Pensions Act 2004 in Scotland
2004 c. 35 · Enacted 18 November 2004 · Extends to United Kingdom
An Act to make provision relating to pensions and financial planning for retirement and provision relating to entitlement to bereavement payments, and for connected purposes.
[18th November 2004]
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:—C1C2C3C4C5C6C7
Annotations to the whole text
Modifications
- C1
Act modified (1.4.2008) by The Agriculture and Horticulture Development Board Order 2008 (S.I. 2008/576), art. 1(3), Sch. 4 para. 5
- C2
Act: power to modify conferred (26.11.2008) by Pensions Act 2008 (c. 30), s. 146(2)(e)
- C3
Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.
- C4
Act applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))
- C5
Act: power to modify conferred (11.9.2014) by Pensions Act 2014 (c. 19), ss. 45(1), 56(1); S.I. 2014/2377, art. 2(1)(a)(i)(2)(g)
- C6
Act applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)
- C7
Act modified (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 14
Contents
- Part 1: The Pensions Regulator
- Establishment
- 1The Pensions Regulator
- 2Membership of the Regulator
- 3Further provision about the Regulator
- General provisions about functions
- 4Regulator’s functions
- 5Regulator’s objectives
- 6Supplementary powers
- 7Transfer of OPRA’s functions to the Regulator
- Non-executive functions
- 8Non-executive functions
- The Determinations Panel
- 9The Determinations Panel
- 10Functions exercisable by the Determinations Panel
- Annual report
- 11Annual reports to Secretary of State
- Provision of information, education and assistance
- 12Provision of information, education and assistance
- New powers in respect of occupational and personal pension schemes
- 13Improvement notices
- 14Third party notices
- 14AAppointment of skilled person to assist public service pension scheme
- 15Injunctions and interdicts
- 16Restitution
- 17Power of the Regulator to recover unpaid contributions
- 18Pension liberation: interpretation
- 19Pension liberation: court’s power to order restitution
- 20Pension liberation: restraining orders
- 21Pension liberation: repatriation orders
- Powers in relation to winding up of occupational pension schemes
- 22Powers to wind up occupational pension schemes
- 23Freezing orders
- 24Consequences of freezing order
- 25Period of effect etc of freezing order
- 26Validation of action in contravention of freezing order
- 27Effect of determination to wind up scheme on freezing order
- 28Effect of winding up order on freezing order
- 29Effect of assessment period under Part 2 on freezing order
- 30Power to give a direction where freezing order ceases to have effect
- 31Notification of trustees, managers, employers and members
- 32Sections 23 to 31: supplementary
- Trustees of occupational pension schemes
- 33Prohibition orders
- 34Suspension orders
- 35Appointments of trustees by the Regulator
- 36Independent trustees
- 37Disqualification
- Contribution notices where avoidance of employer debt
- 38Contribution notices where avoidance of employer debt
- 38ASection 38 contribution notice: meaning of “material detriment test”
- 38BSection 38 contribution notice issued by reference to material detriment test: defence
- 38CSection 38 contribution notice: meaning of “employer insolvency test”
- 38DSection 38 contribution notice issued by reference to employer insolvency test: defence
- 38ESection 38 contribution notice: meaning of “employer resources test”
- 38FSection 38 contribution notice issued by reference to employer resources test: defence
- 39The sum specified in a section 38 contribution notice
- 39ASection 38 contribution notice: transfer of members of the scheme
- 39BSection 39A: supplemental
- 40Content and effect of a section 38 contribution notice
- 41Section 38 contribution notice: relationship with employer debt
- 42Section 38 contribution notice: clearance statements
- 42AOffence of failing to comply with a section 38 contribution notice
- 42BFinancial penalty for failure to comply with a section 38 contribution notice
- Financial support directions
- 43Financial support directions
- 43AFinancial support directions: transfer of members of the scheme
- 43BSection 43A: supplemental
- 44Meaning of “service company” and “insufficiently resourced”
- 45Meaning of “financial support”
- 46Financial support directions: clearance statements
