Pensions Act 2004

1. Introductory Text

2. Part 1 The Pensions Regulator

   1. Establishment

      1. 1. The Pensions Regulator

      2. 2. Membership of the Regulator

      3. 3. Further provision about the Regulator

   2. General provisions about functions

      1. 4. Regulator’s functions

      2. 5. Regulator’s objectives

      3. 6. Supplementary powers

      4. 7. Transfer of OPRA’s functions to the Regulator

   3. Non-executive functions

      1. 8. Non-executive functions

   4. The Determinations Panel

      1. 9. The Determinations Panel

      2. 10. Functions exercisable by the Determinations Panel

   5. Annual report

      1. 11. Annual reports to Secretary of State

   6. Provision of information, education and assistance

      1. 12. Provision of information, education and assistance

   7. New powers in respect of occupational and personal pension schemes

      1. 13. Improvement notices

      2. 14. Third party notices

      3. 15. Injunctions and interdicts

      4. 16. Restitution

      5. 17. Power of the Regulator to recover unpaid contributions

      6. 18. Pension liberation: interpretation

      7. 19. Pension liberation: court’s power to order restitution

      8. 20. Pension liberation: restraining orders

      9. 21. Pension liberation: repatriation orders

   8. Powers in relation to winding up of occupational pension schemes

      1. 22. Powers to wind up occupational pension schemes

      2. 23. Freezing orders

      3. 24. Consequences of freezing order

      4. 25. Period of effect etc of freezing order

      5. 26. Validation of action in contravention of freezing order

      6. 27. Effect of determination to wind up scheme on freezing order

      7. 28. Effect of winding up order on freezing order

      8. 29. Effect of assessment period under Part 2 on freezing order

      9. 30. Power to give a direction where freezing order ceases to have effect

      10. 31. Notification of trustees, managers, employers and members

      11. 32. Sections 23 to 31: supplementary

   9. Trustees of occupational pension schemes

      1. 33. Prohibition orders

      2. 34. Suspension orders

      3. 35. Appointments of trustees by the Regulator

      4. 36. Independent trustees

      5. 37. Disqualification

   10. Contribution notices where avoidance of employer debt

       1. 38. Contribution notices where avoidance of employer debt

       2. 39. The sum specified in a section 38 contribution notice

       3. 40. Content and effect of a section 38 contribution notice

       4. 41. Section 38 contribution notice: relationship with employer debt

       5. 42. Section 38 contribution notice: clearance statements

   11. Financial support directions

       1. 43. Financial support directions

       2. 44. Meaning of “service company” and “insufficiently resourced”

       3. 45. Meaning of “financial support”

       4. 46. Financial support directions: clearance statements

       5. 47. Contribution notices where non-compliance with financial support direction

       6. 48. The sum specified in a section 47 contribution notice

       7. 49. Content and effect of a section 47 contribution notice

       8. 50. Section 47 contribution notice: relationship with employer debt

       9. 51. Sections 43 to 50: interpretation

   12. Transactions at an undervalue

       1. 52. Restoration orders where transactions at an undervalue

       2. 53. Restoration orders: supplementary

       3. 54. Content and effect of a restoration order

       4. 55. Contribution notice where failure to comply with restoration order

       5. 56. Content and effect of a section 55 contribution notice

   13. Sections 38 to 56: partnerships and limited liability partnerships

       1. 57. Sections 38 to 56: partnerships and limited liability partnerships

   14. Applications under the Insolvency Act 1986

       1. 58. Regulator’s right to apply under section 423 of Insolvency Act 1986

   15. Register of schemes

       1. 59. Register of occupational and personal pension schemes

       2. 60. Registrable information

       3. 61. The register: inspection, provision of information and reports etc

       4. 62. The register: duties of trustees or managers

       5. 63. Duty of the Regulator to issue scheme return notices

       6. 64. Duty of trustees or managers to provide scheme return

       7. 65. Scheme returns: supplementary

   16. Register of prohibited trustees

       1. 66. Register of prohibited trustees

       2. 67. Accessibility of register of prohibited trustees

   17. Collecting information relevant to the Board of the Pension Protection Fund

       1. 68. Information relevant to the Board

       2. 69. Duty to notify the Regulator of certain events

   18. Reporting breaches of the law

       1. 70. Duty to report breaches of the law

   19. Reports by skilled persons

       1. 71. Reports by skilled persons

   20. Gathering information

       1. 72. Provision of information

       2. 73. Inspection of premises

       3. 74. Inspection of premises in respect of employers' obligations

       4. 75. Inspection of premises: powers of inspectors

       5. 76. Inspection of premises: supplementary

       6. 77. Penalties relating to sections 72 to 75

       7. 78. Warrants

       8. 79. Sections 72 to 78: interpretation

   21. Provision of false or misleading information

       1. 80. Offences of providing false or misleading information

   22. Use of information

       1. 81. Use of information

   23. Disclosure of information

       1. 82. Restricted information

       2. 83. Information supplied to the Regulator by corresponding overseas authorities

       3. 84. Disclosure for facilitating exercise of functions by the Regulator

       4. 85. Disclosure for facilitating exercise of functions by the Board

       5. 86. Disclosure for facilitating exercise of functions by other supervisory authorities

