Pensions Act 2008
2008 c. 30 · Enacted 26 November 2008 · Extends to United Kingdom
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
- Part 1: Pension scheme membership for jobholders
- Chapter 1: Employers' duties
- Jobholders
- 1Jobholders
- Employers' duties
- 2Continuity of scheme membership
- 3Automatic enrolment
- 4Postponement or disapplication of automatic enrolment
- 5Automatic re-enrolment
- 6Timing of automatic re-enrolment
- 7Jobholder's right to opt in
- 8Jobholder's right to opt out
- Duty in relation to workers without qualifying earnings
- 9Workers without qualifying earnings
- Supplementary provision about the duties
- 10Information to be given to workers
- 11Information to be given to the Pensions Regulator
- 11AInformation to be given to pension schemes
- 12Introduction of employers' duties
- Qualifying earnings and earnings trigger
- 13Qualifying earnings
- 14Review of earnings trigger and qualifying earnings band
- 15Pay reference period
- 15APower to specify rounded figures
- Qualifying schemes and automatic enrolment schemes
- 16Qualifying schemes
- 17Automatic enrolment schemes
- 18Occupational pension schemes
- 19Personal pension schemes
- Quality requirements
- 20Quality requirement: UK money purchase schemes
- 21Quality requirement: UK defined benefits schemes
- 22Test scheme standard
- 23Test scheme
- 23AAlternative quality requirements for UK defined benefits schemes
- 24Quality requirement: UK hybrid schemes
- 25Quality requirement: non-UK occupational pension schemes
- 26Quality requirement: UK personal pension schemes
- 27Quality requirement: other personal pension schemes
- 28Certification that quality requirement or alternative requirement is satisfied
- 28AMSDA approval: relevant Master Trusts
- 28BMSDA approval: group personal pension scheme
- 28CApprovals in respect of asset allocation
- 28DInformation
- 28ETransition pathway relief
- 28FNew entrant pathway relief
- 28GSuspension of asset allocation requirement: savers’ interest test
- 28HRisk notices
- 28IPenalties
- 28JEnforcement by the Financial Conduct Authority
- 28KReport about effects of pension scheme consolidation
- 28LRegulations about quality requirements
- Transitional
- 29Transitional periods for money purchase and personal pension schemes
- 30Transitional period for defined benefits and hybrid schemes
- 30AReview of exercise of powers under section 28C
- Miscellaneous
- 31Effect of freezing order , assessment period or pause order
- 32Power of trustees or managers to modify by resolution
- 33Deduction of contributions
- Chapter 2: Compliance
- Effect of failure to comply
- 34Effect of failure to comply
- Compliance notices and unpaid contributions notices
- 35Compliance notices
- 36Third party compliance notices
- 37Unpaid contributions notices
- 38Calculation and payment of contributions
- 39Meaning of “relevant contributions”
- Penalty notices
- 40Fixed penalty notices
- 41Escalating penalty notices
- 42Penalty notices: recovery
- Reviews and references
- 43Review of notices
- 44References to First-tier Tribunal or Upper Tribunal
- Offences and monitoring
- 45Offences of failing to comply
- 46Offences by bodies corporate
- 47Offences by partnerships and unincorporated associations
- 48Offences of providing false or misleading information
- 49Monitoring of employers' payments to personal pension schemes
- Chapter 3: Safeguards: employment and pre-employment
- Prohibited recruitment conduct
- 50Prohibited recruitment conduct
- 51Compliance notices
- 52Penalty notices
- 53Review of notices and references to First-tier Tribunal or Upper Tribunal
- Inducements
- 54Inducements
- Protection of employment rights
- 55The right not to suffer detriment
- 56Enforcement of the right
- 57Right of employee not to be unfairly dismissed
- 58Restrictions on agreements to limit operation of this Part
- Employment Appeal Tribunal
- 59Employment Appeal Tribunal
- Chapter 4: Supplementary provision about compliance and information-sharing
- Records and information
- 60Requirement to keep records
- 61Powers to require information and to enter premises
- 62Disclosure of tax information etc
- 63Information for private pensions policy and retirement planning
- 64Penalty for disclosure
- Objectives of the Regulator
- 65Objectives of the Regulator
- Functions of the Pensions Ombudsman
- 66Functions of the Pensions Ombudsman
- Chapter 5: Duty to establish a pension scheme
- Pension scheme
- 67Duty to establish a pension scheme
- 68Scheme orders: general
- 69Consultation of members and employers
- 70Contribution limits Repealed
- 71Procedure for scheme orders
- 72Procedure for rules
- 73Application of enactments
- 74Review
- Trustee corporation
- 75Trustee corporation
- 76Functions
- 77Application of pension trustee legislation
- Interpretation
- 78Interpretation of Chapter