- 47Contribution notices where non-compliance with financial support direction
- 48The sum specified in a section 47 contribution notice
- 49Content and effect of a section 47 contribution notice
- 50Section 47 contribution notice: relationship with employer debt
- 51Sections 43 to 50: interpretation
- Transactions at an undervalue
- 52Restoration orders where transactions at an undervalue
- 53Restoration orders: supplementary
- 54Content and effect of a restoration order
- 55Contribution notice where failure to comply with restoration order
- 56Content and effect of a section 55 contribution notice
- Sections 38 to 56: partnerships and limited liability partnerships
- 57Sections 38 to 56: partnerships and limited liability partnerships
- Applications under the Insolvency Act 1986
- 58Regulator’s right to apply under section 423 of Insolvency Act 1986
- Sanctions for avoidance of employer debt etc
- 58AOffence of avoidance of employer debt
- 58BOffence of conduct risking accrued scheme benefits
- 58CFinancial penalty for avoidance of employer debt
- 58DFinancial penalty for conduct risking accrued scheme benefits
- Register of schemes
- 59Register of occupational and personal pension schemes
- 60Registrable information
- 61The register: inspection, provision of information and reports etc
- 62The register: duties of trustees or managers
- 63Duty of the Regulator to issue scheme return notices
- 64Duty of trustees or managers to provide scheme return
- 65Scheme returns: supplementary
- Register of prohibited trustees
- 66Register of prohibited trustees
- 67Accessibility of register of prohibited trustees
- Collecting information relevant to the Board of the Pension Protection Fund
- 68Information relevant to the Board
- 69Duty to notify the Regulator of certain events
- 69ADuty to give notices and statements to the Regulator in respect of certain events
- Reporting breaches of the law
- 70Duty to report breaches of the law
- Reporting late payment of employer contributions
- 70ADuty to report late payment of employer contributions
- Reports by skilled persons
- 71Reports by skilled persons
- Gathering information
- 72Provision of information
- 72AInterviews
- 73Inspection of premises
- 74Inspection of premises in respect of employers' obligations
- 75Inspection of premises: powers of inspectors
- 76Inspection of premises: supplementary
- 77Penalties relating to sections 72 to 75
- 77AFixed penalty notices
- 77BEscalating penalty notices
- 78Warrants
- 79Sections 72 to 78: interpretation
- Provision of false or misleading information
- 80Offences of providing false or misleading information
- 80AFinancial penalty for providing false or misleading information to Regulator
- 80BFinancial penalty for providing false or misleading information to trustees or managers
- Use of information
- 81Use of information
- Disclosure of information
- 82Restricted information
- 83Information supplied to the Regulator by corresponding overseas authorities
- 84Disclosure for facilitating exercise of functions by the Regulator
- 85Disclosure for facilitating exercise of functions by the Board
- 86Disclosure for facilitating exercise of functions by other supervisory authorities
- 87Other permitted disclosures
- 88Tax information etc
- Financial penalties
- 88AFinancial penalties
- 88BFinancial penalties: time for recovery
- 88CFinancial penalties: recovery
- Reports
- 89Publishing reports etc
- 89AReports about misappropriation etc in public service pension schemes
- Codes of practice
- 90Codes of practice
- 90ACodes of practice: public service pension schemes
- 91Procedure for issue and publication of codes of practice
- 92Revocation of codes of practice
- Exercise of regulatory functions
- 93The Regulator’s procedure in relation to its regulatory functions
- 94Publication of procedure in relation to regulatory functions
- 95Application of standard and special procedure
- 96Standard procedure
- 97Special procedure: applicable cases
- 98Special procedure
- 99Compulsory review
- 100Duty to have regard to the interests of members etc
- 101Powers to vary or revoke orders, notices or directions etc
- References to a tribunal
- 102The Pensions Regulator Tribunal Repealed
- 102AOffences
- 103References in relation to decisions of Regulator
- 104Appeal on a point of law Repealed
- 105Redetermination etc by the Tribunal Repealed
