The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006

Listed changes: occupational pension schemes E+W+S

8.—(1) Listed changes that affect occupational pension schemes are—

(a) to increase the normal pension age specified in the scheme rules for members or members of a particular description;

(b) to prevent new members, or new members of a particular description, from being admitted to the scheme;

(c) to prevent the future accrual of benefits under the scheme for or in respect of members or members of a particular description;

(d) to remove the liability to make employer contributions towards the scheme in respect of members or members of a particular description;

(e) to introduce member contributions in any circumstances in which no such contributions were previously payable;

(f) to make any increase in member contributions by or on behalf of members or members of a particular description;

(g) to make any change specified in paragraph (2) or (3).

[F1 (h) to change the rate at which—

(i) pensions in payment under the scheme are increased, or

(ii) pensions or other benefits payable under the scheme are revalued,

but only where that change would be, or would be likely to be, less generous to members or members of a particular description.]

(2) A listed change affecting only money purchase benefits is to make any reduction in the amount of employer contributions towards the scheme in respect of members or members of a particular description.

(3) Listed changes affecting only benefits which are not money purchase benefits are—

(a) to change to money purchase benefits some or all of the benefits that may be provided under the scheme to or in respect of members or members of a particular description;

(b) to change, in whole or in part, the basis for determining the rate of future accrual of benefits under the scheme for or in respect of members or members of a particular description;

(c) to modify the scheme under section 229(2) of the Pensions Act 2004 (matters requiring agreement of the employer) so as to reduce the rate of future accrual of benefits under the scheme for or in respect of members or members of a particular description;

(d) to make any other reduction in the rate of future accrual of benefit under the scheme for or in respect of members or members of a particular description.

[F2 (e) to change what elements of pay constitute pensionable earnings, or to change the proportion of or limit the amount of any element of pay that forms part of pensionable earnings, for or in respect of members or members of a particular description.]

(4)  “ Normal pension age ” has the meaning given by section 180 of the Pension Schemes Act 1993 M1 (normal pension age).

[F3 (5) “Pensionable earnings” means the earnings by reference to which pension benefits are calculated, and an “element of pay” includes basic salary, a pay rise, an overtime payment, and a bonus payment.]

Textual Amendments

F1 Reg. 8(1)(h) inserted (6.4.2012) by The Pensions (Institute and Faculty of Actuaries and Consultation by Employers Amendment) Regulations 2012 (S.I. 2012/692), regs. 1(2), 2(3)

F2 Reg. 8(3)(e) inserted (6.4.2010) by The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/499), regs. 1, 7(2)

F3 Reg. 8(5) inserted (6.4.2010) by The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/499), regs. 1, 7(3)

Marginal Citations

M1 1993 c. 48.