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The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014

S.I. 2014/1711 · Made 1 July 2014 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 December 2020.

This Statutory Instrument supersedes in part the draft of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 which was laid before Parliament on 6th May 2014 and published on 9th May 2014 (ISBN 978-0-11-111456-8). It is being issued free of charge to all known recipients of that draft Statutory Instrument.

Pensions

Made 1st July 2014

Laid before Parliament 3rd July 2014

Coming into force in accordance with regulation 1(1)

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 74(5), 97(1), (2)(b) and (3)(c), 101AF(1), (3)(b) and (4)(b)f1, 101If2, 101L(1) and (2)(b)f3, 113(1), 153(1)f4 and (2)(c), 181(1)f5, 182(2) and (3) and 183(1)f6 of the Pension Schemes Act 1993f7, sections 10(3), 37(4)(a) to (c), (e) and (8)f8, 47(5)(a), 73(6), (7) and (8)(a)f9, 75(5)f10 and (10), 124(1)f11 and 174(2) and (3) of the Pensions Act 1995f12, sections 23(1)(b), 26(1)f13, 30(1) and 83(4) and (6) of the Welfare Reform and Pensions Act 1999f14, sections 117, 126(1)(b) and (5), 135(4), 138(10)(a), 146(1), 161(3)(b), 179(1)(a) and (3), 189(11)(b), 190(1), 207, 232, 315(2), (4) and (5) and 318(1)f15 of and paragraphs 12(3A)(b)f16, 17(3A)(b)f17, 20(7) and 33(1) of Schedule 7 to the Pensions Act 2004f18, section 212(1)f19 of and paragraph 5(2) of Schedule 7 to the Equality Act 2010f20 and sections 30(1) and (2), 31(1) and 33(1)(a), (b) and (d) of the Pensions Act 2011f21.

In accordance with section 185(1) of the Pension Schemes Act 1993f22, section 120(1) of the Pensions Act 1995, section 83(11) of the Welfare Reform and Pensions Act 1999 and section 317(1) of the Pensions Act 2004, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

Annotations to the whole text

Footnotes

f1

Section 101AF was inserted by the Pensions Act 2004 (c. 35) (“the 2004 Act”).

f2

Section 101I was inserted by section 37 of the Welfare Reform and Pensions Act 1999 (c. 30) (“the 1999 Act”).

f3

Section 101L was inserted by section 37 of the 1999 Act.

f4

Section 153(1) was amended by sections 122 and 177 of and Schedules 3 and 7 to the Pensions Act 1995 (c. 26) (“the 1995 Act”).

f5

Section 181(1) is cited for the meaning it gives to “prescribe” and “regulations”.

f6

Section 183(1) was amended by sections 151, 173 and 177 of and Schedules 5, 6 and 7 to the 1995 Act.

f7

1993 c. 48.

f8

Section 37 was substituted by section 250 of the 2004 Act.

f9

Section 73 was substituted by section 270(1) of the 2004 Act.

f10

Section 75(5) was amended by section 271(1) and (3) of the 2004 Act.

f11

Section 124(1) is cited for the meaning it gives to “prescribed” and “regulations”.

f12

1995 c. 26.

f13

Section 26(1) is cited for the meaning it gives to “prescribed”.

f14

1999 c. 30.

f15

Section 318(1) is cited for the meaning it gives to “prescribed” and “regulations”.

f16

Paragraph 12(3A) was inserted by section 101(1)(b) of and Schedule 2 to the 2008 Act.

f17

Paragraph 17(3A) was inserted by section 101(1)(b) of and Schedule 2 to the 2008 Act.

f18

2004 c. 35.

f19

Section 212(1) is cited for the meaning it gives to “prescribed”.

f20

2010 c. 15.

f21

2011 c. 19.

f22

Section 185(1) was amended by sections 122, 151 and 177 of, and Schedules 3, 5 and 7 to the 1995 Act.

