Source: http://www.legislation.gov.uk/ukpga/2008/30/schedules/prospective
Timestamp: 2013-05-22 22:48:45
Document Index: 200260104

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Status:Point in time view latest with prospective.Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Pensions Act 2008. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationChanges and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.Changes and effects yet to be applied to :Changes and effectsThis section lists the changes and effects yet to be applied to the specific provision you are viewing.Pt. 1 applied (with modifications) by S.I. 2012/1388 art. 2s. 1 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 2 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 2(1) excluded by SI 2010/772 reg. 5A (as inserted) by S.I. 2012/1477 reg. 2s. 2(3) substituted by 2011 c. 19 s. 4(1)s. 3 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 3(1) substituted by 2011 c. 19 s. 5(1)s. 3(1)(c) word substituted by S.I. 2012/1506 art. 2(1)s. 3(2) excluded by SI 2010/772 reg. 5A (as inserted) by S.I. 2012/1477 reg. 2s. 3(6A)(6B) inserted by 2011 c. 19 s. 5(2)s. 3(6B) modified by S.I. 2012/1506 art. 3s. 3(7) words inserted by 2011 c. 19 s. 6(1)s. 4 substituted by 2011 c. 19 s. 6(2)s. 5 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 5(1) substituted by 2011 c. 19 s. 5(3)s. 5(1)(c) word substituted by S.I. 2012/1506 art. 2(1)s. 5(1A)(1B) inserted by 2011 c. 19 s. 4(2)s. 5(2) excluded by SI 2010/772 reg. 14 (as substituted) by S.I. 2012/215 reg. 22s. 5(2) excluded by SI 2010/772 reg. 5A (as inserted) by S.I. 2012/1477 reg. 2s. 5(4) substituted by 2011 c. 19 s. 4(3)s. 5(5) omitted by 2011 c. 19 s. 6(3)s. 5(7B) modified by S.I. 2012/1506 art. 3s. 5(8) words omitted by 2011 c. 19 s. 4(4)s. 6 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 6(1)(b) words substituted by 2011 c. 19 s. 7s. 6(3)(6) omitted by 2011 c. 19 s. 6(4)(a)s. 6(4) words substituted by 2011 c. 19 s. 6(4)(b)s. 6(4)(a) words omitted by 2011 c. 19 s. 4(5)(a)s. 6(4)(a) words omitted by 2011 c. 19 s. 4(5)(b)s. 6(4)(b) words omitted by 2011 c. 19 s. 4(5)(c)s. 6(4)(c) word substituted by 2011 c. 19 s. 4(5)(d)s. 6(5) words substituted by 2011 c. 19 s. 6(4)(c)s. 7 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 7(2)(b) and word omitted by 2011 c. 19 s. 6(5)s. 7(3) excluded by SI 2010/772 reg. 5A (as inserted) by S.I. 2012/1477 reg. 2s. 8 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 9 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 9(2) excluded by SI 2010/772 reg. 5A (as inserted) by S.I. 2012/1477 reg. 2s. 9(7A)(7B) inserted by 2011 c. 19 s. 5(4)s. 10 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 13 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 13 cross-heading substituted by 2011 c. 19 s. 8(2)s. 13(1)(a) word substituted by S.I. 2012/1506 art. 2(2)(a)s. 13(1)(b) word substituted by S.I. 2012/1506 art. 2(2)(b)s. 13(2) modified by S.I. 2012/1506 art. 3s. 14 Coming into force by S.I. 2012/683 art. 2(1)s. 14 substituted by 2011 c. 19 s. 8(1)s. 15 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 16 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 16(1)(b) excluded by S.I. 2010/772 reg. 47s. 16(4)(5) inserted by 2011 c. 19 s. 10(3)s. 17 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 18 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 19 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 20 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 20(1) modified by S.I. 2010/772 reg. 45(2)s. 20(2) omitted by S.I. 2011/1724 reg. 3s. 21 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 21 modified by S.I. 2010/772 reg. 45(4)s. 22 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 22(8) inserted by 2011 c. 19 s. 11(1)s. 23 excluded by S.I. 2010/772 reg. 42(2)s. 23 modified by S.I. 2010/772 reg. 41(2)s. 23 substituted by 2011 c. 19 s. 11(2)s. 24 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 24 applied (with modifications) by S.I. 2010/772 reg. 45(5)(6)s. 26 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 26(8) omitted by S.I. 2011/1724 reg. 3s. 28 Coming into force by S.I. 2012/683 art. 2(2)(b)s. 28 heading substituted by 2011 c. 19 s. 12(2)s. 28(1) words substituted by 2011 c. 19 s. 12(3)s. 28(1A) inserted by 2011 c. 19 s. 12(4)s. 28(2) words substituted by 2011 c. 19 s. 12(5)(a)s. 28(2) words substituted by 2011 c. 19 s. 12(5)(b)s. 28(2)(b) and word inserted by 2011 c. 19 s. 12(5)(c)s. 28(3A) inserted by 2011 c. 19 s. 13(2)s. 28(4)(d) inserted by 2011 c. 19 s. 13(3)s. 28(6)(e) words substituted by 2011 c. 19 s. 12(7)(a)s. 28(6)(e)(f) words substituted by 2011 c. 19 s. 13(4)s. 28(6)(f) words substituted by 2011 c. 19 s. 12(7)(b)s. 28(8) words substituted by 2011 c. 19 s. 13(5)(a)s. 28(8)(b) and word inserted by 2011 c. 19 s. 13(5)(b)s. 29 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 30 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 30(3) words substituted by 2011 c. 19 s. 14(2)s. 30(4) words substituted by 2011 c. 19 s. 14(3)s. 30(5) words inserted by 2011 c. 19 s. 15(2)s. 30(6)(b) words omitted by 2011 c. 19 s. 15(3)s. 30(7) words substituted by 2011 c. 19 s. 6(6)(a)s. 30(7) words substituted by 2011 c. 19 s. 6(6)(b)s. 30(7)(b) inserted by 2011 c. 19 s. 6(6)(c)s. 30(7A) inserted by 2011 c. 19 s. 14(4)s. 31 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 32 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 32 heading words inserted by 2011 c. 19 s. 16s. 32(1) words inserted by 2011 c. 19 s. 16s. 32(1)(b) words substituted by 2011 c. 19 s. 12(8)s. 33 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 34 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 35 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 36 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 37 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 38 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 39 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 40(1)(a)-(c) Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 40(1)(d) Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 40(2)-(5) Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 40(5)(g) words substituted by S.I. 2010/22 Sch. 2 para. 147s. 41(1)(a)-(c) Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 41(1)(d) Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 41(2)-(6) Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 41(2)(b) words substituted by S.I. 2010/22 Sch. 2 para. 148s. 41(6)(f) words substituted by S.I. 2010/22 Sch. 2 para. 148s. 42 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 43 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 44 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 44 heading words substituted by S.I. 2010/22 Sch. 2 para. 149(a)s. 44(1) words substituted by S.I. 2010/22 Sch. 2 para. 149(b)s. 44(3) words substituted by S.I. 2010/22 Sch. 2 para. 149(b)s. 44(4A) inserted by S.I. 2010/22 Sch. 2 para. 149(c)s. 44(5) repealed by 2010 c. 4 (N.I.) Sch. 3s. 44(5)-(9) repealed by S.I. 2010/22 Sch. 4 Pt. 2s. 44(8) (9) repealed by 2010 c. 4 (N.I.) Sch. 3s. 45 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 46 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 47 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 48 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 49 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 50 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 51 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 52 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 53 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 53 heading words substituted by S.I. 2010/22 Sch. 2 para. 150s. 53(2) words substituted by S.I. 2010/22 Sch. 2 para. 150s. 54 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 54 excluded by SI 2010/772 reg. 5A (as inserted) by S.I. 2012/1477 reg. 2s. 54(1)(a) words substituted by 2011 c. 19 s. 4(6)(a)s. 54(1)(b) words substituted by 2011 c. 19 s. 4(6)(b)s. 55 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 56 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 57(1)(2) Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 57(4)-(7) Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 58 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 59 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 60(1)(c) words substituted by 2011 c. 19 s. 36(2)s. 61 Coming into force by S.I. 2012/1682 art. 2 Sch. 2ss. 62-64 Coming into force by S.I. 2009/82 art. 2s. 66 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 67(3) omitted by 2010 c. 33 s. 30(2)(a)s. 67(4) words substituted by 2010 c. 33 s. 30(2)(b)s. 79-85 repealed by S.I. 2010/911 art. 8(1)(c)s. 88 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 89 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 90 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 91 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 92 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 93 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 94 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 95 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 95(1) words inserted by 2011 c. 13 Sch. 16 para. 371(2)s. 95(2) words inserted by 2011 c. 13 Sch. 16 para. 371(3)(a)s. 95(2) words inserted by 2011 c. 13 Sch. 16 para. 371(3)(b)s. 96 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 97 Coming into force by S.I. 2012/1682 art. 2 Sch. 1s. 99 words substituted by 2011 c. 19 s. 29(3)s. 100 Coming into force by S.I. 2009/82 art. 2s. 101 Coming into force by S.I. 2009/82 art. 2s. 102(7) words substituted by 2011 c. 19 Sch. 3 para. 13s. 127 Coming into force by S.I. 2012/1682 art. 2 Sch. 2s. 128 Coming into force by S.I. 2009/82 art. 2s. 130 Coming into force by S.I. 2009/82 art. 2s. 132 Coming into force by