http://www.legislation.gov.uk/uksi/2014/1711/part/4The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014enPENSIONSStatute Law Database2024-05-20Expert Participation2020-12-31 These Regulations implement Part 4 of the Pensions Act 2011 (c. 19) (“the Act”), section 29 of which clarifies the definition of “money purchase benefits” in section 181 of the Pension Schemes Act 1993 (c. 48) (“the 1993 Act”) and other Acts. Section 29 has retrospective effect to 1st January 1997 and these Regulations make transitional, consequential and supplementary provision to support its commencement. PART 4Protected rights Schemes which provided protected rights as cash balance benefits <Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation> 7 1 This regulation applies to an occupational pension scheme— a which was contracted-out in relation to an earner’s employment under section 9(3) of the 1993 Act (requirements for certification of schemes: general) in relation to a period before the appointed day; and b which provided protected rights in the form of— i cash balance benefits; ii a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits); or iii top-up benefits, in relation to the earner’s pensionable service under the scheme. 2 Where this regulation applies, Part 3 of the 1993 Act (certification of pension schemes and effects on members’ state scheme rights and duties) has effect (in relation to periods before, including or after 6th April 2012) as if— a references in Part 3 of that Act and regulations made under that Part to— i “money purchase benefits” included cash balance benefits, a defined benefit minimum or top-up benefits (as the case may be); ii “money purchase scheme” included a scheme which included cash balance benefits, top-up benefits or defined benefit minima (as the case may be); and iii “money purchase contracted-out scheme” included a scheme which was contracted-out on a money purchase basis (whether or not the scheme included only money purchase benefits); and b in section 31 of the 1993 Act (investment and resources of schemes) the reference in subsection (2) to “income or capital gain” was a reference to “notional income or capital gain”. 3 In this regulation “protected rights” has the meaning given by section 10(1) of the 1993 Act (protected rights and money purchase benefits) as that section stood immediately before 6th April 2012, subject to the modifications specified in paragraph (2). Subsection (3) of section 9 was repealed by section 15(3)(a) of and paragraph 4 of Schedule 4 to the Pensions Act 2007 (c. 22) (“the 2007 Act”) with effect from 6th April 2012. Relevant amendments were made to section 31 by S.I. 2011/1730. This section is to be repealed from 6th April 2015 by sections15 (3)(a) and 27(2) of and Schedules 4 and 7 to the 2007 Act. Section 10 was repealed by section 106 of and Schedule 11 to the 2008 Act with effect from 6th April 2012. Reg. 7 comes into force in accordance with reg. 1(1)
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<Legislation xmlns="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711" NumberOfProvisions="87" xsi:schemaLocation="http://www.legislation.gov.uk/namespaces/legislation http://www.legislation.gov.uk/schema/legislation.xsd" xml:lang="en" SchemaVersion="1.0" RestrictExtent="E+W+S+N.I." RestrictStartDate="2020-12-31">
<ukm:Metadata xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata">
<dc:identifier>http://www.legislation.gov.uk/uksi/2014/1711/part/4</dc:identifier>
<dc:title>The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014</dc:title>
<dc:language>en</dc:language>
<dc:subject scheme="SIheading">PENSIONS</dc:subject>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-05-20</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2020-12-31</dct:valid>
<dc:description>These Regulations implement Part 4 of the Pensions Act 2011 (c. 19) (“the Act”), section 29 of which clarifies the definition of “money purchase benefits” in section 181 of the Pension Schemes Act 1993 (c. 48) (“the 1993 Act”) and other Acts. Section 29 has retrospective effect to 1st January 1997 and these Regulations make transitional, consequential and supplementary provision to support its commencement.</dc:description>
