Reg. 1 comes into force in accordance with reg. 1(1)

http://www.legislation.gov.uk/uksi/2014/1711/regulation/1The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014enPENSIONSStatute Law Database2024-05-20Expert Participation2020-12-31These 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.The Pensions Act 2011(Transitional, Consequential and Supplementary Provisions) Regulations 2014PART 1Citation, commencement, extent and interpretation1.(1)

These Regulations may be cited as the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 and come into force immediately after section 29 of the Pensions Act 2011 (definition of money purchase benefits) comes into force.

(2)

Part 15 of these Regulations (Financial Assistance Scheme) extends to Northern Ireland.

(3)

In these Regulations—

the Act” means the Pensions Act 2011;

“the 1993 Act” means the Pension Schemes Act 1993;

“the 1995 Act” means the Pensions Act 1995;

“the 1999 Act” means the Welfare Reform and Pensions Act 1999;

“the 2004 Act” means the Pensions Act 2004;

“the applicable rules” has the meaning given by section 94(2) of the 1993 Act (right to cash equivalent)

Section 94(2) was substituted by section 319(1) of and paragraph 13 of Schedule 12 to the 2004 Act.

;

“the appointed day” is the day appointed for the coming into force of section 29 of the Act (definition of money purchase benefits);

“assessment period” is to be construed in accordance with section 132(2) to (6) of the 2004 Act;

the Board” means the Board of the Pension Protection Fund established under section 107 of the 2004 Act;

“cash balance underpin benefits” are cash balance benefits to which, under an occupational pension scheme, a member only has rights if the amount of the cash balance underpin benefits exceeds a defined benefit minimum promised to the member;

“cash equivalent” means a cash equivalent or guaranteed cash equivalent mentioned in section 93A(1) (salary related schemes: right to statement of entitlement)

Section 93A was inserted by section 153 of the 1995 Act and was amended by section 84(1) of and paragraph 34 of Schedule 12 to the 1999 Act.

or 94(1)

Section 94(1) was amended by section 154(1) and (2) of the 1995 Act.

of the 1993 Act;

“defined benefit minimum” except in Part 2 and regulation 9 (money purchase underpin benefits and top-up benefits) means—

(a)

in relation to money purchase underpin benefits or cash balance underpin benefits, benefits which are not money purchase benefits, but which accrue or may accrue under an occupational pension scheme in respect of the same period of a member’s pensionable service as the member’s rights to money purchase underpin benefits or cash balance underpin benefits; or

(b)

in relation to top-up benefits, a specified minimum value or amount, where, under an occupational pension scheme, a member is promised that the member’s rights to money purchase benefits or cash balance benefits will be at least equal to that specified minimum value or amount;

“eligible scheme” has the meaning given by section 126 of the 2004 Act (eligible schemes);

“further assessment period” means the assessment period mentioned in section 159(3) of the 2004 Act (closed schemes: further assessment periods);

“money purchase underpin benefits” are money purchase benefits to which, under an occupational pension scheme, a member only has rights if the amount of the money purchase benefits exceeds a defined benefit minimum promised to the member;

“multi-employer scheme”, except in Part 7 (deficiencies in the assets) has the meaning given by section 307(4) of the 2004 Act (modification of this Act in relation to certain categories of schemes)

Section 307 was amended by section 31(2) of the Pensions Act 2011(c. 19) (“the Act”).

;

“the Regulator” means the Pensions Regulator established under section 1 of the 2004 Act;

“top-up benefit”, except in Part 2 and regulation 9, is a benefit—

(a)

the value or amount of which is greater than nil; and

(b)

to which, under an occupational pension scheme, a member only has rights where the amount of the member’s rights to money purchase benefits falls short of a defined benefit minimum promised to the member; and

“value or amount” includes in particular a rate of pension, whether specified under the scheme or determined by reference to external criteria, such as a statutory minimum requirement.