S.I. 2009/82 art. 2s. 138 Coming into force by S.I. 2009/82 art. 2s. 139 Coming into force by S.I. 2009/82 art. 2s. 143(5)(c) word inserted by 2011 c. 19 s. 8(3)s. 148 Coming into force by S.I. 2009/82 art. 2s. 150 words substituted by 2011 c. 19 s. 36(3)Sch. 1 modified by S.I. 2010/911 art. 9Sch. 1 para. 25 repealed by 2010 c. 15 Sch. 27 Pt. 1A (as inserted) by S.I. 2011/1060 art. 3(3)(a) Sch. 3Sch. 2 Pt. 1 Coming into force by S.I. 2009/82 art. 2Sch. 2 Pt. 3 Coming into force by S.I. 2009/82 art. 2Sch. 5 para. 6(4) entry inserted by 2011 c. 19 Sch. 4 para. 31(4)(c)Sch. 5 para. 6(4) entry omitted by 2011 c. 19 Sch. 4 para. 31(4)(a)Sch. 5 para. 17(4A)(4B) inserted by 2011 c. 19 s. 20(7)Sch. 5 para. 16A and cross-heading inserted by 2011 c. 19 Sch. 4 para. 30(2)Sch. 5 para. 4(3)(aa) inserted by 2011 c. 19 Sch. 4 para. 31(1)(b)Sch. 5 para. 6(3)(ba) inserted by 2011 c. 19 Sch. 4 para. 31(3)(b)Sch. 5 para. 5(3A) inserted by 2011 c. 19 Sch. 4 para. 32(1)(b)Sch. 5 para. 7(3A) inserted by 2011 c. 19 Sch. 4 para. 32(2)(c)Sch. 5 para. 12(5)(6) inserted by 2011 c. 19 Sch. 4 para. 34(1)(b)Sch. 5 para. 15(4) inserted by 2011 c. 19 Sch. 4 para. 34(2)Sch. 5 para. 17(7A) inserted by 2011 c. 19 Sch. 4 para. 35(4)Sch. 5 para. 20(5A) inserted by 2011 c. 19 Sch. 4 para. 36Sch. 5 para. 11 omitted by 2011 c. 19 Sch. 4 para. 30(1)Sch. 5 para. 4(3)(a) word omitted by 2011 c. 19 Sch. 4 para. 31(1)(a)Sch. 5 para. 6(3)(b) word omitted by 2011 c. 19 Sch. 4 para. 31(3)(a)Sch. 5 para. 6(4) word omitted by 2011 c. 19 Sch. 4 para. 31(4)(b)Sch. 5 para. 17(4)(a) word omitted by 2011 c. 19 Sch. 4 para. 35(2)(a)Sch. 5 para. 9(1) word substituted by 2011 c. 19 Sch. 4 para. 33Sch. 5 para. 4(4) words inserted by 2011 c. 19 Sch. 4 para. 31(2)Sch. 5 para. 5(3) words inserted by 2011 c. 19 Sch. 4 para. 32(1)(a)Sch. 5 para. 7(3)(a) words inserted by 2011 c. 19 Sch. 4 para. 32(2)(a)Sch. 5 para. 7(3)(b) words inserted by 2011 c. 19 Sch. 4 para. 32(2)(b)Sch. 5 para. 17(4) words inserted by 2011 c. 19 Sch. 4 para. 35(2)(b)Sch. 5 para. 17(7) words inserted by 2011 c. 19 Sch. 4 para. 35(3)(a)Sch. 5 para. 17(7) words inserted by 2011 c. 19 Sch. 4 para. 35(3)(b)Sch. 5 para. 12(4) words omitted by 2011 c. 19 Sch. 4 para. 34(1)(a)(i)Sch. 5 para. 12(4) words omitted by 2011 c. 19 Sch. 4 para. 34(1)(a)(ii)Sch. 5 para. 17(4) words substituted by 2011 c. 19 s. 20(6)Sch. 8 para. 10 omitted by 2011 c. 19 Sch. 4 para. 20Sch. 8 para. 11 omitted by 2011 c. 19 Sch. 4 para. 20Sch. 11 Pt. 2 Coming into force by S.I. 2009/82 art. 2Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Whole provisions yet to be inserted into this Act (including any effects on those provisions):s. 15A Coming into force by S.I. 2012/683 art. 2(2)(a)s. 15A inserted by 2011 c. 19 s. 9s. 16(3)(a)-(ab) substituted for s. 16(3)(a) by 2011 c. 19 s. 10(2)s. 28(2A)-(2C) inserted by 2011 c. 19 s. 12(6)s. 99A inserted by 2011 c. 19 s. 29(4)s. 144A inserted by 2011 c. 19 s. 36(1)Commencement Orders yet to be applied to the Pensions Act 2008:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Act into force:S.I. 2008/3241 art. 2 commences (2008 c. 30)S.I. 2009/82 art. 2 commences (2008 c. 30)S.I. 2009/809 art. 2 commences (2008 c. 30)S.I. 2009/1566 art. 2 commences (2008 c. 30)S.I. 2010/10 art. 2(a) commences (2008 c. 30)S.I. 2010/467 art. 2 commences (2008 c. 30)S.I. 2010/1145 art. 2 commences (2008 c. 30)S.I. 2010/1221 art. 2 commences (2008 c. 30)S.I. 2011/664 art. 2 commences (2008 c. 30)S.I. 2011/1266 art. 2 commences (2008 c. 30)S.I. 2011/3033 art. 2 commences (2008 c. 30)Commencement Orders bringing legislation that affects this Act into force:S.I. 2011/3019 art. 3 Sch. 1 commences (2011 c. 13)S.I. 2011/3034 art. 2-4 commences (2011 c. 19)S.I. 2012/682 art. 2(a) commences (2011 c. 19)S.I. 2012/1681 art. 2(1)(a) art. 2(1)(b) art. 2(1)(c) art. 2(1)(d) art. 2(1)(e) art. 2(2)(a) art. 2(2)(b) art. 2(2)(d) commences (2011 c. 19)S.R. 2010/101 art. 2 commences (2010 c. 4 (N.I.))SCHEDULESSection 75SCHEDULE 1E+W+S+N.I.The trustee corporation Part 1 E+W+S+N.I.Members and employeesMembersE+W+S+N.I.1(1)Appointments of members of the corporation, and of a member as chair of the corporation, are to be made—E+W+S+N.I.(a)by the Secretary of State, if they take effect on the commencement of section 75(1) or in the initial period;(b)by the corporation, if they take effect after the initial period.(2)Subject to sub-paragraph (3), the Secretary of State must consult the chair of the corporation before appointing an ordinary member (that is, a member who is not, on appointment, also appointed as chair).(3)A vacancy in the office of chair does not prevent the appointment of an ordinary member.(4)The Secretary of State and the corporation must aim to ensure that, from the end of the initial period, there are not fewer than 9 and not more than 15 members at any time.(5)It is for the Secretary of State to determine the length of the initial period.(6)An order under section 67 may provide for section 242 of the Pensions Act 2004 (c. 35) (member-nominated directors of corporate trustees) to apply to the members of the corporation as it applies to the directors of a company, subject to any modifications specified in the order.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI1Sch. 1 para. 1 partly in force; Sch. 1 para. 1 in force for certain purposes at Royal Assent see s. 149Conflicts of interestE+W+S+N.I.2(1)The Secretary of State and, under paragraph 1(1)(b), the corporation must satisfy themselves that a person to be appointed as a member does not have a conflict of interest.E+W+S+N.I.(2)The Secretary of State and the corporation must also satisfy themselves from time to time that none of the members has a conflict of interest.(3)A member of the corporation, or a person the Secretary of State or the corporation proposes to appoint as a member, must provide the Secretary of State on request with any information the Secretary of State considers necessary for the purposes of sub-paragraph (1) or (2).(4)A member of the corporation, or a person the corporation proposes to appoint as a member, must provide the corporation on request with any information the corporation considers necessary for the purposes of sub-paragraph (1) or (2).(5)In this paragraph and paragraph 3 “conflict of interest”, in relation to a person, means a financial or other interest which is likely to affect prejudicially that person's discharge of functions as a member of the trustee corporation.(6)But for the purposes of this paragraph and paragraph 3 a person is not to be taken to have a conflict of interest for these reasons alone—(a)being or having previously been engaged, on behalf of the relevant authority, in activities connected with the discharge of the authority's functions relating to occupational pension schemes or personal pension schemes;(b)having previously been a trustee or manager of such a scheme or an employee of such a trustee or manager.Disqualification and removalE+W+S+N.I.3(1)A person is disqualified for appointment as a member if—E+W+S+N.I.(a)prohibited by an order under section 3 of the Pensions Act 1995 (c. 26) or Article 3 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) from being a trustee of trust schemes in general, or(b)suspended by an order under section 4 of that Act or Article 4 of that Order as a trustee of any scheme.(2)While the trustee corporation is a trustee of a scheme established under section 67, section 3 of that Act applies in relation to being a member of the trustee corporation as it applies in relation to being a trustee of the scheme.(3)The Pensions Regulator may also make an order under section 3 of that Act as applied by sub-paragraph (2) at any time when it would have power to make an order under section 4 of that Act (suspension) if the person were a trustee of the scheme.4(1)A person is disqualified for appointment as a member if disqualified under section 29 of the Pensions Act 1995 or Article 29 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) for being a trustee of a trust scheme.E+W+S+N.I.(2)A person is not disqualified under this paragraph if the Pensions Regulator has given the person a general waiver under section 29(5) of that Act or Article 29(5) of that Order.(3)The Pensions Regulator may, on the application of a person disqualified under this paragraph, give the person notice in writing waiving the disqualification.(4)A member who becomes disqualified under sub-paragraph (1) ceases to be a member.5The Secretary of State may remove a member from office if satisfied that the member—E+W+S+N.I.(a)has a conflict of interest,(b)is unfit for office by reason of misconduct,(c)has failed to comply with the terms of appointment,(d)has without reasonable excuse failed to discharge the functions of the office, or(e)is otherwise incapable of discharging, or unfit or unwilling to discharge, the functions of the office.Tenure of officeE+W+S+N.I.6(1)A person holds and vacates office as a member or as chair in accordance with the terms of the appointment (subject to this Schedule).E+W+S+N.I.(2)A person's appointment as a member or as chair must state the period for which the appointment is made.(3)The period must not be more than five years.(4)At the end of the period the person is eligible for re-appointment, but may not be re-appointed more than once.(5)A person may resign as a member by notice in writing to the chair.(6)A person may resign as chair by notice in writing to the Secretary of State.(7)A person's appointment as chair ceases if the person ceases to be a member.Remuneration etcE+W+S+N.I.7(1)The trustee corporation may—E+W+S+N.I.(a)pay to the members such remuneration, and(b)pay to or in respect of them such sums by way of or in respect of allowances and gratuities,as the Secretary of State may determine.
