(This note is not part of the Order)
This Order brings into force section 29 of the Pensions Act 2011 (c. 19) on 24th July 2014. Section 29 inserts new section 181B into the Pension Schemes Act 1993 (c. 48), which supplements the definition of ‘money purchase benefits’ in section 181 of that Act, with retrospective effect to 1st January 1997. Section 29 also inserts new section 99A into the Pensions Act 2008 (c. 30), which supplements the definition of ‘money purchase benefits’ in section 99 of that Act, with retrospective effect to 5th July 2010. Section 29 further amends the definition of ‘money purchase benefits’ in paragraph 1(2) of Schedule 10A to the Building Societies Act 1986 (c. 53).
A full impact assessment has not been prepared for this Order as no impact on the private, public or voluntary sectors is foreseen.