The Occupational Pension Schemes (Contracting-out and Modification of Schemes) (Amendment) Regulations 2012

Amendment of the Occupational Pension Schemes (Modification of Schemes) Regulations 2006

3.  In the Occupational Pension Schemes (Modification of Schemes) Regulations 2006(1), after regulation 7 (modification of schemes: surviving civil partners) insert—

“Modification of schemes: abolition of protected rights

7A.— (1) The trustees of a trust scheme may by resolution passed before 6th April 2018 modify the scheme for the purposes of removing all or part of a scheme rule which makes special provision in relation to the protected rights of members, and which no longer reflects a statutory provision as a result of the coming into force of provisions contained within—

(a) section 15(1) of, and Schedule 4 to, the Pensions Act 2007(2) (abolition of contracting-out for defined contribution pension schemes);

(b) sections 106 and 148 of, and Part 3 of Schedule 11 to, the Pensions Act 2008(3) (contracting-out: abolition of all protected rights);

(c) the Pensions Act 2007 (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Amendments) Regulations 2011(4);

(d) the Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011(5);

(e) the Pensions Act 2007 (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Amendments) (No. 2) Regulations 2011(6); and

(f) the Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No. 2) Order 2011(7).

(2) Modifications made by resolution under paragraph (1)—

(a) must only have effect from a date on or after the date of the coming into force of the provisions specified in paragraph (1)(a) to (f) to which those modifications relate, and

(b) may have effect from a date before the resolution is passed.

(3) A resolution passed under paragraph (1) is without prejudice to a member’s money purchase benefits under the scheme (including any payments that become money purchase benefits under section 31 of the 1993 Act(8) (investment and resources of scheme) on or after 6th April 2012).

(4) In this regulation, “protected rights” has the meaning given in section 181(1)(9) of the 1993 Act (interpretation).”.

(1)

S.I. 2006/759.

(2)

2007 c.22. Schedule 4 to the Pensions Act 2007 is amended by article 8 of S.I 2011/1730 which comes into force immediately before 6^th April 2012.

(3)

2008 c.30.

(4)

S.I. 2011/1245.

(5)

S.I. 2011/1246.

(6)

S.I. 2011/1724.

(7)

S.I. 2011/1730.

(8)

Section 31 is amended by section 151 of, and paragraph 36 of Schedule 5 to, the Pensions Act 1995 and section 1 of, and paragraph 43 of Schedule 1 to, the Social Security (Transfer of Functions, etc.) Act 1999(c.2), and amended by S.I 2011/1730 (from 6th^tApril 2012). It is to be repealed by section 15 of, and paragraph 49 of Schedule 4 to, the Pensions Act 2007 (c.22) from 6th April 2015 (see S.I. 2011/1267).

(9)

The definition of “protected rights” is amended by S.I. 2011/1730 from 6^th April 2012.