StaffE+W+S+N.I.8(1)The trustee corporation may appoint employees and make any other arrangements for its staffing that it thinks fit.E+W+S+N.I.(2)Employees are appointed and hold their employment on terms and conditions, including remuneration, determined by the trustee corporation.(3)The trustee corporation must—(a)pay to or in respect of employees such pensions, allowances or gratuities as it may determine, or(b)provide and maintain for them such pension schemes (whether contributory or not) as it may determine. Part 2 E+W+S+N.I.Proceedings etcCommittees and advisory committeesE+W+S+N.I.9(1)The trustee corporation may—E+W+S+N.I.(a)establish a committee for the purpose of discharging any of its functions;(b)establish a committee for the purpose of giving the corporation advice about matters relating to the discharge of its functions.(2)A committee may include persons (including persons constituting a majority, but not the whole, of the committee) who are neither members nor employees of the trustee corporation.(3)Where a person who is neither a member nor an employee of the trustee corporation is a member of a committee, the trustee corporation may pay to that person such remuneration and expenses as it may determine.10(1)A committee of the trustee corporation may establish a sub-committee.E+W+S+N.I.(2)Every member of a sub-committee must be a member of the committee which established it.ProceedingsE+W+S+N.I.11(1)The trustee corporation may, subject to this Schedule—E+W+S+N.I.(a)regulate its own procedure;(b)regulate the procedure of its committees or sub-committees;(c)enable committees or sub-committees to regulate their own procedure subject to any provision made by the corporation.(2)The trustee corporation must publish, in such manner as it thinks fit, its own procedures and those of its committees and sub-committees.(3)This paragraph has effect subject to paragraph 13 (disqualification for acting in relation to certain matters).12The trustee corporation must make arrangements for the keeping of proper records—E+W+S+N.I.(a)of its proceedings,(b)of the proceedings of its committees and sub-committees,(c)of anything done by an employee or member of the corporation under paragraph 14(a) or (b) (delegation to member or employee).Disqualification for acting in relation to certain mattersE+W+S+N.I.13(1)This paragraph applies if at any meeting of—E+W+S+N.I.(a)the trustee corporation, or(b)any committee or sub-committee,a member of the trustee corporation or, as the case may be, of the committee or sub-committee has a direct or indirect interest in any matter falling to be considered at the meeting.
(2)The person with the interest must declare it and the declaration must be recorded in the minutes of the meeting.(3)The person with the interest may not take part in any discussion or decision relating to the matter in which he has an interest, unless—(a)in the case of a meeting of the trustee corporation the other members who are present when the discussion or decision falls to take place or is made have resolved unanimously that the interest is to be disregarded, or(b)in the case of a meeting of a committee or sub-committee, the other members of the committee or sub-committee who are present when the discussion or decision falls to take place or is made have resolved in the manner authorised by the trustee corporation that the interest is to be disregarded.(4)In granting authorisations for the purposes of sub-paragraph (3)(b), the trustee corporation must secure that a resolution for those purposes does not allow a person to take part in a discussion or decision at a meeting of a committee established by virtue of paragraph 9(1)(a) or of a sub-committee of such a committee unless at least the following requirements are met—(a)the number of other members of the committee or sub-committee in favour of the resolution is not less than two-thirds of those who are both present and entitled to vote on the resolution, and(b)the number of other members of the committee or sub-committee in favour of the resolution is not less than its quorum.(5)For the purposes of this paragraph a general notification given at or sent to a relevant meeting that—(a)a person—(i)has an interest (as member, officer, employee or otherwise) in a specified body corporate or firm, or(ii)is connected with a specified person (other than a body corporate or firm), and(b)the person is to be regarded as interested in any matter involving that body corporate or firm or, as the case may be, person,is to be regarded as compliance with sub-paragraph (2) in relation to any such matter for the purposes of that meeting and any subsequent relevant meeting of the same type which is held while the notification is in force.
(6)Section 252 of the Companies Act 2006 (c. 46) (persons connected with a director) applies for determining whether a person is connected with another person for the purposes of sub-paragraph (5) as it applies for determining whether a person is connected with a director of a company.(7)A notification for the purposes of sub-paragraph (5) remains in force until it is withdrawn.(8)For the purposes of sub-paragraph (5) each of the following is a “relevant meeting”—(a)a meeting of the trustee corporation,(b)a meeting of a committee,(c)a meeting of a sub-committee,and a relevant meeting is of the same type as another relevant meeting if both meetings are relevant meetings by virtue of falling within the same paragraph of this sub-paragraph.