- Part 2: The Board of the Pension Protection Fund
- Chapter 1: The Board
- Establishment
- 107The Board of the Pension Protection Fund
- 108Membership of the Board
- 109Further provision about the Board
- General provision about functions
- 110Board’s functions
- 111Supplementary powers
- Non-executive functions
- 112Non-executive functions
- Financial matters
- 113Investment of funds
- 114Investment principles
- 115Borrowing
- 115ALoans made by the Secretary of State
- 116Grants Repealed
- 117Administration levy Repealed
- 118Fees Not yet in force
- Annual reports
- 119Annual reports to Secretary of State
- Chapter 2: Information relating to employer’s insolvency etc
- Insolvency events
- 120Duty to notify insolvency events in respect of employers
- 121Insolvency event, insolvency date and insolvency practitioner
- Status of scheme
- 122Insolvency practitioner’s duty to issue notices confirming status of scheme
- 123Approval of notices issued under section 122
- Board’s duties
- 124Board’s duty where there is a failure to comply with section 122
- 125Binding notices confirming status of scheme
- Chapter 3: Pension protection
- Eligible schemes
- 126Eligible schemes
- Circumstances in which Board assumes responsibility for eligible schemes
- 127Duty to assume responsibility for schemes following insolvency event
- 128Duty to assume responsibility for schemes following application or notification
- 129Applications and notifications for the purposes of section 128
- 130Board’s duty where application or notification received under section 129
- 131Protected liabilities
- Restrictions on schemes during the assessment period
- 132Assessment periods
- 133Admission of new members, payment of contributions etc
- 134Directions
- 135Restrictions on winding up, discharge of liabilities etc
- 136Power to validate contraventions of section 135
- 137Board to act as creditor of the employer
- 138Payment of scheme benefits
- 139Loans to pay scheme benefits
- Ill health pensions
- 140Reviewable ill health pensions
- 141Effect of a review
- 142Sections 140 and 141: interpretation
- Valuation of assets and liabilities
- 143Board’s obligation to obtain valuation of assets and protected liabilities
- 143ADeterminations under section 143
- 144Approval of valuation
- 145Binding valuations
- Refusal to assume responsibility
- 146Schemes which become eligible schemes
- 147New schemes created to replace existing schemes
- 148Withdrawal following issue of section 122(4) notice
- Cessation of involvement with a scheme
- 149Circumstances in which Board ceases to be involved with an eligible scheme
- 150Consequences of the Board ceasing to be involved with a scheme
- Reconsideration
- 151Application for reconsideration
- 152Duty to assume responsibility following reconsideration
- Closed schemes
- 153Closed schemes
- Winding up
- 154Requirement to wind up schemes with sufficient assets to meet protected liabilities
- Provisions applying to closed schemes
- 155Treatment of closed schemes
- 156Valuations of closed schemes
- Reconsideration of closed schemes
- 157Applications and notifications where closed schemes have insufficient assets
- 158Duty to assume responsibility for closed schemes
- 159Closed schemes: further assessment periods
- Assumption of responsibility for a scheme
- 160Transfer notice
- 161Effect of Board assuming responsibility for a scheme
- 162The pension compensation provisions
- 163Adjustments to be made where the Board assumes responsibility for a scheme
- 164Postponement of compensation entitlement for the assessment period
- 165Guaranteed minimum pensions
- 166Duty to pay scheme benefits unpaid at assessment date etc
- 167Modification of Chapter where liabilities discharged during assessment period
- 168Administration of compensation
- Charges in respect of pension sharing etc
- 168ACharges in respect of pension sharing etc
- Discharge of Board’s liabilities
- 169Discharge of liabilities in respect of compensation
- 170Discharge of liabilities in respect of money purchase benefits
- Equal treatment
- 171Equal treatment
- Relationship with fraud compensation regime
- 172Relationship with fraud compensation regime
- The fund
- 173Pension Protection Fund
- Pension protection levies
- 174Initial levy Repealed
- 175Pension protection levies
- 176Supplementary provisions about pension protection levies
