http://www.legislation.gov.uk/ukpga/2004/35/contents/2005-08-19

Pensions Act 2004

An Act to make provision relating to pensions and financial planning for retirement and provision relating to entitlement to bereavement payments, and for connected purposes.

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text/xml

en

Statute Law Database

2024-06-03

Expert Participation

2005-08-19

Pensions Act 2004

s. 56

The Occupational Pension Schemes (Scheme Funding) Regulations 2005

Sch. 3

para. 1(5)(a)

reg. 1

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 10

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 13

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 14

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 15

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 16

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 17

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 18

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 19

Pensions Act 2004

s. 182-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 20

Pensions Act 2004

s. 182(1)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(2)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(3)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(5)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(6)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(7)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(8)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(9)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(10)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 182(11)

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 184-186

The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

reg. 11

Pensions Act 2004

s. 102(2)(a)

Pensions Act 2008

s. 44(5)(a)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

s. 102(2)(b)

Pensions Act 2008

s. 44(5)(b)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

s. 103(1A)

Pensions Act 2008

s. 44(6)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

s. 103(2)

Pensions Act 2008

s. 44(7)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

s. 117A

Pensions Act 2008

Sch. 10

para. 3

s. 149(1)

Pensions Act 2004

s. 188(1)(ba)

Pensions Act 2008

Sch. 10

para. 6

s. 149(1)

Pensions Act 2004

s. 189A

Pensions Act 2008

Sch. 10

para. 7

s. 149(1)

Pensions Act 2004

s. 209(9)

Pensions Act 2008

Sch. 10

para. 8

s. 149(1)

Pensions Act 2004

s. 286(2)

Pensions Act 2008

s. 124(4)

s. 149(1)

Pensions Act 2004

s. 286(2)

Pensions Act 2008

s. 124(5)

s. 149(1)

Pensions Act 2004

s. 321

Pensions Act 2008

Sch. 11

Pt. 6

s. 149(1)

Pensions Act 2004

s. 323(2)(b)(i)

Pensions Act 2008

Sch. 10

para. 9

s. 149(1)

Pensions Act 2004

Sch. 4

para. 7(5)(a)

Pensions Act 2008

s. 44(8)(a)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

Sch. 4

para. 7(5)(b)

Pensions Act 2008

s. 44(8)(b)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

Sch. 4

para. 13

Pensions Act 2008

s. 44(9)(a)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

Sch. 4

para. 13(3)

Pensions Act 2008

s. 44(9)(b)

s. 149(1)

art. 2

Sch. 2

Pensions Act 2004

Sch. 7

para. 21(1)

Pensions Act 2008

Sch. 8

para. 10

s. 149(1)

Pensions Act 2004

Sch. 7

para. 21(2)(c)-(cc)

Pensions Act 2008

Sch. 8

para. 11

s. 149(1)

Pensions Act 2004

Sch. 7

para. 25(3)

Pensions Act 2008

Sch. 8

para. 12

s. 149(1)

Pensions Act 2004

s. 38(7)(da)

Pension Schemes Act 2021

s. 104(2)

s. 131(1)

Pensions Act 2004

s. 80(1)(a)

(iib)

Pension Schemes Act 2021

s. 109(3)

s. 131(1)

Pensions Act 2004

s. 291(4)(d)

Pension Schemes Act 2021

Sch. 3

para. 19(a)

s. 131(1)

s. 131(3)(a)

Pensions Act 2004

s. 291(4)(f) and word

Pension Schemes Act 2021

Sch. 3

para. 19(b)

s. 131(1)

s. 131(3)(a)

Pensions Act 2004

Sch. 7

para. 25(3)

Pensions Act 2011

Sch. 4

para. 19(3)(b)

s. 38(4)

art. 3(i)

(iv)

Pensions Act 2004

Sch. 11

para. 7

Pensions Act 2011

Sch. 2

para. 4(c)

s. 2(8)

s. 38(4)

Pensions Act 2004

s. 17(3)

Pension Schemes Act 2015

Sch. 2

para. 25(a)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 17(3)

Pension Schemes Act 2015

Sch. 2

para. 25(b)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 23(1)

Pension Schemes Act 2015

Sch. 2

para. 26(2)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 23(1A)

Pension Schemes Act 2015

Sch. 2

para. 26(3)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 23(2)

Pension Schemes Act 2015

Sch. 2

para. 26(4)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 23(10A)

Pension Schemes Act 2015

Sch. 2

para. 26(5)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 38(1)-(1B)

Pension Schemes Act 2015

Sch. 2

para. 27

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 43(1)-(1B)

Pension Schemes Act 2015

Sch. 2

para. 28(2)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 43(2)

Pension Schemes Act 2015

Sch. 2

para. 28(3)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 52(1)-(1B)

Pension Schemes Act 2015

Sch. 2

para. 29

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 126(1)-(1B)

Pension Schemes Act 2015

Sch. 2

para. 31

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 221

Pension Schemes Act 2015

Sch. 2

para. 32

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 258(2)(b)

Pension Schemes Act 2015

Sch. 2

para. 34(a)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 258(2)(c)

Pension Schemes Act 2015

Sch. 2

para. 34(b)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 286(2)

Pension Schemes Act 2015

Sch. 2

para. 35

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 307(4)

Pension Schemes Act 2015

Sch. 2

para. 37

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 318(1)

Pension Schemes Act 2015

Sch. 2

para. 38(2)(a)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 318(1)

Pension Schemes Act 2015

Sch. 2

para. 38(2)(b)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 318(3)(a)(viii)-(x)

Pension Schemes Act 2015

Sch. 2

para. 38(3)(a)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 318(3)(b)(vi)-(viii)

