Pensions Act 1995
Pensions Act 1995 (1995 c. 26)
- Pensions Act 1995 (1995 c. 26)
- Part I Occupational pensions
- Occupational Pensions Regulatory Authority
- 1 The new authority.
- 2 Reports to Secretary of State.
- Supervision by the Authority
- 3 Prohibition orders.
- 3A Prohibition orders: directors of corporate trustees etc
- 4 Suspension orders.
- 5 Removal of trustees: notices.
- 6 Removal or suspension of trustees: consequences.
- 7 Appointment of trustees.
- 8 Appointment of trustees: consequences.
- 9 Removal and appointment of trustees: property.
- 10 Civil penalties.
- 11 Powers to wind up schemes.
- 12 Powers to wind up public service schemes.
- 13 Injunctions and interdicts.
- 14 Restitution.
- 15 Directions.
- Member-nominated trustees and directors
- 16 Requirement for member-nominated trustees.
- 17 Exceptions.
- 18 Corporate trustees: member-nominated directors.
- 19 Corporate trustees: exceptions.
- 20 Selection, and eligibility, of member-nominated trustees and directors.
- 21 Member-nominated trustees and directors: supplementary.
- Independent trustees
- 22 Circumstances in which following provisions apply.
- 23 Power to appoint independent trustees
- 24 Members’ powers to apply to court to enforce duty.
- 25 Appointment and powers of independent trustees: further provisions.
- 26 Insolvency practitioner or official receiver to give information to trustees.
- 26A Information to be given to the Authority in a s. 22 case
- 26B Information to be given in cases where s. 22 disapplied
- 26C Construction of ss. 26A and 26B
- Trustees: general
- 27 Trustee not to be auditor or actuary of the scheme.
- 28 Section 27: consequences.
- 29 Persons disqualified for being trustees.
- 30 Persons disqualified: consequences.
- 30A Accessibility of register of disqualified trustees
- 31 Trustees not to be indemnified for fines or civil penalties.
- Functions of trustees
- 32 Decisions by majority.
- 33 Investment powers: duty of care.
- 34 Power of investment and delegation.
- 35 Investment principles.
- 36 Choosing investments.
- 36A Restriction on borrowing by trustees
- 36B Power to modify scheme in relation to payment of surplus to employer
- 37 Payment of surplus to employer.
- 38 Power to defer winding up.
- 39 Exercise of powers by member trustees.
- Functions of trustees or managers
- 40 Restriction on employer-related investments.
- 41 Provision of documents for members.
- 41A Climate change risk
- 41B Climate change risk: publication of information
- 41C Sections 41A and 41B: compliance
- Employee trustees
- 42 Time off for performance of duties and for training.
- 43 Payment for time off.
- 44 Time limit for proceedings.
- 45 Remedies.
- 46 Right not to suffer detriment in employment or be unfairly dismissed.
- Advisers
- 47 Professional advisers.
- 48 “Blowing the whistle”.
- Receipts, payments and records
- 49 Other responsibilities of trustees, employers, etc.
- 49A Record of winding-up decisions.
- Resolution of disputes
- 50 Requirement for dispute resolution arrangements
- 50A Meaning of “person with an interest in the scheme”
- 50B The dispute resolution procedure
- Indexation
- 51 Annual increase in rate of pension.
- 51ZA Meaning of “the appropriate percentage”
- 51ZB Meaning of “cash balance benefit”
- 51A Restriction on increase where annuity tied to investments.
- 52 Restriction on increase where member is under 55.
- 53 Effect of increases above the statutory requirement.
- 54 Sections 51 to 53: supplementary.
- 55 Section 51: end of annual increase in GMP.
- Minimum funding requirement
- 56 Minimum funding requirement.
- 57 Valuation and certification of assets and liabilities.
- 58 Schedules of contributions.
- 59 Determination of contributions: supplementary.
- 60 Serious underprovision.
- 61 Sections 56 to 60: supplementary.
- Equal treatment
- 62 The equal treatment rule.
- 63 Equal treatment rule: supplementary.
- 64 Equal treatment rule: exceptions.
- 65 Equal treatment rule: consequential alteration of schemes.
- 66 Equal treatment rule: effect on terms of employment, etc.
- Treatment of overseas residents etc.
- 66A Prohibition on different rules for overseas residents etc.
- Modification of schemes
- 67 The subsisting rights provisions
- 67A The subsisting rights provisions: interpretation
- 67B The consent requirements
- 67C The actuarial equivalence requirements
- 67D The actuarial equivalence requirements: further provisions
- 67E The trustee approval requirement
- 67F The reporting requirement
- 67G Powers of the Authority: voidable modifications
- 67H Powers of the Authority to intervene
- 67I Subsisting rights provisions: civil penalties
- 68 Power of trustees to modify schemes by resolution.