- 177Amounts to be raised by the pension protection levies
- 178The levy ceiling
- 179Valuations to determine scheme underfunding
- 180Pension protection levies during the transitional period Repealed
- 181Calculation, collection and recovery of levies
- 181APension protection levy: interest for late payment
- Chapter 4: Fraud compensation
- Entitlement to fraud compensation
- 182Cases where fraud compensation payments can be made
- 183Board’s duties in respect of certain applications under section 182
- 184Recovery of value
- 185Fraud compensation payments
- 186Interim payments
- 187Board’s powers to make fraud compensation transfer payments
- The fund
- 188Fraud Compensation Fund
- The levy
- 189Fraud compensation levy
- Chapter 5: Gathering information
- 190Information to be provided to the Board etc
- 191Notices requiring provision of information
- 192Entry of premises
- 193Penalties relating to sections 191 and 192
- 194Warrants
- Provision of false or misleading information
- 195Offence of providing false or misleading information to the Board
- Use of information
- 196Use of information
- Disclosure of information
- 197Restricted information
- 198Disclosure for facilitating exercise of functions by the Board
- 199Disclosure for facilitating exercise of functions by the Regulator
- 200Disclosure for facilitating exercise of functions by other supervisory authorities
- 201Other permitted disclosures
- 202Tax information
- Provision of information to members of schemes etc
- 203Provision of informationto members of schemes etc
- Interpretation
- 204Sections 190 to 203: interpretation
- Reports
- 205Publishing reports etc
- Chapter 6: Reviews, appeals and maladministration
- Review etc by the Board
- 206Meaning of “reviewable matters”
- 207Review and reconsideration by the Board of reviewable matters
- 208Investigation by the Board of complaints of maladministration
- The PPF Ombudsman
- 209The Ombudsman for the Board of the Pension Protection Fund
- 210Deputy PPF Ombudsmen
- 211Status etc of the PPF Ombudsman and deputies
- 212Annual reports to Secretary of State
- 212AAccounts and audit
- References to the PPF Ombudsman
- 213Reference of reviewable matter to the PPF Ombudsman
- 214Investigation by PPF Ombudsman of complaints of maladministration
- 215Referral of questions of law
- 216Publishing reports etc
- 217Determinations of the PPF Ombudsman
- 218Obstruction etc of the PPF Ombudsman
- Chapter 7: Miscellaneous
- Backdating the winding up of eligible schemes
- 219Backdating the winding up of eligible schemes
- Pension sharing
- 220Pension sharing
- Part 3: Scheme funding
- Introductory
- 221Pension schemes to which this Part applies
- Scheme funding
- 221AFunding and investment strategy
- 221BStatement of strategy
- 222The statutory funding objective
- 223Statement of funding principles
- 224Actuarial valuations and reports
- 225Certification of technical provisions
- 226Recovery plan
- 227Schedule of contributions
- 228Failure to make payments
- 229Matters requiring agreement of the employer
- 230Matters on which advice of actuary must be obtained
- 231Powers of the Regulator
- 231ARequirements for winding up procedure
- Supplementary provisions
- 232Power to modify provisions of this Part
- 233Construction as one with the Pensions Act 1995
- Part 4: Financial planning for retirement
- Retirement planning
- 234Promoting and facilitating financial planning for retirement
- 235Supply of information for purposes of section 234
- 236Use and supply of information: private pensions policy and retirement planning
- 237Combined pension forecasts Not yet in force
- Employee information and advice Not yet in force
- 238Information and advice to employees Not yet in force
- Pensions dashboards
- 238AQualifying pensions dashboard service
- 238BQualifying pension dashboard service: further provision
- 238CSections 238A and 238B: interpretation
- 238DInformation from occupational pension schemes
- 238EInformation from occupational pension schemes: further provision
- 238FSections 238D and 238E: interpretation
- 238GCompliance
- Part 5: Occupational and personal pension schemes: miscellaneous provisions
- Categories of pension scheme
- 239Categories of pension scheme
- 240Meaning of “employer” in Part 1 of the Pensions Act 1995 Not yet in force
- Requirements for member-nominated trustees and directors