Pension Schemes Act 2015

Sch. 2

para. 38(3)(b)

s. 87

s. 89(4)(a)

Pensions Act 2004

Sch. 12

para. 17

Pension Schemes Act 2015

s. 38(7)

s. 87

s. 89(4)(a)

Pensions Act 2004

s. 18(5A)

Pensions Act 2014

s. 52(2)

s. 56(1)

art. 2

Pensions Act 2004

s. 18(6)

Pensions Act 2014

s. 52(3)

s. 56(1)

art. 2

Pensions Act 2004

s. 18(8)

Pensions Act 2014

s. 52(3)

s. 56(1)

art. 2

Pensions Act 2004

s. 256(1)(b)

Pensions Act 2014

Sch. 17

para. 21(a)

s. 56(1)

Pensions Act 2004

s. 256(1)(b)

Pensions Act 2014

Sch. 17

para. 21(b)

s. 56(1)

Pensions Act 2004

Sch. 7

para. 25B(1)(d)

The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024

reg. 9(a)

reg. 1(2)

(3)

Pensions Act 2004

Sch. 7

para. 25B(4)

The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024

reg. 9(b)

reg. 1(2)

(3)

Pensions Act 2004

Part 1The Pensions Regulator

1The Pensions Regulator

2Membership of the Regulator

3Further provision about the Regulator

General provisions about functions

4Regulator’s functions

5Regulator’s objectives

6Supplementary powers

7Transfer of OPRA’s functions to the Regulator

Non-executive functions

8Non-executive functions

The Determinations Panel

9The Determinations Panel

10Functions exercisable by the Determinations Panel

11Annual reports to Secretary of State

Provision of information, education and assistance

12Provision of information, education and assistance

New powers in respect of occupational and personal pension schemes

13Improvement notices

14Third party notices

15Injunctions and interdicts

17Power of the Regulator to recover unpaid contributions

18Pension liberation: interpretation

19Pension liberation: court’s power to order restitution

20Pension liberation: restraining orders

21Pension liberation: repatriation orders

Powers in relation to winding up of occupational pension schemes

22Powers to wind up occupational pension schemes

23Freezing orders

24Consequences of freezing order

25Period of effect etc of freezing order

26Validation of action in contravention of freezing order

27Effect of determination to wind up scheme on freezing order

28Effect of winding up order on freezing order

29Effect of assessment period under Part 2 on freezing order

30Power to give a direction where freezing order ceases to have effect

31Notification of trustees, managers, employers and members

32Sections 23 to 31: supplementary

Trustees of occupational pension schemes

33Prohibition orders

34Suspension orders

35Appointments of trustees by the Regulator

36Independent trustees

37Disqualification

Contribution notices where avoidance of employer debt

38Contribution notices where avoidance of employer debt

39The sum specified in a section 38 contribution notice

40Content and effect of a section 38 contribution notice

41Section 38 contribution notice: relationship with employer debt

42Section 38 contribution notice: clearance statements

Financial support directions

43Financial support directions

44Meaning of “service company” and “insufficiently resourced”

45Meaning of “financial support”

46Financial support directions: clearance statements

47Contribution notices where non-compliance with financial support direction

48The sum specified in a section 47 contribution notice

49Content and effect of a section 47 contribution notice

50Section 47 contribution notice: relationship with employer debt

51Sections 43 to 50: interpretation

Transactions at an undervalue

52Restoration orders where transactions at an undervalue

53Restoration orders: supplementary

54Content and effect of a restoration order

55Contribution notice where failure to comply with restoration order

56Content and effect of a section 55 contribution notice

Sections 38 to 56: partnerships and limited liability partnerships

57Sections 38 to 56: partnerships and limited liability partnerships

Applications under the Insolvency Act 1986

58Regulator’s right to apply under section 423 of Insolvency Act 1986

Register of schemes

59Register of occupational and personal pension schemes

60Registrable information

61The register: inspection, provision of information and reports etc

62The register: duties of trustees or managers

63Duty of the Regulator to issue scheme return notices

64Duty of trustees or managers to provide scheme return

65Scheme returns: supplementary

Register of prohibited trustees

66Register of prohibited trustees

67Accessibility of register of prohibited trustees

Collecting information relevant to the Board of the Pension Protection Fund

68Information relevant to the Board

69Duty to notify the Regulator of certain events

Reporting breaches of the law

70Duty to report breaches of the law

Reports by skilled persons

71Reports by skilled persons

Gathering information

72Provision of information

73Inspection of premises

74Inspection of premises in respect of employers' obligations

75Inspection of premises: powers of inspectors

76Inspection of premises: supplementary

77Penalties relating to sections 72 to 75

79Sections 72 to 78: interpretation

Provision of false or misleading information

80Offences of providing false or misleading information

Use of information

81Use of information

Disclosure of information

82Restricted information

83Information supplied to the Regulator by corresponding overseas authorities

84Disclosure for facilitating exercise of functions by the Regulator

85Disclosure for facilitating exercise of functions by the Board

86Disclosure for facilitating exercise of functions by other supervisory authorities

