Proceeds of Crime Act 2002

Pension Schemes Act 1993 (c. 48) U.K.

22 (1) The Pension Schemes Act 1993 is amended as follows.

(2) In section 10 (protected rights and money purchase benefits), after subsection (5) insert—

“(6) Where, in the case of a scheme which makes such provision as is mentioned in subsection (2) or (3), any liability of the scheme in respect of a member’s protected rights ceases by virtue of a civil recovery order, his protected rights are extinguished or reduced accordingly.”

(3) In section 14 (earner’s guaranteed minimum), after subsection (2) insert—

“(2A) Where any liability of a scheme in respect of an earner’s guaranteed minimum pension ceases by virtue of a civil recovery order, his guaranteed minimum in relation to the scheme is extinguished or reduced accordingly.”

(4) In section 47 (further provisions relating to guaranteed minimum pensions), in subsection (6), after “but for” insert “ section 14(2A) and ”.

(5) In section 68B (safeguarded rights), at the end insert “including provision for such rights to be extinguished or reduced in consequence of a civil recovery order made in respect of such rights”.

(6) In section 181(1) (general interpretation), after the definition of “Category A retirement pension” insert—

““civil recovery order” means an order under section 266 of the Proceeds of Crime Act 2002 or an order under section 276 imposing the requirement mentioned in section 277(3).”

Commencement Information

I1 Sch. 11 para. 22 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)