Pension Schemes Act 2021

Pension Schemes Act 1993 (c. 48)E+W+S

1E+W+SThe Pension Schemes Act 1993 is amended as follows.

Commencement Information

I1Sch. 3 para. 1 in force at Royal Assent for specified purposes, see s. 131(3)(a)

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.

Commencement Information

I2Sch. 3 para. 2 in force at Royal Assent for specified purposes, see s. 131(3)(a)

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.

Commencement Information

I3Sch. 3 para. 3 in force at Royal Assent for specified purposes, see s. 131(3)(a)

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),.

Commencement Information

I4Sch. 3 para. 4 in force at Royal Assent for specified purposes, see s. 131(3)(a)

5E+W+SIn Schedule 3 (methods of revaluing accrued pension benefits), in paragraph 3A (the cash balance method), for “cash balance benefit” substitute “ benefit ”.

Commencement Information

I5Sch. 3 para. 5 in force at Royal Assent for specified purposes, see s. 131(3)(a)