The Pensions Act 2014 (Commencement No.7) and (Savings) (Amendment) Order 2015

EXPLANATORY NOTE

(This note is not part of the Order)

This is the seventh Commencement Order made under the Pensions Act 2014 (c.19). It brings into force paragraph 6(3) of Schedule 12 to the Pensions Act 2014 to enable regulations to be made in relation to National Insurance credits in the new state pension system.

This Order also makes amendments to the Pensions Act 2014 (Savings) Order 2015 (S.I. 2015/1502). Sections 12A to 12D of the Pensions Act 1993 (c.48) (“the 1993 Act”) are saved in relation to a former salary related contracted-out scheme which operates a reference scheme minimum benefit which is defined by reference to section 12B of the 1993 Act. Section 50 of the 1993 Act is saved for a period of 3 years in relation to salary related contracted-out schemes that ceased to be such schemes before the second abolition date. Section 87(1)(a) of the 1993 Act is saved in relation to an earner whose service in contracted-out employment ended before the second abolition date.

An analysis of the impact of this legislation has been made as part of the analysis of the Pensions Act 2014. A copy is available in the libraries of both Houses of Parliament. Copies may also be obtained from the Better Regulation Unit of the Department for Work and Pensions, 2D, Caxton House, Tothill Street, London SW1H 9NA.