Print Options
PrintThe Whole
Act
PrintThe Whole
Part
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Section 2
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/08/2022
Status:
Point in time view as at 11/02/2021. This version of this provision has been superseded.
Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Pension Schemes Act 2021, Section 2.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
2Qualifying benefitsE+W+S
This
adran has no associated
Nodiadau Esboniadol
(1)A benefit provided under a pension scheme is a “qualifying benefit” if—
(a)the benefit is provided out of the available assets of the scheme,
(b)under the rules of the scheme, the rate or amount of the benefit is subject to periodic adjustments designed to achieve a balance between the value of the available assets of the scheme and the required amount, and
(c)the benefit is not of a description specified in regulations made by the Secretary of State.
(2)In subsection (1)—
“the available assets of the scheme” means all the assets that—
(a)
arise or derive from the payments made by or in respect of members of the scheme, and
(b)
are available (subject to any deductions that fall to be made in respect of administration charges) for the provision of benefits to or in respect of the members of the scheme collectively;
“the required amount” means the amount expected to be required, applying appropriate actuarial assumptions, for the purpose of providing benefits under the scheme to or in respect of the members of the scheme collectively.
(3)Regulations under subsection (1)(c) are subject to affirmative resolution procedure.
(4)Where a scheme is divided into sections, this section has effect as if—
(a)the reference to the scheme in subsection (1)(a) were a reference to a section of the scheme, and
(b)the other references to the scheme were references to that section of it.m,.
Modifications etc. (not altering text)
Commencement Information
Yn ôl i’r brig