The Pensions Act 2014 (Commencement No. 11) and the Pension Schemes Act 2015 (Commencement No. 2) Regulations 2017
Citation1.
These Regulations may be cited as the Pensions Act 2014 (Commencement No. 11) and the Pension Schemes Act 2015 (Commencement No. 2) Regulations 2017.
Commencement of section 44 (disclosure of information about transaction costs to members etc.) of the Pensions Act 20142.
(1)
Subject to paragraph (2) the day appointed for the coming into force of section 44 of the Pensions Act 2014 is 18th September 2017.
(2)
Commencement of section 38 (disclosure of information about schemes) of the Pension Schemes Act 20153.
The day appointed for the coming into force of section 38(1) and (4) of the Pension Schemes Act 2015 is 18th September 2017.
Signed by authority of the Secretary of State for Work and Pensions.
This is the eleventh commencement instrument made under the Pensions Act 2014 (c.19) (“the 2014 Act”) and the second set of commencement regulations made under the Pension Schemes Act 2015 (c.8) (“the 2015 Act”).
Regulation 2(1) brings into force section 44 (disclosure of information about transaction costs to members etc.) of the 2014 Act which among other things amends section 113 (disclosure of information about schemes to members etc.) of the Pension Schemes Act 1993 (c.48) (“the 1993 Act”).
This is except in relation to certain types of occupational pension scheme which are excluded by paragraphs (a) to (e) of the definition of “relevant scheme” in regulation 1 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (S.I. 1996/1715) (see regulation 2(2)). These include executive pension schemes, certain small schemes, public service pension schemes and schemes which provide no money purchase benefits other than those attributable to additional voluntary contributions (AVCs).
The provisions inserted by Section 44 of the 2014 Act into the 1993 Act place a duty on the Secretary of State in relation to a money purchase scheme that is an occupational pension scheme to make regulations requiring the disclosure of information about transaction costs and requiring information on transaction costs and administrative charges to be published.
Section 44 also imposes a duty on the Financial Conduct Authority to make rules to similar effect in relation to certain personal pension schemes. It does so by inserting a new section 137FA into the Financial Services and Markets Act 2000 (c.8).
Regulation 3 brings into force section 38(1) and (4) of the 2015 Act which further amends section 113 of the 1993 Act. Section 38(4) introduces a requirement for persons to have regard to any guidance prepared from time to time by the Secretary of State when complying with disclosure requirements under that section.
The following provisions of the Pensions Act 2014 (c.19) were commenced before the date these Regulations were made:
Provision | Date of Commencement | S.I.No. |
|---|---|---|
Section 2(3) (partially) | 5th February 2015 | |
Section 3(1) (partially) | 23rd February 2016 | |
Section 4(2) (partially) | 5th February 2015 | |
Section 8(3), (7) and (8) (partially) | 5th February 2015 | |
Section 10 (partially) | 23rd February 2016 | |
Section 13(2) (partially) | 5th February 2015 | |
Section 14(2) (partially) | 5th February 2015 | |
Section 15 (partially) | 5th February 2015 | |
Section 16(1) and (6) (partially) | 5th February 2015 | |
Section 17(4) and (5) (partially) | 5th February 2015 | |
Section 18(1) (partially) | 5th February 2015 | |
Section 18(2) to (4) (partially) | 23rd February 2016 | |
Section 19(1) and (3) (partially) | 5th February 2015 | |
Section 20 (partially) | 23rd February 2016 | |
Section 22(1) (partially) | 5th February 2015 | |
Section 23 (partially) | 1st October 2014 | |
Section 23 (partially) | 7th July 2015 | |
Section 23 (partially) | 15th January 2016 | |
Section 24(1) (partially) | 7th July 2015 | |
Section 24 (2) to (9) | 23rd February 2015 | |
Section 25 (partially) | 1st October 2014 | |
Section 25 (partially) | 12th October 2015 | |
Section 25(partially) | 12th October 2015 | |
Section 28 (1) and (2) | 6th April 2016 | |
Section 28 (3) | 7th July 2015 | |
Section 30 (partially) | 8th March 2017 | |
Section 30 (partially) | 6th April 2017 | |
Section 31 (partially) | 8th March 2017 | |
Section 31(5) (partially) | 8th February 2017 | |
Section 31 (5) and Schedule 16 (partially) | 6th April 2017 | |
Section 32 | 6th April 2017 | |
Section 33 (partially) | 11th September 2014 | |
Section 36 | 1st October 2015 | |
Sections 37 and 38 | 11th September 2014 | |
Section 39 | 12th September 2014 | |
Section 40 | 11th September 2014 | |
Section 42 and 43 | 11th September 2014 | |
Section 45 and 46 | 11th September 2014 | |
Section 49 | 11th September 2014 | |
Section 50 (partially) and paragraphs 6(3) and 22 of Schedule 20 | 8th March 2017 | |
Section 50 and Schedule 20 (partially) | 6th April 2017 | |
Section 52 | 23rd July 2014 | |
Paragraph 4 of Schedule 8 (partially) | 5th February 2015 | |
Paragraph 4 of Schedule 10 (partially) | 5th February 2015 | |
Paragraph 11 of Schedule 11 (partially) | 5th February 2015 | |
Paragraphs 2 and 6(1) and (3) of Schedule 12 (partially) | 15th January 2016 | |
Paragraphs 8 and 88 of Schedule 12(partially) | 7th July 2015 | |
Paragraphs 8 and 88 of Schedule 12(partially) | 7th July 2015 | |
Paragraphs 96 and 97 (b) of Schedule 12 | 1st October 2014 | |
Paragraphs 1, 24 and 25 of Schedule 13 (partially) | 7th July 2015 | |
Schedule 14 | 23rd February 2015 | |
Paragraphs 1 to 10 and 12 to 14 of Schedule 15 | 12th October 2015 | |
Paragraphs 3,7 and 17 of Schedule 15 (partially) | 1st of October 2014 | |
Paragraphs 11 and 20 of Schedule 15 | 13th October 2014 | |
Paragraphs 15 to 19, 21 and 22 of Schedule 15 | 13th October 2015 | |
Paragraphs 20 (partially) and 33 of Schedule 16 | 8th February 2017 | |
Paragraph 15(1) of Schedule 17 (partially) | 11th September 2014 | |
Schedules 18 and 19 | 11th September 2014 | |
The following provisions of the Pension Schemes Act 2015 (c.8) were brought into force by commencement regulations made before the date these Regulations were made: