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Pension Schemes Act 2015

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. 51Independent advice in respect of conversions and transfers: Northern Ireland
  76. 52Power to require employer to arrange advice for purposes of section 51
  77. 53Independent advice: consequential amendments: Northern Ireland
  78. Income tax exemption
  79. 54Independent advice: income tax exemption
  80. Chapter 3: Drawdown, conversion of benefits and lump sums
  81. Great Britain
  82. 55Sums or assets that may be designated as available for drawdown: Great Britain
  83. 56Provision about conversion of certain benefits for drawdown: Great Britain
  84. 57Provision about calculation of lump sums: Great Britain
  85. 58Restrictions on conversion of benefits during winding up etc: Great Britain
  86. 59Restriction on payment of lump sums during PPF assessment period: Great Britain
  87. 60Sections 55 to 57: consequential amendments
  88. Northern Ireland
  89. 61Sums or assets that may be designated as available for drawdown: Northern Ireland
  90. 62Provision about conversion of certain benefits for drawdown: Northern Ireland
  91. 63Provision about calculation of lump sums: Northern Ireland
  92. 64Restrictions on conversion of benefits during winding up etc: Northern Ireland
  93. 65Restriction on payment of lump sums during PPF assessment period: Northern Ireland
  94. 66Sections 61 to 63: consequential amendments
  95. Chapter 4: Transfers
  96. Rights to transfer benefits
  97. 67Rights to transfer benefits
  98. Great Britain
  99. 68Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain
  100. 69Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain
  101. 70Sections 68 and 69: consequential amendments
  102. Northern Ireland
  103. 71Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland
  104. 72Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland
  105. 73Sections 71 and 72: consequential amendments
  106. Chapter 5: Interpretation of Part 4
  107. 74Meaning of “flexible benefit”
  108. 75Meaning of “cash balance benefit”
  109. 76Interpretation of Part 4
  110. Part 5: Miscellaneous
  111. Remploy
  112. 77Payments into Remploy Limited Pension and Assurance Scheme
  113. Judicial and public service pensions
  114. 78Pension scheme for fee-paid judges
  115. 79Judicial pensions: pension sharing on divorce etc
  116. 80Public service pension schemes Repealed
  117. Marriage of same sex couples
  118. 81Extension to Scotland of certain provisions about marriage of same sex couples
  119. Pension sharing
  120. 82Pension sharing and normal benefit age
  121. Part 6: General
  122. 83Power to make consequential amendments
  123. 84Regulations
  124. 85Regulations: Northern Ireland
  125. 86Regulations: supplementary
  126. 87Crown application
  127. 88Extent
  128. 89Commencement
  129. 90Short title
  130. Schedule 1: Early leavers: revaluation of accrued benefits Not yet in force
  131. 1Paragraph 1 Not yet in force
  132. 2Paragraph 2 Not yet in force
  133. 3Paragraph 3 Not yet in force
  134. 4Paragraph 4 Not yet in force
  135. 5Paragraph 5 Not yet in force
  136. 6Paragraph 6 Not yet in force
  137. 7Paragraph 7 Not yet in force
  138. 8Paragraph 8 Not yet in force
  139. 9Paragraph 9 Not yet in force
  140. 10Paragraph 10 Not yet in force
  141. 11Paragraph 11 Not yet in force
  142. Schedule 2: Other amendments to do with Parts 1 and 2
  143. Pension Schemes Act 1993 (c. 48) Not yet in force
  144. 1Paragraph 1 Not yet in force
  145. 2Paragraph 2 Not yet in force
  146. 3Paragraph 3 Not yet in force
  147. 4Paragraph 4 Not yet in force
  148. 5Paragraph 5 Not yet in force
  149. Pensions Act 1995 (c. 26) Not yet in force
  150. 6Paragraph 6 Not yet in force
  151. 7Paragraph 7 Not yet in force
  152. 8Paragraph 8 Not yet in force
  153. 9Paragraph 9 Not yet in force
  154. 10Paragraph 10 Not yet in force
  155. 11Paragraph 11 Not yet in force
  156. 12Paragraph 12 Not yet in force
  157. 13Paragraph 13 Not yet in force
  158. 14Paragraph 14 Not yet in force
  159. 15Paragraph 15 Not yet in force
  160. 16Paragraph 16 Not yet in force
  161. 17Paragraph 17 Not yet in force
  162. 18Paragraph 18 Not yet in force
  163. Welfare Reform and Pensions Act 1999 (c. 30) Not yet in force
  164. 19Paragraph 19 Not yet in force
  165. Financial Services and Markets Act 2000 (c. 8) Not yet in force
  166. 20Paragraph 20 Not yet in force
  167. 21Paragraph 21 Not yet in force
  168. 22Paragraph 22 Not yet in force
  169. Pensions Act 2004 (c. 35)
  170. 23Paragraph 23 Not yet in force
