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Pensions Act 2004

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Changes to legislation:

Pensions Act 2004, Cross Heading: Pensions Act 1995 (c. 26) is up to date with all changes known to be in force on or before 27 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Pensions Act 1995 (c. 26)E+W+S

34E+W+SThe Pensions Act 1995 is amended as follows.

Commencement Information

I1Sch. 12 para. 34 in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.

35E+W+SIn section 4 (suspension orders), in subsections (3) and (5) for “class” substitute “ description ”.

Commencement Information

36E+W+SIn section 7 (appointment of trustees)—

(a)in subsection (1) omit “a trustee of such a scheme ceases to be a trustee”, and

(b)in subsection (2) for “section 23(1)(b)” in both places substitute “ section 23(1) ”.

Commencement Information

37E+W+SIn section 9 (removal and appointment of trustees: property), after “exercise” insert “ by order ”.

Commencement Information

38E+W+SIn section 10 (civil penalties), in subsection (5)(a) omit “as a trustee of a trust scheme”.

Commencement Information

39E+W+SIn section 15(4) (failure to comply with Authority’s direction) for “sections 3 and 10 apply” substitute “ section 10 applies ”.

Commencement Information

40E+W+SIn section 22 (circumstances in which independent trustee provisions apply), in subsections (1) and (3) for “to 26A”, in each place, substitute “ to 26 ”.

Commencement Information

41E+W+SIn section 25 (appointment and powers of independent trustees: further provisions)—

(a)in subsection (1) for “section 23(1)(b)” substitute “ section 23(1) ”,

(b)in subsection (2)—

(i)after “a scheme” insert “ and there is an independent trustee of the scheme appointed under section 23(1) ”, and

(ii)omit from “but if” to the end,

(c)in subsection (3) for “, no independent trustee of the scheme may” substitute “ and there is an independent trustee of the scheme appointed under section 23(1), the independent trustee may not ”, and

(d)in subsection (4)—

(i)for “section 23(1)(b)” substitute “ section 23(1) ”, and

(ii)after “person” insert “ (within the meaning of section 23(3)) ”.

Commencement Information

42E+W+SIn section 26 (insolvency practitioner or official receiver to give information to trustees), in subsection (1) after “a scheme” insert “ by virtue of subsection (1) of that section ”.

Commencement Information

43E+W+SSections 26A to 26C are hereby repealed.

Commencement Information

I10Sch. 12 para. 43 in force at 6.4.2005 by S.I. 2005/695, art. 2(7), Sch. 1 (with arts. 4-6, Sch. 2, Sch. 3)

44E+W+SIn section 28 (consequences of prohibition on trustee being auditor of scheme etc) omit subsection (4).

Commencement Information

I11Sch. 12 para. 44 in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.

45E+W+SIn section 29 (persons disqualified for being trustees), in subsection (5) for “class” substitute “ description ”.

Commencement Information

I12Sch. 12 para. 45 in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2

46E+W+SIn section 30 (persons disqualified: consequences)—

(a)in subsection (2), after “exercise” insert “ by order ”, and

(b)omit subsections (7) and (8).

Commencement Information

I14Sch. 12 para. 46(b) in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.

47E+W+SOmit section 30A (accessibility of register of disqualified trustees).

Commencement Information

I15Sch. 12 para. 47 in force at 6.4.2005 by S.I. 2005/695, art. 2(7), Sch. 1 (with arts. 4-6, Sch. 2, Sch. 3)

48E+W+SIn section 32 (decisions of trustees by a majority)—

(a)in subsection (4) for “, 16(3)(b) and 25(2)” substitute “ and 25(2) of this Act and section 241(6) of the Pensions Act 2004 ”, and

(b)in subsection (5) for “sections 3 and 10 apply” substitute “ section 10 applies ”.

Commencement Information

I16Sch. 12 para. 48 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3

49E+W+SIn section 34 (powers of investment and delegation) in subsection (1) after “subject to” insert “ section 36(1) and to ”.

Commencement Information

I17Sch. 12 para. 49 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1

50(1)Section 38 (power to defer winding up) is amended as follows.E+W+S

(2)In subsection (2)—

(a)in paragraph (a) after “scheme” insert “ (other than those due to be paid before the determination is made) ”, and

(b)in paragraph (b) omit “new”.

(3)After subsection (3) insert—

“(4)This section also does not apply in relation to a trust scheme where the trustees are required to wind up, or continue the winding up, of the scheme under section 154(1) of the Pensions Act 2004 (requirement to wind up certain schemes with sufficient assets to meet protected liabilities).”

Commencement Information

I18Sch. 12 para. 50 in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2

51E+W+SIn section 40 (restriction on employer-related investments), in subsection (4) for “sections 3 and 10 apply” substitute “ section 10 applies ”.

Commencement Information

I19Sch. 12 para. 51 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1

52E+W+SIn section 41 (provision of documents for members)—

(a)for subsection (3) substitute—

“(3)The documents referred to in subsection (1)(b) are—

(a)any statement of funding principles prepared or revised under section 223 of the Pensions Act 2004,

(b)any valuation or report prepared by the actuary under section 224 of that Act,

(c)any certificate given by the actuary under section 225 or 227 of that Act.”, and

(b)in subsection (5B) for “sections 3 and 10 apply to any trustee, and section 10 applies” substitute “ section 10 applies to any trustee, and ”.