- 241Requirement for member-nominated trustees
- 242Requirement for member-nominated directors of corporate trustees
- 243Member-nominated trustees and directors: supplementary
- Obligations of trustees of occupational pension schemes
- 244Investment principles
- 245Power to make regulations governing investment by trustees
- 246Borrowing by trustees
- 247Requirement for knowledge and understanding: individual trustees
- 248Requirement for knowledge and understanding: corporate trustees
- 248ARequirement for knowledge and understanding: pension boards of public service pension schemes
- 249Requirement for knowledge and understanding: supplementary
- 249ARequirement for an effective system of governance
- 249BRequirement for internal controls: public service pension schemes
- Payment of surplus to employer
- 250Payment of surplus to employer
- 251Payment of surplus to employer: transitional power to amend scheme
- Restrictions on payment into occupational pension schemes
- 252UK-based scheme to be trust with effective rules
- 253Non-UK scheme to be trust with UK-resident trustee
- 254Representative of non-UK scheme to be treated as trustee
- Activities of occupational pension schemes
- 255Activities of occupational pension schemes
- No indemnification for fines or civil penalties
- 256No indemnification for fines or civil penalties
- Pension protection on transfer of employment
- 257Conditions for pension protection
- 258Form of protection
- Consultation by employers
- 259Consultation by employers: occupational pension schemes
- 260Consultation by employers: personal pension schemes
- 261Further provisions about regulations relating to consultation
- Modification of pension rights
- 262Modification of subsisting rights
- Short service benefit
- 263Increase in age at which short service benefit must be payable
- Early leavers
- 264Early leavers: cash transfer sums and contribution refunds
- Safeguarding pension rights
- 265Paternity leave and adoption leave
- 266Inalienability of occupational pension
- Voluntary contributions
- 267Voluntary contributions
- Payments by employers
- 268Payments made by employers to personal pension schemes
- 269Payments made by employers and members to occupational pension schemes
- Winding up
- 270Winding up
- Deficiency in assets of certain occupational pension schemes
- 271Debt due from the employer when assets insufficient
- 272Debt due from the employer in the case of multi-employer schemes
- Pension disputes
- 273Resolution of disputes Not yet in force
- The Pensions Ombudsman
- 274The Pensions Ombudsman and Deputy Pensions Ombudsmen
- 275Jurisdiction
- 276Investigations
- Pension compensation
- 277Amendments relating to the Pensions Compensation Board
- Annual increases in rate of pensions
- 278Annual increase in rate of certain occupational pensions
- 279Annual increase in rate of certain personal pensions
- 280Power to increase pensions giving effect to pension credits etc
- Revaluation
- 281Exemption from statutory revaluation requirement
- Contracting out
- 282Meaning of “working life” in Pension Schemes Act 1993
- 283Power to prescribe conditions by reference to Inland Revenue approval
- 284Restrictions on commutation and age at which benefits may be received
- Stakeholder pensions
- 285Meaning of “stakeholder pension scheme”
- Part 6: Financial assistance scheme for members of certain pension schemes
- 286Financial assistance scheme for members of certain pension schemes
- 286ARestriction on purchase of annuities
- Part 7: Cross-border activities within European Union Repealed
- UK occupational pension scheme receiving contributions from European employer Repealed
- 287Occupational pension scheme receiving contributions from European employer Repealed
- 288General authorisation to accept contributions from European employers Repealed
- 289Approval in relation to particular European employer Repealed
- 290Notification of legal requirements of host member State outside United Kingdom Repealed
- 291Duty of trustees or managers to act consistently with law of host member State Repealed
- 292Power of Regulator to require ring-fencing of assets Repealed
- 292AExemption from enrolment duty under Part 1 of Pensions Act 2008 Repealed
- European occupational pension scheme receiving contributions from UK employer Repealed
- 293Functions of Regulator in relation to institutions administered in other member States Repealed