- 69 Grounds for applying for modifications: winding up registered schemes
- 70 Section 69: supplementary.
- 71 Effect of orders under section 69.
- 71A Modification by Authority to secure winding-up.
- 72 Modification of public service pension schemes.
- Supervision of winding-up
- 72A Reports to Authority about winding-up.
- 72B Directions by Authority for facilitating winding-up.
- 72C Duty to comply with directions under s. 72B.
- Winding up
- 73 Preferential liabilities on winding up.
- 73A Operation of scheme during winding up period
- 73B Sections 73 and 73A: supplementary
- 74 Discharge of liabilities by insurance, etc.
- 75 Deficiencies in the assets.
- 75A Deficiencies in the assets: multi-employer schemes
- 76 Excess assets on winding up.
- 77 Excess assets remaining after winding up: power to distribute.
- The Pensions Compensation Board
- 78 The Compensation Board.
- 79 Reports to Secretary of State.
- 80 Review of decisions.
- The compensation provisions
- 81 Cases where compensation provisions apply.
- 82 Applications for payments.
- 83 Amount of compensation.
- 84 Payments made in anticipation.
- 85 Surplus funds.
- 86 Modification of compensation provisions.
- Money purchase schemes
- 87 Schedules of payments to money purchase schemes.
- 88 Schedules of payments to money purchase schemes: supplementary.
- 89 Application of further provisions to money purchase schemes.
- 90 Unpaid contributions in cases of insolvency.
- Assignment, forfeiture, bankruptcy etc.
- 91 Inalienability of occupational pension.
- 92 Forfeiture, etc.
- 93 Forfeiture by reference to obligation to employer.
- 94 Sections 91 to 93: supplementary.
- 95 Pension rights of individuals adjudged bankrupt etc.
- Questioning the decisions of the Authority
- 96 Review of decisions.
- 97 References and appeals from the Authority.
- Gathering information: the Authority
- 98 Provision of information.
- 99 Inspection of premises.
- 100 Warrants.
- 101 Information and inspection: penalties.
- 102 Savings for certain privileges etc.
- 103 Publishing reports.
- Disclosure of information: the Authority
- 104 Restricted information.
- 105 Information supplied to the Authority by corresponding overseas authorities.
- 106 Disclosure for facilitating discharge of functions by the Authority.
- 107 Disclosure for facilitating discharge of functions by other supervisory authorities.
- 108 Other permitted disclosures.
- 109 Disclosure of information by the Inland Revenue.
- Gathering information: the Compensation Board
- 110 Provision of information.
- 111 Information: penalties.
- 112 Savings for certain privileges.
- 113 Publishing reports.
- 114 Disclosure of information.
- General
- 115 Offences by bodies corporate and partnerships.
- 116 Breach of regulations.
- 117 Overriding requirements.
- 118 Powers to modify this Part.
- 119 Calculations etc. under regulations: sub-delegation.
- 120 Consultations about regulations.
- 121 Crown application.
- 122 Consequential amendments.
- 123 “Connected” and “associated” persons.
- 124 Interpretation of Part I.
- 125 Section 124: supplementary.
- Part II State Pensions
- 126 Equalisation of pensionable age and of entitlement to certain benefits and increase in pensionable age.
- 127 Enhancement of additional pension, etc. where family credit or disability working allowance paid.
- 128 Additional pension: calculation of surpluses.
- 129 Contribution conditions.
- 130 Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act.
- 131 Graduated retirement benefit.
- 132 Extension of Christmas bonus for pensioners.
- 133 Contributions paid in error.
- 134 Minor amendments.
- Part III Certification of pension schemes and effects on members’ state scheme rights and duties
- Introductory
- 135 The “principal appointed day” for Part III.
- New certification requirements applying as from the principal appointed day
- 136 New requirements for contracted-out schemes.
- Reduction in State scheme contributions, payment of rebates and reduction in State scheme benefits
- 137 State scheme contributions and rebates.
- 138 Minimum contributions towards appropriate personal pension schemes.
- 139 Money purchase and personal pension schemes: verification of ages.
- 140 Reduction in benefits for members of certified schemes.
- Premiums and return to State scheme
- 141 State scheme etc. premiums and buyback into State scheme.
- Protected rights
- 142 Interim arrangements for giving effect to protected rights.
- 143 Requirements for interim arrangements.
- 144 Interim arrangements: supplementary.
- 145 Extension of interim arrangements to occupational pension schemes.
- 146 Discharge of protected rights on winding up: insurance policies.
- Miscellaneous
- 147 Monitoring personal pension schemes.
- 148 Earner employed in more than one employment.
- 149 Hybrid occupational pension schemes.
- 150 Dissolution of Occupational Pensions Board.
- Minor and consequential amendments
- 151 Minor and consequential amendments related to sections 136 to 150.
- Part IV Miscellaneous and General
- Transfer values
- 152 Extension of scope of right to cash equivalent.