<atom:link rel="self" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/uksi/2014/1711/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/impacts" href="http://www.legislation.gov.uk/uksi/2014/1711/impacts" title="Impact Assessments"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/memorandum" href="http://www.legislation.gov.uk/uksi/2014/1711/memorandum" title="Explanatory Memorandum"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/memorandum/toc" href="http://www.legislation.gov.uk/uksi/2014/1711/memorandum/contents" title="Explanatory Memorandum Table of Contents"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/uksi/2014/1711" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/uksi/2014/1711/introduction" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/signature" href="http://www.legislation.gov.uk/uksi/2014/1711/signature" title="signature"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/note" href="http://www.legislation.gov.uk/uksi/2014/1711/note" title="note"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/uksi/2014/1711/body" title="body"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/uksi/2014/1711/contents" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/made" title="made"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/uksi/2014/1711/part/4/2014-07-24" title="2014-07-24"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/supersedes" href="http://www.legislation.gov.uk/id/ukdsi/2014/9780111114568" title="The Pensions Act 2011(Transitional, Consequential and Supplementary Provisions) Regulations 2014"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/uksi/2014/1711" title="Entire legislation"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/uksi/2014/1711/part/3" title="Part; Part 3"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/uksi/2014/1711/part/3" title="Part; Part 3"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/uksi/2014/1711/part/5" title="Part; Part 5"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/uksi/2014/1711/part/5" title="Part; Part 5"/>
<ukm:SecondaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="secondary"/>
<ukm:DocumentMainType Value="UnitedKingdomStatutoryInstrument"/>
<ukm:DocumentStatus Value="revised"/>
<ukm:DocumentMinorType Value="regulation"/>
</ukm:DocumentClassification>
<ukm:Year Value="2014"/>
<ukm:Number Value="1711"/>
<ukm:Made Date="2014-07-01"/>
<ukm:Laid Date="2014-07-03" Class="UnitedKingdomParliament"/>
<ukm:ISBN Value="9780111117491"/>
</ukm:SecondaryMetadata>
<ukm:Supersedes URI="http://www.legislation.gov.uk/id/ukdsi/2014/9780111114568">
<dc:title>The Pensions Act 2011(Transitional, Consequential and Supplementary Provisions) Regulations 2014</dc:title>
<ukm:DocumentMainType Value="UnitedKingdomDraftStatutoryInstrument"/>
<ukm:Year Value="2014"/>
<ukm:ISBN Value="9780111114568"/>
</ukm:Supersedes>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/notes"/>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2014/1711/pdfs/uksiem_20141711_en.pdf" Date="2014-07-03" Title="UK Explanatory Memorandum" Size="69551"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:CorrectionSlips>
<ukm:CorrectionSlip URI="http://www.legislation.gov.uk/uksi/2014/1711/pdfs/uksics_20141711_en.pdf" Date="2016-09-21" Title="Correction Slip" Size="9927"/>
</ukm:CorrectionSlips>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2014/1711/pdfs/uksi_20141711_en.pdf" Date="2014-07-03" Size="340486"/>
</ukm:Alternatives>
<ukm:ImpactAssessments>
<ukm:ImpactAssessment URI="http://www.legislation.gov.uk/ukia/2014/205/pdfs/ukia_20140205_en.pdf" Date="2014-07-03" Title="The Pensions Act 2011(Transitional, Consequential and Supplementary Provisions) Regulations 2014" Stage="Final" Department="Department for Work and Pensions" Year="2014" Number="205" Size="209723"/>
</ukm:ImpactAssessments>
<ukm:Statistics>
<ukm:TotalParagraphs Value="87"/>
<ukm:BodyParagraphs Value="87"/>
<ukm:ScheduleParagraphs Value="0"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</ukm:Metadata>
<Secondary>
<Body DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/body" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/body" NumberOfProvisions="87" RestrictExtent="E+W+S+N.I." RestrictStartDate="2020-12-31">
<Part DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/part/4" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/part/4" NumberOfProvisions="1" id="part-4" RestrictExtent="E+W+S" RestrictStartDate="2014-07-24">
<Number>PART 4</Number>
<Title>Protected rights</Title>
<P1group RestrictExtent="E+W+S" RestrictStartDate="2014-07-24">
<Title>
Schemes which provided protected rights as cash balance benefits
<Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7" id="regulation-7">
<Pnumber>
<CommentaryRef Ref="key-15ac00ca9609f2bb3376232e8c348c12"/>
7
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/1" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/1" id="regulation-7-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>This regulation applies to an occupational pension scheme—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/1/a" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/1/a" id="regulation-7-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
which was contracted-out in relation to an earner’s employment under section 9(3) of the
<Abbreviation Expansion="Pension Schemes Act 1993 c. 48">1993 Act</Abbreviation>
(requirements for certification of schemes: general)
<FootnoteRef Ref="f00027"/>
in relation to a period before the appointed day; and