- Chapter 6: Personal Accounts Delivery Authority
- Functions
- 79Functions Repealed
- 80Principles Repealed
- 81Directions and guidance Repealed
- 82Finance Repealed
- 83Disclosure of information by the Regulator Repealed
- Constitution
- 84Non-executive committee Repealed
- 85Executive members Repealed
- Winding up
- 86Winding up of the Authority
- Chapter 7: Stakeholder pension schemes
- 87Stakeholder pension schemes
- Chapter 8: Application and interpretation
- Exceptions
- 87APower to create exceptions from the employer duties etc
- Workers
- 88“Employer”, “worker” and related expressions
- 89Agency workers
- 90Directors
- 91Crown employment
- 92Armed forces
- 93House of Lords staff
- 94House of Commons staff
- 95Police
- 96Persons working on vessels
- 97Persons in offshore employment
- 98Extension of definition of worker
- General
- 99Interpretation of Part
- 99AMoney purchase benefits: supplementary
- Part 2: Simplification etc
- Private pensions
- 100Abolition of safeguarded rights
- 101Revaluation of accrued benefits etc
- State pensions etc
- 102Consolidation of additional pension Not yet in force
- 103Effect of entitlement to guaranteed minimum pension Repealed
- 104Additional pension etc: minor and consequential amendments
- 105State pension credit: extension of assessed income period for those aged 75 or over
- 106Contracting-out: abolition of all protected rights
- Part 3: Pension compensation
- Chapter 1: Pension compensation on divorce etc
- 107Scope of mechanism
- 108Interpretation
- 109Activation of pension compensation sharing
- 110Activation of pension compensation sharing: supplementary (Scotland)
- 111Creation of pension compensation debits and credits
- 112Cash equivalents
- 113Reduction of compensation
- 114Time for discharge of liability
- 115“Implementation period”
- 116Discharge of liability
- 117Charges in respect of pension compensation sharing costs
- 118Supply of information about pension compensation in relation to divorce etc
- 119Supply of information about pension compensation sharing
- 120Pension compensation sharing and attachment on divorce etc
- Chapter 2: Other provision about pension compensation
- 121Charges in respect of pension sharing etc
- 122Amendments of Schedule 7 to the Pensions Act 2004
- 123Consequential amendments
- Part 4: Financial assistance scheme
- 124Financial assistance scheme
- 125Restriction on purchase of annuities
- Part 5: Miscellaneous
- Miscellaneous provision relating to pensions
- 126Amendments of provisions of Pensions Act 2004 relating to contribution notices or financial support directions
- 127Review of the initial operation of sections 38A and 38B of Pensions Act 2004
- 128Pension sharing: power of Court of Session to extend time limits
- 129Interest on late payment of levies
- 130Payments to employers
- 131Appointment of trustees
- 132Intervention by Regulator where scheme's technical provisions improperly determined
- 133Delegation of powers by the Regulator
- 134Exclusion of transfers out in certain cases
- State and official pensions
- 135Additional Class 3 contributions
- 136Additional Class 3 contributions (Northern Ireland)
- 137Official pensions: adjustment of increases in survivors' pensions
- 138War pensions: effect of later marriage or civil partnership
- 139Polish Resettlement Act 1947: effect of residence in Poland
- 140Pre-1948 insurance affecting German pension entitlement
- 141Pre-1948 insurance: supplementary
- Information relating to state pension credit recipients
- 142Disclosure of information relating to state pension credit recipients
- Part 6: General
- 143Orders and regulations
- 144Orders and regulations: supplementary
- 144AService of documents and electronic working
- 145Power to make further provision
- 146Pre-consolidation amendments
- 147General financial provisions
- 148Repeals
- 149Commencement
- 150Extent
- 151Short title
- Schedule 1: The trustee corporation
- Part 1: Members and employees
- Members
- 1Paragraph 1
- Conflicts of interest
- 2Paragraph 2
- Disqualification and removal
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Tenure of office
- 6Paragraph 6
- Remuneration etc
- 7Paragraph 7
- Staff
- 8Paragraph 8
- Part 2: Proceedings etc
- Committees and advisory committees
- 9Paragraph 9
- 10Paragraph 10
- Proceedings
- 11Paragraph 11
- 12Paragraph 12
- Disqualification for acting in relation to certain matters
- 13Paragraph 13
- Delegation
- 14Paragraph 14
- Validity of proceedings
- 15Paragraph 15
- Authentication of the trustee corporation's seal
- 16Paragraph 16
- Annual report
- 17Paragraph 17
- Part 3: Money
- Finance
- 18Paragraph 18
- 19Paragraph 19
- Accounts
- 20Paragraph 20
- Part 4: Supplementary
- Disqualification
- 21Paragraph 21
- 22Paragraph 22
- Records and freedom of information
- 23Paragraph 23
- 24Paragraph 24
- Equality