- 153 Right to guaranteed cash equivalent.
- 154 Right to guaranteed cash equivalent: supplementary.
- Penalties
- 155 Breach of regulations under the Pension Schemes Act 1993.
- Pensions Ombudsman
- 156 Employment of staff by the Pensions Ombudsman.
- 157 Jurisdiction of Pensions Ombudsman.
- 158 Costs and expenses.
- 159 Disclosing information.
- 160 Interest on late payment of benefit.
- Modification and winding up of schemes
- 161 Repeal of sections 136 to 143 of the Pension Schemes Act 1993.
- Personal pensions
- 162 Annual increase in rate of personal pension.
- 163 Section 162: supplementary.
- 164 Power to reject notice choosing appropriate personal pension scheme.
- Levy
- 165 Levy.
- Pensions on divorce, etc.
- 166 Pensions on divorce etc.
- 167 Pensions on divorce, etc.: Scotland.
- 168 War pensions for widows: effect of remarriage.
- 169 Extensions of Pensions Appeal Tribunals Act 1943.
- Official and public service pensions
- 170 Pensions for dependants of the Prime Minister etc.
- 171 Equal treatment in relation to official pensions.
- 172 Information about public service schemes.
- General minor and consequential amendments
- 173 General minor and consequential amendments.
- Subordinate legislation etc.
- 174 Orders and regulations (general provisions).
- 175 Parliamentary control of orders and regulations.
- General
- 176 Interpretation.
- 177 Repeals.
- 178 Extent.
- 179 Northern Ireland.
- 180 Commencement.
- 181 Short title.
- SCHEDULES
- SCHEDULE 1 Occupational Pensions Regulatory Authority
- General
- Tenure of members
- Expenses, remuneration, etc.
- Parliamentary disqualification
- The Ombudsman
- Staff
- The Superannuation Act 1972 (c. 11)
- Proceedings
- Validity
- Accounts
- Other expenses
- Fees
- Application of seal and proof of instruments
- SCHEDULE 2 Pensions Compensation Board
- General
- Tenure of members
- Expenses, remuneration, et ceteralaetc.
- Parliamentary disqualification
- The Ombudsman
- Staff
- The Superannuation Act 1972 (c. 11)
- Proceedings
- Validity
- Accounts
- Other expenses
- Application of seal and proof of instruments
- SCHEDULE 3 Amendments consequential on Part I
- The Employment Protection (Consolidation) Act 1978 (c.44)
- The Insurance Companies Act 1982 (c.50)
- The Companies Act 1985 (c.6)
- The Bankruptcy (Scotland) Act 1985 (c. 66)
- The Insolvency Act 1986 (c.45)
- The Building Societies Act 1986 (c.53)
- The Financial Services Act 1986 (c.60)
- The Banking Act 1987 (c.22)
- The Companies Act 1989 (c.40)
- The Friendly Societies Act 1992 (c.40)
- The Tribunals and Inquiries Act 1992 (c. 53)
- The Pension Schemes Act 1993 (c.48)
- SCHEDULE 4 Equalisation of and increase in pensionable age for men and women
- Part I Pensionable ages for men and women
- Rules for determining pensionable age
- Rules
- Part II Entitlement to certain pension and other benefits
- Pension increases for dependent spouses
- Category B retirement pensions
- Home responsibilities protection
- Additional pension
- Increments
- Graduated retirement benefit
- Christmas bonus for pensioners
- Part III Consequential amendments
- Pensionable age
- Pension increases for dependent spouses
- Category B retirement pensions
- SCHEDULE 5 Amendments relating to Part III
- The Public Records Act 1958 (c. 51)
- The Administration of Justice Act 1970 (c. 31)
- The Attachment of Earnings Act 1971 (c. 31)
- The House of Commons Disqualification Act 1975 (c. 24)
- The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
- The Social Security Pensions Act 1975 (c. 60)
- The European Parliament (Pay and Pensions) Act 1979 (c. 50)
- The Justices of the Peace Act 1979 (c. 55)
- The Judicial Pensions Act 1981 (c. 20)
- The Insurance Companies Act 1982 (c. 50)
- The Companies Act 1985 (c. 6)
- The Income and Corporation Taxes Act 1988 (c. 1)
- The Social Security Act 1989 (c. 24)
- The Social Security Contributions and Benefits Act 1992 (c. 4)
- The Social Security Administration Act 1992 (c. 5)
- The Tribunals and Inquiries Act 1992 (c. 53)
- The Judicial Pensions and Retirement Act 1993 (c. 8)
- The Pension Schemes Act 1993 (c. 48)
- SCHEDULE 6 General minor and consequential amendments
- The Public Records Act 1958 (c. 51)
- The Pension Schemes Act 1993 (c. 48)
- SCHEDULE 7 Repeals
- Part I Occupational pensions
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