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The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004

S.I. 2004/3350 · Made 16 December 2004

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PENSIONS

Made 16th December 2004

The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 315(2) and (5) and 322(1) and (5)(a) of the Pensions Act 2004f1 and of all other powers enabling him in that behalf, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

2004 c. 35.

Contents

  1. 1Citation and interpretation
  2. 2Appointed day
  3. 3Consequential amendment of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997
  4. 4Transitional modification
  5. Signature
  6. Schedule PROVISIONS OF THE ACT COMING INTO FORCE ON 17th DECEMBER 2004
  7. Explanatory note

1Citation and interpretation

(1)

This Order may be cited as the Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004.

(2)

In this Order—

  • “the 1995 Act” means the Pensions Act 1995f1; and

  • “the Act” means the Pensions Act 2004.

2Appointed day

The day appointed for the coming into force of the provisions of the Act specified in the Schedule to this Order is 17th December 2004.

3Consequential amendment of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997

(1)

The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997f1 shall be amended in accordance with this article.

(2)

In regulation 5 (amount of compensation)—

(a)

in paragraph (2) for “The amount” to “section 83(3)” substitute “The amount or, as the case may be, the aggregate, shall not exceed the aggregate specified in section 83(3)f2”;

(b)

omit paragraph (5);

(c)

in paragraph (6) for “section 83(3)(a)” substitute “section 83(3)(b)”.

(3)

Omit regulations 3Af3 (protected liabilities – prescribed class of members), 6(5)(d)f4 (payments made in anticipation not to exceed the amount of the protected liabilities), 7 (mixed benefit schemes) and 10f5 (modifications for money purchase schemes).

4Transitional modification

Where—

(a)

an application for compensation is made before 17th December 2004 under section 82 of the 1995 Act (applications for payments); and

(b)

the Board has not made a payment by that date under section 83 of the Act (amount of compensation),

section 83 shall have effect for the purposes of making that payment as if the amendments made by section 277(4) of the Act and the amendments made by article 3(2) above were in force at the time of the application.

Signature

Signed by authority of the Secretary of State for Work and Pensions.

Malcolm Wicks

Minister of State,

Department for Work and Pensions

16th December 2004

PROVISIONS OF THE ACT COMING INTO FORCE ON 17th DECEMBER 2004

Provisions of the ActSubject matter
section 1the Pensions Regulator
section 2 except subsection (3)membership of the Regulator
section 3 in so far as it relates to those paragraphs of Schedule 1 specified belowfurther provision about the Regulator
section 4(1)(b)Regulator’s functions
section 5(3)definitions of “stakeholder pension scheme” and “work-based pension scheme”
section 6supplementary powers
section 8(2), (3), (7) and (8)(a)non-executive functions
section 9the Determinations Panel
section 10(9)(b) insofar as it relates to paragraph 18(2) of Schedule 1functions exercisable by the Determinations Panel
section 12 except subsection (2)(c)provision of information, education and assistance
section 91(1) to (9)procedure for issue and publication of codes of practice
section 102(1), and (4) in so far as it relates to the paragraphs of Schedule 4 specified belowThe Pensions Regulator Tribunal
section 107the Board of the Pension Protection Fund
section 108 except subsections (3) and (4)membership of the Board
section 109 in so far as it relates to the paragraphs of Schedule 5 specified belowfurther provision about the Board
section 110(3)Board’s functions
section 111supplementary powers
section 112 except subsections (4)(a) and (5) to (8)non-executive functions
section 116grants
section 191notices requiring provision of information
section 193(1), and (4) to (7) in so far as they relate to section 191penalties relating to section 191
section 209(1) to (3)the Ombudsman for the Board of the Pension Protection Fund
section 210(1) to (3)Deputy PPF Ombudsmen
section 274the Pensions Ombudsman and Deputy Pensions Ombudsman
section 277amendments relating to the Pensions Compensation Board
Schedule 1, paragraphs 1 to 18, 20(3), 22 to 24, 29 to 32, 34, and 35(1) to (3), (4)(c) and 35(5) in so far as it relates to those sub-paragraphsthe Pensions Regulator
Schedule 4, paragraphs 1 to 7 and 17the Pensions Regulator Tribunal
Schedule 5, paragraphs 1 to 13 except paragraph 13(3)(b), 14 to 17, 20 and 21, 23(b), 24 to 28 and 29(1) to (4).the Board of the Pension Protection Fund

Explanatory note

(This note is not part of the Order)

This Order provides for the coming into force on 17th December 2004 of provisions of the Pensions Act 2004 (c. 35) relating to the establishment of the Pensions Regulator and the Board of the Pension Protection Fund, and certain other provisions as specified in the Schedule, including section 277 of that Act, which makes amendments relating to the Pensions Compensation Board.

Article 3 amends the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (S.I. 1997/665) as a consequence of the coming into force of section 277.

Article 4 makes a transitional provision to enable certain amendments (those that amend the manner of determining the amount of compensation payable by the Pensions Compensation Board) to apply to cases which are currently before the Pensions Compensation Board.