Part IV” substitute “ Chapter 2 of Part 4 or Chapter 1 or 2 of Part 4ZA ”.
71E+W+SIn section 149 (power to modify certain provisions), in subsection (1), for “Chapters II, III and IV of Part IV” substitute “ Chapters 2 and 3 of Part 4 and Chapter 1 of Part 4ZA ”.
72E+W+SIn section 174 (linked qualifying service), in subsection (1)(a)—
(a)in the opening words, for “Chapter 4 or 5 of Part IV” substitute “ Chapter 1 or 2 of Part 4ZA ”;
(b)in sub-paragraph (iii)—
(i)for “Chapter 4 of Part IV” substitute “ Chapter 1 of Part 4ZA ”;
(ii)for “Chapter 5” substitute “ Chapter 2 ”.
73E+W+SIn section 176 (interpretation), in subsection (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))E+W+S
74E+W+SThe Pensions (Northern Ireland) Order 1995 is amended as follows.
75E+W+SIn Article 67A (the subsisting rights provisions: interpretation), in paragraph (9)(a), for head (ii) substitute—
“(ii)Chapter 2 or 3 of Part 4 of the Pension Schemes Act (certain protection for early leavers) or regulations made under either of those Chapters;
(iia)Chapter 1 or 2 of Part 4ZA of that Act (transfers and contribution refunds) or regulations made under either of those Chapters;”.
76E+W+SIn Article 73 (preferential liabilities on winding up), in paragraph (9), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
77E+W+SIn Article 73B (Article 73 and 73A: supplementary), in paragraph (7), for “Chapter 4 of Part IV” substitute “ Chapter 1 of Part 4ZA ”.
78E+W+SIn Article 121 (interpretation of Part 2), in paragraph (1), in paragraph (b) of the definition of “transfer credits”, for “Chapter 5 of Part IV of the Pension Schemes Act (early leavers)” substitute “ Chapter 2 of Part 4ZA of the Pension Schemes Act (transfers and contribution refunds) ”.
Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))E+W+S
79E+W+SThe Pensions (Northern Ireland) Order 2005 is amended as follows.
80(1)Article 2 (interpretation) is amended as follows.E+W+S
(2)In paragraph (3), for “an occupational pension scheme” substitute “ a pension scheme ”.
(3)In paragraph (4)(a), for head (ii) substitute—
“(ii)Chapter 2 or 3 of Part 4 of the Pension Schemes Act (certain protection for early leavers) or regulations made under either of those Chapters;
(iia)Chapter 1 or 2 of Part 4ZA of that Act (transfers and contribution refunds) or regulations made under either of those Chapters;”.
81(1)Article 14 (pension liberation: interpretation) is amended as follows.E+W+S
(2)In paragraph (2)(a)—
(a)after “accrued rights” insert “ or an entitlement ”;
(b)in head (ii), for “the applicable rules” substitute “ the scheme rules ”.
(3)In paragraph (3)—
(a)for sub-paragraph (a) substitute—
“(a)section 90 of the Pension Schemes Act (right to cash equivalent under Chapter 1 of Part 4ZA of that Act);”;
(b)in sub-paragraph (b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
(4)In paragraph (4)(d), for “the applicable rules” substitute “ the scheme rules ”.
(5)Omit paragraph (5).
82E+W+SIn Article 19 (freezing orders), in paragraph (4)(g), for “salary related schemes” substitute “ benefits other than money purchase ”.
83E+W+SIn Article 20 (consequences of freezing order), in paragraph (7), for sub-paragraphs (a) and (b) substitute—
“(a)Chapter 1 of Part 4ZA of the Pension Schemes Act (transfer rights: general), or
(b)Chapter 2 of that Part (early leavers: cash transfer sums and contribution refunds),”.
84E+W+SIn Article 68 (inspection of premises), in paragraph (2)(d)—
(a)for “Chapter 4 of Part IV” substitute “ Chapter 1 of Part 4ZA ”;
(b)for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
85E+W+SIn Article 119 (restrictions on winding up, discharge of liabilities etc.), in paragraph (6)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
86E+W+SIn Article 122 (payment of scheme benefits), in paragraph (3)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
87(1)Schedule 6 (pension compensation provisions) is amended as follows.E+W+S
(2)In paragraph 20(1)(c), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
(3)In paragraph 32(1)(b), for “Chapter 5 of Part IV” substitute “ Chapter 2 of Part 4ZA ”.
Section 78
SCHEDULE 5E+W+SPension scheme for fee-paid judges: consequential amendments
Pensions (Increase) Act 1971 (c. 56)E+W+S
1E+W+SThe Pensions (Increase) Act 1971 is amended as follows.
2E+W+SIn section 19(2)(a) (extent to Northern Ireland)—
(a)after “or section” insert “ 18A or ”;
(b)after “section 10 of that Act” insert “ or provision made under section 18A of that Act that is corresponding or similar to the provision that may be made by regulations under section 10 of that Act ”.
3E+W+SIn Schedule 2 (official pensions), after paragraph 4A insert—
“4AAA pension payable under a scheme made under section 18A of the Judicial Pensions and Retirement Act 1993, other than a pension payable under or by virtue of provision that is corresponding or similar to the provision that may be made by regulations under section 10 of that Act.”
Judicial Pensions and Retirement Act 1993 (c. 8)E+W+S
4E+W+SThe Judicial Pensions and Retirement Act 1993 is amended as follows.
5E+W+SIn section 22 (application of the Pensions (Increase) Act 1971 to Northern Ireland), in subsection (2)—
(a)after “shall include” insert “—
(a)”;
(b)at the end insert “; and
(b)pensions payable under a scheme made under section 18A above, other than pensions payable under or by virtue of provision that is corresponding or similar to the provision that may be made by regulations under section 10 above.”
6(1)Section 28 (funding arrangements) is amended as follows.E+W+S
(2)In subsection (2) (benefits payable out of money provided by Parliament), after paragraph (a) (but before the “and” at the end) insert—
“(aa)any pension or other benefits payable under a scheme made under section 18A above,”.
(3)In subsection (7), for “section 10 above” substitute “—
(a)section 10 above, or
(b)provision made under section 18A above that is corresponding or similar to the provision that may be made by regulations under section 10 above.”
7E+W+SIn section 28A (contributions in respect of Northern Ireland judges), at the end insert “ or as a fee-paid judge in Northern Ireland (within the meaning given by section 18A) ”.
8(1)Section 29 (regulations and orders) is amended as follows.E+W+S
(2)In subsection (2), after “other than” insert “ regulations under section 18A above or ”.
(3)After subsection (2) insert—
“(2A)A statutory instrument which contains regulations under section 18A may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”
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