(9)A person required to make a declaration for the purposes of this paragraph in relation to any meeting—(a)is not required to attend the meeting, but(b)is to be taken to have complied with the requirements of this paragraph if he takes reasonable steps to secure that notice of his interest is read out at, and taken into consideration at, the meeting.(10)For the purposes of this paragraph a person is not to be taken to have an interest in any matter for these reasons only—(a)being or having previously been engaged, on behalf of the relevant authority, in activities connected with the discharge of the authority's functions relating to occupational pension schemes or personal pension schemes, or(b)having previously been a trustee or manager of such a scheme or an employee of such a trustee or manager.DelegationE+W+S+N.I.14The trustee corporation may, subject to an order or rules under section 67, delegate any function conferred on it to—E+W+S+N.I.(a)a member,(b)an employee or other member of staff, or(c)a committee.Validity of proceedingsE+W+S+N.I.15The validity of proceedings of the trustee corporation, a committee or a sub-committee is not affected by a vacancy among the members or a defect in appointment.E+W+S+N.I.Authentication of the trustee corporation's sealE+W+N.I.16(1)The application of the trustee corporation's seal must be authenticated by the signature of—E+W+N.I.(a)a member, or(b)any other person authorised by the trustee corporation (whether generally or specially) for the purpose.(2)A document purporting to be duly executed under the seal of the trustee corporation, or to be signed on behalf of the trustee corporation, is to be received in evidence and, except to the extent that the contrary is shown, taken to be duly so executed or signed.(3)This paragraph does not apply to Scotland.Annual reportE+W+S+N.I.17(1)As soon as is reasonably practicable after the end of each financial year, the trustee corporation must send to the Secretary of State a report on the exercise of the trustee corporation's functions during that year.E+W+S+N.I.(2)The report must include—(a)a report on the trustee corporation's proceedings during the year, and(b)any information the Secretary of State directs, relating to the financial position of the trustee corporation or any other matter.(3)The Secretary of State must lay before Parliament a copy of each report received under this paragraph. Part 3 E+W+S+N.I.MoneyFinanceE+W+S+N.I.18(1)The Secretary of State may, with the consent of the Treasury, give financial assistance to the trustee corporation.E+W+S+N.I.(2)The assistance—(a)may take the form of grants, loans, guarantees or indemnities;(b)may be given on conditions;(c)in the case of a loan, must be given on a condition requiring the loan to be repaid with interest at a rate approved by the Treasury.(3)Section 5 of the National Loans Act 1968 (c. 13) (rates of interest on certain loans out of the National Loans Fund) has effect as respects the rate of interest on a loan under this paragraph as it has effect as respects a rate of interest within subsection (1) of that section.19The trustee corporation may make charges in connection with the exercise of its functions.E+W+S+N.I.AccountsE+W+S+N.I.20(1)The trustee corporation must—E+W+S+N.I.(a)keep proper accounting records, and(b)prepare a statement of accounts in respect of each financial year.(2)A statement under sub-paragraph (1)(b) must be prepared by the trustee corporation in such form as the Secretary of State may direct.(3)The trustee corporation must send a copy of a statement under sub-paragraph (1)(b)—(a)to the Secretary of State, and(b)to the Comptroller and Auditor General.(4)A copy of a statement must be sent under sub-paragraph (3) within such period, beginning with the end of the financial year to which the statement relates, as the Secretary of State may direct.(5)The Comptroller and Auditor General must—(a)examine, certify and report on a statement received under this paragraph, and(b)send a copy of the certified statement and of the report on it to the Secretary of State as soon as possible.(6)The Secretary of State must lay before Parliament a copy of the statement and report sent under sub-paragraph (5)(b). Part 4 E+W+S+N.I.SupplementaryDisqualificationE+W+S+N.I.21In Part 2 of Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) (bodies of which all members are disqualified), insert at the appropriate place— “ The trustee corporation established by section 75 of the Pensions Act 2008. ”E+W+S+N.I.22In Part 2 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (c. 25) (bodies of which all members are disqualified), insert at the appropriate place— “ The trustee corporation established by section 75 of the Pensions Act 2008. ”E+W+S+N.I.Records and freedom of informationE+W+S+N.I.23In Schedule 1 to the Public Records Act 1958 (c. 51) (definition of public records), in paragraph 3, insert at the appropriate place in Part 2 of the Table (other establishments and organisations)— “ The trustee corporation established by section 75 of the Pensions Act 2008. ”E+W+S+N.I.24In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (c. 36) (public authorities: miscellaneous), insert at the appropriate place— “ The trustee corporation established by section 75 of the Pensions Act 2008. ”E+W+S+N.I.EqualityE+W+S+N.I.25In Schedule 1A to the Race Relations Act 1976 (c. 74) (bodies subject to general duty), in Part 2, under “Other Bodies, Etc” insert at the appropriate place— “ The trustee corporation established by section 75 of the Pensions Act 2008. ”E+W+S+N.I.InterpretationE+W+S+N.I.26(1)In this Schedule—E+W+S+N.I.“financial year” means such period as the Secretary of State may by order prescribe;
(2)In this Schedule references to the relevant authority's functions relating to occupational pension schemes or personal pension schemes include such functions conferred at any time after the passing of this Act.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI2Sch. 1 para. 26 partly in force; Sch. 1 para. 26 in force for certain purposes at Royal Assent see s. 149Section 101SCHEDULE 2E+W+SRevaluation of accrued benefits etc Part 1 E+W+SRevaluation of accrued pension benefitsAmendments to Schedule 3 to the 1993 ActE+W+S1This Part makes amendments to Schedule 3 to the Pension Schemes Act 1993 (c. 48) (methods of revaluing accrued pension benefits).E+W+S2In paragraph 1 (the final salary method), for sub-paragraphs (1) to (3) substitute—E+W+S“(1)The final salary method is to add to the amount that would be payable but for Chapter 2 of Part 4, or regulations made under it, the additional amount specified in sub-paragraph (1A), (1B), (1C) or (1D) (whichever applies).
(a)the appropriate higher revaluation percentage of so much of the accrued benefit as is attributable to the member's pensionable service falling before the 2008 Act commencement day, and
(2)For the purposes of this paragraph, a member's pensionable service includes any notional pensionable service which is credited to the member by the scheme (“notional service”).
(3)For the purposes of determining the additional amount where sub-paragraph (1B) applies, any notional service shall be taken to have ended immediately before the member's actual pensionable service began.
3(1)Paragraph 2 (the revaluation percentage and the appropriate revaluation percentage) is amended as follows.E+W+S(2)In sub-paragraph (1), for “specify a revaluation percentage for each period” substitute “specify (so far as it is necessary to do so)— (a)a higher revaluation percentage, and
for each period ”.
(3)For sub-paragraph (3) substitute—“(3)The higher revaluation percentage which the Secretary of State is to specify in relation to a revaluation period is the lesser of—
(4)For sub-paragraphs (6) and (7) substitute—“(6)For the purposes of sub-paragraph (3)(b) and (3A)(b)—
Part 2 E+W+SRevaluation of accrued amounts etcAmendments to Schedule 7 to the 2004 ActE+W+S4This Part makes amendments to Schedule 7 to the Pensions Act 2004 (c. 35) (pension compensation provisions).E+W+S5(1)Paragraph 12 (active members who have not attained normal pension age at assessment date: the revaluation amount for the revaluation period) is amended as follows.E+W+S(2)In sub-paragraph (3), for paragraph (b) substitute—“(b)in any other case, the aggregate of—
6(1)Paragraph 17 (deferred members who have not attained normal pension age at assessment date: the revaluation amount for the second revaluation period) is amended as follows.E+W+S(2)In sub-paragraph (3), for paragraph (b) substitute—“(b)in any other case, the aggregate of—
(4)For sub-paragraphs (4) and (5) substitute—“(4)In sub-paragraph (3)—
7In paragraph 29 (Board's powers to alter rates of revaluation etc), for sub-paragraph (1) substitute—E+W+S“(1)The Board may determine what is to be the higher maximum revaluation rate or the lower maximum revaluation rate for the purposes of paragraphs 12(4) and 17(4), and where it does so the relevant definitions in paragraphs 12(5) and 17(5) do not apply.”
Part 3 E+W+SConsequential amendments8(1)Section 51ZA of the Pensions Act 1995 (c. 26) (meaning of “the appropriate percentage”) is amended as follows.E+W+S(2)In subsection (1)—(a)in paragraph (a), for “revaluation percentage” substitute “ higher revaluation percentage ”;(b)for paragraph (b) substitute—“(b)in the case of a category Y pension, means the lower revaluation percentage for that period.”
(3)In subsection (2), for “ “the revaluation percentage”” substitute “ “the higher revaluation percentage”, “the lower revaluation percentage” .Section 102SCHEDULE 3E+W+SConsolidation of additional pensionAfter Schedule 4B to the Social Security Contributions and Benefits Act 1992 (c. 4) insert—
Section 45“SCHEDULE 4CE+W+SAdditional pension: calculation of revalued consolidated amount1For the purposes of this Schedule, the “consolidation date” means the first day of the flat rate introduction year.2The Secretary of State must, in accordance with the following provisions of this Schedule, calculate an amount representing the weekly rate of the additional pension in a pensioner's Category A retirement pension in relation to tax years before the flat rate introduction year.3The Secretary of State must comply with paragraph 2 before the pensioner attains pensionable age.4The calculation under paragraph 2 shall be treated for the purposes of Chapter 2 of Part 1 of the Social Security Act 1998 (c. 14) (social security decisions and appeals) as a decision under section 8 of that Act.5The amount to be calculated under paragraph 2 is the sum of—(a)the GRB amount, and
Section 104SCHEDULE 4E+W+SAdditional pension etc: minor and consequential amendmentsSocial Security Contributions and Benefits Act 1992 (c. 4)E+W+S1The Social Security Contributions and Benefits Act 1992 is amended as follows.E+W+S2In section 21(5A)(c) (contribution conditions), after “5(2)(b) and (4)(a)” insert “ , 5A(3)(a) ”.E+W+S3In section 39(1) (rate of widowed mother's allowance and widow's pension), for “46(2)” substitute “ 46 ”.E+W+S4(1)Section 39C (rate of widowed parent's allowance and bereavement allowance) is amended as follows.E+W+S(2)In subsection (1)—(a)for “45” substitute “ 45AA ”;(b)for “and Schedule 4A” substitute “ and Schedules 4A to 4C ”;(c)for “46(2) and (4)” substitute “ 46 ”.(3)In subsections (3) and (4)—(a)for “45” substitute “ 45AA ”;(b)for “and Schedule 4A” substitute “ and Schedules 4A to 4C ”.5(1)After section 45 (additional pension in Category A retirement pension) insert—E+W+S“45AAEffect of working families' tax credit and disabled person's tax credit on earnings factor(1)For the purposes of calculating additional pension under sections 44 and 45 where, in the case of any relevant year, working families' tax credit is paid in respect of any employed earner, or disabled person's tax credit is paid to any employed earner, section 44(6)(a)(i) shall have effect as if—
(3)A person's qualifying earnings in respect of any year cannot be treated by virtue of subsection (1) as exceeding the upper earnings limit for that year multiplied by 53.
