The Pension Schemes Act is amended in accordance with paragraphs (2) to (26).
In section 16(3) (transfer of accrued rights) for “sections 22 to 29” substitute “sections 27 and 29”.
In section 27(2) (investment and resources of schemes) for “The scheme” substitute “A scheme which was an appropriate scheme or a money purchase contracted-out scheme immediately before the abolition date”
In section 29
in the sidenote for “certification requirements” substitute “requirements of section 27”;
for “sections 22 to 28” substitute “section 27”.
In section 33
in subsection (1) after “rules of a” insert “salary related”;
in subsection (3) after “section to a” insert “salary related”.
Omit section 34
In section 35 (general power to make regulations) omit “, and Part II of that Schedule as respects personal pension schemes”.
In section 38A
at the beginning of subsection (3)
after subsection (5) insert—
Where— a payment under subsection (3) is due in respect of an earner, and apart from this subsection, the payment would under regulations under subsection (3) be made to the earner, HMRC
In section 39 (payment of minimum contributions to personal pension schemes) after subsection (6) insert—
Where— a payment under subsection (1) is due in respect of an earner, and apart from this subsection, the payment would under regulations under subsection (3) be made to the earner, HMRC are not required to make the payment if they determine that the cost to them of administering the payment would exceed the amount of the payment.
In section 46 (powers of Inland Revenue to approve arrangements for scheme ceasing to be certified)—
in subsection (1)
omit “or a personal pension scheme”;
for “contracted-out or, as the case may be, an appropriate” substitute “salary related contracted-out”;
for paragraphs (a) and (b) substitute—
of earners’ accrued rights to guaranteed minimum pensions under the scheme or accrued rights to pensions under the scheme attributable to their service on or after the principal appointed day, and of the liability for the payment of such pensions in respect of persons who have then become entitled to receive them.
in subsection (2)
in subsection (4)
omit “(other than a money purchase scheme)”;
for “22 to 29” substitute “27 and 29”;
for “39 to 41” substitute “39 and 41”;
in subsection (6) for “which is not a money purchase contracted-out scheme” substitute “to which subsection (1) applies”.
In section 48 (supervision of schemes which have ceased to be certified)—
in subsection (1)—
after “supervision of” insert “salary related”;
omit the words from “and section 50 shall apply” to the end;
in subsection (2)
in subsection (2A) omit paragraph (b);
omit subsection (3)
In section 49(3)
Omit section 50
In section 92 (further provisions concerning exercise of option under section 91)—
in subsection (2)
in paragraph (a) omit “or his protected rights”;
in paragraph (b) omit “or protected”;
in subsection (3)
in paragraph (a) omit “or the member’s protected rights”;
at the end of paragraph (a) omit “and”;
omit paragraph (b).
In section 95(1) (trustees’ duties after exercise of option) omit “or give effect to such protected rights”.
In section 151
In section 152(1)
In section 155 (inalienability of guaranteed minimum pension and protected rights payments)—
in the sidenote omit “and protected rights payments”;
in subsection (1)(a) omit “or to payments giving effect to protected rights under such a scheme”;
in subsection (1)(i) and (ii) omit “or those payments”;
omit subsection (4);
for subsection (4A)
Where a person is entitled or prospectively entitled as is mentioned in subsection (1), no order shall be made by any court or the Enforcement of Judgments Office the effect of which would be that he would be restrained from receiving anything the assignment of which is or would be made void by that subsection.
In section 160 (Crown employment) for subsection (2)
A person who is employed by or under the Crown shall be treated as an employed earner for the purposes of— sections 27 and 29, so far as they relate to personal pension schemes; sections 39 and 41; section 44, so far as it relates to minimum contributions; sections 113, 150 and 151, and sections 156 and 162.
In section 161(2)(a)
In section 165 (decisions and appeals), as substituted by paragraph 99 of Schedule 6 to the Social Security (Northern Ireland) Order 1998
In section 165 (determination of questions by Department), as remaining in operation for purposes other than those specified in Article 2(1)(b) of the Social Security (1998 Order) (Commencement No. 7 and Savings, Consequential and Transitional Provisions) Order (Northern Ireland) 1999
In section 172(2)(b)
sections 27, 29, 113, 150 and 151; sections 156 and 162.
In section 176 (general interpretation)—
in subsection (1) in the definition of “protected rights” at the end add “, as it had effect immediately prior to the abolition date”;
in subsection (4)
“23, 24, 25,”;
“28,”.
In section 178(3)
In Schedule 1 (certification regulations) omit Part II