http://www.legislation.gov.uk/id/uksi/1996/778/schedule

http://www.legislation.gov.uk/uksi/1996/778/schedule/part/V/made

The Pensions Act 1995 (Commencement No. 3) Order 1996

Occupational pensions

Insurance

Pensions

Personal pensions

King's Printer of Acts of Parliament

2019-07-09

PENSIONS

This Order provides for the coming into force of further provisions of the Pensions Act 1995 (“the Act”) on the following dates—13th March 1996, for the purpose only of authorising the making of orders under the Pension Schemes Act 1993 specifying the reduction in the rates of State scheme contributions and rebates payable in respect of members of contracted-out occupational pension schemes and appropriate personal pension schemes;13th March 1996, for the purpose only of authorising the making of certain regulations, in particular, under provisions relating to interim arrangements in relation to appropriate personal pension schemes and the discharge of protected rights by money purchase occupational pension schemes. The provisions in question are brought fully into force on 6th April 1996;1st April 1996, for provisions relating to the establishment of the Occupational Pensions Regulatory Authority;6th April 1996, for nprovisions relating to the disclosure of information by the Secretary of State, the aggregation of earnings in relation to Class 1 contributions and certain other general provisions of the Act;6th April 1996, for the purpose only of authorising the making of certain regulations under Part I of the Act concerning the regulation of occupational pension schemes, under Part III of the Act concerning contracting-out and under Part IV of the Act concerning transfer values. Provision is also made for certain provisions relating to member-nominated trustees and directors to come into force, for transitional purposes only, on 6th October 1996;1st June 1996, for the purpose only of authorising the making of regulations about contracting-out by “hybrid schemes”;6th April 1997, insofar as not already in force, for section 136 of the Act (new contracting-out requirements) and that day is designated as the principal appointed day for the purposes of Part III of the Act.

SCHEDULE

PART VPROVISIONS OF THE ACT COMING INTO FORCE ON 6TH APRIL 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF REGULATIONS

Provisions of the Act	Subject matter
section 10(2) and (3)	civil penalties
sections 16 to 21	member-nominated trustees and directors
section 27	trustee not to be scheme auditor or actuary
section 32	decisions by majority of trustees
section 33	investment powers: duty of care
section 35	investment principles
section 37	payment of surplus to employer
section 38	power to defer winding-up
section 40	restriction on employer-related investments
section 41	provision of documents for members
section 47	professional advisers
section 49	receipts, payments and records
section 50	resolution of disputes
section 51	annual increase in rate of pension
sections 56 to 61	minimum funding requirement
section 67	certification of detrimental amendments
section 68	power of trustees to modify schemes by resolution
section 69	grounds for applying to Authority for modification orders
section 73	preferential liabilities on winding up
section 74(2), (3) and (5)(b)	discharge of liabilities by insurance etc
section 75	deficiencies in the assets
section 76	excess assets on winding up
section 77	excess assets remaining after winding up: power to distribute
sections 87 to 89	money purchase schemes
sections 91 to 95	assignment, forfeiture, bankruptcy etc
section 136	new requirements for contracted-out schemes
section 137	State scheme contributions and rebates
section 139	money purchase and personal pension schemes: verification of ages
section 140(1)	reduction of State benefits for members of certified schemes
section 141	State scheme etc premiums and buyback into State scheme
sections 152 to 154	transfer values
section 155 but for the purpose only of authorising the making of regulations relating to section 113 of the Pension Schemes Act 1993	penalties for breach of regulations under the Pension Schemes Act 1993
Schedule 5, paragraph 21 (but only insofar as it relates to sections 11(5)(d), 34(2)(a), 50(4) and 163(6) of the Pension Schemes Act 1993), paragraph 22(a) (but only insofar as it relates to section 7(1) of that Act), and paragraphs 28(a), 33(b), 34(a), 35, 37, 39, 45(b), 46, 48(c), 49(a), 65, 70(c) and 84 and section 151 insofar as it relates to the above mentioned paragraphs	amendments relating to Part III of the Act
Schedule 6, paragraphs 4, 5 and 6(c) and (e) and section 173 insofar as it relates to those paragraphs	amendments relating to Part IV of the Act