87Other permitted disclosures

88Tax information

89Publishing reports etc

Codes of practice

90Codes of practice

91Procedure for issue and publication of codes of practice

92Revocation of codes of practice

Exercise of regulatory functions

93The Regulator’s procedure in relation to its regulatory functions

94Publication of procedure in relation to regulatory functions

95Application of standard and special procedure

96Standard procedure

97Special procedure: applicable cases

98Special procedure

99Compulsory review

100Duty to have regard to the interests of members etc

101Powers to vary or revoke orders, notices or directions etc

The Pensions Regulator Tribunal

102The Pensions Regulator Tribunal

103References to the Tribunal

104Appeal on a point of law

105Redetermination etc by the Tribunal

106Legal assistance scheme

Part 2The Board of the Pension Protection Fund

Chapter 1The Board

107The Board of the Pension Protection Fund

108Membership of the Board

109Further provision about the Board

General provision about functions

110Board’s functions

111Supplementary powers

Non-executive functions

112Non-executive functions

Financial matters

113Investment of funds

114Investment principles

117Administration levy

119Annual reports to Secretary of State

Chapter 2Information relating to employer’s insolvency etc

Insolvency events

120Duty to notify insolvency events in respect of employers

121Insolvency event, insolvency date and insolvency practitioner

Status of scheme

122Insolvency practitioner’s duty to issue notices confirming status of scheme

123Approval of notices issued under section 122

Board’s duties

124Board’s duty where there is a failure to comply with section 122

125Binding notices confirming status of scheme

Chapter 3Pension protection

Eligible schemes

126Eligible schemes

Circumstances in which Board assumes responsibility for eligible schemes

127Duty to assume responsibility for schemes following insolvency event

128Duty to assume responsibility for schemes following application or notification

129Applications and notifications for the purposes of section 128

130Board’s duty where application or notification received under section 129

131Protected liabilities

Restrictions on schemes during the assessment period

132Assessment periods

133Admission of new members, payment of contributions etc

135Restrictions on winding up, discharge of liabilities etc

136Power to validate contraventions of section 135

137Board to act as creditor of the employer

138Payment of scheme benefits

139Loans to pay scheme benefits

Ill health pensions

140Reviewable ill health pensions

141Effect of a review

142Sections 140 and 141: interpretation

Valuation of assets and liabilities

143Board’s obligation to obtain valuation of assets and protected liabilities

144Approval of valuation

145Binding valuations

Refusal to assume responsibility

146Schemes which become eligible schemes

147New schemes created to replace existing schemes

148Withdrawal following issue of section 122(4) notice

Cessation of involvement with a scheme

149Circumstances in which Board ceases to be involved with an eligible scheme

150Consequences of the Board ceasing to be involved with a scheme

Reconsideration

151Application for reconsideration

152Duty to assume responsibility following reconsideration

153Closed schemes

154Requirement to wind up schemes with sufficient assets to meet protected liabilities

Provisions applying to closed schemes

155Treatment of closed schemes

156Valuations of closed schemes

Reconsideration of closed schemes

157Applications and notifications where closed schemes have insufficient assets

158Duty to assume responsibility for closed schemes

159Closed schemes: further assessment periods

Assumption of responsibility for a scheme

160Transfer notice

161Effect of Board assuming responsibility for a scheme

162The pension compensation provisions

163Adjustments to be made where the Board assumes responsibility for a scheme

164Postponement of compensation entitlement for the assessment period

165Guaranteed minimum pensions

166Duty to pay scheme benefits unpaid at assessment date etc

167Modification of Chapter where liabilities discharged during assessment period

168Administration of compensation

Discharge of Board’s liabilities

169Discharge of liabilities in respect of compensation

170Discharge of liabilities in respect of money purchase benefits

Equal treatment

171Equal treatment

Relationship with fraud compensation regime

172Relationship with fraud compensation regime

173Pension Protection Fund

174Initial levy

175Pension protection levies

176Supplementary provisions about pension protection levies

177Amounts to be raised by the pension protection levies

178The levy ceiling

179Valuations to determine scheme underfunding

180Pension protection levies during the transitional period

181Calculation, collection and recovery of levies

Chapter 4Fraud compensation

Entitlement to fraud compensation

182Cases where fraud compensation payments can be made

183Board’s duties in respect of certain applications under section 182

184Recovery of value

185Fraud compensation payments

186Interim payments

187Board’s powers to make fraud compensation transfer payments

188Fraud Compensation Fund

189Fraud compensation levy

Chapter 5Gathering information

190Information to be provided to the Board etc

191Notices requiring provision of information

192Entry of premises

193Penalties relating to sections 191 and 192

Provision of false or misleading information

195Offence of providing false or misleading information to the Board

Use of information

196Use of information

Disclosure of information

197Restricted information

198Disclosure for facilitating exercise of functions by the Board

199Disclosure for facilitating exercise of functions by the Regulator

200Disclosure for facilitating exercise of functions by other supervisory authorities

201Other permitted disclosures

202Tax information

Provision of information to members of schemes etc

203Provision of informationto members of schemes etc

204Sections 190 to 203: interpretation

205Publishing reports etc

Chapter 6Reviews, appeals and maladministration

Review etc by the Board

206Meaning of “reviewable matters”

207Review and reconsideration by the Board of reviewable matters

208Investigation by the Board of complaints of maladministration

The PPF Ombudsman

209The Ombudsman for the Board of the Pension Protection Fund

210Deputy PPF Ombudsmen

211Status etc of the PPF Ombudsman and deputies

212Annual reports to Secretary of State

References to the PPF Ombudsman

213Reference of reviewable matter to the PPF Ombudsman

214Investigation by PPF Ombudsman of complaints of maladministration

215Referral of questions of law

216Publishing reports etc

217Determinations of the PPF Ombudsman

218Obstruction etc of the PPF Ombudsman

Chapter 7Miscellaneous

Backdating the winding up of eligible schemes

219Backdating the winding up of eligible schemes

Pension sharing

220Pension sharing

Part 3Scheme funding

221Pension schemes to which this Part applies

222The statutory funding objective

223Statement of funding principles

224Actuarial valuations and reports

225Certification of technical provisions

226Recovery plan

227Schedule of contributions

228Failure to make payments

229Matters requiring agreement of the employer

230Matters on which advice of actuary must be obtained

231Powers of the Regulator

Supplementary provisions

232Power to modify provisions of this Part

233Construction as one with the Pensions Act 1995

Part 4Financial planning for retirement

Retirement planning

234Promoting and facilitating financial planning for retirement

235Supply of information for purposes of section 234

236Use and supply of information: private pensions policy and retirement planning