Commencement Information

I20Sch. 12 para. 52 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1

53E+W+SIn section 47 (professional advisers), in subsections (3), (8) and (11) for “sections 3 and 10 apply to any trustee, and section 10 applies” substitute “ section 10 applies to any trustee, and ”.

Commencement Information

54E+W+SIn section 49 (other responsibilities of trustees, employers, etc)—

(a)in subsection (6) for “sections 3 and 10 apply” substitute “ section 10 applies ”, and

(b)in subsection (10)—

(i)omit paragraph (a) and the word “and” immediately after it, and

(ii)in paragraph (b) for “such steps” substitute “ reasonable steps to secure compliance ”.

Commencement Information

I22Sch. 12 para. 54 in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2

55E+W+SIn section 49A (record of winding up decisions) omit subsection (4).

Commencement Information

I23Sch. 12 para. 55 in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2

56E+W+SIn section 68 (power of trustees to modify schemes by resolution), in subsection (2)—

(a)in paragraph (b), for “section 16(1) or 17(2)” substitute “ section 241 of the Pensions Act 2004 ”, and

(b)for paragraph (c) substitute—

“(c)to enable the scheme to comply with such terms and conditions as may be imposed by the Board of the Pension Protection Fund in relation to any payment made by it under section 185 or 186 of the Pensions Act 2004,”.

Commencement Information

57E+W+SIn section 69 (grounds for applying for modifications)—

(a)in subsection (2) for “about the manner of dealing with applications under this section” substitute “ requiring applications under this section to meet prescribed requirements ”,

(b)in subsection (3) omit paragraph (a),

(c)in subsection (4)(a) omit “(a) or”, and

(d)in subsection (5)(a) omit “either of” and for “subsection (3)(a) or (b)” substitute “ subsection (3)(b) ”.

Commencement Information

I26Sch. 12 para. 57 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3

58E+W+SIn section 71A(4)(d) (power to make provision in relation to applications for the purposes of that section)—

(a)for “before such time as may be prescribed” substitute “ before an application is made for the purposes of this section ”, and

(b)for “an application for the purposes of this section” substitute “ the application ”.

Commencement Information

I27Sch. 12 para. 58 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3

59E+W+SIn section 72A (reports to Authority about winding up) omit subsection (9)(a) and “and” immediately after it.

Commencement Information

I28Sch. 12 para. 59 in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.

60E+W+SIn section 72C (duty to comply with directions for facilitating winding up) omit subsection (2).

Commencement Information

I29Sch. 12 para. 60 in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.

Prospective

61E+W+SIn section 73 (preferential liabilities on winding up) in subsection (6), omit paragraph (a) and “and” immediately after it.

62E+W+SIn section 76 (excess assets on winding up)—

(a)in subsection (3), omit paragraph (c) (but not the word “and” immediately following it),

(b)omit subsection (5), and

(c)in subsection (6) for “sections 3 and 10 apply” substitute “ section 10 applies ”.

Commencement Information

I31Sch. 12 para. 62(c) in force at 6.4.2006 by S.I. 2005/3331, art. 2(6), Sch. Pt. 6

F163E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

64E+W+SIn section 87 (schedules of payment to money purchase schemes) omit subsection (5)(a) and “and” immediately after it.

Commencement Information

I32Sch. 12 para. 64 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3

65E+W+SIn section 88 (provision supplementary to section 87) omit subsection (4)(a) and “and” immediately after it.

Commencement Information

I33Sch. 12 para. 65 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3

66E+W+SIn section 89 (application of further provisions to money purchase schemes)—

(a)in subsection (1)(a)—

(i)for “sections 56 to 60” substitute “ Part 3 of the Pensions Act 2004 ”, and

(ii)for “those sections” substitute “ that Part ”, and

(b)in subsection (2) omit “insolvency”.

Commencement Information

I34Sch. 12 para. 66 in force at 6.4.2005 by S.I. 2005/695, art. 2(7), Sch. 1 (with arts. 4-6, Sch. 2, Sch. 3)

67E+W+SIn section 118 (powers to modify Part 1 of the Pensions Act 1995)—

(a)in subsection (2) for “to 26C” substitute “ to 26 ”, and

(b)omit subsection (3).

Commencement Information

I35Sch. 12 para. 67 in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.

68E+W+SIn section 119 (calculations etc under regulations: sub-delegation), for “73(3)” substitute “ 73B(4)(a) ”.

Commencement Information

I36Sch. 12 para. 68 in force at 6.4.2005 by S.I. 2005/695, art. 2(7), Sch. 1 (with arts. 4-6, Sch. 2, Sch. 3)

69(1)Section 124 (interpretation of Part 1) is amended as follows.E+W+S

(2)In subsection (1), in the definition of “transfer credits”, for the words following “by reference to” substitute “—

(a)a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (including transfer credits allowed) under another occupational pension scheme or a personal pension scheme, other than pension credit rights, or

(b)a cash transfer sum paid under Chapter 5 of Part 4 of the Pension Schemes Act 1993 (early leavers) in respect of him, to the trustees or managers of the scheme,”.

(3)In subsection (3A), after “(3E)” insert “ and to sections 28, 154 and 219 of the Pensions Act 2004 ”.

(4)In subsection (3B), after “(3E)” insert “ and to sections 154 and 219 of the Pensions Act 2004 ”.

Commencement Information

Yn ôl i’r brig

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