       6. 87. Other permitted disclosures

       7. 88. Tax information

   24. Reports

       1. 89. Publishing reports etc

   25. Codes of practice

       1. 90. Codes of practice

       2. 91. Procedure for issue and publication of codes of practice

       3. 92. Revocation of codes of practice

   26. Exercise of regulatory functions

       1. 93. The Regulator’s procedure in relation to its regulatory functions

       2. 94. Publication of procedure in relation to regulatory functions

       3. 95. Application of standard and special procedure

       4. 96. Standard procedure

       5. 97. Special procedure: applicable cases

       6. 98. Special procedure

       7. 99. Compulsory review

       8. 100. Duty to have regard to the interests of members etc

       9. 101. Powers to vary or revoke orders, notices or directions etc

   27. The Pensions Regulator Tribunal

       1. 102. The Pensions Regulator Tribunal

       2. 103. References to the Tribunal

       3. 104. Appeal on a point of law

       4. 105. Redetermination etc by the Tribunal

       5. 106. Legal assistance scheme

3. Part 2 The Board of the Pension Protection Fund

   1. Chapter 1 The Board

      1. Establishment

         1. 107. The Board of the Pension Protection Fund

         2. 108. Membership of the Board

         3. 109. Further provision about the Board

      2. General provision about functions

         1. 110. Board’s functions

         2. 111. Supplementary powers

      3. Non-executive functions

         1. 112. Non-executive functions

      4. Financial matters

         1. 113. Investment of funds

         2. 114. Investment principles

         3. 115. Borrowing

         4. 116. Grants

         5. 117. Administration levy

         6. 118. Fees

      5. Annual reports

         1. 119. Annual reports to Secretary of State

   2. Chapter 2 Information relating to employer’s insolvency etc

      1. Insolvency events

         1. 120. Duty to notify insolvency events in respect of employers

         2. 121. Insolvency event, insolvency date and insolvency practitioner

      2. Status of scheme

         1. 122. Insolvency practitioner’s duty to issue notices confirming status of scheme

         2. 123. Approval of notices issued under section 122

      3. Board’s duties

         1. 124. Board’s duty where there is a failure to comply with section 122

         2. 125. Binding notices confirming status of scheme

   3. Chapter 3 Pension protection

      1. Eligible schemes

         1. 126. Eligible schemes

      2. Circumstances in which Board assumes responsibility for eligible schemes

         1. 127. Duty to assume responsibility for schemes following insolvency event

         2. 128. Duty to assume responsibility for schemes following application or notification

         3. 129. Applications and notifications for the purposes of section 128

         4. 130. Board’s duty where application or notification received under section 129

         5. 131. Protected liabilities

      3. Restrictions on schemes during the assessment period

         1. 132. Assessment periods

         2. 133. Admission of new members, payment of contributions etc

         3. 134. Directions

         4. 135. Restrictions on winding up, discharge of liabilities etc

         5. 136. Power to validate contraventions of section 135

         6. 137. Board to act as creditor of the employer

         7. 138. Payment of scheme benefits

         8. 139. Loans to pay scheme benefits

      4. Ill health pensions

         1. 140. Reviewable ill health pensions

         2. 141. Effect of a review

         3. 142. Sections 140 and 141: interpretation

      5. Valuation of assets and liabilities

         1. 143. Board’s obligation to obtain valuation of assets and protected liabilities

         2. 144. Approval of valuation

         3. 145. Binding valuations

      6. Refusal to assume responsibility

         1. 146. Schemes which become eligible schemes

         2. 147. New schemes created to replace existing schemes

         3. 148. Withdrawal following issue of section 122(4) notice

      7. Cessation of involvement with a scheme

         1. 149. Circumstances in which Board ceases to be involved with an eligible scheme

         2. 150. Consequences of the Board ceasing to be involved with a scheme

      8. Reconsideration

         1. 151. Application for reconsideration

         2. 152. Duty to assume responsibility following reconsideration

      9. Closed schemes

         1. 153. Closed schemes

      10. Winding up

          1. 154. Requirement to wind up schemes with sufficient assets to meet protected liabilities

      11. Provisions applying to closed schemes

          1. 155. Treatment of closed schemes

          2. 156. Valuations of closed schemes

      12. Reconsideration of closed schemes

          1. 157. Applications and notifications where closed schemes have insufficient assets

          2. 158. Duty to assume responsibility for closed schemes

          3. 159. Closed schemes: further assessment periods

      13. Assumption of responsibility for a scheme

          1. 160. Transfer notice

          2. 161. Effect of Board assuming responsibility for a scheme

          3. 162. The pension compensation provisions

          4. 163. Adjustments to be made where the Board assumes responsibility for a scheme

          5. 164. Postponement of compensation entitlement for the assessment period

          6. 165. Guaranteed minimum pensions

          7. 166. Duty to pay scheme benefits unpaid at assessment date etc

          8. 167. Modification of Chapter where liabilities discharged during assessment period