237Combined pension forecasts

Employee information and advice

238Information and advice to employees

Part 5Occupational and personal pension schemes: miscellaneous provisions

Categories of pension scheme

239Categories of pension scheme

240Meaning of “employer” in Part 1 of the Pensions Act 1995

Requirements for member-nominated trustees and directors

241Requirement for member-nominated trustees

242Requirement for member-nominated directors of corporate trustees

243Member-nominated trustees and directors: supplementary

Obligations of trustees of occupational pension schemes

244Investment principles

245Power to make regulations governing investment by trustees

246Borrowing by trustees

247Requirement for knowledge and understanding: individual trustees

248Requirement for knowledge and understanding: corporate trustees

249Requirement for knowledge and understanding: supplementary

Payment of surplus to employer

250Payment of surplus to employer

251Payment of surplus to employer: transitional power to amend scheme

Restrictions on payment into occupational pension schemes

252UK-based scheme to be trust with effective rules

253Non-European scheme to be trust with UK-resident trustee

254Representative of non-European scheme to be treated as trustee

Activities of occupational pension schemes

255Activities of occupational pension schemes

No indemnification for fines or civil penalties

256No indemnification for fines or civil penalties

Pension protection on transfer of employment

257Conditions for pension protection

258Form of protection

Consultation by employers

259Consultation by employers: occupational pension schemes

260Consultation by employers: personal pension schemes

261Further provisions about regulations relating to consultation

Modification of pension rights

262Modification of subsisting rights

Short service benefit

263Increase in age at which short service benefit must be payable

264Early leavers: cash transfer sums and contribution refunds

Safeguarding pension rights

265Paternity leave and adoption leave

266Inalienability of occupational pension

Voluntary contributions

267Voluntary contributions

Payments by employers

268Payments made by employers to personal pension schemes

269Payments made by employers and members to occupational pension schemes

Deficiency in assets of certain occupational pension schemes

271Debt due from the employer when assets insufficient

272Debt due from the employer in the case of multi-employer schemes

Pension disputes

273Resolution of disputes

The Pensions Ombudsman

274The Pensions Ombudsman and Deputy Pensions Ombudsmen

275Jurisdiction

276Investigations

Pension compensation

277Amendments relating to the Pensions Compensation Board

Annual increases in rate of pensions

278Annual increase in rate of certain occupational pensions

279Annual increase in rate of certain personal pensions

280Power to increase pensions giving effect to pension credits etc

281Exemption from statutory revaluation requirement

Contracting out

282Meaning of “working life” in Pension Schemes Act 1993

283Power to prescribe conditions by reference to Inland Revenue approval

284Restrictions on commutation and age at which benefits may be received

Stakeholder pensions

285Meaning of “stakeholder pension scheme”

Part 6Financial assistance scheme for members of certain pension schemes

286Financial assistance scheme for members of certain pension schemes

Part 7Cross-border activities within European Union

UK occupational pension scheme receiving contributions from European employer

287Occupational pension scheme receiving contributions from European employer

288General authorisation to accept contributions from European employers

289Approval in relation to particular European employer

290Notification of legal requirements of host member State outside United Kingdom

291Duty of trustees or managers to act consistently with law of host member State

292Power of Regulator to require ring-fencing of assets

European occupational pension scheme receiving contributions from UK employer

293Functions of Regulator in relation to institutions administered in other member States

Assistance for other European regulators

294Stopping disposal of assets of institutions administered in other member States

295Interpretation of Part

Part 8State pensions

Entitlement to more than one pension

296Persons entitled to more than one Category B retirement pension

Deferral of state pension

297Deferral of retirement pensions and shared additional pensions

298Disclosure of state pension information

299Claims for certain benefits following termination of reciprocal agreement with Australia

Part 9Miscellaneous and supplementary

Dissolution of existing bodies

300Dissolution of OPRA

301Transfer of employees from OPRA to the Regulator

302Dissolution of the Pensions Compensation Board

Service of notifications etc and electronic working

303Service of notifications and other documents

304Notification and documents in electronic form

305Timing and location of things done electronically

306Overriding requirements

307Modification of this Act in relation to certain categories of schemes

308Modification of pensions legislation that refers to employers

309Offences by bodies corporate and partnerships

310Admissibility of statements

311Protected items

313Crown application

Regulations and orders

314Breach of regulations

315Subordinate legislation (general provisions)

316Parliamentary control of subordinate legislation

317Consultations about regulations

318General interpretation

Miscellaneous and supplementary

319Minor and consequential amendments

320Repeals and revocations

321Pre-consolidation amendments

322Commencement

324Northern Ireland

SCHEDULE 1The Pensions Regulator

Part 1Members of the Regulator

Terms of appointment and tenure of members

1(1) The members of the Regulator appointed by the Secretary...

2Where a person ceases to be employed as Chief Executive,...

3No person is to be prevented from being a member...

Remuneration etc of members

4The Regulator may pay, or make provision for paying, its...

5The Regulator may— (a) pay to or in respect of...

6Where— (a) a non-executive member ceases to be a member...

Part 2Staff of the Regulator

7(1) The staff of the Regulator consists of—

The Chief Executive

8(1) The Regulator is to employ a person as its...