(2)Sub-paragraph (1), together with paragraphs 4(2)(a) and (3)(a), 9(2)(a) and (3)(a) and 11 (which make amendments consequential on sub-paragraph (1)), are referred to in the following provisions of this paragraph as “the relevant provisions”.(3)Subject to sub-paragraphs (4) and (5), the relevant provisions apply to a person (“the pensioner”) who attains pensionable age after 5 April 1999 and, in relation to such a person—(a)have effect for 1995-96 and subsequent tax years, and(b)are deemed so to have had effect (with the necessary modifications) during the period—(i)beginning with 6 April 2003, and(ii)ending with the coming into force of this paragraph.(4)Where the pensioner is a woman, the relevant provisions have effect in the case of additional pension falling to be calculated under sections 44 and 45 of the Social Security Contributions and Benefits Act 1992 (c. 4) by virtue of section 39 of that Act (widowed mother's allowance and widow's pension), including Category B retirement pension payable under section 48B(4), if her husband—(a)dies after 5 April 1999, and(b)has not attained pensionable age on or before that date.(5)The relevant provisions have effect, where additional pension falls to be calculated under sections 44 and 45 of the Social Security Contributions and Benefits Act 1992 as applied by section 48A or 48B(2) of that Act (other Category B retirement pension) if—(a)the pensioner attains pensionable age after 5 April 1999, and(b)the pensioner's spouse has not attained pensionable age on or before that date.6(1)Section 46 (modifications of section 45 for calculating the additional pension in certain benefits) is amended as follows.E+W+S(2)In subsection (2), for “, 48B(2) or 48BB(5)” substitute “ or 48B(2) ”.(3)After subsection (4) insert—“(5)For the purpose of determining the additional pension falling to be calculated under section 45 above by virtue of prescribed provisions of this Act, that section has effect subject to the following modifications—
7In section 48A(4) (category B retirement pension for married person)—E+W+S(a)for “and 4B” substitute “ to 4C ”;(b)for “46(2)” substitute “ 46 ”.8In section 48B(2) (category B retirement pension for widows and widowers)—E+W+S(a)for “and 4B” substitute “ to 4C ”;(b)for “46(2)” substitute “ 46 ”.9(1)Section 48BB (category B retirement pension: entitlement by reference to benefits under section 39A or 39B) is amended as follows.E+W+S(2)In subsection (5)—(a)for “45” substitute “ 45AA ”;(b)after “45AA” (inserted by paragraph (a) above) insert “ and 45B ”;(c)for “and 4B” substitute “ to 4C ”;(d)for “46(3)” substitute “ 46 ”.(3)In subsection (6)—(a)for “45” substitute “ 45AA ”;(b)after “45AA” (inserted by paragraph (a) above) insert “ and 45B ”.10In section 48C(4) (category B retirement pension: general), for “and 4B” substitute “ to 4C ”.E+W+S11In section 51(2) and (3) (category B retirement pension for widowers), for “45” substitute “ 45AA ”.E+W+S12(1)Schedule 4B (additional pension: accrual rates for purposes of section 45(2)(d)) is amended as follows.E+W+S(2)In paragraph 2 (application of Part 2 of Schedule)—(a)after “if” insert “— (b)after paragraph (a) (created by virtue of paragraph (a) above) insert “and (b)there is a surplus in the pensioner's earnings factor for the year.”
(3)In paragraph 3 (appropriate amount for year)—(a)in paragraph (a), for the words from “there is” to “which” substitute “ the pensioner's earnings factor for the year ”;(b)in paragraph (b), for “there is such a surplus which” substitute “ that earnings factor ”.(4)In paragraph 5(a), for “surplus” substitute “ earnings factor ”.(5)In paragraph 6 (application of Part 3 of Schedule)—(a)after “if” insert “— (b)after paragraph (a) (created by virtue of paragraph (a) above) insert “and (b)there would be a surplus in the pensioner's earnings factor for the year if section 48A of the Pension Schemes Act 1993 did not apply in relation to any tax week falling in the year.”
(6)In paragraph 8(1) (calculation of amount A: assumed surplus not exceeding LET), for the words from “there” to “which” substitute “ the pensioner's assumed earnings factor for the year ”; and, accordingly, in the heading before paragraph 8 for “surplus” substitute “ earnings factor ”.(7)In paragraph 9 (calculation of amount A: assumed surplus exceeding LET)—(a)in sub-paragraph (1), for the words from “there” to “which” substitute “ the pensioner's assumed earnings factor for the year ”;(b)in sub-paragraph (2)(a), for “assumed surplus” substitute “ assumed earnings factor ”,and accordingly in the heading before paragraph 9 for “surplus” substitute “ earnings factor ”.
(8)In paragraph 10(1)(a) (amount B), for “assumed surplus” substitute “ pensioner's assumed earnings factor ”.(9)In paragraph 12 (interpretation)—(a)omit the definition of “assumed surplus”;(b)after the definition of “the QEF” insert—““the pensioner's assumed earnings factor”, in relation to a year, means the earnings factor that the pensioner would have for the year if section 48A(1) of the Pension Schemes Act 1993 did not apply in relation to any tax week falling in the year;”.
13In Schedule 7 (industrial injuries benefits) in paragraph 3(3), after “section 46” insert “ or 46A ”.E+W+SSocial Security Administration Act 1992 (c. 5)E+W+S14After section 148AA of the Social Security Administration Act 1992 (revaluation of flat rate accrual amount) insert—E+W+S“148ABRevaluation of consolidated amount(1)The Secretary of State shall, in the tax year following the flat rate introduction year and in each subsequent tax year, review the general level of earnings obtaining in Great Britain and any changes in that level which have taken place during the review period.
Pension Schemes Act 1993 (c. 48)E+W+S15The Pension Schemes Act 1993 is amended as follows.E+W+S16(1)Section 46 (effect of entitlement to guaranteed minimum pensions on payment of social security benefits) is amended as follows.E+W+S(2)In subsection (6), in the substitute paragraph 3(3) of Schedule 7 to the Social Security Contributions and Benefits Act 1992, after “section 46(1)” insert “ or 46A(2) ”.17(1)Section 47 (further provisions concerning entitlement to guaranteed minimum pensions) is amended as follows.E+W+S(2)At the end of the heading add “ and s.46A ”.(3)In subsections (2), (3), (5), (6), (7), (8) and (9), for “section 46” substitute “ sections 46 and 46A ”.18In section 48(2) (reduced benefits where minimum payments or minimum contributions paid), for “section 46” substitute “ sections 46 and 46A ”.E+W+S19In section 49(b) (women, married women and widows), after “46(1),” insert “ 46A(2), ”.E+W+S20In section 164(5) (Crown employment), after “46(1),” insert “ 46A(2), ”.E+W+S21In section 165(2)(b) (cases with a foreign element), after “those subsections),” insert “ section 46A(2), ”.E+W+S22(1)In section 167(4) (application of provisions relating to social security administration), for “section 46” substitute “ sections 46 and 46A ”.E+W+S(2)Sub-paragraph (1) has effect only until the repeal of section 167(4) by the Social Security Act 1998 (c. 14) has come into force for all purposes.Section 116SCHEDULE 5E+W+SPension compensation payable on discharge of pension compensation credit Part 1 E+W+SIntroductoryIntroductoryE+W+S1This Schedule applies for the purposes of determining the compensation payable to or in respect of a person entitled to compensation on the discharge of a pension compensation credit in accordance with this Chapter.E+W+SInterpretationE+W+S2In this Schedule—E+W+S“the initial annual rate of compensation” is the amount determined by the Board under section 116(4);
Pension compensation ageE+W+S3(1)This paragraph applies for the purpose of determining the transferee's “pension compensation age”.E+W+S(2)Sub-paragraphs (3) and (4) apply where the transferor's PPF compensation, or any of it, is determined under Schedule 7 to the Pensions Act 2004 (c. 35).(3)Where the transferor's right to PPF compensation arises by virtue of his or her status as a member of a pension scheme for which the Board assumed responsibility in accordance with Chapter 3 of Part 2 of that Act, the transferee's pension compensation age is the same as—(a)the normal pension age of the transferor, or(b)where the transferor was a pension credit member, the normal benefit age of the transferor.(4)Where the transferor's right to PPF compensation arises by virtue of his or her status as a person connected with a member of a scheme for which the Board assumed responsibility in accordance with Chapter 3 of Part 2 of that Act, the transferee's pension compensation age is the same as—(a)the normal pension age of that member, or(b)where that member was a pension credit member, the normal benefit age of that member.(5)Sub-paragraph (6) applies where the transferor's PPF compensation is determined only under this Schedule.(6)The transferee's pension compensation age is the same as the pension compensation age of the transferor.(7)In this paragraph, “normal benefit age”, “normal pension age” and “pension credit member” have the same meanings as in Schedule 7 to the Pensions Act 2004. Part 2 E+W+STransferee attains pension compensation age before or on transfer dayCompensation payable to transfereeE+W+S4(1)Compensation is payable in accordance with this paragraph where the transferee attains pension compensation age before or on the transfer day.E+W+S(2)The transferee is entitled to periodic compensation commencing on the transfer day and continuing for life.(3)The annual rate of the periodic compensation is the aggregate of—(a)the initial annual rate of compensation, and(b)any increases under paragraph 17 (annual increases in periodic compensation).(4)This paragraph is subject to paragraph 18 (compensation cap).Compensation payable to widow, widower or surviving civil partnerE+W+S5(1)This paragraph applies where —E+W+S(a)the transferee dies after liability in respect of the pension compensation credit has been discharged under section 116,(b)the transferee was before death entitled under paragraph 4 to periodic compensation commencing on the transfer day, and(c)the transferee is survived by a widow, widower or surviving civil partner (“the surviving partner”).(2)Subject to sub-paragraph (4), the surviving partner is entitled to periodic compensation commencing on the day following the transferee's death and continuing for life.(3)The annual rate of the periodic compensation at any time is half of the annual rate of the periodic compensation (including any increases under paragraph 17) to which the transferee would at that time have been entitled under paragraph 4 had the transferee not died.(4)The surviving partner is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI3Sch. 5 para. 5 partly in force; Sch. 5 para. 5 in force for certain purposes at Royal Assent see s. 149 Part 3 E+W+STransferee attains pension compensation age after transfer dayCompensation payable to transfereeE+W+S6(1)Compensation is payable in accordance with this paragraph where the transferee attains pension compensation age after the transfer day.E+W+S(2)The transferee is entitled to periodic compensation commencing at that age and continuing for life.(3)The annual rate of the periodic compensation is the aggregate of—(a)the initial annual rate of compensation,(b)the revaluation amount (see paragraph 8), and(c)any increases under paragraph 17 (annual increases in periodic compensation).(4)This paragraph is subject to—paragraph 9 (commutation),