          9. 168. Administration of compensation

      14. Discharge of Board’s liabilities

          1. 169. Discharge of liabilities in respect of compensation

          2. 170. Discharge of liabilities in respect of money purchase benefits

      15. Equal treatment

          1. 171. Equal treatment

      16. Relationship with fraud compensation regime

          1. 172. Relationship with fraud compensation regime

      17. The fund

          1. 173. Pension Protection Fund

      18. The levies

          1. 174. Initial levy

          2. 175. Pension protection levies

          3. 176. Supplementary provisions about pension protection levies

          4. 177. Amounts to be raised by the pension protection levies

          5. 178. The levy ceiling

          6. 179. Valuations to determine scheme underfunding

          7. 180. Pension protection levies during the transitional period

          8. 181. Calculation, collection and recovery of levies

   4. Chapter 4 Fraud compensation

      1. Entitlement to fraud compensation

         1. 182. Cases where fraud compensation payments can be made

         2. 183. Board’s duties in respect of certain applications under section 182

         3. 184. Recovery of value

         4. 185. Fraud compensation payments

         5. 186. Interim payments

         6. 187. Board’s powers to make fraud compensation transfer payments

      2. The fund

         1. 188. Fraud Compensation Fund

      3. The levy

         1. 189. Fraud compensation levy

   5. Chapter 5 Gathering information

      1. 190. Information to be provided to the Board etc

      2. 191. Notices requiring provision of information

      3. 192. Entry of premises

      4. 193. Penalties relating to sections 191 and 192

      5. 194. Warrants

      6. Provision of false or misleading information

         1. 195. Offence of providing false or misleading information to the Board

      7. Use of information

         1. 196. Use of information

      8. Disclosure of information

         1. 197. Restricted information

         2. 198. Disclosure for facilitating exercise of functions by the Board

         3. 199. Disclosure for facilitating exercise of functions by the Regulator

         4. 200. Disclosure for facilitating exercise of functions by other supervisory authorities

         5. 201. Other permitted disclosures

         6. 202. Tax information

      9. Provision of information to members of schemes etc

         1. 203. Provision of informationto members of schemes etc

      10. Interpretation

          1. 204. Sections 190 to 203: interpretation

      11. Reports

          1. 205. Publishing reports etc

   6. Chapter 6 Reviews, appeals and maladministration

      1. Review etc by the Board

         1. 206. Meaning of “reviewable matters”

         2. 207. Review and reconsideration by the Board of reviewable matters

         3. 208. Investigation by the Board of complaints of maladministration

      2. The PPF Ombudsman

         1. 209. The Ombudsman for the Board of the Pension Protection Fund

         2. 210. Deputy PPF Ombudsmen

         3. 211. Status etc of the PPF Ombudsman and deputies

         4. 212. Annual reports to Secretary of State

      3. References to the PPF Ombudsman

         1. 213. Reference of reviewable matter to the PPF Ombudsman

         2. 214. Investigation by PPF Ombudsman of complaints of maladministration

         3. 215. Referral of questions of law

         4. 216. Publishing reports etc

         5. 217. Determinations of the PPF Ombudsman

         6. 218. Obstruction etc of the PPF Ombudsman

   7. Chapter 7 Miscellaneous

      1. Backdating the winding up of eligible schemes

         1. 219. Backdating the winding up of eligible schemes

      2. Pension sharing

         1. 220. Pension sharing

4. Part 3 Scheme funding

   1. Introductory

      1. 221. Pension schemes to which this Part applies

   2. Scheme funding

      1. 222. The statutory funding objective

      2. 223. Statement of funding principles

      3. 224. Actuarial valuations and reports

      4. 225. Certification of technical provisions

      5. 226. Recovery plan

      6. 227. Schedule of contributions

      7. 228. Failure to make payments

      8. 229. Matters requiring agreement of the employer

      9. 230. Matters on which advice of actuary must be obtained

      10. 231. Powers of the Regulator

   3. Supplementary provisions

      1. 232. Power to modify provisions of this Part

      2. 233. Construction as one with the Pensions Act 1995

5. Part 4 Financial planning for retirement

   1. Retirement planning

      1. 234. Promoting and facilitating financial planning for retirement

      2. 235. Supply of information for purposes of section 234

      3. 236. Use and supply of information: private pensions policy and retirement planning

