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Pension Schemes Act 2015

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Pension Schemes Act 2015. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

  2. Background

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    Summary

    1. Shared risk schemes and collective benefits

    2. Pensions guidance

    3. Independent advice

    4. Drawdown, conversion of benefits and lump sums

    5. Transfers

    6. Other measures

  4. Previous Legislation

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    Overview & Structure

    1. Part 1 – Categories of pension scheme

    2. Part 2 – Collective benefits

    3. Part 3 – General changes to legislation about pension schemes

    4. Part 4 - Pension flexibilities

    5. Part 5 – Miscellaneous

    6. Part 6 – General

  6. Territorial Extent

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    Commentary on Sections

    1. Part 1 – Categories of Pension Scheme

      1. Section 1: Introduction

        Section 2: Defined benefits scheme

        Section 3: Shared risk scheme (sometimes known as “defined ambition”)

        Section 4: Defined contributions scheme

      2. Section 5: Meaning of “pensions promise” etc

      3. Section 6: Treatment of a scheme as two or more separate schemes

      4. Section 7: Interpretation of Part 1

    2. Part 2 – Collective Benefits

      1. Section 8: Introduction and definition

      2. Section 9: Duty to set targets for collective benefits

      3. Section 10: Policy about factors used to determine each benefit

        Section 11: Powers to impose requirements about factors used to determine each benefit

      4. Section 12: Payment schedule

        Section 13: Overdue contributions and other payments

      5. Section 14: Statement of investment strategy

        Section 15: Investment performance reports

      6. Section 16: Investment powers

      7. Section 17: Restriction on borrowing by trustees and managers

      8. Section 18: Investment powers: duty of care

      9. Section 19: Valuation reports

        Section 20: Valuation process

      10. Section 21: Policy for dealing with a deficit or surplus

      11. Section 22: Power to impose requirements about dealing with a deficit or surplus

      12. Section 23: Deficits attributable to an offence or the imposition of a levy

      13. Section 24: Payment of amounts out of collective benefit funds

      14. Section 25: Policy for calculating cash equivalent of benefits

      15. Section 26: Winding up

      16. Section 27: Requirement to wind up scheme in specified circumstances

      17. Section 28: Policies about winding up

      18. Section 29: Working out which assets are available for the provision of which benefits

      19. Section 30: Requirement to obtain actuarial advice

        Section 31: Sub-delegation

        Section 32: Publication of documents etc

        Section 33: Enforcement

      20. Section 34: Overriding requirements

      21. Section 35: Interpretation of Part 2

    3. Part 3 – General Changes to Pensions Legislation about Pension Schemes

      1. Section 36: Pensions promise obtained from third party

      2. Section 37: Duty to act in the best interests of members

      3. Section 38: Disclosure of information about schemes

      4. Section 39: Extension of preservation of benefit under occupational pension schemes

      5. Section 40: Revaluation of accrued benefits

        Schedule 1: Early leavers: revaluation of accrued benefits

      6. Section 41: Collective benefits exempt from indexation

        Section 42: Regulatory own fund schemes exempt from indexation

        Section 43: Power to create other exemptions from indexation

      7. Section 44: Removal of requirement to maintain register of independent trustees

      8. Section 45: Rules about modification of schemes

      9. Section 46: Other amendments to do with Parts 1 and 2

        Schedule 2: Other amendments to do with Parts 1 and 2

        1. Pension Schemes Act 1993

        2. Pensions Act 1995

        3. Welfare Reform and Pensions Act 1999

        4. Pensions Act 2004

        5. Pensions Act 2008

    4. Part 4 Pension Flexibilities

      1. Section 47: Pensions guidance

        Schedule 3: Pensions guidance

      2. Section 48: Independent advice in respect of conversions and transfers: Great Britain

      3. Section 49: Power to require employer to pay for the advice for purposes of section 48

      4. Section 50: Independent advice: consequential amendments: Great Britain

      5. Section 51: Independent advice in respect of conversions and transfers: Northern Ireland

      6. Section 52: Power to require employer to arrange advice for purposes of section 51

      7. Section 53: Independent advice: consequential amendments: Northern Ireland

      8. Section 54: Independent advice: income tax exemption

      9. Section 55: Sums or assets that may be designated as available for drawdown: Great Britain

      10. Section 56: Provision about conversion of certain benefits for drawdown: Great Britain

      11. Section 57: Provision about calculation of lump sums: Great Britain

      12. Section 58: Restrictions on conversion of benefits during winding up etc: Great Britain

      13. Section 59: Restriction on payment of lump sums during PPF assessment period: Great Britain

      14. Section 60: Sections 55 to 57: consequential amendments

      15. Section 61: Sums or assets that may be designated as available for drawdown: Northern Ireland

      16. Section 62: Provision about conversion of certain benefits for drawdown: Northern Ireland

      17. Section 63: Provision about calculation of lump sums: Northern Ireland

      18. Section 64: Restrictions on conversion of benefits during winding up etc: Northern Ireland

      19. Section 65: Restriction on payment of lump sums during PPF assessment period: Northern Ireland

      20. Section 66: Sections 61 to 63: consequential amendments

      21. Section 67: Rights to transfer benefits

        Schedule 4: Rights to transfer benefits

      22. Section 68: Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain

      23. Section 69: Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain

      24. Section 70: Sections 68 and 69: consequential amendments

      25. Section 71: Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland

      26. Section 72: Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland

      27. Section 73: Sections 71 and 72: consequential amendments

      28. Section 74: Meaning of “flexible benefit”

        Section 75: Meaning of “cash balance benefit”

        Section 76: Interpretation of Part 4

    5. Part 5 – Miscellaneous

      1. Section 77: Payments into Remploy Limited Pension and Assurance Scheme

      2. Section 78: Pension scheme for fee-paid judges

        Schedule 5: Pension scheme for fee-paid judges: consequential amendments

      3. Section 79: Judicial pensions: pension sharing on divorce etc

      4. Section 80: Public service pension schemes

      5. Section 81: Extension to Scotland of certain provisions about marriage of same sex couples

      6. Section 82: Pension sharing and normal benefit age

    6. Part 6   General

      1. Section 83: Power to make consequential amendments

        Section 84: Regulations

        Section 85: Regulations: Northern Ireland

        Section 86: Regulations: supplementary

      2. Section 87: Crown application

      3. Section 88: Extent

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    Commencement Dates

    1. Section 89: Commencement

  9. Hansard References

  • Explanatory Notes Table of contents

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