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Pension Schemes Act 2015 in Wales

2015 c. 8 · Enacted 3 March 2015 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 August 2022.

An Act to make provision about pension schemes, including provision designed to encourage arrangements that offer people different levels of certainty in retirement or that involve different ways of sharing or pooling risk and provision designed to give people greater flexibility in accessing benefits and to help them make informed decisions about what to do with benefits.

[3rd March 2015]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 1: Categories of pension scheme Not yet in force
  2. 1Introduction Not yet in force
  3. 2Defined benefits scheme Not yet in force
  4. 3Shared risk scheme (sometimes known as “defined ambition”) Not yet in force
  5. 4Defined contributions scheme Not yet in force
  6. 5Meaning of “pensions promise” etc Not yet in force
  7. 6Treatment of a scheme as two or more separate schemes Not yet in force
  8. 7Interpretation of Part 1 Not yet in force
  9. Part 2: Collective benefits Not yet in force
  10. Introduction and nature of collective benefits Not yet in force
  11. 8Introduction and definition Not yet in force
  12. 9Duty to set targets for collective benefits Not yet in force
  13. 10Policy about factors used to determine each benefit Not yet in force
  14. 11Power to impose requirements about factors used to determine each benefit Not yet in force
  15. Contributions Not yet in force
  16. 12Payment schedule Not yet in force
  17. 13Overdue contributions and other payments Not yet in force
  18. Investment Not yet in force
  19. 14Statement of investment strategy Not yet in force
  20. 15Investment performance reports Not yet in force
  21. 16Investment powers Not yet in force
  22. 17Restriction on borrowing by trustees or managers Not yet in force
  23. 18Investment powers: duty of care Not yet in force
  24. Valuation Not yet in force
  25. 19Valuation reports Not yet in force
  26. 20Valuation process Not yet in force
  27. Dealing with deficits and surpluses Not yet in force
  28. 21Policy for dealing with a deficit or surplus Not yet in force
  29. 22Power to impose requirements about dealing with a deficit or surplus Not yet in force
  30. 23Deficits attributable to an offence or the imposition of a levy Not yet in force
  31. 24Payment of amounts out of collective benefit funds Not yet in force
  32. Cash equivalents Not yet in force
  33. 25Policy for calculating cash equivalent of benefits Not yet in force
  34. Winding up Not yet in force
  35. 26Winding up Not yet in force
  36. 27Requirement to wind up scheme in specified circumstances Not yet in force
  37. 28Policies about winding up Not yet in force
  38. Identifying assets Not yet in force
  39. 29Working out which assets are available for the provision of which benefits Not yet in force
  40. Regulations under Part 2: general Not yet in force
  41. 30Requirement to obtain actuarial advice Not yet in force
  42. 31Sub-delegation Not yet in force
  43. 32Publication of documents etc Not yet in force
  44. 33Enforcement Not yet in force
  45. 34Overriding requirements Not yet in force
  46. Interpretation of Part 2 Not yet in force
  47. 35Interpretation of Part 2 Not yet in force
  48. Part 3: General changes to legislation about pension schemes
  49. Administration and governance
  50. 36Pensions promise obtained from third party Not yet in force
  51. 37Duty to act in the best interests of members Not yet in force
  52. 38Disclosure of information about schemes
  53. Early leavers Not yet in force
  54. 39Extension of preservation of benefit under occupational pension schemes Not yet in force
  55. 40Revaluation of accrued benefits Not yet in force
  56. Indexation Not yet in force
  57. 41Collective benefits exempt from indexation Not yet in force
  58. 42Regulatory own fund schemes exempt from indexation Not yet in force
  59. 43Power to create other exemptions from indexation Not yet in force
  60. Independent trustees Not yet in force
  61. 44Removal of requirement to maintain register of independent trustees Not yet in force
  62. Rules about modification of schemes Not yet in force
  63. 45Rules about modification of schemes Not yet in force
  64. Other amendments
  65. 46Other amendments to do with Parts 1 and 2
  66. Part 4: Pensions flexibilities
  67. Chapter 1: Pensions guidance
  68. 47Pensions guidance
