Pensions Act 1995
1995 c. 26 · Enacted 19 July 1995 · Extends to United Kingdom
I1E1Be 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:—C1C2C3C4C5C6C7C8C9C10C11C12C13C14C15
Contents
- Part I: Occupational pensions
- Occupational Pensions Regulatory Authority
- 1The new authority. Repealed
- 2Reports to Secretary of State. Repealed
- Supervision by the Authority
- 3Prohibition orders.
- 3AProhibition orders: directors of corporate trustees etc
- 4Suspension orders.
- 5Removal of trustees: notices. Repealed
- 6Removal or suspension of trustees: consequences.
- 7Appointment of trustees.
- 8Appointment of trustees: consequences.
- 9Removal and appointment of trustees: property.
- 10Civil penalties.
- 11Powers to wind up schemes.
- 12Powers to wind up public service schemes.
- 13Injunctions and interdicts. Repealed
- 14Restitution.
- 15Directions.
- Member-nominated trustees and directors
- 16Requirement for member-nominated trustees. Repealed
- 17Exceptions. Repealed
- 18Corporate trustees: member-nominated directors. Repealed
- 19Corporate trustees: exceptions. Repealed
- 20Selection, and eligibility, of member-nominated trustees and directors. Repealed
- 21Member-nominated trustees and directors: supplementary. Repealed
- Independent trustees
- 22Circumstances in which following provisions apply.
- 23Power to appoint independent trustees
- 24Members’ powers to apply to court to enforce duty. Repealed
- 25Appointment and powers of independent trustees: further provisions.
- 26Insolvency practitioner or official receiver to give information to trustees.
- 26AInformation to be given to the Authority in a s. 22 case Repealed
- 26BInformation to be given in cases where s. 22 disapplied Repealed
- 26CConstruction of ss. 26A and 26B Repealed
- Trustees: general
- 27Trustee not to be auditor or actuary of the scheme.
- 28Section 27: consequences.
- 29Persons disqualified for being trustees.
- 30Persons disqualified: consequences.
- 30AAccessibility of register of disqualified trustees Repealed
- 31Trustees not to be indemnified for fines or civil penalties. Repealed
- Functions of trustees
- 32Decisions by majority.
- 33Investment powers: duty of care.
- 34Power of investment and delegation.
- 35Investment principles.
- 36Choosing investments.
- 36ARestriction on borrowing by trustees
- 36BPower to modify scheme in relation to payment of surplus to employer
- 37Payment of surplus to employer.
- 38Power to defer winding up.
- 39Exercise of powers by member trustees.
- Functions of trustees or managers
- 40Restriction on employer-related investments.
- 41Provision of documents for members.
- 41AClimate change risk
- 41BClimate change risk: publication of information
- 41CSections 41A and 41B: compliance
- Employee trustees
- 42Time off for performance of duties and for training. Repealed
- 43Payment for time off. Repealed
- 44Time limit for proceedings. Repealed
- 45Remedies. Repealed
- 46Right not to suffer detriment in employment or be unfairly dismissed. Repealed
- Advisers
- 47Professional advisers.
- 48“Blowing the whistle”. Repealed
- Receipts, payments and records
- 49Other responsibilities of trustees, employers, etc.
- 49ARecord of winding-up decisions.
- Resolution of disputes
- 50Requirement for dispute resolution arrangements
- 50AMeaning of “person with an interest in the scheme”
- 50BThe dispute resolution procedure
- Indexation
- 51Annual increase in rate of pension.
- 51ZAMeaning of “the appropriate percentage”
- 51ZBMeaning of “cash balance benefit”
- 51ARestriction on increase where annuity tied to investments.
- 52Restriction on increase where member is under 55.
- 53Effect of increases above the statutory requirement.
- 54Sections 51 to 53: supplementary.
- 55Section 51: end of annual increase in GMP.
- Minimum funding requirement
- 56Minimum funding requirement. Repealed
- 57Valuation and certification of assets and liabilities. Repealed
- 58Schedules of contributions. Repealed
- 59Determination of contributions: supplementary. Repealed
- 60Serious underprovision. Repealed
- 61Sections 56 to 60: supplementary. Repealed
- Equal treatment
- 62The equal treatment rule. Repealed
- 63Equal treatment rule: supplementary. Repealed
- 64Equal treatment rule: exceptions. Repealed
- 65Equal treatment rule: consequential alteration of schemes. Repealed
- 66Equal treatment rule: effect on terms of employment, etc. Repealed
- Treatment of overseas residents etc.
