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Pensions Act 1995, Section 68 is up to date with all changes known to be in force on or before 12 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)The trustees of a trust scheme may by resolution modify the scheme with a view to achieving any of the purposes specified in subsection (2).
(2)The purposes referred to in subsection (1) are—
(a)to extend the class of persons who may receive benefits under the scheme in respect of the death of a member of the scheme,
(b)to enable the scheme to conform with such arrangements as are required by [F1section 241 of the Pensions Act 2004],
[F2(c)to enable the scheme to comply with such terms and conditions as may be imposed by the Board of the Pension Protection Fund in relation to any payment made by it under section 185 or 186 of the Pensions Act 2004,]
(d)to enable the scheme to conform with section 37(2), 76(2), 91 or 92,
[F3(da)to enable the scheme to accommodate persons with pension credits or pension credit rights, and]
(e)prescribed purposes.
(3)No modification may be made by virtue of subsection (2)(a) without the consent of the employer.
(4)Modifications made by virtue of subsection (2)(b) may include in particular—
(a)modification of any limit on the number of, or of any category of, trustees, or
(b)provision for the transfer or vesting of property.
(5)Nothing done by virtue of subsection (2)(d), or any corresponding provisions in force in Northern Ireland, shall be treated as effecting an alteration to the scheme in question for the purposes of section 591B (cessation of approval) of the Taxes Act 1988.
(6)Regulations may provide that this section does not apply to trust schemes falling within a prescribed class or description.
Extent Information
E1S. 68 extends to Great Britain with the exception of s. 68(5) which also extends to Northern Ireland.
Textual Amendments
F1Words in s. 68(2)(b) substituted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 56(a); S.I. 2005/3331, art. 2(6), Sch. Pt. 6
F2S. 68(2)(c) substituted (1.9.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 56(b); S.I. 2005/1720, art. 2(16), Sch. Pt. 3
F3S. 68(2)(da) substituted for word (1.12.2000) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(1), Sch. 12 para. 54; S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV
Modifications etc. (not altering text)
C1S. 68 applied (with modifications) in part (11.11.1999 for specified purposes, 1.10.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 1 para. 1(1)(2)(b)(viii)(4); S.I. 2000/1047, art. 2(2)(c), Sch. Pt. III
C2S. 68 excluded (31.12.2000) by The Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations 2000 (S.I. 2000/3198), regs. 1(1), 2, Sch.
Commencement Information
I1S. 68 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V
I2S. 68 in force at 6.10.1996 for specified purposes by S.I. 1996/778, art. 2(5)(c)
I3S. 68 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3
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