  171. 24Paragraph 24
  172. 25Paragraph 25 Not yet in force
  173. 26Paragraph 26 Not yet in force
  174. 27Paragraph 27 Not yet in force
  175. 28Paragraph 28 Not yet in force
  176. 29Paragraph 29 Not yet in force
  177. 30Paragraph 30
  178. 31Paragraph 31 Not yet in force
  179. 32Paragraph 32 Not yet in force
  180. 33Paragraph 33
  181. 34Paragraph 34 Not yet in force
  182. 35Paragraph 35 Not yet in force
  183. 36Paragraph 36
  184. 37Paragraph 37 Not yet in force
  185. 38Paragraph 38 Not yet in force
  186. Pensions Act 2008 (c. 30) Not yet in force
  187. 39Paragraph 39 Not yet in force
  188. 40Paragraph 40 Not yet in force
  189. 41Paragraph 41 Not yet in force
  190. 42Paragraph 42 Not yet in force
  191. 43Paragraph 43 Not yet in force
  192. 44Paragraph 44 Not yet in force
  193. 45Paragraph 45 Not yet in force
  194. 46Paragraph 46 Not yet in force
  195. 47Paragraph 47 Not yet in force
  196. 48Paragraph 48 Not yet in force
  197. 49Paragraph 49 Not yet in force
  198. 50Paragraph 50 Not yet in force
  199. Pensions Act 2014 (c. 19) Not yet in force
  200. 51Paragraph 51 Not yet in force
  201. Schedule 3: Pensions guidance
  202. 1Paragraph 1
  203. 2Paragraph 2 Repealed
  204. 3Paragraph 3 Repealed
  205. 4Paragraph 4 Repealed
  206. 5Paragraph 5 Repealed
  207. 6Paragraph 6
  208. 7Paragraph 7
  209. 8Paragraph 8
  210. 9Paragraph 9 Repealed
  211. 10Paragraph 10 Repealed
  212. 11Paragraph 11 Repealed
  213. 12Paragraph 12
  214. 13Paragraph 13 Repealed
  215. 14Paragraph 14 Repealed
  216. 15Paragraph 15 Repealed
  217. 16Paragraph 16
  218. 17Paragraph 17 Repealed
  219. 18Paragraph 18
  220. 19Paragraph 19
  221. Schedule 4: Rights to transfer benefits
  222. Part 1: Great Britain amendments
  223. Judicial Pensions Act 1981 (c. 20)
  224. 1Paragraph 1
  225. Judicial Pensions and Retirement Act 1993 (c. 8)
  226. 2Paragraph 2
  227. Pension Schemes Act 1993 (c. 48)
  228. 3Paragraph 3
  229. 4Paragraph 4
  230. 5Paragraph 5
  231. 6Paragraph 6
  232. 7Paragraph 7
  233. 8Paragraph 8
  234. 9Paragraph 9
  235. 10Paragraph 10
  236. 11Paragraph 11
  237. 12Paragraph 12
  238. 13Paragraph 13
  239. 14Paragraph 14
  240. 15Paragraph 15
  241. 16Paragraph 16
  242. 17Paragraph 17
  243. 18Paragraph 18
  244. 19Paragraph 19
  245. 20Paragraph 20
  246. 21Paragraph 21
  247. 22Paragraph 22
  248. 23Paragraph 23
  249. 24Paragraph 24
  250. 25Paragraph 25
  251. 26Paragraph 26
  252. 27Paragraph 27
  253. Pensions Act 1995 (c. 26)
  254. 28Paragraph 28
  255. 29Paragraph 29
  256. 30Paragraph 30
  257. 31Paragraph 31
  258. 32Paragraph 32
  259. Learning and Skills Act 2000 (c. 21)
  260. 33Paragraph 33
  261. Pensions Act 2004 (c. 35)
  262. 34Paragraph 34
  263. 35Paragraph 35
  264. 36Paragraph 36
  265. 37Paragraph 37
  266. 38Paragraph 38
  267. 39Paragraph 39
  268. 40Paragraph 40
  269. 41Paragraph 41
  270. 42Paragraph 42
  271. Scottish Parliamentary Pensions Act 2009 (asp 1)
  272. 43Paragraph 43
  273. Pensions Act 2014 (c. 19)
  274. 44Paragraph 44
  275. 45Paragraph 45
  276. 46Paragraph 46
  277. Part 2: Northern Ireland amendments
  278. Judicial Pensions Act 1981 (c. 20)
  279. 47Paragraph 47
  280. Judicial Pensions and Retirement Act 1993 (c. 8)
  281. 48Paragraph 48
  282. Pension Schemes (Northern Ireland) Act 1993 (c. 49)
  283. 49Paragraph 49
  284. 50Paragraph 50
  285. 51Paragraph 51
  286. 52Paragraph 52
  287. 53Paragraph 53
  288. 54Paragraph 54
  289. 55Paragraph 55
  290. 56Paragraph 56
  291. 57Paragraph 57
  292. 58Paragraph 58
  293. 59Paragraph 59
  294. 60Paragraph 60
  295. 61Paragraph 61
  296. 62Paragraph 62
  297. 63Paragraph 63
  298. 64Paragraph 64
  299. 65Paragraph 65
  300. 66Paragraph 66
  301. 67Paragraph 67
  302. 68Paragraph 68
  303. 69Paragraph 69
  304. 70Paragraph 70
  305. 71Paragraph 71
  306. 72Paragraph 72
  307. 73Paragraph 73
  308. Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
  309. 74Paragraph 74
  310. 75Paragraph 75
  311. 76Paragraph 76
  312. 77Paragraph 77
  313. 78Paragraph 78
  314. Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
  315. 79Paragraph 79
  316. 80Paragraph 80
  317. 81Paragraph 81
  318. 82Paragraph 82
  319. 83Paragraph 83
  320. 84Paragraph 84
  321. 85Paragraph 85
  322. 86Paragraph 86
  323. 87Paragraph 87
  324. Schedule 5: Pension scheme for fee-paid judges: consequential amendments
  325. Pensions (Increase) Act 1971 (c. 56)
  326. 1Paragraph 1
  327. 2Paragraph 2
  328. 3Paragraph 3
  329. Judicial Pensions and Retirement Act 1993 (c. 8)
  330. 4Paragraph 4
  331. 5Paragraph 5
  332. 6Paragraph 6
  333. 7Paragraph 7
  334. 8Paragraph 8