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Pension Schemes Act 2015

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Pensions Act 2004 (c. 35)

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32For section 221 (application of scheme funding rules) substitute—

221Pension schemes to which this Part applies

(1)The provisions of this Part apply to a pension scheme that is—

(a)an occupational defined benefits scheme,

(b)an occupational shared risk scheme, or

(c)an occupational defined contributions scheme,

unless subsection (2) provides for the scheme to be exempt.

(2)A scheme is exempt from this Part if it is—

(a)a scheme under which all the benefits that may be provided are money purchase benefits,

(b)a scheme under which all the benefits that may be provided are collective benefits,

(c)a scheme under which all the benefits that may be provided are money purchase benefits or collective benefits, or

(d)a prescribed scheme or a scheme of a prescribed description.

(3)Where—

(a)some of the benefits that may be provided under a scheme are collective benefits and some are not, and

(b)the scheme does not fall within paragraph (c) or (d) of subsection (2),

the scheme is to be treated for the purposes of this Part as two separate schemes, one relating to the collective benefits and the other relating to the other benefits.

(4)Regulations under subsection (2)(d) may provide for exemptions from all or any of the provisions of this Part, but for the purposes of subsection (3)(b) a scheme falls within subsection (2)(d) only if it is exempt from all of the provisions of this Part.

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