Compensation payable to widow, widower or surviving civil partnerE+W+S7(1)This paragraph applies where—E+W+S(a)the transferee dies after liability in respect of the pension compensation credit has been discharged under section 116,(b)the transferee—(i)was, before death, entitled under paragraph 6 to periodic compensation commencing at pension compensation age, or(ii)would have become so entitled had he or she not died, and(c)the transferee is survived by a widow, widower or surviving civil partner (“the surviving partner”).(2)Subject to sub-paragraph (4), the surviving partner is entitled to periodic compensation commencing on the day following the transferee's death and continuing for life.(3)The annual rate of the periodic compensation at any time is—(a)where the transferee dies after attaining pension compensation age, half of the annual rate of the periodic compensation (including the revaluation amount (see paragraph 8) and any increases under paragraph 17) to which the transferee would at that time have been entitled under paragraph 6 had the transferee not died;(b)where the transferee dies before attaining pension compensation age, half of the annual rate of the periodic compensation (including the revaluation amount (see paragraph 8) and any increases under paragraph 17) to which the transferee would at that time have been entitled under paragraph 6 if—(i)the transferee's pension compensation age had been the transferee's actual age immediately before the date of the transferee's death, and(ii)the transferee had not died.(4)For the purposes of this paragraph, a person's entitlement under paragraph 6 is to be determined disregarding paragraph 15(1)(b) (successful applicant for terminal illness lump sum loses entitlement to periodic compensation).(5)The surviving partner is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI4Sch. 5 para. 7 partly in force; Sch. 5 para. 7 in force for certain purposes at Royal Assent see s. 149RevaluationE+W+S8(1)This paragraph applies for the purpose of calculating the revaluation amount mentioned in paragraph 6(3)(b).E+W+S(2)In this paragraph, “the revaluation period” means the period—(a)beginning with the transfer day, and(b)ending with the day before the transferee attains pension compensation age.(3)The revaluation amount is—(a)in a case in which the revaluation period is less than a month, nil;(b)in any other case, the revaluation percentage of the initial annual rate of compensation.(4)For the purposes of sub-paragraph (3)(b) “the revaluation percentage” means the lesser of—(a)the percentage increase in the general level of prices in Great Britain during the revaluation period, determined in the prescribed manner, and(b)the maximum revaluation rate.(5)For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate” is—(a)in a case in which the revaluation period is a period of 12 months, 2.5%, and(b)in any other case, the percentage that would be the percentage mentioned in sub-paragraph (4)(a) had the general level of prices in Great Britain increased at the rate of 2.5% compound per annum during that period.This is subject to paragraph 20 (power of Board to alter rates of revaluation and indexation).
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI5Sch. 5 para. 8 partly in force; Sch. 5 para. 8 in force for certain purposes at Royal Assent see s. 149Commutation of periodic compensationE+W+S9(1)A transferee who is entitled to periodic compensation under paragraph 6 may, in prescribed circumstances, opt to commute for a lump sum a portion of the periodic compensation with effect from the time it becomes payable.E+W+S(2)Except in such circumstances as may be prescribed, the portion commuted under sub-paragraph (1) must not exceed 25%.(3)Any reduction required to be made by virtue of paragraph 18 (compensation cap) must be made before determining the amount of the transferee's periodic compensation which may be commuted under this paragraph.(4)Where the transferee opts to commute any part of his or her periodic compensation under this paragraph, the lump sum payable under sub-paragraph (1) is the actuarial equivalent of the commuted portion of the periodic compensation calculated from tables designated for this purpose by the Board.(5)The Board must publish in such manner as it considers appropriate the tables designated by it for the purposes of sub-paragraph (4).(6)Regulations may prescribe the manner in which an option to commute periodic compensation under this paragraph may be exercised.(7)The Secretary of State may, by order, amend sub-paragraph (2) so as to substitute a different percentage for that for the time being specified there.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI6Sch. 5 para. 9 partly in force; Sch. 5 para. 9 in force for certain purposes at Royal Assent see s. 149Early payment of compensationE+W+S10(1)Regulations may prescribe circumstances in which, and conditions subject to which, the transferee may become entitled to periodic compensation under paragraph 6 before attaining pension compensation age.E+W+S(2)The Board must determine the amount of the actuarial reduction to be applied to compensation to which the transferee is entitled by virtue of this paragraph.(3)Where, by virtue of this paragraph, periodic compensation is payable to the transferee before he or she attains pension compensation age, paragraph 8(2)(b) (end of revaluation period) applies as if the reference to the day before the transferee attains pension compensation age were to the day on which compensation is payable by virtue of this paragraph.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI7Sch. 5 para. 10 partly in force; Sch. 5 para. 10 in force for certain purposes at Royal Assent see s. 149Deferral of compensationE+W+S11(1)Regulations may prescribe circumstances in which, and conditions subject to which, the transferee may opt to defer entitlement to periodic compensation under paragraph 6 until some time after attaining pension compensation age.E+W+S(2)The Board must determine the amount of the actuarial increase to be applied to compensation to which the transferee is entitled by virtue of this paragraph.(3)Where, by virtue of this paragraph, periodic compensation is payable to the transferee after he or she attains pension compensation age, paragraph 8(2)(b) (end of revaluation period) applies as if the reference to the day before the transferee attains pension compensation age were to the day on which compensation is payable by virtue of this paragraph.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI8Sch. 5 para. 11 partly in force; Sch. 5 para. 11 in force for certain purposes at Royal Assent see s. 149Terminal illness lump sum: eligibilityE+W+S12(1)This paragraph applies where all of the following conditions are met—E+W+S(a)the transferee is terminally ill;(b)if the transferee lived to the relevant age, he or she would become entitled on attaining that age to compensation under paragraph 6 in respect of the pension compensation credit;(c)the transferee has not yet become entitled to any compensation under this Chapter in respect of the pension compensation credit;(d)the whole or any part of the transferee's lifetime allowance is available.(2)The transferee may make an application to the Board to commute the future entitlement mentioned in sub-paragraph (1)(b) for a lump sum (“a terminal illness lump sum”) payable on the granting of the application.(3)For the purposes of this Chapter, a person is “terminally ill” at any time if at that time the person suffers from a progressive disease and the person's death in consequence of that disease can reasonably be expected within 6 months.(4)In this paragraph—“lifetime allowance”, in relation to a person, has the same meaning as in Part 4 of the Finance Act 2004 (c. 12) (pension schemes etc) (see section 218 of that Act);
Terminal illness lump sum: application and evidenceE+W+S13An application for a terminal illness lump sum—E+W+S(a)must be made in writing, either on a form approved by the Board for the purposes of this paragraph or in such other manner as the Board may accept as sufficient in the circumstances of the case;(b)must be accompanied by such information as the Board may require for the purpose of determining the application.Terminal illness lump sum: determination of applicationE+W+S14(1)The Board must determine an application for a terminal illness lump sum in accordance with this paragraph.E+W+S(2)The Board must—(a)if satisfied that the conditions in paragraph 12(1) are met, grant the application;(b)in any other case (subject to sub-paragraph (3)), reject the application.(3)The Board may hold over the application for determination at a later date if it is satisfied that—(a)although the condition in paragraph 12(1)(a) is not met, the transferee suffers from a progressive disease and may become terminally ill within six months, and(b)the conditions in paragraph 12(1)(b) to (d) are met.Terminal illness lump sum: effect of successful applicationE+W+S15(1)If the Board grants an application for a terminal illness lump sum, the transferee—E+W+S(a)becomes entitled to a terminal illness lump sum calculated in accordance with this paragraph, and(b)loses the entitlement he or she otherwise would have had on attaining the relevant age to compensation under paragraph 6 in respect of the pension compensation credit.(2)The amount of the terminal illness lump sum is 2 times the amount to which the transferee would have been entitled under paragraph 6 in respect of the pension compensation credit in the year following the granting of the application, if he or she had attained the relevant age on the granting of the application.(3)In this paragraph “the relevant age” has the same meaning as in paragraph 12.Terminal illness lump sum: informationE+W+S16(1)Relevant information held by the Secretary of State about an individual may be disclosed to the Board for use for a purpose relating to its functions under paragraphs 12 to 15.E+W+S(2)In sub-paragraph (1), “relevant information” means information held for the purposes of any function of the Secretary of State relating to—(a)social security, or(b)any scheme made under section 286 of the Pensions Act 2004 (c. 35) (financial assistance scheme). Part 4 E+W+SProvisions applicable irrespective of age of transferee on transfer dayAnnual increase in periodic compensationE+W+S17(1)This paragraph provides for annual increases to compensation payable to the transferee.E+W+S(2)The transferee is entitled, on each indexation date, to an increase of the appropriate percentage of the underlying rate.(3)The increase to which the transferee is entitled on the first indexation date is restricted to 1/12 of the amount calculated under sub-paragraph (2) for each full month in the period beginning with the transfer day and ending with that indexation date.(4)For the purposes of sub-paragraph (2)—“the appropriate percentage”, as at an indexation date, is the lesser of—
(b)each subsequent 1 January during the transferee's lifetime;
(5)Where the transferor's PPF compensation is payable in accordance with paragraph 3, 5, 8, 11, 15 or 22 of Schedule 7 to the Pensions Act 2004 (“the relevant paragraph of Schedule 7”), “the indexed proportion” is the proportion of the amount mentioned in sub-paragraph (3)(a) of the relevant paragraph of Schedule 7 that is attributable to the transferor's post-1997 service.Paragraph 28(4) of that Schedule applies for the purpose of attributing amounts to the transferor's post-1997 service under this sub-paragraph.