Other employees

9(1) Other employees of the Regulator may be appointed by...

Additional staff etc

10(1) The Secretary of State may make available to the...

Part 3Members of the Determinations Panel

Nomination of the chairman of the Panel

11(1) On each occasion when the Regulator is required to...

Terms of appointment and tenure of members of the Panel

12(1) The members of the Determinations Panel are to be...

13No person is to be prevented from being a member...

Remuneration etc of members of the Panel

14The Regulator may pay, or make provision for paying, the...

15The Regulator may— (a) pay to or in respect of...

16Where— (a) a member of the Panel ceases to be...

Part 4Proceedings and delegation etc

17(1) The Regulator may establish committees for any purpose.

18(1) The Regulator may determine— (a) its own procedure (including...

19(1) The Secretary of State may make regulations—

20(1) The Regulator may authorise— (a) any executive member of...

21The Secretary of State may make regulations—

Application of seal and proof of instruments

22(1) The fixing of the common seal of the Regulator...

23A document purporting to be duly executed under the seal...

Part 5Funding and accounts

24The Secretary of State may pay the Regulator out of...

25(1) The Secretary of State may make regulations authorising the...

26(1) Section 175 of the Pension Schemes Act 1993 (c....

27(1) The Regulator must— (a) keep proper accounts and proper...

28(1) The Regulator may— (a) pay, or make provision for...

Part 6Status and liability etc

29(1) The Regulator is not to be regarded—

30The validity of any proceedings of the Regulator (including any...

Disqualification

31Schedule 1 to the House of Commons Disqualification Act 1975...

32Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975...

The Parliamentary Commissioner for Administration

33In Schedule 2 to the Parliamentary Commissioner Act 1967 (c....

The Superannuation Act 1972

34(1) The persons to whom section 1 of the Superannuation...

Exemption from liability in damages

35(1) Neither the Regulator nor any person who is a...

SCHEDULE 2The reserved regulatory functions

Part 1Functions under the Pension Schemes Act 1993 (c. 48)

1The power by direction under section 99(4) to grant an...

2The power by direction under section 101J(2) to extend the...

3The power under regulations made by virtue of section 168(4)...

Part 2Functions under the Pensions Act 1995 (c. 26)

4The power to make an order under section 3(1) prohibiting...

5The power to make an order under section 3(3) revoking...

6The power to make an order under section 4(1) suspending...

7The power to make an order under section 4(2) extending...

8The power to make an order under section 4(5) revoking...

9The power to make an order appointing a trustee under...

10The power under section 9 to exercise by order the...

11The power to require a person to pay a penalty...

12The power to make an order under section 11 directing...

13The power to give directions to trustees under section 15....

13AThe duty under section 23(4), and regulations made thereunder, to...

14The power under section 29(5) to give a notice waiving...

15The power under section 30(2) to exercise by order the...

15AThe power under section 58(7) to extend or further extend...

15BThe power under section 60(7) to extend or further extend...

16The power to make an order under section 67G(2) by...

17The power to make an order under section 67H(2) prohibiting,...

18The power to make an order under section 69 authorising...

19The power to make an order under section 71A modifying...

Part 3Functions under the Welfare Reform and Pensions Act 1999 (c. 30)

20The power by direction under section 2(3)(b) to remove a...

Part 4Functions under this Act

21The power to make or extend a restraining order under...

22The power to make an order under section 20(10) permitting...

23The power to make a repatriation order under section 21....

24The power to make a freezing order under section 23....

25The power to make an order under section 25(3) extending...

26The power to make an order under section 26 validating...

27The power to make an order under section 28 directing...

28The power to make an order under section 30 giving...

29The power to make an order under section 31(3) directing...

30The power to issue a contribution notice under section 38....

31The power to issue a direction under section 41(4) to...

32The power to issue a revised contribution notice under section...

33The power to issue a financial support direction under section...

34The power to issue a contribution notice under section 47....

35The power to issue a direction under section 50(4) to...

36The power to issue a revised contribution notice under section...

37The power to make a restoration order under section 52....

38The power to issue a contribution notice under section 55....

39The power to issue a notice under section 71 requiring...

40The power to make a direction under section 76(8) extending...

41The power to make a direction under section 78(10) extending...

42The power to make an order under section 231 modifying...

43The power to issue a ring-fencing notice under section 292....

44The power to vary or revoke under section 101—

SCHEDULE 3Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions

SCHEDULE 4The Pensions Regulator Tribunal

Part 1The Tribunal

1(1) The Lord Chancellor must appoint a panel of persons...

2(1) The Lord Chancellor must appoint one of the members...

Terms of office etc

3(1) Subject to the provisions of this Schedule, each member...

Remuneration and allowances

4The Lord Chancellor may pay, or make provision for paying,...

5(1) The Lord Chancellor may appoint such staff for the...

6The Lord Chancellor may pay, out of money provided by...

Part 2Constitution of the Tribunal

7(1) On a reference to the Tribunal, the persons to...

Part 3Tribunal Procedure

8For the purpose of dealing with references, or any matter...

9Rules made by the Lord Chancellor under section 102 may,...

Practice directions

10The President may give directions as to the practice and...

11(1) The Tribunal may by summons require any person to...

Decisions of the Tribunal

12(1) A decision of the Tribunal may be taken by...

13(1) If the Tribunal considers that a party to any...

Part 4Status etc

Disqualification

14In Part 3 of Schedule 1 to the House of...

15In Part 3 of Schedule 1 to the Northern Ireland...

The Parliamentary Commissioner for Administration

16In Schedule 4 to the Parliamentary Commissioner Act 1967 (c....

