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Pensions Act 2008

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Changes over time for: Section 124

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Changes to legislation:

Pensions Act 2008, Section 124 is up to date with all changes known to be in force on or before 29 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

124Financial assistance schemeE+W+S

This section has no associated Explanatory Notes

(1)Subsection (2) of section 286 of the Pensions Act 2004 (c. 35) (financial assistance scheme for members of certain pension schemes) is amended as follows.

(2)In the definition of “qualifying member”, for the words from “a person” to the end of paragraph (b) substitute “ a person who, at such time as may be prescribed, is a member of the scheme or has ceased to be a member of the scheme, ”.

(3)In the definition of “qualifying pension scheme”, in paragraph (b), after “began” insert “ , subject to any prescribed exception, ”.

(4)In that definition, after paragraph (b) insert—

“(ba)

the assets of which, at such time as may be prescribed, are insufficient to satisfy in full the liabilities of the scheme calculated in the prescribed manner,.

(5)In paragraph (c) of that definition, after “conditions” insert “ , if any, ”.

(6)Omit the definition of “scheme's pension liabilities” and the words from “and a qualifying pension scheme” to the end.

(7)Section 316 of that Act (parliamentary control of subordinate legislation) is amended as follows.

(8)In subsection (1), after “(2)” insert “ , (2A) ”.

(9)In subsection (2)(n), at the end add “ , except regulations prescribing an exception for the purposes of paragraph (b) of the definition of “qualifying pension scheme” in subsection (2) of that section;” ”.

(10)After subsection (2) insert—

(2A)Subsection (1) does not apply to regulations under section 286 prescribing an exception for the purposes of paragraph (b) of the definition of “qualifying pension scheme” in subsection (2) of that section, if a draft of the instrument containing them has been laid before and approved by a resolution of each House of Parliament.

Commencement Information

I1S. 124 partly in force; s. 124(1)(3)(7)-(10) in force at Royal Assent, see s. 149(2)(d); s. 124(2)(6) in force for specified purposes at 19.12.2008 by S.I. 2008/3241, art. 2; s. 124(2)(6) in force so far as not already in force at 31.3.2010 by S.I. 2010/1145, art. 2 (with art. 3)

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