Pensions Act 2007

15 Abolition of contracting-out for defined contribution pension schemes

(1) Any certificate which is either—

(a) a contracting-out certificate in relation to a money purchase contracted-out scheme, or

(b) an appropriate scheme certificate,

and is in force immediately before the abolition date, ceases to have effect on that date.

(2) In this section—

• “the abolition date” means the day appointed under section 30 for the coming into force of subsection (1);

• “contracting-out certificate”, “money purchase contracted-out scheme” and “appropriate scheme certificate” have the meanings given by section 181(1) of the Pension Schemes Act 1993 (c. 48) (as in force immediately before that day).

(3) In Schedule 4—

(a) Parts 1 and 2 contain amendments which are consequential on, or related to, the provision made by subsection (1), and

(b) Part 3 contains savings relating to amendments made by Part 1.

(4) The amendments made by Part 1 of that Schedule have effect as from the abolition date (but any power to make regulations conferred by those amendments may be exercised at any time so as to make regulations having effect as from the abolition date).

(5) The Secretary of State may by regulations make—

(a) such consequential, incidental or supplemental provision, and

(b) such transitional, transitory or saving provision,

as he thinks necessary or expedient in connection with, or in consequence of, the provisions of subsection (1) and Schedule 4.

(6) Regulations under subsection (5) may in particular amend, repeal or revoke any provision of any Act or subordinate legislation (whenever passed or made).

(7) No regulations which amend or repeal any provision of an Act may be made under this section unless a draft of the regulations has been laid before and approved by a resolution of each House of Parliament.

(8) A statutory instrument containing regulations under this section that do not fall within subsection (7) is subject to annulment in pursuance of a resolution of either House of Parliament.