      4. 237. Combined pension forecasts

   2. Employee information and advice

      1. 238. Information and advice to employees

6. Part 5 Occupational and personal pension schemes: miscellaneous provisions

   1. Categories of pension scheme

      1. 239. Categories of pension scheme

      2. 240. Meaning of “employer” in Part 1 of the Pensions Act 1995

   2. Requirements for member-nominated trustees and directors

      1. 241. Requirement for member-nominated trustees

      2. 242. Requirement for member-nominated directors of corporate trustees

      3. 243. Member-nominated trustees and directors: supplementary

   3. Obligations of trustees of occupational pension schemes

      1. 244. Investment principles

      2. 245. Power to make regulations governing investment by trustees

      3. 246. Borrowing by trustees

      4. 247. Requirement for knowledge and understanding: individual trustees

      5. 248. Requirement for knowledge and understanding: corporate trustees

      6. 249. Requirement for knowledge and understanding: supplementary

   4. Payment of surplus to employer

      1. 250. Payment of surplus to employer

      2. 251. Payment of surplus to employer: transitional power to amend scheme

   5. Restrictions on payment into occupational pension schemes

      1. 252. UK-based scheme to be trust with effective rules

      2. 253. Non-European scheme to be trust with UK-resident trustee

      3. 254. Representative of non-European scheme to be treated as trustee

   6. Activities of occupational pension schemes

      1. 255. Activities of occupational pension schemes

   7. No indemnification for fines or civil penalties

      1. 256. No indemnification for fines or civil penalties

   8. Pension protection on transfer of employment

      1. 257. Conditions for pension protection

      2. 258. Form of protection

   9. Consultation by employers

      1. 259. Consultation by employers: occupational pension schemes

      2. 260. Consultation by employers: personal pension schemes

      3. 261. Further provisions about regulations relating to consultation

   10. Modification of pension rights

       1. 262. Modification of subsisting rights

   11. Short service benefit

       1. 263. Increase in age at which short service benefit must be payable

   12. Early leavers

       1. 264. Early leavers: cash transfer sums and contribution refunds

   13. Safeguarding pension rights

       1. 265. Paternity leave and adoption leave

       2. 266. Inalienability of occupational pension

   14. Voluntary contributions

       1. 267. Voluntary contributions

   15. Payments by employers

       1. 268. Payments made by employers to personal pension schemes

       2. 269. Payments made by employers and members to occupational pension schemes

   16. Winding up

       1. 270. Winding up

   17. Deficiency in assets of certain occupational pension schemes

       1. 271. Debt due from the employer when assets insufficient

       2. 272. Debt due from the employer in the case of multi-employer schemes

   18. Pension disputes

       1. 273. Resolution of disputes

   19. The Pensions Ombudsman

       1. 274. The Pensions Ombudsman and Deputy Pensions Ombudsmen

       2. 275. Jurisdiction

       3. 276. Investigations

   20. Pension compensation

       1. 277. Amendments relating to the Pensions Compensation Board

   21. Annual increases in rate of pensions

       1. 278. Annual increase in rate of certain occupational pensions

       2. 279. Annual increase in rate of certain personal pensions

       3. 280. Power to increase pensions giving effect to pension credits etc

   22. Revaluation

       1. 281. Exemption from statutory revaluation requirement

   23. Contracting out

       1. 282. Meaning of “working life” in Pension Schemes Act 1993

       2. 283. Power to prescribe conditions by reference to Inland Revenue approval

       3. 284. Restrictions on commutation and age at which benefits may be received

   24. Stakeholder pensions

       1. 285. Meaning of “stakeholder pension scheme”

7. Part 6 Financial assistance scheme for members of certain pension schemes

   1. 286. Financial assistance scheme for members of certain pension schemes

8. Part 7 Cross-border activities within European Union

   1. UK occupational pension scheme receiving contributions from European employer

      1. 287. Occupational pension scheme receiving contributions from European employer

      2. 288. General authorisation to accept contributions from European employers

      3. 289. Approval in relation to particular European employer

      4. 290. Notification of legal requirements of host member State outside United Kingdom

      5. 291. Duty of trustees or managers to act consistently with law of host member State

      6. 292. Power of Regulator to require ring-fencing of assets

   2. European occupational pension scheme receiving contributions from UK employer

      1. 293. Functions of Regulator in relation to institutions administered in other member States

   3. Assistance for other European regulators

      1. 294. Stopping disposal of assets of institutions administered in other member States

   4. Interpretation

      1. 295. Interpretation of Part

9. Part 8 State pensions

   1. Entitlement to more than one pension

      1. 296. Persons entitled to more than one Category B retirement pension

   2. Deferral of state pension

      1. 297. Deferral of retirement pensions and shared additional pensions

   3. Miscellaneous

      1. 298. Disclosure of state pension information

      2. 299. Claims for certain benefits following termination of reciprocal agreement with Australia

10. Part 9 Miscellaneous and supplementary

    1. Dissolution of existing bodies

       1. 300. Dissolution of OPRA

       2. 301. Transfer of employees from OPRA to the Regulator

       3. 302. Dissolution of the Pensions Compensation Board

    2. Service of notifications etc and electronic working

       1. 303. Service of notifications and other documents

       2. 304. Notification and documents in electronic form

       3. 305. Timing and location of things done electronically

    3. General

       1. 306. Overriding requirements

       2. 307. Modification of this Act in relation to certain categories of schemes

       3. 308. Modification of pensions legislation that refers to employers

       4. 309. Offences by bodies corporate and partnerships

       5. 310. Admissibility of statements

       6. 311. Protected items

       7. 312. Liens

       8. 313. Crown application

    4. Regulations and orders

       1. 314. Breach of regulations

       2. 315. Subordinate legislation (general provisions)

       3. 316. Parliamentary control of subordinate legislation

       4. 317. Consultations about regulations

    5. Interpretation

       1. 318. General interpretation

    6. Miscellaneous and supplementary

       1. 319. Minor and consequential amendments

       2. 320. Repeals and revocations

       3. 321. Pre-consolidation amendments

       4. 322. Commencement

       5. 323. Extent

       6. 324. Northern Ireland

       7. 325. Short title

11. SCHEDULES

    1. SCHEDULE 1

       The Pensions Regulator

       1. Part 1 Members of the Regulator

          1. 1. Terms of appointment and tenure of members

          2. 2. Where a person ceases to be employed as Chief Executive,...

          3. 3. No person is to be prevented from being a member...

