Pension Schemes Act 2015 (c. 8)

SCHEDULES

SCHEDULE 4 E+W+S Rights to transfer benefits

PART 1 E+W+S Great Britain amendments

Pensions Act 2004 (c. 35) E+W+S

34 E+W+S The Pensions Act 2004 is amended as follows.

35 (1) Section 18 (pension liberation: interpretation) is amended as follows. E+W+S

(2) In subsection (2)(a)—

(a) after “accrued rights” insert “ or an entitlement ”;

(b) in sub-paragraph (ii), for “the applicable rules” substitute “ the scheme rules ”.

(3) In subsection (3)—

(a) for paragraph (a) substitute—

“(a) section 94 of the Pension Schemes Act 1993 (right to cash equivalent under Chapter 1 of Part 4ZA of that Act);”;

(b) in paragraph (b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.

(4) In subsection (4)(d), for “the applicable rules” substitute “ the scheme rules ”.

(5) Omit subsection (5).

36 E+W+S In section 23 (freezing orders), in subsection (4)(g), for “salary related schemes” substitute “ benefits other than money purchase ”.

37 E+W+S In section 24 (consequences of freezing order), in subsection (7), for paragraphs (a) and (b) substitute—

“(a) Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 (transfer rights: general), or

(b) Chapter 2 of that Part (early leavers: cash transfer sums and contribution refunds),”.

38 E+W+S In section 73 (inspection of premises), in subsection (2)(d)—

(a) for “Chapter 4 of Part 4” substitute “ Chapter 1 of Part 4ZA ”;

(b) for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.

39 E+W+S In section 135 (restrictions on winding up, discharge of liabilities etc), in subsection (6)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.

40 E+W+S In section 138 (payment of scheme benefits), in subsection (3)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.

41 (1) Section 318 (interpretation) is amended as follows. E+W+S

(2) In subsection (2), for “an occupational pension scheme” substitute “ a pension scheme ”.

(3) In subsection (3)(a), for sub-paragraph (ii) substitute—

“(ii) Chapter 2 or 3 of Part 4 of the Pension Schemes Act 1993 (certain protection for early leavers) or regulations made under either of those Chapters;

(iia) Chapter 1 or 2 of Part 4ZA of that Act (transfers and contribution refunds) or regulations made under either of those Chapters;”.

42 (1) Schedule 7 (pension compensation provisions) is amended as follows. E+W+S

(2) In paragraph 20(1)(c), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.

(3) In paragraph 32(1)(b), for “Chapter 5 of Part 4” substitute “ Chapter 2 of Part 4ZA ”.