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The Pensions Act 2011(Transitional, Consequential and Supplementary Provisions) Regulations 2014

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2014, ISBN 9780111114568

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 33(3) of the Pensions Act 2011, for approval by resolution of each House of Parliament.

Pensions

Made ***

Coming into force in accordance with regulation 1(2)

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 74(5), 97(1), (2)(b) and (3)(c), 101AF(1), (3)(b) and (4)(b)f1, 101If2, 101L(1) and (2)f3, 113(1), 153(2)(c), 181(1)f4, 182(2) and (3) and 183(1)f5 of the Pension Schemes Act 1993f6, sections 10(3), 37(4)(a) to (c), (e) and (8)f7, 47(5)(a), 73(6), (7) and (8)(a)f8, 124(1)f9 and 174(2) and (3) of the Pensions Act 1995f10, sections 23(1)(b), 26(1)f11, 30(1) and 83(4) and (6) of the Welfare Reform and Pensions Act 1999f12, sections 117, 126(1)(b) and (5), 135(4)(b)(ii), 138(10)(a), 146(1), 161(3)(b), 179(1)(a) and (3), 189(11)(b), 190(1) and (3), 206(4)(a), 207(1)(a) and (2), 232, 286(1) and (2)(a)(ii) and (b)f13, 315(2), (4) and (5) and 318(1)f14 of and paragraphs 12(3A)(b)f15, 17(3A)(b)f16, 20(7) and 33(1) of Schedule 7 to the Pensions Act 2004f17, section 212(1)f18 of and paragraph 5(2) of Schedule 7 to the Equality Act 2010f19 and sections 30(1) and (2), 31(1) and 33(1) of the Pensions Act 2011f20.

In accordance with section 185(1) of the Pension Schemes Act 1993f21, section 120(1) of the Pensions Act 1995, section 83(11) of the Welfare Reform and Pensions Act 1999 and section 317(1) of the Pensions Act 2004, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

A draft of these Regulations has been laid before and approved by resolution of each House of Parliament in accordance with section 33(3) of the Pensions Act 2011.

Annotations to the whole text

Footnotes

f1

Section 101AF was inserted by the Pensions Act 2004 (c. 35) (“the 2004 Act”).

f2

Section 101I was inserted by section 37 of the Welfare Reform and Pensions Act 1999 (c. 30) (“the 1999 Act”).

f3

Section 101L was inserted by section 37 of the 1999 Act.

f4

Section 181(1) is cited for the meaning it gives to “prescribe” and “regulations”.

f5

Section 183(1) was amended by sections 151, 173 and 177 of and Schedules 5, 6 and 7 to the Pensions Act 1995 (c. 26) (“the 1995 Act”).

f6

1993 c. 48.

f7

Section 37 was substituted by section 250 of the 2004 Act.

f8

Section 73 was substituted by section 270(1) of the 2004 Act.

f9

Section 124(1) is cited for the meaning it gives to “prescribed” and “regulations”.

f10

1995 c. 26.

f11

Section 26(1) is cited for the meaning it gives to “prescribed”.

f12

1999 c. 30.

f13

Section 286(2) was amended by section 124(1) and (3) of the Pensions Act 2008 (c.30) (“the 2008 Act”).

f14

Section 318(1) is cited for the meaning it gives to “prescribed” and “regulations”.

f15

Paragraph 12(3A) was inserted by section 101(1)(b) of and Schedule 2 to the 2008 Act.

f16

Paragraph 17(3A) was inserted by section 101(1)(b) of and Schedule 2 to the 2008 Act.

f17

2004 c. 35.

f18

Section 212(1) is cited for the meaning it gives to “prescribed”.

f19

2010 c. 15.

f20

2011 c. 19.

f21

Section 185(1) was amended by sections 122, 151 and 177 of, and Schedules 3, 5 and 7 to the 1995 Act.

