After section 68 of the M1Pension Schemes Act 1993 there shall be inserted—
(1)Subject to subsection (2), the safeguarded rights of a member of an occupational pension scheme or a personal pension scheme are such of his rights to future benefits under the scheme as are attributable (directly or indirectly) to a pension credit in respect of which the reference rights are, or include, contracted-out rights or safeguarded rights.
(2)If the rules of an occupational pension scheme or a personal pension scheme so provide, a member’s safeguarded rights are such of his rights falling within subsection (1) as—
(a)in the case of rights directly attributable to a pension credit, represent the safeguarded percentage of the rights acquired by virtue of the credit, and
(b)in the case of rights directly attributable to a transfer payment, represent the safeguarded percentage of the rights acquired by virtue of the payment.
(3)For the purposes of subsection (2)(a), the safeguarded percentage is the percentage of the rights by reference to which the amount of the credit is determined which are contracted-out rights or safeguarded rights.
(4)For the purposes of subsection (2)(b), the safeguarded percentage is the percentage of the rights in respect of which the transfer payment is made which are contracted-out rights or safeguarded rights.
(5)In this section—
“contracted-out rights” means such rights under, or derived from—
an occupational pension scheme contracted-out by virtue of section 9(2) or (3), or
an appropriate personal pension scheme,
as may be prescribed;
“reference rights”, in relation to a pension credit, means the rights by reference to which the amount of the credit is determined.
Regulations may prescribe requirements to be met in relation to safeguarded rights by an occupational pension scheme or a personal pension scheme.
(1)This section applies to—
(a)any occupational pension scheme, other than a public service pension scheme, and
(b)any personal pension scheme.
(2)If any scheme to which this section applies does not comply with a requirement prescribed under section 68B and there are any persons who—
(a)have safeguarded rights under the scheme, or
(b)are entitled to any benefit giving effect to such rights under the scheme,
the Inland Revenue may direct the trustees or managers of the scheme to take or refrain from taking such steps as they may specify in writing for the purpose of safeguarding the rights of persons falling within paragraph (a) or (b).
(3)A direction under subsection (2) shall be final and binding on the trustees or managers to whom the direction is given and any person claiming under them.
(4)An appeal on a point of law shall lie to the High Court or, in Scotland, the Court of Session from a direction under subsection (2) at the instance of the trustees or managers, or any person claiming under them.
(5)A direction under subsection (2) shall be enforceable—
(a)in England and Wales, in a county court, as if it were an order of that court, and
(b)in Scotland, by the sheriff, as if it were an order of the sheriff and whether or not the sheriff could himself have given such an order.
Regulations may prohibit or restrict the transfer or discharge of any liability under an occupational pension scheme or a personal pension scheme in respect of safeguarded rights except in prescribed circumstances or on prescribed conditions.”
Commencement Information
I1S. 36 wholly in force at 1.12.2000; s. 36 in force for certain purposes at Royal Assent see s. 89(1); s. 36 in force at 1.12.2000 insofar as not already in force by S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV
Marginal Citations