  69. Chapter 2: Independent advice
  70. Great Britain
  71. 48Independent advice in respect of conversions and transfers: Great Britain
  72. 49Power to require employer to arrange advice for purposes of section 48
  73. 50Independent advice: consequential amendments: Great Britain
  74. Northern Ireland
  75. 53Independent advice: consequential amendments: Northern Ireland
  76. Income tax exemption
  77. 54Independent advice: income tax exemption
  78. Chapter 3: Drawdown, conversion of benefits and lump sums
  79. Great Britain
  80. 55Sums or assets that may be designated as available for drawdown: Great Britain
  81. 56Provision about conversion of certain benefits for drawdown: Great Britain
  82. 57Provision about calculation of lump sums: Great Britain
  83. 58Restrictions on conversion of benefits during winding up etc: Great Britain
  84. 59Restriction on payment of lump sums during PPF assessment period: Great Britain
  85. 60Sections 55 to 57: consequential amendments
  86. Northern Ireland
  87. 64Restrictions on conversion of benefits during winding up etc: Northern Ireland
  88. 65Restriction on payment of lump sums during PPF assessment period: Northern Ireland
  89. 66Sections 61 to 63: consequential amendments
  90. Chapter 4: Transfers
  91. Rights to transfer benefits
  92. 67Rights to transfer benefits
  93. Great Britain
  94. 68Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain
  95. 69Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain
  96. 70Sections 68 and 69: consequential amendments
  97. Northern Ireland
  98. 71Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland
  99. 72Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland
  100. 73Sections 71 and 72: consequential amendments
  101. Chapter 5: Interpretation of Part 4
  102. 74Meaning of “flexible benefit”
  103. 75Meaning of “cash balance benefit”
  104. 76Interpretation of Part 4
  105. Part 5: Miscellaneous
  106. Remploy
  107. 77Payments into Remploy Limited Pension and Assurance Scheme
  108. Judicial and public service pensions
  109. 78Pension scheme for fee-paid judges
  110. 79Judicial pensions: pension sharing on divorce etc
  111. 80Public service pension schemes Repealed
  112. 81Extension to Scotland of certain provisions about marriage of same sex couples
  113. Pension sharing
  114. 82Pension sharing and normal benefit age
  115. Part 6: General
  116. 83Power to make consequential amendments
  117. 84Regulations
  118. 85Regulations: Northern Ireland
  119. 86Regulations: supplementary
  120. 87Crown application
  121. 88Extent
  122. 89Commencement
  123. 90Short title
  124. Schedule 1: Early leavers: revaluation of accrued benefits Not yet in force
  125. 1Paragraph 1 Not yet in force
  126. 2Paragraph 2 Not yet in force
  127. 3Paragraph 3 Not yet in force
  128. 4Paragraph 4 Not yet in force
  129. 5Paragraph 5 Not yet in force
  130. 6Paragraph 6 Not yet in force
  131. 7Paragraph 7 Not yet in force
  132. 8Paragraph 8 Not yet in force
  133. 9Paragraph 9 Not yet in force
  134. 10Paragraph 10 Not yet in force
  135. 11Paragraph 11 Not yet in force
  136. Schedule 2: Other amendments to do with Parts 1 and 2
  137. Pension Schemes Act 1993 (c. 48) Not yet in force
  138. 1Paragraph 1 Not yet in force
  139. 2Paragraph 2 Not yet in force
  140. 3Paragraph 3 Not yet in force
  141. 4Paragraph 4 Not yet in force
  142. 5Paragraph 5 Not yet in force
  143. Pensions Act 1995 (c. 26) Not yet in force
  144. 6Paragraph 6 Not yet in force
  145. 7Paragraph 7 Not yet in force
  146. 8Paragraph 8 Not yet in force
  147. 9Paragraph 9 Not yet in force
  148. 10Paragraph 10 Not yet in force
  149. 11Paragraph 11 Not yet in force
  150. 12Paragraph 12 Not yet in force
  151. 13Paragraph 13 Not yet in force
  152. 14Paragraph 14 Not yet in force
  153. 15Paragraph 15 Not yet in force
  154. 16Paragraph 16 Not yet in force
  155. 17Paragraph 17 Not yet in force
  156. 18Paragraph 18 Not yet in force
  157. Welfare Reform and Pensions Act 1999 (c. 30) Not yet in force
  158. 19Paragraph 19 Not yet in force
  159. Financial Services and Markets Act 2000 (c. 8) Not yet in force
  160. 20Paragraph 20 Not yet in force
  161. 21Paragraph 21 Not yet in force
  162. 22Paragraph 22 Not yet in force
  163. Pensions Act 2004 (c. 35)
  164. 23Paragraph 23 Not yet in force
  165. 24Paragraph 24
  166. 25Paragraph 25 Not yet in force
  167. 26Paragraph 26 Not yet in force
  168. 27Paragraph 27 Not yet in force