Contents

  1. Part 1
  2. 1Citation, commencement, application and interpretation
  3. 2Meaning of “cash balance benefit”
  4. Part 2: Money purchase underpin benefits and top-up benefits
  5. 3Interpretation and application of this Part
  6. 4Money purchase underpin benefits
  7. 5Top-up benefits
  8. Part 3: Application of Part 4 of the Act and these Regulations to the Imperial Home Decor Pension Scheme
  9. 6Regulation 6
  10. Part 4: Protected rights
  11. 7Schemes which provided protected rights as cash balance benefits etc
  12. Part 5: Modification of schemes
  13. 8The subsisting rights provisions
  14. 9Money purchase underpin benefits and top-up benefits
  15. Part 6: Winding Up
  16. 10Application of this Part in relation to multi-employer schemes
  17. 11Schemes treated as money purchase schemes: winding up commencing before 6th April 2005
  18. 12Non-money purchase schemes providing benefits treated as money purchase benefits: winding up commencing before 6th April 2005
  19. 13Schemes treated as money purchase schemes: winding up commencing on or after 6th April 2005 but before the appointed day
  20. 14Non-money purchase schemes including benefits treated as money purchase benefits: winding up commencing on or after 6th April 2005 but before the appointed day
  21. 15Schemes winding up after an assessment period
  22. 16Closed schemes: further assessment periods
  23. 17Discharge of pensions in payment derived from additional voluntary contributions treated as money purchase benefits: scheme commencing winding up on or after the appointed day
  24. Part 7: Deficiencies in the assets
  25. 18Interpretation
  26. 19Application to multi-employer schemes
  27. 20Application of section 75 of the 1995 Act to schemes treated as money purchaseschemes: periods before the appointed day
  28. 21Application of section 75 of the 1995 Act to non-money purchase schemes including benefits treated as money purchasebenefits: periods before the appointed day
  29. 22Non-money purchase schemes which are multi-employer schemes: arrangements before the appointed day
  30. 23Schemes or benefits treated as money purchase falling outside regulations 20 to 22
  31. 24Schemes or benefits treated as money purchase falling outside regulations 20 to 22: insolvent employer
  32. Part 8: Revaluation, indexation and preservation of benefits
  33. 25Amendment of the Pension Schemes Act 1993
  34. 26Revaluation of cash balance benefits etc: pensionable service before the appointed day
  35. 27Indexation of cash balance benefits etc: pensions in payment before the appointed day
  36. 28Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991
  37. 29Amendment of the Occupational Pension Schemes (Revaluation) Regulations 1991
  38. Part 9: Transfers
  39. 30Interpretation
  40. 31Cash equivalent of cash balance benefits etc treated as money purchase benefits: transitional arrangements
  41. 32Statement of entitlement in relation to cash balance benefits etc treated as money purchase benefits: periods before the appointed day
  42. 33Amendment of the Transfer Values Regulations
  43. Part 10: Early leavers: Cash Transfer Sums and Contribution Refunds
  44. 34Regulation 34
  45. 35Cash transfer sum: cash balance benefits etc treated as money purchase benefits
  46. 36Amendment of the Early Leavers Regulations
  47. Part 11: Payment of surplus funds to employer
  48. 37Interpretation
  49. 38Failure to comply with the requirements of section 37 or 76 of the 1995 Act: periods before the appointed day
  50. 39Non money-purchase schemes providing cash balance benefits etc
  51. 40Amendment to the Payments to Employers Regulations
  52. Part 12: Scheme Administration
  53. 41Modification of the Occupational Pension Schemes (Scheme Administration) Regulations 1996
  54. 42Scheme accounts
  55. Part 13: The Pension Protection Fund
  56. 43Interpretation
  57. 44Eligibility: schemes treated as money purchase schemes
  58. 45Validity of valuations etc, determinations, transfer notices and discharge of benefits before the appointed day
  59. 46Schemes which become eligible schemes: provision of valuations to determine scheme underfunding
  60. 47Provision of information: schemes and benefits treated as money purchase
  61. 48Eligible schemes including benefits treated as money purchase benefits: initial levy and pension protection levies
  62. 49Schemes which become eligible schemes: administration levy and pension protection levies: periods after the appointed day
  63. 50Eligible schemes including benefits which become non-money purchase: power to direct out-of-cycle valuations
  64. 51Waiver of Fraud Compensation Levy: periods before the appointed day
  65. 52Discharge of cash equivalent of benefits treated as money purchase
  66. 53Schemes continuing as closed schemes after an assessment period
  67. 54Discharge as money purchase liabilities: periods before the appointed day
  68. 55Discharge as money purchase liabilities: periods after the appointed day
  69. 56Closed schemes: Board’s assumption of responsibility after the appointed day
  70. 57Discharge as money purchase benefits: scheme right to transfer payment or contribution refund
  71. 58Discharge of pensions in payment derived from additional voluntary contributions treated as money purchase benefits: periods after the appointed day
  72. 59Modification of the Pension Protection Fund (Entry Rules) Regulations 2005
  73. 60Modification of the Pension Protection Fund (Compensation) Regulations 2005 where there is no provision for a survivor’s pension
  74. 61Amendment of the Pension Protection Fund (Compensation) Regulations 2005
  75. 62Amendment of Schedule 9 to the 2004 Act (reviewable matters)
  76. 63Amendment of the Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations 2005
  77. Part 14: Scheme Funding
  78. 64Interpretation of this Part
  79. 65Application of Part 3 of the 2004 Act to schemes treated as money purchase: periods before the appointed day
  80. 66Application of Part 3 of the 2004 Act to schemes including benefits treated as money purchase benefits: periods before the appointed day
  81. 67Actuarial valuations and reports for schemes treated as money purchase schemes: periods on and after the appointed day
  82. 68Modification of the Scheme Funding Regulations for schemes treated as money purchase schemes: periods on and after the appointed day
  83. 69Provision of summary funding statement in relation to schemes treated as money purchase: periods on and after the appointed day
  84. 70Schedule of payments in relation to schemes treated as money purchase: periods on and after the appointed day
  85. 71Application of Part 3 of the 2004 Act to schemes including benefits treated as money purchase: periods on or after the appointed day
  86. Part 15: Financial Assistance Scheme
  87. 72Application and interpretation
  88. 73Schemes treated as money purchase schemes: non-qualifying schemes
  89. 74Qualifying schemes including benefits treated as money purchase benefits
  90. Part 16: Equality
  91. 75Modification of the Occupational Pension Schemes (Equal Treatment) Regulations 1995
  92. 76Retrospective modification of the Equality Act 2010 (Sex Equality Rule) (Exceptions) Regulations 2010
  93. 77Amendment of the Equality Act 2010 (Sex Equality Rule) (Exceptions) Regulations 2010
  94. Part 17: Pension Sharing
  95. 78Valuations for the purposes of pension sharing etc: transitional arrangements
  96. Part 18: Cross-border Schemes
  97. 79Cross-border schemes treated as money purchase schemes
  98. Part 19: Disclosure
  99. 80Benefits and schemes treated as money purchase before the appointed day
  100. 81Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
  101. Signature
  102. Explanatory note