Sch. 3 para. 6 in force at Royal Assent for specified purposes, see s. 131(3)(a)

Sch. 3 para. 7 in force at Royal Assent for specified purposes, see s. 131(3)(a)

Sch. 3 para. 8 in force at Royal Assent for specified purposes, see s. 131(3)(a)

Sch. 3 para. 9 in force at Royal Assent for specified purposes, see s. 131(3)(a)

Sch. 3 para. 10 in force at Royal Assent for specified purposes, see s. 131(3)(a)

Sch. 3 para. 6 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

Sch. 3 para. 7 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

Sch. 3 para. 8 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

Sch. 3 para. 9 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

Sch. 3 para. 10 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

http://www.legislation.gov.uk/ukpga/2021/1/schedule/3/crossheading/pensions-act-1995-c-26Pension Schemes Act 2021An Act to make provision about pension schemes.texttext/xmlenStatute Law Database2024-05-18Expert Participation2024-04-06SCHEDULESSCHEDULE 3Collective money purchase benefits: minor and consequential amendmentsPensions Act 1995 (c. 26)6

The Pensions Act 1995 is amended as follows.

7

In section 51 (annual increase in rate of pension), after subsection (1) insert—

1A

Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.

8

In section 75 (deficiencies in the assets of certain occupational pension schemes), after subsection (1) insert—

1A

Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.

9

In section 87 (schedules of payments to money purchase schemes), after subsection (1) insert—

1A

Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section and section 88 as an occupational pension scheme which is a money purchase scheme.

10

In section 89 (application of further provisions to money purchase schemes), at the end insert—

3

Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate money purchase scheme.

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<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/6">Sch. 3 para. 6</ref>
in force at Royal Assent for specified purposes, see
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<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/7">Sch. 3 para. 7</ref>
in force at Royal Assent for specified purposes, see
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a">s. 131(3)(a)</ref>
</p>
</note>
<note class="commentary I" eId="c24497111">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/8">Sch. 3 para. 8</ref>
in force at Royal Assent for specified purposes, see
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a">s. 131(3)(a)</ref>
</p>
</note>
<note class="commentary I" eId="c24497161">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/9">Sch. 3 para. 9</ref>
in force at Royal Assent for specified purposes, see
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a">s. 131(3)(a)</ref>
</p>
</note>
<note class="commentary I" eId="c24497171">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/10">Sch. 3 para. 10</ref>
in force at Royal Assent for specified purposes, see
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a">s. 131(3)(a)</ref>
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<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/6">Sch. 3 para. 6</ref>
in force at 1.8.2022 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721">S.I. 2022/721</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721/regulation/3/a">reg. 3(a)</ref>
</p>
</note>
<note class="commentary I" eId="key-245e7f16ffbf829d13e8ee89408e003f">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/7">Sch. 3 para. 7</ref>
in force at 1.8.2022 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721">S.I. 2022/721</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721/regulation/3/a">reg. 3(a)</ref>
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<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/8">Sch. 3 para. 8</ref>
in force at 1.8.2022 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721">S.I. 2022/721</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2022/721/regulation/3/a">reg. 3(a)</ref>
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<ref href="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/9">Sch. 3 para. 9</ref>
in force at 1.8.2022 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721">S.I. 2022/721</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721/regulation/3/a">reg. 3(a)</ref>
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in force at 1.8.2022 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2022/721">S.I. 2022/721</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2022/721/regulation/3/a">reg. 3(a)</ref>
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6
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7
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<p>In section 51 (annual increase in rate of pension), after subsection (1) insert—</p>
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<p>Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.</p>
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8
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<p>In section 75 (deficiencies in the assets of certain occupational pension schemes), after subsection (1) insert—</p>
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<p>Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.</p>
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9
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<p>In section 87 (schedules of payments to money purchase schemes), after subsection (1) insert—</p>
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<p>Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section and section 88 as an occupational pension scheme which is a money purchase scheme.</p>
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10
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<p>In section 89 (application of further provisions to money purchase schemes), at the end insert—</p>
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<p>Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate money purchase scheme.</p>
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