This XML file does not appear to have any style information associated with it. The document tree is shown below.
<akomaNtoso xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xsi:schemaLocation="http://docs.oasis-open.org/legaldocml/ns/akn/3.0 http://docs.oasis-open.org/legaldocml/akn-core/v1.0/cos01/part2-specs/schemas/akomantoso30.xsd">
<act name="uksi">
<meta>
<identification source="#">
<FRBRWork>
<FRBRthis value="http://www.legislation.gov.uk/id/uksi/2014/1711"/>
<FRBRuri value="http://www.legislation.gov.uk/id/uksi/2014/1711"/>
<FRBRdate date="2014-07-01" name="made"/>
<FRBRauthor href="http://www.legislation.gov.uk/id/government/uk"/>
<FRBRcountry value="GB-UKM"/>
<FRBRsubtype value="regulation"/>
<FRBRnumber value="1711"/>
<FRBRname value="S.I. 2014/1711"/>
<FRBRprescriptive value="true"/>
</FRBRWork>
<FRBRExpression>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2014/1711/2020-12-31"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2014/1711/2020-12-31"/>
<FRBRdate date="2020-12-31" name="validFrom"/>
<FRBRauthor href="#"/>
<FRBRlanguage language="eng"/>
</FRBRExpression>
<FRBRManifestation>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2014/1711/2020-12-31/data.akn"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2014/1711/2020-12-31/data.akn"/>
<FRBRdate date="2024-12-06Z" name="transform"/>
<FRBRauthor href="http://www.legislation.gov.uk"/>
<FRBRformat value="application/akn+xml"/>
</FRBRManifestation>
</identification>
<lifecycle source="#">
<eventRef refersTo="#made" date="2014-07-01" eId="date-made" source="#"/>
<eventRef refersTo="#laid" date="2014-07-03" eId="date-laid-1" source="#united-kingdom-parliament"/>
<eventRef date="2014-07-24" eId="date-2014-07-24" source="#"/>
<eventRef date="2020-12-31" eId="date-2020-12-31" source="#"/>
</lifecycle>
<analysis source="#">
<restrictions source="#">
<restriction refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#body" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-1" refersTo="#extent-e+w+s" type="jurisdiction"/>
<restriction href="#regulation-1" refersTo="#extent-e+w+s" type="jurisdiction"/>
<restriction refersTo="#period-from-2020-12-31" type="jurisdiction"/>
<restriction href="#body" refersTo="#period-from-2020-12-31" type="jurisdiction"/>
<restriction href="#part-1" refersTo="#period-from-2014-07-24" type="jurisdiction"/>
<restriction href="#regulation-1" refersTo="#period-from-2014-07-24" type="jurisdiction"/>
</restrictions>
<otherAnalysis source="">
<uk:commentary href="#regulation-1" refersTo="#key-59a1416e0d7530a5868c7cd9b947e227"/>
</otherAnalysis>
</analysis>
<temporalData source="#">
<temporalGroup eId="period-from-2014-07-24">
<timeInterval start="#date-2014-07-24" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2020-12-31">
<timeInterval start="#date-2020-12-31" refersTo="#"/>
</temporalGroup>
</temporalData>
<references source="#">
<TLCOrganization eId="united-kingdom-parliament" href="" showAs="UnitedKingdomParliament"/>
<TLCEvent eId="made" href="" showAs="Made"/>
<TLCEvent eId="laid" href="" showAs="Laid"/>
<TLCLocation eId="extent-e+w+s+ni" href="" showAs="E+W+S+N.I."/>
<TLCLocation eId="extent-e+w+s" href="" showAs="E+W+S"/>
</references>
<notes source="#">
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-59a1416e0d7530a5868c7cd9b947e227" marker="I1">
<p>Reg. 1 comes into force in accordance with reg. 1(1)</p>
</note>
</notes>
<proprietary xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" source="#">
<dc:identifier>http://www.legislation.gov.uk/uksi/2014/1711/regulation/1</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>
<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>
</proprietary>
</meta>
<body eId="body">
<part eId="part-1">
<num>PART 1</num>
<hcontainer name="regulation" eId="regulation-1" uk:target="true">
<heading>Citation, commencement, extent and interpretation</heading>
<num>1.</num>
<paragraph eId="regulation-1-1">
<num>(1)</num>
<content>
<p>These Regulations may be cited as the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 and come into force immediately after section 29 of the Pensions Act 2011 (definition of money purchase benefits) comes into force.</p>
</content>
</paragraph>
<paragraph eId="regulation-1-2">
<num>(2)</num>
<content>
<p>Part 15 of these Regulations (Financial Assistance Scheme) extends to Northern Ireland.</p>
</content>
</paragraph>
<paragraph eId="regulation-1-3">
<num>(3)</num>
<intro>
<p>In these Regulations—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<abbr title="Pensions Act 2011 c. 19">the Act</abbr>
” means the Pensions Act 2011;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the
<abbr title="Pension Schemes Act 1993 c. 48">1993 Act</abbr>
” means the Pension Schemes Act 1993;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the
<abbr title="Pensions Act 1995 c. 26">1995 Act</abbr>
” means the Pensions Act 1995;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the
<abbr title="Welfare Reform and Pensions Act 1999 c. 30">1999 Act</abbr>
” means the Welfare Reform and Pensions Act 1999;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
” means the Pensions Act 2004;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the applicable rules” has the meaning given by section 94(2) of the
