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Section 89 Application of further provisions to money purchase schemes.I1I2C1

England, Wales and Scotland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In the case of money purchase schemes falling within a prescribed class or description, regulations may—

(a)

provide for any of the provisions of F1Part 3 of the Pensions Act 2004 to apply, or apply with prescribed modifications (in spite of anything in F2that Part), and

(b)

provide for any of the provisions of sections 87 and 88 to apply with prescribed modifications or not to apply,

to such extent as may be prescribed.

(2)

Regulations may provide for any of the provisions of section 75 to apply, or apply with prescribed modifications, to money purchase schemes to such extent as may be prescribed (in spite of anything in that section), and the power conferred by this subsection includes power to apply section 75 in circumstances other than those in which the scheme is being wound up or a relevant F3... event occurs (within the meaning of that section).

(3)

F4Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate money purchase scheme.

Annotations

Textual amendments

F1

Words in s. 89(1)(a) substituted (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 66(a)(i); S.I. 2005/695, art. 2(7), Sch. 1

F2

Words in s. 89(1)(a) substituted (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 66(a)(ii); S.I. 2005/695, art. 2(7), Sch. 1

F3

Word in s. 89(2) repealed (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 66(b), Sch. 13; S.I. 2005/695, art. 2(7), Sch. 1

F4

S. 89(3) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 10; S.I. 2022/721, regs. 1(2), 3(a)

Modifications

C1

S. 89 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 68

Commencement

I1

S. 89 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V

I2

S. 89 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3