(6)Where the transferor's PPF compensation is payable otherwise than as mentioned in sub-paragraph (5), “the indexed proportion” is such proportion as is determined in accordance with regulations made by the Secretary of State.(7)Where the compensation payable to the transferee is—(a)reduced as a result of the commutation of periodic compensation under paragraph 9, or(b)restricted under regulations under paragraph 18 (compensation cap),the references in the definition of “the underlying rate” in sub-paragraph (4) above to the initial annual compensation rate and the revaluation amount are to that rate and that amount as so restricted or reduced.
(8)The definition of “the appropriate percentage” in sub-paragraph (4) is subject to paragraph 20 (power of Board to alter rates of revaluation and indexation).(9)In this paragraph—“post-1997 service” has the same meaning as in paragraph 28 of Schedule 7 to the Pensions Act 2004 (c. 35) (annual increase in periodic pension compensation);
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI9Sch. 5 para. 17 partly in force; Sch. 5 para. 17 in force for certain purposes at Royal Assent see s. 149Compensation capE+W+S18(1)The Secretary of State may by regulations make provision for restricting the amount of periodic compensation payable under this Schedule in a case in which, on the transfer day, the transferor is not entitled to present payment of PPF compensation.E+W+S(2)Without prejudice to the generality of sub-paragraph (1), the regulations may restrict an amount payable to a person in any period by reference to the compensation cap specified by the Secretary of State by order under paragraph 26(7) of Schedule 7 to the Pensions Act 2004 (compensation cap).Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI10Sch. 5 para. 18 partly in force; Sch. 5 para. 18 in force for certain purposes at Royal Assent see s. 149Compensation in form of dependant's benefitsE+W+S19(1)The Secretary of State may by regulations make provision for compensation to be payable to—E+W+S(a)prescribed descriptions of partners, or(b)prescribed descriptions of dependants,of prescribed descriptions of transferees.
(2)The regulations may, in particular—(a)provide for compensation in the form of periodic or lump sum payments;(b)provide for periodic compensation to be payable for a prescribed period;(c)apply paragraph 17 (annual increases in respect of periodic compensation), with or without modifications, in respect of compensation in the form of periodic payments.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI11Sch. 5 para. 19 partly in force; Sch. 5 para. 19 in force for certain purposes at Royal Assent see s. 149Board's power to alter rates of revaluation and indexationE+W+S20(1)The Board may determine the percentage that is to be—E+W+S(a)the maximum revaluation rate for the purposes of paragraph 8(4)(b);(b)the appropriate percentage for the purposes of paragraph 17(2).(2)Before making a determination under this paragraph the Board must—(a)consult such persons as it considers appropriate, and(b)publish details of the proposed determination in such manner as it considers appropriate and consider any representations made in respect of it.(3)The rate determined under this paragraph may be nil.(4)A determination under this paragraph may be expressed so as to have effect for a limited period.(5)A determination under sub-paragraph (1)(b)—(a)has effect in relation to future increases under paragraph 17 only, and(b)may be expressed to have effect—(i)in all cases (whether the entitlement to the periodic compensation first arose before or after the date the determination is made), or(ii)only in cases where entitlement to the periodic compensation first arose on or after a date determined by the Board.(6)Notice of any determination under this paragraph must be published in such manner as the Board considers appropriate.Section 120SCHEDULE 6E+W+SPension compensation on divorce etc: England and Wales Part 1 E+W+SAmendments of the Matrimonial Causes Act 19731The Matrimonial Causes Act 1973 (c. 18) is amended as follows.E+W+S2After section 21A (pension sharing orders) insert—E+W+S“21BPension compensation sharing orders(1)For the purposes of this Act, a pension compensation sharing order is an order which—
Part 2 E+W+SAmendments of the Matrimonial and Family Proceedings Act 198410The Matrimonial and Family Proceedings Act 1984 (c. 42) is amended as follows.E+W+S11In section 17 (orders for financial provision and property adjustment), at the end of subsection (1) add—E+W+S“(c)if the marriage has been dissolved or annulled, make an order which would, within the meaning of that Part of that Act, be a pension compensation sharing order in relation to the marriage.”
12In section 18(7) (matters to which court to have regard), for paragraph (c) substitute—E+W+S“(c)“PPF compensation” means compensation payable under—
13(1)Section 21 (application of certain provisions of Part 2 of the Matrimonial Causes Act 1973) is amended as follows.E+W+S(2)After subsection (1)(bc) insert—“(bca)section 24E(3) to (10) (provisions about pension compensation orders in relation to divorce and nullity);
(3)After subsection (1)(bf) insert—“(bg)section 25F (power, by financial provision order, to attach pension compensation payments, or to require the exercise of a right of commutation of pension compensation);”.
(4)After subsection (1)(l) add—“(m)section 40B (appeals relating to pension compensation sharing orders which have taken effect).”
(5)In subsection (2), for “and (be)” substitute “ , (be) and (bg) ”.(6)In subsection (4), at the end add “ or under subsections (1) to (3) of section 25G of that Act ”. Part 3 E+W+SAmendments of the Civil Partnership Act 200414The Civil Partnership Act 2004 (c. 33) is amended as follows.E+W+S15After Part 4 of Schedule 5 (pension sharing orders on or after dissolution or nullity order) insert—E+W+S “Part 4A E+W+SPension compensation sharing orders on or after dissolution or nullity orderCircumstances in which pension compensation sharing orders may be made19A(1)The court may make a pension compensation sharing order—
16(1)Part 5 of Schedule 5 (matters to which court is to have regard under Parts 1 to 4) is amended as follows.E+W+S(2)In the heading of the Part for “4” substitute “ 4A ”.(3)In paragraph 20—(a)omit “or” at the end of paragraph (a)(iii);(b)for “and” at the end of paragraph (a)(iv) substitute “ or ”;(c)after that provision insert—“(v)any provision of Part 4A (pension compensation sharing orders) other than paragraph 19C (apportionment of charges), and”.
(4)In paragraph 21(1)—(a)omit “or” at the end of paragraph (c);(b)at the end of paragraph (d) insert “ , or ”;(c)after that paragraph insert—“(e)Part 4A (pension compensation sharing orders).”
(5)In paragraph 23(1)—(a)omit “or” at the end of paragraph (c);(b)at the end of paragraph (d) insert “ or ”;(c)after that paragraph insert—“(e)Part 4A (pension compensation sharing orders),”.
17(1)Part 7 of Schedule 5 (pension protection fund compensation etc) is amended as follows.E+W+S(2)Omit paragraph 30(3) (definition of PPF compensation).(3)After paragraph 34 insert—“Attachment of PPF compensationE+W+S34A(1)This paragraph applies if, having regard to any PPF compensation to which a civil partner is or is likely to be entitled, the court decides to make an order under Part 1.
18(1)Part 11 of Schedule 5 (variation, discharge etc of certain orders for financial relief) is amended as follows.E+W+S(2)In paragraph 50(1)(f)—(a)omit “or” at the end of sub-paragraph (i);(b)at the end of sub-paragraph (ii) insert “ or ”;(c)after that sub-paragraph insert—“(iii)paragraph 34A(2),”;
(d)in the closing words after “pension rights” insert “ or pension compensation rights ”.(3)In paragraph 50(1)(i) after “a pension sharing order” insert “ , or a pension compensation sharing order, ”.(4)After paragraph 53(2)(c) insert—“(ca)a pension compensation sharing order;”.
(5)After paragraph 54(5) insert—“(6)Paragraph 19D (restrictions on making pension compensation sharing orders) applies in relation to a pension compensation sharing order under paragraph 53 as it applies in relation to any other pension compensation sharing order.”