Judicial Pensions and Retirement Act 1993

17(1) The Judicial Pensions and Retirement Act 1993 (c. 8)...

Disclosure of information

18In section 449(1) of the Companies Act 1985 (c. 6)...

19In Schedule 15D to that Act (permitted disclosures of information)...

20In section 87(2) of the Companies Act 1989 (c. 40)...

21In section 50(2) of the Courts and Legal Services Act...

SCHEDULE 5The Board of the Pension Protection Fund

Part 1Members of the Board

Appointment of chairman

1The chairman of the Board is to be appointed by...

Appointment of ordinary members

2(1) The appointments of the first five ordinary members are...

Terms of appointment

3(1) The chairman and the ordinary members appointed by the...

Tenure of members

4(1) Subject to the following provisions, the chairman and any...

5Where a person ceases to be employed as Chief Executive,...

6No person is to be prevented from being a member...

Remuneration etc of members

7The Board may pay, or make provision for paying, its...

8The Board may— (a) pay to or in respect of...

9Where— (a) a non-executive member ceases to be a member...

Interpretation of Part 1

10In this Part “ordinary member” has the same meaning as...

Part 2Staff of the Board

11(1) The staff of the Board consists of—

The Chief Executive

12(1) The Board is to employ a person as its...

Other employees

13(1) Other employees of the Board may be appointed by...

Additional staff etc

14(1) The Secretary of State may make available to the...

Part 3Proceedings and delegation etc

15(1) The Board may establish committees for any purpose.

16The Board may determine— (a) its own procedure (including quorum),...

17(1) The Board may authorise— (a) any executive member of...

18(1) The Board may make arrangements for any of its...

19(1) Where the Board makes arrangements under paragraph 18(1) for...

Application of seal and proof of instruments

20(1) The fixing of the common seal of the Board...

21A document purporting to be duly executed under the seal...

22(1) The Board must— (a) keep proper accounts and proper...

23The Board may— (a) pay, or make provision for paying,...

Part 5Status and liability etc

24(1) The Board is not to be regarded—

25The validity of any proceedings of the Board (including any...

Disqualification

26In Schedule 1 to the House of Commons Disqualification Act...

27In Schedule 1 to the Northern Ireland Assembly Disqualification Act...

The Superannuation Act 1972

28(1) The persons to whom section 1 of the Superannuation...

Exemption from liability in damages

29(1) Neither the Board nor any person who is a...

SCHEDULE 6Transfer of property, rights and liabilities to the Board

1This Schedule applies where the property, rights and liabilities of...

2(1) Subject to sub-paragraph (2), the property, rights and liabilities...

3(1) Without prejudice to the generality of section 161 and...

4The transfer is binding on all persons, even if, apart...

5No person shall have any power, in consequence of the...

6Any reference in any agreement, document or instrument of any...

7(1) The Board must take all such steps as may...

SCHEDULE 7Pension compensation provisions

1This Schedule applies for the purposes of determining the compensation...

2In this Schedule references to “the assessment date” are to...

Pensions in payment at assessment date

3(1) Compensation is payable in accordance with this paragraph where,...

4(1) This paragraph applies where— (a) the pensioner dies on...

Pension benefits postponed at assessment date

5(1) Compensation is payable in accordance with this paragraph where...

6(1) This paragraph applies where the postponed pensioner—

7(1) Compensation is payable in accordance with this paragraph where...

Active members over normal pension age at assessment date

8(1) Compensation is payable in accordance with this paragraph where...

9(1) This paragraph applies where the active member dies on...

10(1) Compensation is payable in accordance with this paragraph where...

Active members who have not attained normal pension age at assessment date

11(1) Compensation is payable in accordance with this paragraph where...

12(1) This paragraph applies for the purposes of paragraph 11(4)(b)....

13(1) This paragraph applies where the active member dies on...

14(1) Compensation is payable in accordance with this paragraph where...

Deferred members who have not attained normal pension age at assessment date

15(1) Compensation is payable in accordance with this paragraph where,...

16(1) This paragraph applies for the purposes of paragraph 15(4)(b)....

17(1) This paragraph applies for the purposes of paragraph 15(4)(c)....

18(1) This paragraph applies where— (a) the deferred member dies...

19(1) Compensation is payable in accordance with this paragraph where,...

Compensation in respect of scheme right to transfer payment or contribution refund

20(1) Compensation is payable in accordance with this paragraph where—...

Pension credit members who have not attained normal benefit age at assessment date

21(1) Paragraphs 15, 18 and 19 apply in relation to...

Survivors who do not meet conditions for scheme benefits at assessment date

22(1) Compensation is payable in accordance with this paragraph where—...

Compensation in form of dependants' benefits

23(1) Regulations may provide for compensation to be payable, in...

Effect of discharge of liability during or immediately before assessment period

23A(1) This paragraph applies if— (a) at any time during...

Commutation of periodic compensation

24(1) In prescribed circumstances, a person entitled to periodic compensation...

Early payment of compensation

25(1) Regulations may prescribe circumstances in which, and conditions subject...

Compensation cap

26(1) Where— (a) a person becomes entitled to relevant compensation...

Increasing the compensation cap in line with earnings

27(1) This paragraph applies where, on a review under subsection...

Annual increase in periodic compensation

28(1) This paragraph provides for the increases mentioned in sub-paragraph...

Board’s powers to alter rates of revaluation and indexation

29(1) The Board may determine the percentage that is to...

Secretary of State’s powers to vary percentage paid as compensation

30(1) The Secretary of State may, on the recommendation of...

