Pension Schemes Act 1993 (c. 48)E+W+S
1E+W+SThe Pension Schemes Act 1993 is amended as follows.
2(1)Section 84 (basis of revaluation of accrued benefits) is amended as follows.E+W+S
(2)In subsection (3), after “money purchase benefit” insert “ other than a collective money purchase benefit ”.
(3)After subsection (3A) insert—
“(3AA)If any such benefit as is mentioned in section 83(1)(a) is a collective money purchase benefit, the benefit shall be revalued using the cash balance method.”
3E+W+SIn section 101AI (right to cash transfer sum and contribution refund: further provisions), in subsection (8)—
(a)in paragraph (a), at the end insert—
“(xiii)regulations made under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;
(xiv)sections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;”;
(b)in paragraph (b), at the end insert—
“(xi)sections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.”
4E+W+SIn section 186 (Parliamentary control of orders and regulations), in subsection (3) (statutory instruments subject to affirmative resolution procedure), after paragraph (f) insert “, or
(g)regulations under section 99(2)(c), or
(h)regulations under section 99A(2)(b),”.
5E+W+SIn Schedule 3 (methods of revaluing accrued pension benefits), in paragraph 3A (the cash balance method), for “cash balance benefit” substitute “ benefit ”.