          4. 4. Remuneration etc of members

          5. 5. The Regulator may— (a) pay to or in respect of...

          6. 6. Where— (a) a non-executive member ceases to be a member...

       2. Part 2 Staff of the Regulator

          1. 7. The staff

          2. 8. The Chief Executive

          3. 9. Other employees

          4. 10. Additional staff etc

       3. Part 3 Members of the Determinations Panel

          1. 11. Nomination of the chairman of the Panel

          2. 12. Terms of appointment and tenure of members of the Panel

          3. 13. No person is to be prevented from being a member...

          4. 14. Remuneration etc of members of the Panel

          5. 15. The Regulator may— (a) pay to or in respect of...

          6. 16. Where— (a) a member of the Panel ceases to be...

       4. Part 4 Proceedings and delegation etc

          1. 17. Committees

          2. 18. Procedure

          3. 19. (1) The Secretary of State may make regulations—

          4. 20. Delegation

          5. 21. The Secretary of State may make regulations—

          6. 22. Application of seal and proof of instruments

          7. 23. A document purporting to be duly executed under the seal...

       5. Part 5 Funding and accounts

          1. 24. Funding

          2. 25. (1) The Secretary of State may make regulations authorising the...

          3. 26. (1) Section 175 of the Pension Schemes Act 1993 (c....

          4. 27. Accounts

          5. 28. Other expenses

       6. Part 6 Status and liability etc

          1. 29. Status

          2. 30. Validity

          3. 31. Disqualification

          4. 32. Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975...

          5. 33. The Parliamentary Commissioner for Administration

          6. 34. The Superannuation Act 1972

          7. 35. Exemption from liability in damages

    2. SCHEDULE 2

       The reserved regulatory functions

       1. Part 1 Functions under the Pension Schemes Act 1993 (c. 48)

          1. 1. The power by direction under section 99(4) to grant an...

          2. 2. The power by direction under section 101J(2) to extend the...

          3. 3. The power under regulations made by virtue of section 168(4)...

       2. Part 2 Functions under the Pensions Act 1995 (c. 26)

          1. 4. The power to make an order under section 3(1) prohibiting...

          2. 5. The power to make an order under section 3(3) revoking...

          3. 6. The power to make an order under section 4(1) suspending...

          4. 7. The power to make an order under section 4(2) extending...

          5. 8. The power to make an order under section 4(5) revoking...

          6. 9. The power to make an order appointing a trustee under...

          7. 10. The power under section 9 to exercise by order the...

          8. 11. The power to require a person to pay a penalty...

          9. 12. The power to make an order under section 11 directing...

          10. 13. The power to give directions to trustees under section 15....

          11. 14. The power under section 29(5) to give a notice waiving...

          12. 15. The power under section 30(2) to exercise by order the...

          13. 16. The power to make an order under section 67G(2) by...

          14. 17. The power to make an order under section 67H(2) prohibiting,...

          15. 18. The power to make an order under section 69 authorising...

          16. 19. The power to make an order under section 71A modifying...

       3. Part 3 Functions under the Welfare Reform and Pensions Act 1999 (c. 30)

          1. 20. The power by direction under section 2(3)(b) to remove a...

       4. Part 4 Functions under this Act

          1. 21. The power to make or extend a restraining order under...

          2. 22. The power to make an order under section 20(10) permitting...

          3. 23. The power to make a repatriation order under section 21....

          4. 24. The power to make a freezing order under section 23....

          5. 25. The power to make an order under section 25(3) extending...

          6. 26. The power to make an order under section 26 validating...

          7. 27. The power to make an order under section 28 directing...

          8. 28. The power to make an order under section 30 giving...

          9. 29. The power to make an order under section 31(3) directing...

          10. 30. The power to issue a contribution notice under section 38....

          11. 31. The power to issue a direction under section 41(4) to...

          12. 32. The power to issue a revised contribution notice under section...

          13. 33. The power to issue a financial support direction under section...

          14. 34. The power to issue a contribution notice under section 47....

          15. 35. The power to issue a direction under section 50(4) to...

          16. 36. The power to issue a revised contribution notice under section...

          17. 37. The power to make a restoration order under section 52....

          18. 38. The power to issue a contribution notice under section 55....

          19. 39. The power to issue a notice under section 71 requiring...

          20. 40. The power to make a direction under section 76(8) extending...

          21. 41. The power to make a direction under section 78(10) extending...

          22. 42. The power to make an order under section 231 modifying...

          23. 43. The power to issue a ring-fencing notice under section 292....

          24. 44. The power to vary or revoke under section 101—

    3. SCHEDULE 3

       Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions

    4. SCHEDULE 4

       The Pensions Regulator Tribunal

       1. Part 1 The Tribunal

          1. 1. The Panels

          2. 2. The President

          3. 3. Terms of office etc

          4. 4. Remuneration and allowances

          5. 5. Staff

          6. 6. Expenses

       2. Part 2 Constitution of the Tribunal

          1. 7. (1) On a reference to the Tribunal, the persons to...

       3. Part 3 Tribunal Procedure

          1. 8. General

          2. 9. Rules made by the Lord Chancellor under section 102 may,...

          3. 10. Practice directions

          4. 11. Evidence

          5. 12. Decisions of the Tribunal

          6. 13. Costs

       4. Part 4 Status etc

          1. 14. Disqualification

          2. 15. In Part 3 of Schedule 1 to the Northern Ireland...