Contents

  1. Part 1
  2. 1Citation, commencement, extent and interpretation
  3. 2Meaning of “cash balance benefit”
  4. Part 2: Money purchase underpin benefits and top-up benefits
  5. 3Interpretation and application of this Part
  6. 4Money purchase underpin benefits
  7. 5Top-up benefits
  8. Part 3: Application of Part 4 of the Act and these Regulations to the Imperial Home Decor Pension Scheme
  9. 6Regulation 6
  10. Part 4: Protected rights
  11. 7Schemes which provided protected rights as cash balance benefits etc
  12. Part 5: Modification of schemes
  13. 8The subsisting rights provisions
  14. 9Money purchase underpin benefits and top-up benefits
  15. Part 6: Winding Up
  16. 10Application of this Part in relation to multi-employer schemes
  17. 11Schemes treated as money purchase schemes: winding up commencing before 6th April 2005
  18. 12Non-money purchase schemes providing benefits treated as money purchase benefits: winding up commencing before 6th April 2005
  19. 13Schemes treated as money purchase schemes: winding up commencing on or after 6th April 2005 but before the appointed day
  20. 14Non-money purchase schemes including benefits treated as money purchase benefits: winding up commencing on or after 6th April 2005 but before the appointed day
  21. 15Schemes winding up after an assessment period
  22. 16Closed schemes: further assessment periods
  23. 17Discharge of pensions in payment derived from additional voluntary contributions treated as money purchase benefits: scheme commencing winding up on or after the appointed day
  24. Part 7: Deficiencies in the assets
  25. 18Interpretation
  26. 19Application to multi-employer schemes
  27. 20Application of section 75 of the 1995 Act to schemes treated as money purchaseschemes: periods before the appointed day
  28. 21Application of section 75 of the 1995 Act to non-money purchase schemes including benefits treated as money purchasebenefits: periods before the appointed day
  29. 22Non-money purchase schemes which are multi-employer schemes: arrangements before the appointed day
  30. 23Schemes or benefits treated as money purchase falling outside regulations 20 to 22
  31. 24Schemes or benefits treated as money purchase falling outside regulations 20 to 22: insolvent employer
  32. Part 8: Revaluation, indexation and preservation of benefits
  33. 25Revaluation of cash balance benefits etc: pensionable service before the appointed day
  34. 26Indexation of cash balance benefits etc: pensions in payment before the appointed day
  35. 27Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991
  36. 28Amendment of the Occupational Pension Schemes (Revaluation) Regulations 1991
  37. Part 9: Transfers
  38. 29Interpretation
  39. 30Cash equivalent of cash balance benefits etc treated as money purchase benefits: transitional arrangements
  40. 31Statement of entitlement in relation to cash balance benefits etc treated as money purchase benefits: periods before the appointed day
  41. 32Amendment of the Transfer Values Regulations
  42. Part 10: Early leavers: Cash Transfer Sums and Contribution Refunds
  43. 33Regulation 33
  44. 34Cash transfer sum: cash balance benefits etc treated as money purchase benefits
  45. 35Amendment of the Early Leavers Regulations
  46. Part 11: Payment of surplus funds to employer
  47. 36Interpretation
  48. 37Failure to comply with the requirements of section 37 or 76 of the 1995 Act: periods before the appointed day
  49. 38Non money-purchase schemes providing cash balance benefits etc
  50. 39Amendment of the Payments to Employer Regulations
  51. Part 12: Scheme Administration
  52. 40Modification of the Occupational Pension Schemes (Scheme Administration) Regulations 1996
  53. 41Scheme accounts
  54. Part 13: The Pension Protection Fund
  55. 42Interpretation
  56. 43Eligibility: schemes treated as money purchase schemes
  57. 44Validity of valuations etc, determinations, transfer notices and discharge of benefits before the appointed day
  58. 45Schemes which become eligible schemes: provision of valuations to determine scheme underfunding
  59. 46Provision of information: schemes and benefits treated as money purchase
  60. 47Eligible schemes including benefits treated as money purchase benefits: initial levy and pension protection levies
  61. 48Schemes which become eligible schemes: administration levy and pension protection levies: periods after the appointed day
  62. 49Eligible schemes including benefits which become non-money purchase: power to direct out-of-cycle valuations
  63. 50Waiver of Fraud Compensation Levy: periods before the appointed day
  64. 51Discharge of cash equivalent of benefits treated as money purchase
  65. 52Schemes continuing as closed schemes after an assessment period
  66. 53Discharge as money purchase liabilities: periods before the appointed day
  67. 54Discharge as money purchase liabilities: periods after the appointed day
  68. 55Closed schemes: Board’s assumption of responsibility after the appointed day
  69. 56Discharge as money purchase benefits: scheme right to transfer payment or contribution refund
  70. 57Discharge of pensions in payment derived from additional voluntary contributions treated as money purchase benefits: periods after the appointed day
  71. 58Modification of the Pension Protection Fund (Entry Rules) Regulations 2005
  72. 59Modification of the Pension Protection Fund (Compensation) Regulations 2005 where there is no provision for a survivor’s pension
  73. 60Amendment of the Pension Protection Fund (Compensation) Regulations 2005
  74. 61Amendment of the Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations 2005
  75. Part 14: Scheme Funding
  76. 62Interpretation of this Part
  77. 63Application of Part 3 of the 2004 Act to schemes treated as money purchase: periods before the appointed day
  78. 64Application of Part 3 of the 2004 Act to schemes including benefits treated as money purchase benefits: periods before the appointed day
  79. 65Actuarial valuations and reports for schemes treated as money purchase schemes: periods on and after the appointed day
  80. 66Modification of the Scheme Funding Regulations for schemes treated as money purchase schemes: periods on and after the appointed day
  81. 67Provision of summary funding statement in relation to schemes treated as money purchase: periods on and after the appointed day
  82. 68Schedule of payments in relation to schemes treated as money purchase: periods on and after the appointed day
  83. 69Application of Part 3 of the 2004 Act to schemes including benefits treated as money purchase: periods on or after the appointed day
  84. Part 15: Financial Assistance Scheme
  85. 70Application and interpretation
  86. 71Schemes treated as money purchase schemes: non-qualifying schemes
  87. 72Qualifying schemes including benefits treated as money purchase benefits
  88. Part 16: Equality
  89. 73Modification of the Occupational Pension Schemes (Equal Treatment) Regulations 1995
  90. 74Retrospective modification of the Equality Act 2010 (Sex Equality Rule) (Exceptions) Regulations 2010
  91. 75Amendment of the Equality Act 2010 (Sex Equality Rule) (Exceptions) Regulations 2010
  92. Part 17: Pension Sharing
  93. 76Valuations for the purposes of pension sharing etc: transitional arrangements
  94. Part 18: Cross-border Schemes Repealed
  95. 77Cross-border schemes treated as money purchase schemes Repealed
  96. Part 19: Disclosure
  97. 78Benefits and schemes treated as money purchase before the appointed day
  98. 79Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
  99. Signature
  100. Explanatory note