Pension Schemes Act 2021

Section 6

SCHEDULE 1 E+W+S Money purchase benefits

Building Societies Act 1986 (c. 53) E+W+S

1 (1) Schedule 10A to the Building Societies Act 1986 (disclosures about directors, other officers and employees in notes to accounts) is amended as follows. E+W+S

(2) In paragraph 1(2) (aggregate amount of director's remuneration), at the appropriate place insert—

““collective money purchase benefit” has the meaning given in section 1 of the Pension Schemes Act 2021;”.

(3) In that provision, in the definition of “money purchase benefits”—

(a) for “means retirement benefits” substitute “means—

(a) retirement benefits”;

(b) at the end insert “, and

(b) collective money purchase benefits;”.

(4) In paragraph 1A(1) (money purchase benefits), for “the definition” substitute “ paragraph (a) of the definition ”.

Commencement Information

I1 Sch. 1 para. 1 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2 Sch. 1 para. 1 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

Pension Schemes Act 1993 (c. 48) E+W+S

2 E+W+S The Pension Schemes Act 1993 is amended as follows.

Commencement Information

I3 Sch. 1 para. 2 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I4 Sch. 1 para. 2 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

3 (1) Section 181(1) (general interpretation) is amended as follows. E+W+S

(2) At the appropriate place insert—

““collective money purchase benefit” has the meaning given by section 1 of the Pension Schemes Act 2021;”.

(3) In the definition of “money purchase benefits”—

(a) for “means benefits” substitute “means—

(a) benefits”;

(b) at the end insert “, and

(b) collective money purchase benefits;”.

Commencement Information

I5 Sch. 1 para. 3 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I6 Sch. 1 para. 3 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

4 E+W+S In section 181B(1) (money purchase benefits: supplementary), for “the definition” substitute “ paragraph (a) of the definition ”.

Commencement Information

I7 Sch. 1 para. 4 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I8 Sch. 1 para. 4 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

Pensions Act 2008 (c. 30) E+W+S

5 E+W+S The Pensions Act 2008 is amended as follows.

Commencement Information

I9 Sch. 1 para. 5 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I10 Sch. 1 para. 5 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

6 (1) Section 99 (interpretation of Part 1: pension scheme membership for jobholders) is amended as follows. E+W+S

(2) At the appropriate place insert—

““collective money purchase benefit” has the meaning given by section 1 of the Pension Schemes Act 2021;”.

(3) In the definition of “money purchase benefits”—

(a) for “means benefits” substitute “means—

(a) benefits”;

(b) at the end insert “, and

(b) collective money purchase benefits;”.

Commencement Information

I11 Sch. 1 para. 6 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I12 Sch. 1 para. 6 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)

7 E+W+S In section 99A(1) (money purchase benefits: supplementary), for “the definition” substitute “ paragraph (a) of the definition ”.

Commencement Information

I13 Sch. 1 para. 7 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I14 Sch. 1 para. 7 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)