          3. 16. The Parliamentary Commissioner for Administration

          4. 17. Judicial Pensions and Retirement Act 1993

          5. 18. Disclosure of information

          6. 19. In Schedule 15D to that Act (permitted disclosures of information)...

          7. 20. In section 87(2) of the Companies Act 1989 (c. 40)...

          8. 21. In section 50(2) of the Courts and Legal Services Act...

    5. SCHEDULE 5

       The Board of the Pension Protection Fund

       1. Part 1 Members of the Board

          1. 1. Appointment of chairman

          2. 2. Appointment of ordinary members

          3. 3. Terms of appointment

          4. 4. Tenure of members

          5. 5. Where a person ceases to be employed as Chief Executive,...

          6. 6. No person is to be prevented from being a member...

          7. 7. Remuneration etc of members

          8. 8. The Board may— (a) pay to or in respect of...

          9. 9. Where— (a) a non-executive member ceases to be a member...

          10. 10. Interpretation of Part 1

       2. Part 2 Staff of the Board

          1. 11. The staff

          2. 12. The Chief Executive

          3. 13. Other employees

          4. 14. Additional staff etc

       3. Part 3 Proceedings and delegation etc

          1. 15. Committees

          2. 16. Procedure

          3. 17. Delegation

          4. 18. (1) The Board may make arrangements for any of its...

          5. 19. (1) Where the Board makes arrangements under paragraph 18(1) for...

          6. 20. Application of seal and proof of instruments

          7. 21. A document purporting to be duly executed under the seal...

       4. Part 4 Accounts

          1. 22. Accounts

          2. 23. Other expenses

       5. Part 5 Status and liability etc

          1. 24. Status

          2. 25. Validity

          3. 26. Disqualification

          4. 27. In Schedule 1 to the Northern Ireland Assembly Disqualification Act...

          5. 28. The Superannuation Act 1972

          6. 29. Exemption from liability in damages

    6. SCHEDULE 6

       Transfer of property, rights and liabilities to the Board

       1. 1. This Schedule applies where the property, rights and liabilities of...

       2. 2. (1) Subject to sub-paragraph (2), the property, rights and liabilities...

       3. 3. (1) Without prejudice to the generality of section 161 and...

       4. 4. The transfer is binding on all persons, even if, apart...

       5. 5. No person shall have any power, in consequence of the...

       6. 6. Any reference in any agreement, document or instrument of any...

       7. 7. (1) The Board must take all such steps as may...

    7. SCHEDULE 7

       Pension compensation provisions

       1. 1. Introductory

       2. 2. In this Schedule references to “the assessment date” are to...

       3. 3. Pensions in payment at assessment date

       4. 4. (1) This paragraph applies where— (a) the pensioner dies on...

       5. 5. Pension benefits postponed at assessment date

       6. 6. (1) This paragraph applies where the postponed pensioner—

       7. 7. (1) Compensation is payable in accordance with this paragraph where...

       8. 8. Active members over normal pension age at assessment date

       9. 9. (1) This paragraph applies where the active member dies on...

       10. 10. (1) Compensation is payable in accordance with this paragraph where...

       11. 11. Active members who have not attained normal pension age at assessment date

       12. 12. (1) This paragraph applies for the purposes of paragraph 11(4)(b)....

       13. 13. (1) This paragraph applies where the active member dies on...

       14. 14. (1) Compensation is payable in accordance with this paragraph where...

       15. 15. Deferred members who have not attained normal pension age at assessment date

       16. 16. (1) This paragraph applies for the purposes of paragraph 15(4)(b)....

       17. 17. (1) This paragraph applies for the purposes of paragraph 15(4)(c)....

       18. 18. (1) This paragraph applies where— (a) the deferred member dies...

       19. 19. (1) Compensation is payable in accordance with this paragraph where,...

       20. 20. Compensation in respect of scheme right to transfer payment or contribution refund

       21. 21. Pension credit members who have not attained normal benefit age at assessment date

       22. 22. Survivors who do not meet conditions for scheme benefits at assessment date

       23. 23. Compensation in form of dependants' benefits

       24. 24. Commutation of periodic compensation

       25. 25. Early payment of compensation

       26. 26. Compensation cap

       27. 27. Increasing the compensation cap in line with earnings

       28. 28. Annual increase in periodic compensation

       29. 29. Board’s powers to alter rates of revaluation and indexation

       30. 30. Secretary of State’s powers to vary percentage paid as compensation

       31. 31. Special provision in relation to certain pensions in payment before the assessment date

       32. 32. Short periods of service which terminate on commencement of assessment period

       33. 33. Power to modify Schedule in its application to certain schemes

       34. 34. Normal pension age

       35. 35. Scheme rules, admissible rules etc

       36. 36. Accrual rate, pensionable service and pensionable earnings

       37. 37. Other definitions

    8. SCHEDULE 8

       Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

    9. SCHEDULE 9

       Reviewable matters

       1. 1. The issue of a determination notice under section 123 approving...

       2. 2. The failure to issue a determination notice under section 123....

       3. 3. The issue of, or failure to issue, a notice under...