- Assistance for other European regulators Repealed
- 294Stopping disposal of assets of institutions administered in other member States Repealed
- Interpretation Repealed
- 295Interpretation of Part Repealed
- Part 8: State pensions
- Entitlement to more than one pension
- 296Persons entitled to more than one Category B retirement pension
- Deferral of state pension
- 297Deferral of retirement pensions and shared additional pensions
- Miscellaneous
- 298Disclosure of state pension information
- 299Claims for certain benefits following termination of reciprocal agreement with Australia
- Part 9: Miscellaneous and supplementary
- Dissolution of existing bodies
- 300Dissolution of OPRA
- 301Transfer of employees from OPRA to the Regulator
- 302Dissolution of the Pensions Compensation Board
- Service of notifications etc and electronic working
- 303Service of notifications and other documents
- 304Notification and documents in electronic form
- 305Timing and location of things done electronically
- General
- 306Overriding requirements
- 307Modification of this Act in relation to certain categories of schemes
- 308Modification of pensions legislation that refers to employers Not yet in force
- 309Offences by bodies corporate and partnerships
- 310Admissibility of statements
- 311Protected items
- 312Liens
- 313Crown application
- Regulations and orders
- 314Breach of regulations
- 315Subordinate legislation (general provisions)
- 316Parliamentary control of subordinate legislation
- 317Consultations about regulations
- Interpretation
- 318General interpretation
- Miscellaneous and supplementary
- 319Minor and consequential amendments
- 320Repeals and revocations
- 321Pre-consolidation amendments
- 322Commencement
- 323Extent
- 324Northern Ireland
- 325Short title
- Schedule 1: The Pensions Regulator
- Part 1: Members of the Regulator
- Terms of appointment and tenure of members
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- Remuneration etc of members
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Part 2: Staff of the Regulator
- The staff
- 7Paragraph 7
- The Chief Executive
- 8Paragraph 8
- Other employees
- 9Paragraph 9
- Additional staff etc
- 10Paragraph 10
- Part 3: Members of the Determinations Panel
- Nomination of the chairman of the Panel
- 11Paragraph 11
- Terms of appointment and tenure of members of the Panel
- 12Paragraph 12
- 13Paragraph 13
- Remuneration etc of members of the Panel
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- Part 4: Proceedings and delegation etc
- Committees
- 17Paragraph 17
- Procedure
- 18Paragraph 18
- 19Paragraph 19 Not yet in force
- Delegation
- 20Paragraph 20
- 21Paragraph 21
- Application of seal and proof of instruments
- 22Paragraph 22
- 23Paragraph 23
- Part 5: Funding and accounts
- Funding
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- Accounts
- 27Paragraph 27
- Other expenses
- 28Paragraph 28 Repealed
- Part 6: Status and liability etc
- Status
- 29Paragraph 29
- Validity
- 30Paragraph 30
- Disqualification
- 31Paragraph 31
- 32Paragraph 32
- The Parliamentary Commissioner for Administration
- 33Paragraph 33
- The Superannuation Act 1972
- 34Paragraph 34
- Exemption from liability in damages
- 35Paragraph 35
- Schedule 2: The reserved regulatory functions
- Part 1: Functions under the Pension Schemes Act 1993 (c. 48)
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 3AParagraph 3A
- Part 2: Functions under the Pensions Act 1995 (c. 26)
- 4Paragraph 4
- 5Paragraph 5
- 5AParagraph 5A
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 13AParagraph 13A
- 14Paragraph 14
- 15Paragraph 15
- 15AParagraph 15A
- 15BParagraph 15B
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- Part 3: Functions under the Welfare Reform and Pensions Act 1999 (c. 30)
- 20Paragraph 20
- Part 4: Functions under this Act
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 30AParagraph 30A
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 33AParagraph 33A
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 41AParagraph 41A
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- Part 4A: Functions under the Pension Schemes Act 2017
- 44AParagraph 44A
- 44BParagraph 44B
- 44CParagraph 44C
- 44DParagraph 44D
- 44EParagraph 44E
- 44FParagraph 44F
- 44GParagraph 44G
- Part 4B: Functions under Part 1 of the Pension Schemes Act 2021