- 66AProhibition on different rules for overseas residents etc.
- Modification of schemes
- 67The subsisting rights provisions
- 67AThe subsisting rights provisions: interpretation
- 67BThe consent requirements
- 67CThe actuarial equivalence requirements
- 67DThe actuarial equivalence requirements: further provisions
- 67EThe trustee approval requirement
- 67FThe reporting requirement
- 67GPowers of the Authority: voidable modifications
- 67HPowers of the Authority to intervene
- 67ISubsisting rights provisions: civil penalties
- 68Power of trustees to modify schemes by resolution.
- 69Grounds for applying for modifications: winding up registered schemes
- 70Section 69: supplementary.
- 71Effect of orders under section 69.
- 71AModification by Authority to secure winding-up.
- 72Modification of public service pension schemes.
- Supervision of winding-up
- 72AReports to Authority about winding-up.
- 72BDirections by Authority for facilitating winding-up.
- 72CDuty to comply with directions under s. 72B.
- Winding up
- 73Preferential liabilities on winding up.
- 73AOperation of scheme during winding up period
- 73BSections 73 and 73A: supplementary
- 74Discharge of liabilities by insurance, etc.
- 75Deficiencies in the assets.
- 75ADeficiencies in the assets: multi-employer schemes
- 76Excess assets on winding up.
- 77Excess assets remaining after winding up: power to distribute. Repealed
- The Pensions Compensation Board
- 78The Compensation Board. Repealed
- 79Reports to Secretary of State. Repealed
- 80Review of decisions. Repealed
- The compensation provisions
- 81Cases where compensation provisions apply. Repealed
- 82Applications for payments. Repealed
- 83Amount of compensation. Repealed
- 84Payments made in anticipation. Repealed
- 85Surplus funds. Repealed
- 86Modification of compensation provisions. Repealed
- Money purchase schemes
- 87Schedules of payments to money purchase schemes.
- 88Schedules of payments to money purchase schemes: supplementary.
- 89Application of further provisions to money purchase schemes.
- 90Unpaid contributions in cases of insolvency.
- Assignment, forfeiture, bankruptcy etc.
- 91Inalienability of occupational pension.
- 92Forfeiture, etc.
- 93Forfeiture by reference to obligation to employer.
- 94Sections 91 to 93: supplementary.
- 95Pension rights of individuals adjudged bankrupt etc. Repealed
- Questioning the decisions of the Authority
- 96Review of decisions. Repealed
- 97References and appeals from the Authority. Repealed
- Gathering information: the Authority
- 98Provision of information. Repealed
- 99Inspection of premises. Repealed
- 100Warrants. Repealed
- 101Information and inspection: penalties. Repealed
- 102Savings for certain privileges etc. Repealed
- 103Publishing reports. Repealed
- Disclosure of information: the Authority
- 104Restricted information. Repealed
- 105Information supplied to the Authority by corresponding overseas authorities. Repealed
- 106Disclosure for facilitating discharge of functions by the Authority. Repealed
- 107Disclosure for facilitating discharge of functions by other supervisory authorities. Repealed
- 108Other permitted disclosures. Repealed
- 109Disclosure of information by the Inland Revenue. Repealed
- Gathering information: the Compensation Board
- 110Provision of information. Repealed
- 111Information: penalties. Repealed
- 112Savings for certain privileges. Repealed
- 113Publishing reports. Repealed
- 114Disclosure of information. Repealed
- General
- 115Offences by bodies corporate and partnerships.
- 116Breach of regulations.
- 117Overriding requirements.
- 118Powers to modify this Part.
- 119Calculations etc. under regulations: sub-delegation.
- 120Consultations about regulations.
- 121Crown application.
- 122Consequential amendments.
- 123“Connected” and “associated” persons.
- 124Interpretation of Part I.
- 125Section 124: supplementary.
- Part II: State Pensions
- 126Equalisation of pensionable age and of entitlement to certain benefits and increase in pensionable age.
- 127Enhancement of additional pension, etc. where family credit or disability working allowance paid. Repealed
- 128Additional pension: calculation of surpluses.
- 129Contribution conditions.
- 130Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act.
- 131Graduated retirement benefit.
- 132Extension of Christmas bonus for pensioners.
- 133Contributions paid in error.
- 134Minor amendments.
- Part III: Certification of pension schemes and effects on members’ state scheme rights and duties
- Introductory
- 135The “principal appointed day” for Part III.