Special provision in relation to certain pensions in payment before the assessment date

31(1) The powers conferred by this paragraph are exercisable in...

Short periods of service which terminate on commencement of assessment period

32(1) This paragraph applies to a member of the scheme...

Power to modify Schedule in its application to certain schemes

33Where the scheme is a prescribed scheme or a scheme...

Normal pension age

34(1) In this Schedule “normal pension age”, in relation to...

Scheme rules, admissible rules etc

35(1) In this Schedule, in relation to the scheme, the...

Accrual rate, pensionable service and pensionable earnings

36(1) In this Schedule, in relation to a member’s entitlement...

Other definitions

37(1) In this Schedule— “deferred member”, in relation to the...

SCHEDULE 8Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

SCHEDULE 9Reviewable matters

1The issue of a determination notice under section 123 approving...

2The failure to issue a determination notice under section 123....

3The issue of, or failure to issue, a notice under...

3AThe issue of, or failure to issue, a validation notice...

4The issue of, or failure to issue—

5Any direction given under subsection (2) of section 134 (directions...

6The issue of a notice under section 136(2) (power to...

7The making of a loan under section 139(2) (loans to...

7AAny determination by the Board under section 141(2) (determination on...

8The failure by the Board to obtain an actuarial valuation...

9The approval of, or failure to approve, a valuation in...

10The issue of, or failure to issue, a withdrawal notice...

11The issue of, or failure to issue, a withdrawal notice...

12The issue of, or failure to issue, a determination notice...

13The issue of, or failure to issue, a determination notice...

14Any direction given under section 154(7) (directions about winding up...

15The failure by the Board to give a transfer notice...

16Any determination by the Board of a person’s entitlement to...

17Any failure by the Board to make a payment required...

17AThe making of a payment under section 166(2) (amount of...

18Any determination by the Board under section 181(3)(a) (the eligible...

19The amount of the initial levy or any pension protection...

20The making of a fraud compensation payment under section 182(1),...

21The issue of, or failure to issue, a notice under...

22Any settlement date determined by the Board under section 184(2)...

23Any determination by the Board under section 184(4) (recovery of...

24The making of a payment under section 186(1) (interim payments),...

25Any term or condition imposed by the Board—

26Any determination by the Board under section 186(3)(b) (interim payments)...

27Any date determined by the Board under section 187(4) (earliest...

28Any determination by the Board under section 187(6) (fraud compensation...

29Any determination by the Board under section 189(7)(a) (occupational pension...

30The amount of any fraud compensation levy payable in respect...

SCHEDULE 10Use and supply of information: private pensions policy and retirement planning

Use of information held by Secretary of State etc

1(1) Section 3 of the Social Security Act 1998 (c....

Supply of information held by tax authorities

2(1) This paragraph applies to information which is held—

Supply of housing benefit and council tax benefit information

3(1) Section 122D of the Social Security Administration Act 1992...

SCHEDULE 11Deferral of retirement pensions and shared additional pensions

Part 1Principal amendments of Social Security Contributions and Benefits Act 1992 (c. 4)

1In this Part of this Schedule “the principal Act” means...

2Schedule 5 to the principal Act (increase of pension where...

3For the heading, substitute “ PENSION INCREASE OR LUMP SUM...

4Before paragraph 1 insert— Choice between increase of pension and...

5For paragraph 1 (increase of pension where pensioner’s entitlement is...

6(1) In paragraph 2 (calculation of increment), in sub-paragraph (5)(b),...

7After paragraph 2 insert— (1) This paragraph applies where— (a) a person’s entitlement to...

8(1) After paragraph 3 insert— Lump sum where pensioner’s entitlement...

9After paragraph 3B (inserted by paragraph 8 of this Schedule)...

10(1) Paragraph 4 (increase of pension where pensioner’s deceased spouse...

11(1) After paragraph 7 insert— Entitlement to lump sum where...

12After paragraph 7B (inserted by paragraph 11 of this Schedule)...

13For the heading immediately preceding paragraph 8 substitute “Married couples”....

14In paragraph 8 (married couples)— (a) in sub-paragraph (3) for...

15After Schedule 5 to the principal Act insert— SCHEDULE 5A...

Part 2Consequential amendments

Social Security Contributions and Benefits Act 1992 (c. 4)

16The Social Security Contributions and Benefits Act 1992 is amended...

17In section 62(1) (graduated retirement benefit)— (a) in paragraph (a),...

18In section 122(1) (interpretation of Parts 1 to 6)—

19In section 176 (parliamentary control of subordinate legislation) in subsection...

Social Security Administration Act 1992 (c. 5)

20The Social Security Administration Act 1992 is amended as follows....

21In section 150 (annual up-rating of benefits)—

22In section 151 (up-rating—supplementary) in subsection (2)—

Welfare Reform and Pensions Act 1999 (c. 30)

23The Welfare Reform and Pensions Act 1999 is amended as...

24In section 50, omit subsection (2) (which amends provisions relating...

25In section 52(2) (power to make regulations preserving rights in...

Part 3Transitional provisions

Widowers' entitlement to increase of pension or widowed person’s lump sum

26In the case of a widower who attains pensionable age...

Transitional provision

27(1) The Secretary of State may by regulations make such...

SCHEDULE 12Minor and consequential amendments

Public Records Act 1958 (c. 51)

1In Schedule 1 to the Public Records Act 1958 (definition...

Superannuation Act 1972 (c. 11)

2(1) Schedule 1 to the Superannuation Act 1972 (kinds of...

Matrimonial Causes Act 1973 (c. 18)

3After section 25D of the Matrimonial Causes Act 1973 (pensions:...