- 44HParagraph 44H
- 44IParagraph 44I
- 44JParagraph 44J
- 44KParagraph 44K
- 44LParagraph 44L
- 44MParagraph 44M
- 44NParagraph 44N
- 44OParagraph 44O
- Part 5: OTHER FUNCTIONS
- 45Paragraph 45
- Schedule 3Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions
- Schedule 4: The Pensions Regulator Tribunal Repealed
- Part 1: The Tribunal Repealed
- The Panels Repealed
- 1Paragraph 1 Repealed
- The President Repealed
- 2Paragraph 2 Repealed
- Terms of office etc Repealed
- 3Paragraph 3 Repealed
- Remuneration and allowances Repealed
- 4Paragraph 4 Repealed
- Staff Repealed
- 5Paragraph 5 Repealed
- Expenses Repealed
- 6Paragraph 6 Repealed
- Part 2: Constitution of the Tribunal Repealed
- 7Paragraph 7 Repealed
- Part 3: Tribunal Procedure Repealed
- General Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- Practice directions Repealed
- 10Paragraph 10 Repealed
- Evidence Repealed
- 11Paragraph 11 Repealed
- Decisions of the Tribunal Repealed
- 12Paragraph 12 Repealed
- Costs Repealed
- 13Paragraph 13 Repealed
- Part 4: Status etc Repealed
- Disqualification Repealed
- 14Paragraph 14 Repealed
- 15Paragraph 15 Repealed
- The Parliamentary Commissioner for Administration Repealed
- 16Paragraph 16 Repealed
- Judicial Pensions and Retirement Act 1993 Repealed
- 17Paragraph 17 Repealed
- Disclosure of information Repealed
- 18Paragraph 18 Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- 21Paragraph 21 Repealed
- Delegation Repealed
- 22Paragraph 22 Repealed
- Schedule 5: The Board of the Pension Protection Fund
- Part 1: Members of the Board
- Appointment of chairman
- 1Paragraph 1
- Appointment of ordinary members
- 2Paragraph 2
- Terms of appointment
- 3Paragraph 3
- Tenure of members
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Remuneration etc of members
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Interpretation of Part 1
- 10Paragraph 10
- Part 2: Staff of the Board
- The staff
- 11Paragraph 11
- The Chief Executive
- 12Paragraph 12
- Other employees
- 13Paragraph 13
- Additional staff etc
- 14Paragraph 14
- Part 3: Proceedings and delegation etc
- Committees
- 15Paragraph 15
- Procedure
- 16Paragraph 16
- Delegation
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- Application of seal and proof of instruments
- 20Paragraph 20
- 21Paragraph 21
- Part 4: Accounts
- Accounts
- 22Paragraph 22
- Other expenses
- 23Paragraph 23
- Part 5: Status and liability etc
- Status
- 24Paragraph 24
- Validity
- 25Paragraph 25
- Disqualification
- 26Paragraph 26
- 27Paragraph 27
- The Superannuation Act 1972
- 28Paragraph 28
- Exemption from liability in damages
- 29Paragraph 29
- Schedule 6: Transfer of property, rights and liabilities to the Board
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- Schedule 7: Pension compensation provisions
- Introductory
- 1Paragraph 1
- 2Paragraph 2
- Pensions in payment at assessment date
- 3Paragraph 3
- 4Paragraph 4
- Pension benefits postponed at assessment date
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- Active members over normal pension age at assessment date
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- Active members who have not attained normal pension age at assessment date
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- Deferred members who have not attained normal pension age at assessment date
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- Compensation in respect of scheme right to transfer payment or contribution refund
- 20Paragraph 20
- Pension credit members who have not attained normal benefit age at assessment date
- 21Paragraph 21
- 21AParagraph 21A
- Survivors who do not meet conditions for scheme benefits at assessment date
- 22Paragraph 22
- Calculation of compensation on and after 1 January 2024
- 22AParagraph 22A
- Compensation in form of dependants' benefits
- 23Paragraph 23
- Effect of discharge of liability during or immediately before assessment period
- 23AParagraph 23A
- Commutation of periodic compensation
- 24Paragraph 24
- Early payment of compensation
- 25Paragraph 25
- Postponement of compensation
- 25AParagraph 25A
- Terminal illness lump sum: eligibility
- 25BParagraph 25B
- Terminal illness lump sum: application
- 25CParagraph 25C
- Terminal illness lump sum: determination of application
- 25DParagraph 25D
- Terminal illness lump sum: effect of successful application