- New certification requirements applying as from the principal appointed day
- 136New requirements for contracted-out schemes. Repealed
- Reduction in State scheme contributions, payment of rebates and reduction in State scheme benefits
- 137State scheme contributions and rebates.
- 138Minimum contributions towards appropriate personal pension schemes.
- 139Money purchase and personal pension schemes: verification of ages. Repealed
- 140Reduction in benefits for members of certified schemes.
- Premiums and return to State scheme
- 141State scheme etc. premiums and buyback into State scheme.
- Protected rights
- 142Interim arrangements for giving effect to protected rights. Repealed
- 143Requirements for interim arrangements. Repealed
- 144Interim arrangements: supplementary. Repealed
- 145Extension of interim arrangements to occupational pension schemes. Repealed
- 146Discharge of protected rights on winding up: insurance policies. Repealed
- Miscellaneous
- 147Monitoring personal pension schemes.
- 148Earner employed in more than one employment. Repealed
- 149Hybrid occupational pension schemes. Repealed
- 150Dissolution of Occupational Pensions Board. Repealed
- Minor and consequential amendments
- 151Minor and consequential amendments related to sections 136 to 150.
- Part IV: Miscellaneous and General
- Transfer values
- 152Extension of scope of right to cash equivalent.
- 153Right to guaranteed cash equivalent.
- 154Right to guaranteed cash equivalent: supplementary.
- Penalties
- 155Breach of regulations under the Pension Schemes Act 1993.
- Pensions Ombudsman
- 156Employment of staff by the Pensions Ombudsman.
- 157Jurisdiction of Pensions Ombudsman.
- 158Costs and expenses.
- 159Disclosing information.
- 160Interest on late payment of benefit.
- Modification and winding up of schemes
- 161Repeal of sections 136 to 143 of the Pension Schemes Act 1993.
- Personal pensions
- 162Annual increase in rate of personal pension. Repealed
- 163Section 162: supplementary. Repealed
- 164Power to reject notice choosing appropriate personal pension scheme. Repealed
- Levy
- 165Levy.
- Pensions on divorce, etc.
- 166Pensions on divorce etc.
- 167Pensions on divorce, etc.: Scotland.
- 168War pensions for widows: effect of remarriage.
- 169Extensions of Pensions Appeal Tribunals Act 1943.
- Official and public service pensions
- 170Pensions for dependants of the Prime Minister etc. Repealed
- 171Equal treatment in relation to official pensions.
- 172Information about public service schemes.
- General minor and consequential amendments
- 173General minor and consequential amendments.
- Subordinate legislation etc.
- 174Orders and regulations (general provisions).
- 175Parliamentary control of orders and regulations.
- General
- 176Interpretation.
- 177Repeals.
- 178Extent.
- 179Northern Ireland.
- 180Commencement.
- 181Short title.
- Schedule 1: Occupational Pensions Regulatory Authority Repealed
- General
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- Tenure of members Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- Expenses, remuneration, etc. Repealed
- 8Paragraph 8 Repealed
- Parliamentary disqualification Repealed
- 9Paragraph 9 Repealed
- The Ombudsman Repealed
- 10Paragraph 10 Repealed
- Staff Repealed
- 11Paragraph 11 Repealed
- The Superannuation Act 1972 (c. 11) Repealed
- 12Paragraph 12 Repealed
- Proceedings Repealed
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- Validity Repealed
- 15Paragraph 15 Repealed
- Accounts Repealed
- 16Paragraph 16 Repealed
- Other expenses Repealed
- 17Paragraph 17 Repealed
- Fees Repealed
- 18Paragraph 18 Repealed
- Application of seal and proof of instruments Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- Schedule 2: Pensions Compensation Board
- General Repealed
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- Tenure of members Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- Expenses, remuneration, et ceteralaetc. Repealed
- 7Paragraph 7 Repealed
- Parliamentary disqualification Repealed
- 8Paragraph 8 Repealed
- The Ombudsman Repealed
- 9Paragraph 9 Repealed
- Staff Repealed
- 10Paragraph 10 Repealed
- The Superannuation Act 1972 (c. 11) Repealed
- 11Paragraph 11 Repealed
- Proceedings Repealed
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- 15Paragraph 15 Repealed
- Validity Repealed
- 16Paragraph 16 Repealed