Matrimonial and Family Proceedings Act 1984 (c. 42)

4(1) The Matrimonial and Family Proceedings Act 1984 is amended...

Companies Act 1985 (c. 6)

5(1) The Companies Act 1985 is amended as follows.

Companies Act 1989 (c. 40)

6In section 87 of the Companies Act 1989 (exception from...

Social Security Administration Act 1992 (c. 5)

7In section 122AA of the Social Security Administration Act 1992...

Tribunals and Inquiries Act 1992 (c. 53)

8(1) The Tribunals and Inquiries Act 1992 is amended as...

Pension Schemes Act 1993 (c. 48)

9The Pension Schemes Act 1993 is amended as follows.

10In section 53 (supervision: former contracted-out schemes), after subsection (1B)...

11(1) Section 56 (provision supplementary to provision relating to payment...

12In section 61 (deduction of contributions equivalent premium from refund...

13(1) Section 94 (right to cash equivalent) is amended as...

14In section 99 (trustees' duties after exercise of option)—

15In section 101J (time for compliance with transfer notice)—

16In section 111A (monitoring of employers' payments to personal pension...

17In section 113 (disclosure of information about schemes to members...

18After that section insert— Disclosure of information about transfers etc...

19In section 123 (interpretation of Chapter 2 of Part 7)...

20In section 124 (duty of Secretary of State to pay...

21In section 129(1) (overriding requirements),— (a) for “and IV” substitute...

22In section 130(b) (extra-statutory benefits), for “or IV” substitute “...

23In section 145 (the Pensions Ombudsman), after subsection (1) insert—...

24In section 146 (functions of the Pensions Ombudsman)—

25In section 149 (procedure on investigation by Pensions Ombudsman), in...

26(1) Section 158A (other disclosures by the Secretary of State)...

27In section 168(4) (penalties for contravention of regulations) after “the...

28In section 175 (levies)— (a) for subsection (8) substitute—

29In section 178 (power to make regulations as to the...

30(1) Section 179 (linked qualifying service) is amended as follows....

31In section 181(1) (general interpretation), in the definition of “transfer...

32In section 183(3) (sub-delegation), after “97(1)” insert “ , 101AF(1)...

33In section 192(2) (provisions extending to Northern Ireland)—

Pensions Act 1995 (c. 26)

34The Pensions Act 1995 is amended as follows.

35In section 4 (suspension orders), in subsections (3) and (5)...

36In section 7 (appointment of trustees)— (a) in subsection (1)...

37In section 9 (removal and appointment of trustees: property), after...

38In section 10 (civil penalties), in subsection (5)(a) omit “as...

39In section 15(4) (failure to comply with Authority’s direction) for...

40In section 22 (circumstances in which independent trustee provisions apply),...

41In section 25 (appointment and powers of independent trustees: further...

42In section 26 (insolvency practitioner or official receiver to give...

43Sections 26A to 26C are hereby repealed.

44In section 28 (consequences of prohibition on trustee being auditor...

45In section 29 (persons disqualified for being trustees), in subsection...

46In section 30 (persons disqualified: consequences)— (a) in subsection (2),...

47Omit section 30A (accessibility of register of disqualified trustees).

48In section 32 (decisions of trustees by a majority)—

49In section 34 (powers of investment and delegation) in subsection...

50(1) Section 38 (power to defer winding up) is amended...

51In section 40 (restriction on employer-related investments), in subsection (4)...

52In section 41 (provision of documents for members)—

53In section 47 (professional advisers), in subsections (3), (8) and...

54In section 49 (other responsibilities of trustees, employers, etc)—

55In section 49A (record of winding up decisions) omit subsection...

56In section 68 (power of trustees to modify schemes by...

57In section 69 (grounds for applying for modifications)—

58In section 71A(4)(d) (power to make provision in relation to...

59In section 72A (reports to Authority about winding up) omit...

60In section 72C (duty to comply with directions for facilitating...

61In section 73 (preferential liabilities on winding up) in subsection...

62In section 76 (excess assets on winding up)—

63In section 77 (excess assets remaining after winding up: power...

64In section 87 (schedules of payment to money purchase schemes)...

65In section 88 (provision supplementary to section 87) omit subsection...

66In section 89 (application of further provisions to money purchase...

67In section 118 (powers to modify Part 1 of the...

68In section 119 (calculations etc under regulations: sub-delegation), for “73(3)”...

69(1) Section 124 (interpretation of Part 1) is amended as...

Bank of England Act 1998 (c. 11)

70In Schedule 7 to the Bank of England Act 1998...

Welfare Reform and Pensions Act 1999 (c. 30)

71The Welfare Reform and Pensions Act 1999 is amended as...

72In section 1 (stakeholder pension schemes), in subsection (6), after...

73In section 2 (registration of stakeholder pension schemes)—

74In section 8(2)(a) (providing for stakeholder pension schemes to be...

75In section 38 (treatment in winding up)—

76(1) Paragraph 1 of Schedule 1 (application of enactments relating...

77(1) Schedule 5 (pension credits: mode of discharge) is amended...

Terrorism Act 2000 (c. 11)

78In Schedule 3A to the Terrorism Act 2000 (regulated sector...

Freedom of Information Act 2000 (c. 36)

79In Schedule 1 to the Freedom of Information Act 2000...

Proceeds of Crime Act 2002 (c. 29)

80In Schedule 9 to the Proceeds of Crime Act 2002...

SCHEDULE 13Repeals and revocations

Part 2Revocations

Pensions Act 2004

2004 c. 35

An Act to make provision relating to pensions and financial planning for retirement and provision relating to entitlement to bereavement payments, and for connected purposes.

[18th November 2004]

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—