       4. 4. The issue of, or failure to issue—

       5. 5. Any direction given under subsection (2) of section 134 (directions...

       6. 6. The issue of a notice under section 136(2) (power to...

       7. 7. The making of a loan under section 139(2) (loans to...

       8. 8. The failure by the Board to obtain an actuarial valuation...

       9. 9. The approval of, or failure to approve, a valuation in...

       10. 10. The issue of, or failure to issue, a withdrawal notice...

       11. 11. The issue of, or failure to issue, a withdrawal notice...

       12. 12. The issue of, or failure to issue, a determination notice...

       13. 13. The issue of, or failure to issue, a determination notice...

       14. 14. Any direction given under section 154(7) (directions about winding up...

       15. 15. The failure by the Board to give a transfer notice...

       16. 16. Any determination by the Board of a person’s entitlement to...

       17. 17. Any failure by the Board to make a payment required...

       18. 18. Any determination by the Board under section 181(3)(a) (the eligible...

       19. 19. The amount of the initial levy or any pension protection...

       20. 20. The making of a fraud compensation payment under section 182(1),...

       21. 21. The issue of, or failure to issue, a notice under...

       22. 22. Any settlement date determined by the Board under section 184(2)...

       23. 23. Any determination by the Board under section 184(4) (recovery of...

       24. 24. The making of a payment under section 186(1) (interim payments),...

       25. 25. Any term or condition imposed by the Board—

       26. 26. Any determination by the Board under section 186(3)(b) (interim payments)...

       27. 27. Any date determined by the Board under section 187(4) (earliest...

       28. 28. Any determination by the Board under section 187(6) (fraud compensation...

       29. 29. Any determination by the Board under section 189(7)(a) (occupational pension...

       30. 30. The amount of any fraud compensation levy payable in respect...

    10. SCHEDULE 10

        Use and supply of information: private pensions policy and retirement planning

        1. 1. Use of information held by Secretary of State etc

        2. 2. Supply of information held by tax authorities

        3. 3. Supply of housing benefit and council tax benefit information

    11. SCHEDULE 11

        Deferral of retirement pensions and shared additional pensions

        1. Part 1 Principal amendments of Social Security Contributions and Benefits Act 1992 (c. 4)

           1. 1. In this Part of this Schedule “the principal Act” means...

           2. 2. Schedule 5 to the principal Act (increase of pension where...

           3. 3. For the heading, substitute “PENSION INCREASE OR LUMP SUM WHERE...

           4. 4. Before paragraph 1 insert— Choice between increase of pension and...

           5. 5. For paragraph 1 (increase of pension where pensioner’s entitlement is...

           6. 6. (1) In paragraph 2 (calculation of increment), in sub-paragraph (5)(b),...

           7. 7. After paragraph 2 insert— (1) This paragraph applies where— (a) a person’s entitlement to...

           8. 8. (1) After paragraph 3 insert— Lump sum where pensioner’s entitlement...

           9. 9. After paragraph 3B (inserted by paragraph 8 of this Schedule)...

           10. 10. (1) Paragraph 4 (increase of pension where pensioner’s deceased spouse...

           11. 11. (1) After paragraph 7 insert— Entitlement to lump sum where...

           12. 12. After paragraph 7B (inserted by paragraph 11 of this Schedule)...

           13. 13. For the heading immediately preceding paragraph 8 substitute “Married couples”....

           14. 14. In paragraph 8 (married couples)— (a) in sub-paragraph (3) for...

           15. 15. After Schedule 5 to the principal Act insert— SCHEDULE 5A...

        2. Part 2 Consequential amendments

           1. 16. Social Security Contributions and Benefits Act 1992 (c. 4)

           2. 17. In section 62(1) (graduated retirement benefit)— (a) in paragraph (a),...

           3. 18. In section 122(1) (interpretation of Parts 1 to 6)—

           4. 19. In section 176 (parliamentary control of subordinate legislation) in subsection...

           5. 20. Social Security Administration Act 1992 (c. 5)

           6. 21. In section 150 (annual up-rating of benefits)—

           7. 22. In section 151 (up-rating—supplementary) in subsection (2)—

           8. 23. Welfare Reform and Pensions Act 1999 (c. 30)

           9. 24. In section 50, omit subsection (2) (which amends provisions relating...

           10. 25. In section 52(2) (power to make regulations preserving rights in...

        3. Part 3 Transitional provisions

           1. 26. Widowers' entitlement to increase of pension or widowed person’s lump sum

           2. 27. Transitional provision

    12. SCHEDULE 12

        Minor and consequential amendments

        1. 1. Public Records Act 1958 (c. 51)

        2. 2. Superannuation Act 1972 (c. 11)

        3. 3. Matrimonial Causes Act 1973 (c. 18)

        4. 4. Matrimonial and Family Proceedings Act 1984 (c. 42)

        5. 5. Companies Act 1985 (c. 6)

        6. 6. Companies Act 1989 (c. 40)

        7. 7. Social Security Administration Act 1992 (c. 5)

        8. 8. Tribunals and Inquiries Act 1992 (c. 53)

        9. 9. Pension Schemes Act 1993 (c. 48)

        10. 10. In section 53 (supervision: former contracted-out schemes), after subsection (1B)...

        11. 11. (1) Section 56 (provision supplementary to provision relating to payment...