- Accounts Repealed
- 17Paragraph 17 Repealed
- Other expenses Repealed
- 18Paragraph 18 Repealed
- Application of seal and proof of instruments Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- Schedule 3: Amendments consequential on Part I
- The Employment Protection (Consolidation) Act 1978 (c.44)
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- The Insurance Companies Act 1982 (c.50)
- 11Paragraph 11 Repealed
- The Companies Act 1985 (c.6)
- 12Paragraph 12 Repealed
- The Bankruptcy (Scotland) Act 1985 (c. 66)
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- The Insolvency Act 1986 (c.45)
- 15Paragraph 15
- The Building Societies Act 1986 (c.53)
- 16Paragraph 16
- The Financial Services Act 1986 (c.60)
- 17Paragraph 17 Repealed
- The Banking Act 1987 (c.22)
- 18Paragraph 18 Repealed
- The Companies Act 1989 (c.40)
- 19Paragraph 19 Repealed
- The Friendly Societies Act 1992 (c.40)
- 20Paragraph 20
- The Tribunals and Inquiries Act 1992 (c. 53)
- 21Paragraph 21 Repealed
- The Pension Schemes Act 1993 (c.48)
- 22Paragraph 22
- 23Paragraph 23 Repealed
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43 Repealed
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47
- Schedule 4: Equalisation of and increase in pensionable age for men and women
- Part I: Pensionable ages for men and women
- Rules for determining pensionable age
- 1Paragraph 1
- Rules
- Part II: Entitlement to certain pension and other benefits
- Pension increases for dependent spouses
- 2Paragraph 2 Repealed
- Category B retirement pensions
- 3Paragraph 3
- Home responsibilities protection
- 4Paragraph 4
- Additional pension
- 5Paragraph 5
- Increments
- 6Paragraph 6
- Graduated retirement benefit
- 7Paragraph 7
- Christmas bonus for pensioners
- 8Paragraph 8
- Part III: Consequential amendments
- Pensionable age
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- Pension increases for dependent spouses
- 18Paragraph 18 Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- Category B retirement pensions
- 21Paragraph 21
- 22Paragraph 22
- Schedule 5: Amendments relating to Part III
- The Public Records Act 1958 (c. 51)
- 1Paragraph 1
- The Administration of Justice Act 1970 (c. 31)
- 2Paragraph 2
- The Attachment of Earnings Act 1971 (c. 31)
- 3Paragraph 3
- The House of Commons Disqualification Act 1975 (c. 24)
- 4Paragraph 4
- The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
- 5Paragraph 5
- The Social Security Pensions Act 1975 (c. 60)
- 6Paragraph 6
- The European Parliament (Pay and Pensions) Act 1979 (c. 50)
- 7Paragraph 7
- The Justices of the Peace Act 1979 (c. 55)
- 8Paragraph 8 Repealed
- The Judicial Pensions Act 1981 (c. 20)
- 9Paragraph 9
- The Insurance Companies Act 1982 (c. 50)
- 10Paragraph 10
- The Companies Act 1985 (c. 6)
- 11Paragraph 11 Repealed
- The Income and Corporation Taxes Act 1988 (c. 1)
- 12Paragraph 12 Repealed
- The Social Security Act 1989 (c. 24)
- 13Paragraph 13
- The Social Security Contributions and Benefits Act 1992 (c. 4)
- 14Paragraph 14
- The Social Security Administration Act 1992 (c. 5)
- 15Paragraph 15
- The Tribunals and Inquiries Act 1992 (c. 53)
- 16Paragraph 16
- The Judicial Pensions and Retirement Act 1993 (c. 8)
- 17Paragraph 17
- The Pension Schemes Act 1993 (c. 48)
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20 Repealed
- 21Paragraph 21
- 22Paragraph 22 Repealed
- 23Paragraph 23
- 24Paragraph 24 Repealed
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34 Repealed
- 35Paragraph 35 Repealed
- 36Paragraph 36 Repealed
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- 49Paragraph 49
- 50Paragraph 50
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53
- 54Paragraph 54
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- 69Paragraph 69
- 70Paragraph 70 Repealed
- 71Paragraph 71
- 72Paragraph 72
- 73Paragraph 73
- 74Paragraph 74
- 75Paragraph 75
- 76Paragraph 76
- 77Paragraph 77
- 78Paragraph 78
- 79Paragraph 79
- 80Paragraph 80
- 81Paragraph 81
- 82Paragraph 82
- 83Paragraph 83
- 84Paragraph 84
- 85Paragraph 85
- 86Paragraph 86
- Schedule 6: General minor and consequential amendments
- The Public Records Act 1958 (c. 51)
- 1Paragraph 1
- The Pension Schemes Act 1993 (c. 48)
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- Schedule 7: Repeals
- IOccupational pensions
- IIPart II
- IIIPart III
- IVPart IV