Search Legislation

Pension Schemes Act 2021

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes to legislation:

There are currently no known outstanding effects for the Pension Schemes Act 2021, Section 69. Help about Changes to Legislation

69Calculation of benefitsN.I.

This section has no associated Explanatory Notes

(1)A collective money purchase scheme must have rules about how the rate or amount of benefits provided under the scheme is to be determined.

(2)The rules must include—

(a)rules for determining the available assets of the scheme and their value,

(b)rules for determining the required amount, and

(c)rules about how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including rules about when adjustments are to take effect.

(3)In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 53(2).

(4)The Department may by regulations make provision about the matters mentioned in subsections (1) and (2), including provision about the methods and assumptions to be used.

(5)Regulations under subsection (4) making provision about the determination of the required amount may, among other things, make provision about—

(a)how past or proposed adjustments to the rate or amount of benefits provided under the scheme are to be treated;

(b)assumptions to be made about future adjustments to the rate or amount of such benefits.

(6)Regulations under subsection (4) may, among other things—

(a)provide for alternative methods and assumptions;

(b)require or enable the trustees to decide which methods and assumptions are to be used;

(c)specify matters that the trustees must take into account, or principles they must follow, in making such decisions.

(7)Regulations under subsection (4)—

(a)may make provision applying in relation to rights under the scheme that have already accrued;

(b)override the rules of the scheme to the extent that the rules conflict with the regulations.

(8)Regulations under subsection (4) are subject to confirmatory procedure.

Commencement Information

I1S. 69 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2S. 69 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?