        12. 12. In section 61 (deduction of contributions equivalent premium from refund...

        13. 13. (1) Section 94 (right to cash equivalent) is amended as...

        14. 14. In section 99 (trustees' duties after exercise of option)—

        15. 15. In section 101J (time for compliance with transfer notice)—

        16. 16. In section 111A (monitoring of employers' payments to personal pension...

        17. 17. In section 113 (disclosure of information about schemes to members...

        18. 18. After that section insert— Disclosure of information about transfers etc...

        19. 19. In section 123 (interpretation of Chapter 2 of Part 7)...

        20. 20. In section 124 (duty of Secretary of State to pay...

        21. 21. In section 129(1) (overriding requirements),— (a) for “and IV” substitute...

        22. 22. In section 130(b) (extra-statutory benefits), for “or IV” substitute “,...

        23. 23. In section 145 (the Pensions Ombudsman), after subsection (1) insert—...

        24. 24. In section 146 (functions of the Pensions Ombudsman)—

        25. 25. In section 149 (procedure on investigation by Pensions Ombudsman), in...

        26. 26. (1) Section 158A (other disclosures by the Secretary of State)...

        27. 27. In section 168(4) (penalties for contravention of regulations) after “the...

        28. 28. In section 175 (levies)— (a) for subsection (8) substitute—

        29. 29. In section 178 (power to make regulations as to the...

        30. 30. (1) Section 179 (linked qualifying service) is amended as follows....

        31. 31. In section 181(1) (general interpretation), in the definition of “transfer...

        32. 32. In section 183(3) (sub-delegation), after “97(1)” insert “, 101AF(1)”.

        33. 33. In section 192(2) (provisions extending to Northern Ireland)—

        34. 34. Pensions Act 1995 (c. 26)

        35. 35. In section 4 (suspension orders), in subsections (3) and (5)...

        36. 36. In section 7 (appointment of trustees)— (a) in subsection (1)...

        37. 37. In section 9 (removal and appointment of trustees: property), after...

        38. 38. In section 10 (civil penalties), in subsection (5)(a) omit “as...

        39. 39. In section 15(4) (failure to comply with Authority’s direction) for...

        40. 40. In section 22 (circumstances in which independent trustee provisions apply),...

        41. 41. In section 25 (appointment and powers of independent trustees: further...

        42. 42. In section 26 (insolvency practitioner or official receiver to give...

        43. 43. Sections 26A to 26C are hereby repealed.

        44. 44. In section 28 (consequences of prohibition on trustee being auditor...

        45. 45. In section 29 (persons disqualified for being trustees), in subsection...

        46. 46. In section 30 (persons disqualified: consequences)— (a) in subsection (2),...

        47. 47. Omit section 30A (accessibility of register of disqualified trustees).

        48. 48. In section 32 (decisions of trustees by a majority)—

        49. 49. In section 34 (powers of investment and delegation) in subsection...

        50. 50. (1) Section 38 (power to defer winding up) is amended...

        51. 51. In section 40 (restriction on employer-related investments), in subsection (4)...

        52. 52. In section 41 (provision of documents for members)—

        53. 53. In section 47 (professional advisers), in subsections (3), (8) and...

        54. 54. In section 49 (other responsibilities of trustees, employers, etc)—

        55. 55. In section 49A (record of winding up decisions) omit subsection...

        56. 56. In section 68 (power of trustees to modify schemes by...

        57. 57. In section 69 (grounds for applying for modifications)—

        58. 58. In section 71A(4)(d) (power to make provision in relation to...

        59. 59. In section 72A (reports to Authority about winding up) omit...

        60. 60. In section 72C (duty to comply with directions for facilitating...

        61. 61. In section 73 (preferential liabilities on winding up) in subsection...

        62. 62. In section 76 (excess assets on winding up)—

        63. 63. In section 77 (excess assets remaining after winding up: power...

        64. 64. In section 87 (schedules of payment to money purchase schemes)...

        65. 65. In section 88 (provision supplementary to section 87) omit subsection...

        66. 66. In section 89 (application of further provisions to money purchase...

        67. 67. In section 118 (powers to modify Part 1 of the...

        68. 68. In section 119 (calculations etc under regulations: sub-delegation), for “73(3)”...

        69. 69. (1) Section 124 (interpretation of Part 1) is amended as...

        70. 70. Bank of England Act 1998 (c. 11)

        71. 71. Welfare Reform and Pensions Act 1999 (c. 30)

        72. 72. In section 1 (stakeholder pension schemes), in subsection (6), after...

        73. 73. In section 2 (registration of stakeholder pension schemes)—

        74. 74. In section 8(2)(a) (providing for stakeholder pension schemes to be...

        75. 75. In section 38 (treatment in winding up)—

        76. 76. (1) Paragraph 1 of Schedule 1 (application of enactments relating...

        77. 77. (1) Schedule 5 (pension credits: mode of discharge) is amended...

        78. 78. Terrorism Act 2000 (c. 11)

        79. 79. Freedom of Information Act 2000 (c. 36)

        80. 80. Proceeds of Crime Act 2002 (c. 29)

    13. SCHEDULE 13

        Repeals and revocations

        1. Part 1 Repeals

        2. Part 2 Revocations