Pensions Act 2014

Part 3 Interpretation etc

Interpretation etc

15 (1) In this Schedule—

• “active member”—

  (a)

  in relation to an occupational pension scheme, has the meaning given by section 124(1) of the Pensions Act 1995, and

  (b)

  in relation to a personal pension scheme, means a member of the scheme in respect of whom contributions are being paid into the scheme;

• “automatic transfer scheme” has the meaning given by paragraph 1(2);

• “managers”, in relation to a pension scheme (other than a scheme established under a trust), means the persons responsible for the management of the scheme;

• “money purchase benefits” has the meaning given by section 181(1) of the Pension Schemes Act 1993;

• “money purchase scheme” has the meaning given by section 181(1) of the Pension Schemes Act 1993;

• “occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;

• “pension scheme” means—

  (a)

  an occupational pension scheme, or

  (b)

  a personal pension scheme;

• “personal pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;

• “prescribed” means prescribed by regulations made by the Secretary of State;

• “qualifying member” has the meaning given by paragraph 1(3);

• “the Regulator” means the Pensions Regulator;

• “transferable benefits”, and references to a person having transferable benefits, are to be read in accordance with paragraph 1(4);

• “transferable benefits scheme” has the meaning given by paragraph 1(5);

• “transfer notice” means a notice given under regulations made because of paragraph 3;

• “work-based pension scheme” means—

  (a)

  an occupational pension scheme,

  (b)

  a personal pension scheme where direct payment arrangements (within the meaning of section 111A of the Pension Schemes Act 1993) exist in respect of one or more members of the scheme who are workers, or

  (c)

  a personal pension scheme which is or has been registered under section 2 of the Welfare Reform and Pensions Act 1999 (stakeholder pension schemes);

• “worker” means a person—

  (a)

  who is a worker for the purposes of Part 1 of the Pensions Act 2008, or

  (b)

  to whom a provision of Part 1 of that Act applies as if the person were a worker because of a provision of Chapter 8 of that Part;

  but for the purposes of paragraph (b), ignore section 92 of that Act.

(2) The Secretary of State may by regulations make provision about when contributions to a pension scheme are to be regarded as having ceased for the purposes of paragraph 1(4)(c) or 14(4).

Crown application

16 (1) This Schedule applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension schemes.

(2) Accordingly, references in this Schedule to a person in the person’s capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that capacity.

(3) This Schedule applies to persons employed by or under the Crown as it applies to persons employed by a private person.

Overriding provision

17 (1) Regulations under this Schedule may provide that specified provisions override any provision of an automatic transfer scheme or transferable benefits scheme to the extent that it conflicts with them.

(2) A “specified provision” is a provision of regulations under this Schedule specified in the regulations for the purposes of this paragraph.

Other provision relating to regulations under this Schedule

18 (1) Regulations under this Schedule may amend or otherwise modify any enactment (whenever passed or made).

(2) Regulations made because of sub-paragraph (1) may in particular amend section 175(1) of the Pension Schemes Act 1993 (levies towards certain expenditure) so as to include expenditure of the Secretary of State or the Commissioners for Her Majesty’s Revenue and Customs under the regulations.

(3) In this paragraph “enactment” includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978.

19 Before making any regulations under this Schedule, the Secretary of State must consult such persons as the Secretary of State considers appropriate.

Amendments

20 (1) The Pension Schemes Act 1993 is amended as follows.

(2) In section 94(2A) (right to cash equivalent)—

(a) in paragraph (a), after sub-paragraph (vii) insert—

“(viii) regulations made under Schedule 17 to the Pensions Act 2014;”;

(b) in paragraph (b), after sub-paragraph (v) insert—

“(vi) regulations made under paragraph 17 of Schedule 17 to the Pensions Act 2014;”.

(3) In section 101AI(8) (rights to cash transfer sum and contribution refund: further provisions)—

(a) in paragraph (a), after sub-paragraph (vii) insert—

“(viii) regulations made under Schedule 17 to the Pensions Act 2014;”;

(b) in paragraph (b), after sub-paragraph (v) insert—

“(vi) regulations made under paragraph 17 of Schedule 17 to the Pensions Act 2014;”.

21 In section 256 of the Pensions Act 2004 (no indemnification for fines or civil penalties), in subsection (1)(b)—

(a) for “or section” substitute “, section”;

(b) after “2008” insert “or paragraph 10 of Schedule 17 to the Pensions Act 2014”.