- 25EParagraph 25E
- Terminal illness lump sum: information
- 25FParagraph 25F
- Compensation cap
- 26Paragraph 26 Repealed
- 26AParagraph 26A Repealed
- Increasing the compensation cap in line with earnings
- 27Paragraph 27 Repealed
- Annual increase in periodic compensation
- 28Paragraph 28
- Board’s powers to alter rates of revaluation and indexation
- 29Paragraph 29
- Secretary of State’s powers to vary percentage paid as compensation
- 30Paragraph 30
- Special provision in relation to certain pensions in payment before the assessment date
- 31Paragraph 31
- Short periods of service which terminate on commencement of assessment period
- 32Paragraph 32
- Power to modify Schedule in its application to certain schemes
- 33Paragraph 33
- Normal pension age
- 34Paragraph 34
- Scheme rules, admissible rules etc
- 35Paragraph 35
- Accrual rate, pensionable service and pensionable earnings
- 36Paragraph 36
- Other definitions
- 37Paragraph 37
- Schedule 8Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions
- Schedule 9: Reviewable matters
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 3AParagraph 3A
- 3BParagraph 3B
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 7AParagraph 7A
- 7BParagraph 7B
- 7CParagraph 7C
- 7DParagraph 7D
- 8Paragraph 8 Repealed
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 14AParagraph 14A
- 14BParagraph 14B
- 14CParagraph 14C
- 15Paragraph 15
- 16Paragraph 16
- 16AParagraph 16A
- 16BParagraph 16B
- 16CParagraph 16C
- 16DParagraph 16D
- 16EParagraph 16E
- 16FParagraph 16F
- 16GParagraph 16G
- 16HParagraph 16H
- 16IParagraph 16I
- 17Paragraph 17
- 17AParagraph 17A
- 17BParagraph 17B
- 18Paragraph 18
- 19Paragraph 19
- 19AParagraph 19A
- 19BParagraph 19B
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- Schedule 10: Use and supply of information: private pensions policy and retirement planning
- Use of information held by Secretary of State etc
- 1Paragraph 1
- Supply of information held by tax authorities
- 2Paragraph 2
- Supply of housing benefit and council tax benefit information
- 3Paragraph 3
- Supply of information held by the Regulator
- 4Paragraph 4
- Schedule 11: Deferral of retirement pensions and shared additional pensions
- Part 1: Principal amendments of Social Security Contributions and Benefits Act 1992 (c. 4)
- 1Paragraph 1
- 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
- Part 2: Consequential amendments
- Social Security Contributions and Benefits Act 1992 (c. 4)
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- Social Security Administration Act 1992 (c. 5)
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- Welfare Reform and Pensions Act 1999 (c. 30)
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- Part 3: Transitional provisions
- Widowers' and surviving civil partners' entitlement to increase of pension or widowed person’s or surviving civil partner's lump sum
- 26Paragraph 26
- Transitional provision
- 27Paragraph 27
- Schedule 12: Minor and consequential amendments
- Public Records Act 1958 (c. 51)
- 1Paragraph 1
- Superannuation Act 1972 (c. 11)
- 2Paragraph 2
- Matrimonial Causes Act 1973 (c. 18)
- 3Paragraph 3
- Matrimonial and Family Proceedings Act 1984 (c. 42)
- 4Paragraph 4
- Companies Act 1985 (c. 6)
- 5Paragraph 5
- Companies Act 1989 (c. 40)
- 6Paragraph 6
- Social Security Administration Act 1992 (c. 5)
- 7Paragraph 7
- Tribunals and Inquiries Act 1992 (c. 53)
- 8Paragraph 8
- Pension Schemes Act 1993 (c. 48)
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23 Not yet in force
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- Pensions Act 1995 (c. 26)
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 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 Not yet in force
- 62Paragraph 62
- 63Paragraph 63 Repealed
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- 69Paragraph 69
- Bank of England Act 1998 (c. 11)
- 70Paragraph 70
- Welfare Reform and Pensions Act 1999 (c. 30)
- 71Paragraph 71
- 72Paragraph 72 Not yet in force
- 73Paragraph 73
- 74Paragraph 74
- 75Paragraph 75
- 76Paragraph 76
- 77Paragraph 77
- Terrorism Act 2000 (c. 11)
- 78Paragraph 78
- Freedom of Information Act 2000 (c. 36)
- 79Paragraph 79
- Proceeds of Crime Act 2002 (c. 29)
- 80Paragraph 80
- Schedule 13: Repeals and revocations
- 1Repeals
- Paragraph Not yet in force
- 2Revocations Not yet in force