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/1/b" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/1/b" id="regulation-7-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>which provided protected rights in the form of—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/1/b/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/1/b/i" id="regulation-7-1-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>cash balance benefits;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/1/b/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/1/b/ii" id="regulation-7-1-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits); or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/1/b/iii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/1/b/iii" id="regulation-7-1-b-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>top-up benefits,</Text>
</P4para>
</P4>
</P3para>
</P3>
<Text>in relation to the earner’s pensionable service under the scheme.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/2" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/2" id="regulation-7-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Where this regulation applies, Part 3 of the 1993 Act (certification of pension schemes and effects on members’ state scheme rights and duties) has effect (in relation to periods before, including or after 6th April 2012) as if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/2/a" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/2/a" id="regulation-7-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>references in Part 3 of that Act and regulations made under that Part to—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/2/a/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/2/a/i" id="regulation-7-2-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>“money purchase benefits” included cash balance benefits, a defined benefit minimum or top-up benefits (as the case may be);</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/2/a/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/2/a/ii" id="regulation-7-2-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>“money purchase scheme” included a scheme which included cash balance benefits, top-up benefits or defined benefit minima (as the case may be); and</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/2/a/iii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/2/a/iii" id="regulation-7-2-a-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>“money purchase contracted-out scheme” included a scheme which was contracted-out on a money purchase basis (whether or not the scheme included only money purchase benefits); and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/2/b" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/2/b" id="regulation-7-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
in section 31 of the 1993 Act (investment and resources of schemes)
<FootnoteRef Ref="f00028"/>
the reference in subsection (2) to “income or capital gain” was a reference to “notional income or capital gain”.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/1711/regulation/7/3" IdURI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/7/3" id="regulation-7-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In this regulation “protected rights” has the meaning given by section 10(1) of the 1993 Act (protected rights and money purchase benefits) as that section stood immediately before 6th April 2012
<FootnoteRef Ref="f00029"/>
, subject to the modifications specified in paragraph (2).
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Secondary>
<Footnotes>
<Footnote id="f00027">
<FootnoteText>
<Para>
<Text>
Subsection (3) of section 9 was repealed by section 15(3)(a) of and paragraph 4 of Schedule 4 to the Pensions Act
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2007/22" id="c00026" Class="UnitedKingdomPublicGeneralAct" Year="2007" Number="0022">2007 (c. 22)</Citation>
(“the
<Abbreviation Expansion="Pensions Act 2007 c. 22">2007 Act</Abbreviation>
”) with effect from 6th April 2012.
</Text>
</Para>
</FootnoteText>
</Footnote>
<Footnote id="f00028">
<FootnoteText>
<Para>
<Text>
Relevant amendments were made to section 31 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2011/1730" id="c00027" Class="UnitedKingdomStatutoryInstrument" Year="2011" Number="1730">S.I. 2011/1730</Citation>
. This section is to be repealed from 6th April 2015 by sections15 (3)(a) and 27(2) of and Schedules 4 and 7 to the 2007 Act.
</Text>
</Para>
</FootnoteText>
</Footnote>
<Footnote id="f00029">
<FootnoteText>
<Para>
<Text>
Section 10 was repealed by section 106 of and Schedule 11 to the
<Abbreviation Expansion="Pensions Act 2008 c. 30">2008 Act</Abbreviation>
with effect from 6th April 2012.
</Text>
</Para>
</FootnoteText>
</Footnote>
</Footnotes>
<Commentaries>
<Commentary Type="I" id="key-15ac00ca9609f2bb3376232e8c348c12">
<Para>
<Text>Reg. 7 comes into force in accordance with reg. 1(1)</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>