<abbr title="Pension Schemes Act 1993 c. 48">1993 Act</abbr>
(right to cash equivalent)
<authorialNote class="footnote" eId="f00023" marker="23">
<p>
Section 94(2) was substituted by section 319(1) of and paragraph 13 of Schedule 12 to the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
.
</p>
</authorialNote>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the appointed day” is the day appointed for the coming into force of section 29 of
<abbr title="Pensions Act 2011 c. 19">the Act</abbr>
(definition of money purchase benefits);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“assessment period” is to be construed in accordance with section 132(2) to (6) of the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<abbr title="Board of the Pension Protection Fund">the Board</abbr>
” means the Board of the Pension Protection Fund established under section 107 of the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>“cash balance underpin benefits” are cash balance benefits to which, under an occupational pension scheme, a member only has rights if the amount of the cash balance underpin benefits exceeds a defined benefit minimum promised to the member;</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“cash equivalent” means a cash equivalent or guaranteed cash equivalent mentioned in section 93A(1) (salary related schemes: right to statement of entitlement)
<authorialNote class="footnote" eId="f00024" marker="24">
<p>
Section 93A was inserted by section 153 of the
<abbr title="Pensions Act 1995 c. 26">1995 Act</abbr>
and was amended by section 84(1) of and paragraph 34 of Schedule 12 to the
<abbr title="Welfare Reform and Pensions Act 1999 c. 30">1999 Act</abbr>
.
</p>
</authorialNote>
or 94(1)
<authorialNote class="footnote" eId="f00025" marker="25">
<p>
Section 94(1) was amended by section 154(1) and (2) of the
<abbr title="Pensions Act 1995 c. 26">1995 Act</abbr>
.
</p>
</authorialNote>
of the
<abbr title="Pension Schemes Act 1993 c. 48">1993 Act</abbr>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>“defined benefit minimum” except in Part 2 and regulation 9 (money purchase underpin benefits and top-up benefits) means—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>in relation to money purchase underpin benefits or cash balance underpin benefits, benefits which are not money purchase benefits, but which accrue or may accrue under an occupational pension scheme in respect of the same period of a member’s pensionable service as the member’s rights to money purchase underpin benefits or cash balance underpin benefits; or</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>in relation to top-up benefits, a specified minimum value or amount, where, under an occupational pension scheme, a member is promised that the member’s rights to money purchase benefits or cash balance benefits will be at least equal to that specified minimum value or amount;</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“eligible scheme” has the meaning given by section 126 of the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
(eligible schemes);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“further assessment period” means the assessment period mentioned in section 159(3) of the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
(closed schemes: further assessment periods);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>“money purchase underpin benefits” are money purchase benefits to which, under an occupational pension scheme, a member only has rights if the amount of the money purchase benefits exceeds a defined benefit minimum promised to the member;</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“multi-employer scheme”, except in Part 7 (deficiencies in the assets) has the meaning given by section 307(4) of the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
(modification of this Act in relation to certain categories of schemes)
<authorialNote class="footnote" eId="f00026" marker="26">
<p>
Section 307 was amended by section 31(2) of the
<ref eId="c00025" href="http://www.legislation.gov.uk/id/ukpga/2011/19">Pensions Act 2011(c. 19)</ref>
(“
<abbr title="Pensions Act 2011 c. 19">the Act</abbr>
”).
</p>
</authorialNote>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the Regulator” means the Pensions Regulator established under section 1 of the
<abbr title="Pensions Act 2004 c. 35">2004 Act</abbr>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>“top-up benefit”, except in Part 2 and regulation 9, is a benefit—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the value or amount of which is greater than nil; and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>to which, under an occupational pension scheme, a member only has rights where the amount of the member’s rights to money purchase benefits falls short of a defined benefit minimum promised to the member; and</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>“value or amount” includes in particular a rate of pension, whether specified under the scheme or determined by reference to external criteria, such as a statutory minimum requirement.</p>
</content>
</hcontainer>
</paragraph>
</hcontainer>
</part>
</body>
</act>
</akomaNtoso>