  169. 28Paragraph 28 Not yet in force
  170. 29Paragraph 29 Not yet in force
  171. 30Paragraph 30
  172. 31Paragraph 31 Not yet in force
  173. 32Paragraph 32 Not yet in force
  174. 33Paragraph 33
  175. 34Paragraph 34 Not yet in force
  176. 35Paragraph 35 Not yet in force
  177. 36Paragraph 36
  178. 37Paragraph 37 Not yet in force
  179. 38Paragraph 38 Not yet in force
  180. Pensions Act 2008 (c. 30) Not yet in force
  181. 39Paragraph 39 Not yet in force
  182. 40Paragraph 40 Not yet in force
  183. 41Paragraph 41 Not yet in force
  184. 42Paragraph 42 Not yet in force
  185. 43Paragraph 43 Not yet in force
  186. 44Paragraph 44 Not yet in force
  187. 45Paragraph 45 Not yet in force
  188. 46Paragraph 46 Not yet in force
  189. 47Paragraph 47 Not yet in force
  190. 48Paragraph 48 Not yet in force
  191. 49Paragraph 49 Not yet in force
  192. 50Paragraph 50 Not yet in force
  193. Pensions Act 2014 (c. 19) Not yet in force
  194. 51Paragraph 51 Not yet in force
  195. Schedule 3: Pensions guidance
  196. 1Paragraph 1
  197. 2Paragraph 2 Repealed
  198. 3Paragraph 3 Repealed
  199. 4Paragraph 4 Repealed
  200. 5Paragraph 5 Repealed
  201. 6Paragraph 6
  202. 7Paragraph 7
  203. 8Paragraph 8
  204. 9Paragraph 9 Repealed
  205. 10Paragraph 10 Repealed
  206. 11Paragraph 11 Repealed
  207. 12Paragraph 12
  208. 13Paragraph 13 Repealed
  209. 14Paragraph 14 Repealed
  210. 15Paragraph 15 Repealed
  211. 16Paragraph 16
  212. 17Paragraph 17 Repealed
  213. 18Paragraph 18
  214. 19Paragraph 19
  215. Schedule 4: Rights to transfer benefits
  216. Part 1: Great Britain amendments
  217. Judicial Pensions Act 1981 (c. 20)
  218. 1Paragraph 1
  219. Judicial Pensions and Retirement Act 1993 (c. 8)
  220. 2Paragraph 2
  221. Pension Schemes Act 1993 (c. 48)
  222. 3Paragraph 3
  223. 4Paragraph 4
  224. 5Paragraph 5
  225. 6Paragraph 6
  226. 7Paragraph 7
  227. 8Paragraph 8
  228. 9Paragraph 9
  229. 10Paragraph 10
  230. 11Paragraph 11
  231. 12Paragraph 12
  232. 13Paragraph 13
  233. 14Paragraph 14
  234. 15Paragraph 15
  235. 16Paragraph 16
  236. 17Paragraph 17
  237. 18Paragraph 18
  238. 19Paragraph 19
  239. 20Paragraph 20
  240. 21Paragraph 21
  241. 22Paragraph 22
  242. 23Paragraph 23
  243. 24Paragraph 24
  244. 25Paragraph 25
  245. 26Paragraph 26
  246. 27Paragraph 27
  247. Pensions Act 1995 (c. 26)
  248. 28Paragraph 28
  249. 29Paragraph 29
  250. 30Paragraph 30
  251. 31Paragraph 31
  252. 32Paragraph 32
  253. Learning and Skills Act 2000 (c. 21)
  254. 33Paragraph 33
  255. Pensions Act 2004 (c. 35)
  256. 34Paragraph 34
  257. 35Paragraph 35
  258. 36Paragraph 36
  259. 37Paragraph 37
  260. 38Paragraph 38
  261. 39Paragraph 39
  262. 40Paragraph 40
  263. 41Paragraph 41
  264. 42Paragraph 42
  265. Scottish Parliamentary Pensions Act 2009 (asp 1)
  266. 43Paragraph 43
  267. Pensions Act 2014 (c. 19)
  268. 44Paragraph 44
  269. 45Paragraph 45
  270. 46Paragraph 46
  271. Part 2: Northern Ireland amendments
  272. Judicial Pensions Act 1981 (c. 20)
  273. 47Paragraph 47
  274. Judicial Pensions and Retirement Act 1993 (c. 8)
  275. 48Paragraph 48
  276. Pension Schemes (Northern Ireland) Act 1993 (c. 49)
  277. 49Paragraph 49
  278. 50Paragraph 50
  279. 51Paragraph 51
  280. 52Paragraph 52
  281. 53Paragraph 53
  282. 54Paragraph 54
  283. 55Paragraph 55
  284. 56Paragraph 56
  285. 57Paragraph 57
  286. 58Paragraph 58
  287. 59Paragraph 59
  288. 60Paragraph 60
  289. 61Paragraph 61
  290. 62Paragraph 62
  291. 63Paragraph 63
  292. 64Paragraph 64
  293. 65Paragraph 65
  294. 66Paragraph 66
  295. 67Paragraph 67
  296. 68Paragraph 68
  297. 69Paragraph 69
  298. 70Paragraph 70
  299. 71Paragraph 71
  300. 72Paragraph 72
  301. 73Paragraph 73
  302. Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
  303. 74Paragraph 74
  304. 75Paragraph 75
  305. 76Paragraph 76
  306. 77Paragraph 77
  307. 78Paragraph 78
  308. Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
  309. 79Paragraph 79
  310. 80Paragraph 80
  311. 81Paragraph 81
  312. 82Paragraph 82
  313. 83Paragraph 83
  314. 84Paragraph 84
  315. 85Paragraph 85
  316. 86Paragraph 86
  317. 87Paragraph 87
  318. Schedule 5: Pension scheme for fee-paid judges: consequential amendments
  319. Pensions (Increase) Act 1971 (c. 56)
  320. 1Paragraph 1
  321. 2Paragraph 2
  322. 3Paragraph 3
  323. Judicial Pensions and Retirement Act 1993 (c. 8)
  324. 4Paragraph 4
  325. 5Paragraph 5
  326. 6Paragraph 6
  327. 7Paragraph 7
  328. 8Paragraph 8