- 25Paragraph 25 Repealed
- Interpretation
- 26Paragraph 26
- Schedule 2: Revaluation of accrued benefits etc
- Part 1: Revaluation of accrued pension benefits
- Amendments to Schedule 3 to the 1993 Act
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- Part 2: Revaluation of accrued amounts etc
- Amendments to Schedule 7 to the 2004 Act
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- Part 3: Consequential amendments
- 8Paragraph 8
- Schedule 3: Consolidation of additional pension Not yet in force
- Paragraph Not yet in force
- Schedule 4: Additional pension etc: minor and consequential amendments
- 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 Not yet in force
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13 Not yet in force
- Social Security Administration Act 1992 (c. 5) Not yet in force
- 14Paragraph 14 Not yet in force
- Pension Schemes Act 1993 (c. 48) Not yet in force
- 15Paragraph 15 Not yet in force
- 16Paragraph 16 Not yet in force
- 17Paragraph 17 Not yet in force
- 18Paragraph 18 Not yet in force
- 19Paragraph 19 Not yet in force
- 20Paragraph 20 Not yet in force
- 21Paragraph 21 Not yet in force
- 22Paragraph 22 Not yet in force
- Schedule 5: Pension compensation payable on discharge of pension compensation credit
- Part 1: Introductory
- Introductory
- 1Paragraph 1
- Interpretation
- 2Paragraph 2
- Pension compensation age
- 3Paragraph 3
- Part 2: Transferee attains pension compensation age before or on transfer day
- Compensation payable to transferee
- 4Paragraph 4
- Compensation payable to widow, widower or surviving civil partner
- 5Paragraph 5
- Part 3: Transferee attains pension compensation age after transfer day
- Compensation payable to transferee
- 6Paragraph 6
- Compensation payable to widow, widower or surviving civil partner
- 7Paragraph 7
- Revaluation
- 8Paragraph 8
- Commutation of periodic compensation
- 9Paragraph 9
- Early payment of compensation
- 10Paragraph 10
- Deferral of compensation
- 11Paragraph 11 Repealed
- Terminal illness lump sum: eligibility
- 12Paragraph 12
- Terminal illness lump sum: application and evidence
- 13Paragraph 13
- Terminal illness lump sum: determination of application
- 14Paragraph 14
- Terminal illness lump sum: effect of successful application
- 15Paragraph 15
- Terminal illness lump sum: information
- 16Paragraph 16
- Part 4: Provisions applicable irrespective of age of transferee on transfer day
- Postponement of compensation
- 16AParagraph 16A
- Annual increase in periodic compensation
- 17Paragraph 17
- Compensation cap
- 18Paragraph 18
- Compensation in form of dependant's benefits
- 19Paragraph 19
- Board's power to alter rates of revaluation and indexation
- 20Paragraph 20
- Schedule 6: Pension compensation on divorce etc: England and Wales
- Part 1: Amendments of the Matrimonial Causes Act 1973
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Part 2: Amendments of the Matrimonial and Family Proceedings Act 1984
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- Part 3: Amendments of the Civil Partnership Act 2004
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- Schedule 7: Pension compensation on divorce etc: Scotland
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Schedule 8: Amendments of Schedule 7 to the Pensions Act 2004
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- 12Paragraph 12 Not yet in force
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- Schedule 9: Contribution notices and financial support directions under Pensions Act 2004
- Introduction
- 1Paragraph 1
- Contribution notices: material detriment test
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Contribution notices: acting or failing to act otherwise than in good faith
- 6Paragraph 6
- Whether reasonable for Pensions Regulator to issue contribution notice
- 7Paragraph 7
- Contribution notices: series of acts or failures to act
- 8Paragraph 8
- Contribution notices and financial support directions: bulk transfers
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- Financial support directions: meaning of “insufficiently resourced”
- 14Paragraph 14
- Effect of amendments made by this Schedule
- 15Paragraph 15
- Transitional provision
- 16Paragraph 16
- Schedule 10: Interest on late payment of levies
- Pension Schemes Act 1993 (c. 48) Not yet in force
- 1Paragraph 1 Not yet in force
- Pensions Act 2004 (c. 35)
- 2Paragraph 2
- 3Paragraph 3 Not yet in force
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6 Not yet in force
- 7Paragraph 7 Not yet in force
- 8Paragraph 8 Not yet in force
- 9Paragraph 9 Not yet in force
- Schedule 11: Repeals
- 1Pension scheme membership for jobholders Not yet in force
- 2Safeguarded rights
- 3Contracting-out: abolition of all protected rights
- 4Pension compensation
- 5Financial assistance scheme Not yet in force
- 6Miscellaneous