(6)In the italic heading before paragraph 56 for “and pension sharing orders” substitute “ , pension sharing and pension compensation sharing orders ”.(7)In the following provisions of paragraph 57, after “pension sharing order” insert “ or pension compensation sharing order ”(a)the opening words of sub-paragraph (1);(b)sub-paragraph (1)(a)(i);(c)sub-paragraph (1)(b);(d)sub-paragraph (2);(e)sub-paragraph (3).(8)In paragraph 58(2) for “or pension sharing order” substitute “ , pension sharing order or pension compensation sharing order ”.19In Part 14 of Schedule 5 (miscellaneous and supplementary) after paragraph 79 insert—E+W+S“Appeals relating to pension compensation sharing orders which have taken effectE+W+S79A(1)This paragraph applies where an appeal against a pension compensation sharing order is begun on or after the day on which the order takes effect.
20(1)In Schedule 7 (financial relief in England and Wales after overseas dissolution etc of a civil partnership), in the italic heading before paragraph 9, for “and pension sharing” substitute “ , pension sharing and pension compensation sharing ”.E+W+S(2)In paragraph 9(2) of that Schedule—(a)for “or 4” substitute “ , 4 or 4A ”;(b)for “and pension sharing” substitute “ , pension sharing and pension compensation sharing ”.(3)In paragraph 10(9)(c) of that Schedule omit “Part 7 of”.(4)In paragraph 14 of that Schedule—(a)after sub-paragraph (1)(c) insert—“(ca)paragraphs 19C, 19D and 19E(2) and (3) (pension compensation sharing);”;
(b)in sub-paragraph (1)(e) for “37” substitute “ 34 and 35 to 37 ”;(c)after that provision insert—“(ea)paragraph 34A (orders under Part 1 relating to pension compensation attachment);”;
(d)in sub-paragraph (1)(i) for “79” substitute “ 79A ”;(e)in that provision for “and pension-sharing appeals” substitute “ , pension-sharing appeals and pension compensation-sharing appeals ”;(f)in sub-paragraph (2) after “Sub-paragraph (1)(d)” insert “ and (ea) ”;(g)in sub-paragraph (4) at the end add “ or under paragraphs 34B to 36 of that Schedule (supplementary provision about orders relating to pension compensation) ”.Section 120SCHEDULE 7E+W+SPension compensation on divorce etc: Scotland1The Family Law (Scotland) Act 1985 (c. 37) is amended as follows.E+W+S2In section 8 (orders for financial provision)—E+W+S(a)in subsection (1)—(i)after paragraph (baa) insert—“(bab)a pension compensation sharing order;”,
Section 122SCHEDULE 8E+W+SAmendments of Schedule 7 to the Pensions Act 20041Schedule 7 to the Pensions Act 2004 (c. 35) (pension compensation provisions) is amended as follows.E+W+S2In paragraph 3(6), at the end, add “ to the scheme ”.E+W+S3In paragraph 5(5), at the end, add “ to the scheme ”.E+W+S4In paragraph 11(8), after “paragraph 24 (commutation),” insert— “ paragraph 25E (terminal illness lump sum), ”.E+W+S5In paragraph 13, after sub-paragraph (3) insert—E+W+S“(3A)For the purposes of this paragraph, a person's entitlement under paragraph 11 is to be determined disregarding paragraph 25E(1)(b) (successful applicant for terminal illness lump sum loses entitlement to periodic compensation).”
Section 126SCHEDULE 9E+W+SContribution notices and financial support directions under Pensions Act 2004IntroductionE+W+S1The Pensions Act 2004 (c. 35) is amended as follows.E+W+SAnnotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI12Sch. 9 para. 1 partly in force; Sch. 9 para. 1 in force for certain purposes at Royal Assent see s. 149Contribution notices: material detriment testE+W+S2(1)In section 38(5)(a) (main purpose or one of main purposes of act or failure to prevent recovery of employer debt under section 75 of the Pensions Act 1995 (c. 26) etc.), after “is of the opinion that” insert “ the material detriment test is met in relation to the act or failure (see section 38A) or that ”.E+W+S(2)After section 38 insert—“38ASection 38 contribution notice: meaning of “material detriment test”(1)For the purposes of section 38 the material detriment test is met in relation to an act or failure if the Regulator is of the opinion that the act or failure has detrimentally affected in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise).
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI13Sch. 9 para. 2 partly in force; Sch. 9 para. 2 in force for certain purposes at Royal Assent see s. 1493In section 90(2) (the matters in relation to which the Pensions Regulator must issue codes of practice), after paragraph (a) insert—E+W+S“(aa)the circumstances in which the Regulator expects to issue contribution notices under section 38 as a result of being of the opinion that the material detriment test is met in relation to an act or failure;”.
4In section 96 (standard procedure), after subsection (1) insert—E+W+S“(1A)In any case where—
5In section 316(2) (subordinate legislation that is subject to affirmative resolution procedure), before paragraph (a) insert—E+W+S“(za)regulations under section 38A(10) or 38B(13) (section 38 contribution notices: “the material detriment test”);”.
Contribution notices: acting or failing to act otherwise than in good faithE+W+S6In section 38(5) (acts or failures to act in relation to which Pensions Regulator may issue contribution notices), in paragraph (a)(ii), omit “otherwise than in good faith,”.E+W+SWhether reasonable for Pensions Regulator to issue contribution noticeE+W+S7(1)Section 38 (contribution notices where avoidance of employer debt) is amended as follows.E+W+S(2)In subsection (3) (conditions which must be met before Pensions Regulator can issue contribution notice), for paragraph (d) substitute—“(d)the Regulator is of the opinion that it is reasonable to impose liability on the person to pay the sum specified in the notice, having regard to—
(3)In subsection (7) (list of relevant matters for purposes of subsection (3)(d))—(a)for the words from the beginning to “the following matters—” substitute “ The matters within this subsection are— ”; and(b)after paragraph (e) insert—“(ea)the value of any benefits which directly or indirectly the person receives, or is entitled to receive, from the employer or under the scheme;
(4)After that subsection insert—“(7A)In subsection (7)(eb) “relevant creditors” means—
Contribution notices: series of acts or failures to actE+W+S8(1)In section 38 (contribution notices where avoidance of employer debt), at the end insert—E+W+S“(12)Subsection (13) applies if the Regulator is of the opinion that—
(2)In section 39 (the sum specified in a section 38 contribution notice)—(a)in subsection (4), after “means” insert “ (subject to subsection (4A) ”; and(b)after subsection (4) insert—“(4A)In the case of a series of acts or failures to act, “the relevant time” is determined by reference to whichever of the acts or failures in the series is, in the Regulator's opinion, most appropriate.”
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI14Sch. 9 para. 8 partly in force; Sch. 9 para. 8 in force for certain purposes at Royal Assent see s. 149Contribution notices and financial support directions: bulk transfersE+W+S9After section 39 (the sum specified in a section 38 contribution notice) insert—E+W+S“39ASection 38 contribution notice: transfer of members of the scheme(1)This section applies where—
(4)In any case where section 39 has effect in relation to the transferee scheme by virtue of subsection (3), any reference in that section to a debt under section 75 of the 1995 Act is a reference to so much of that debt as, in the Regulator's opinion, is attributable to those members of the transferee scheme who were members of the initial scheme.
10After section 43 (financial support directions) insert—E+W+S“43AFinancial support directions: transfer of members of the scheme(1)This section applies where—
11In section 306(2) (overriding requirements)—E+W+S(a)after paragraph (d) insert—“(da)any direction issued by the Regulator under section 39A(6);”; and
(b)after paragraph (e) insert—“(ea)any direction issued by the Regulator under section 43A(3);”.
12In section 316(2) (subordinate legislation that is subject to affirmative resolution procedure), after paragraph (za) (as inserted by paragraph 5 of this Schedule) insert—E+W+S“(zb)regulations under section 39A(5), 39B(8) or 43B(8) (contribution notices and financial support directions: bulk transfers);”.
13In Part 4 of Schedule 2 (the reserved regulatory functions of Pensions Regulator: functions under 2004 Act)—E+W+S(a)after paragraph 30 insert—“30AThe power to issue a direction under section 39A(6) to any person.”; and(b)after paragraph 33 insert—“33AThe power to issue a direction under section 43A(3) to any person.”Financial support directions: meaning of “insufficiently resourced”E+W+S14(1)In section 44(3) (meaning of “insufficiently resourced”), for paragraph (b) substitute—E+W+S“(b)condition A or B is met.”
(2)After subsection (3) insert—“(3A)Condition A is met if—
(3)In subsection (4), for “subsection (3)” substitute “ subsections (3) to (3B) ”.Effect of amendments made by this ScheduleE+W+S15(1)The amendments made by paragraphs 2, 6 and 7 have effect in relation to any act occurring, or any failure to act first occurring, on or after 14 April 2008.E+W+S(2)The amendments made by paragraph 8 have effect—(a)for the purposes of the material detriment test, where at least one of the acts or failures to act occurs or first occurs on or after 14 April 2008, and(b)for all other purposes, where at least one of the acts or failures to act occurs or first occurs on or after the day on which this Act is passed.(3)The amendments made by paragraphs 9 and 10 have effect in relation to any case where rights are transferred or extinguished on or after 14 April 2008.(4)The amendment made by paragraph 14 has effect so as to enable the Pensions Regulator to issue a financial support direction under section 43 of the Pensions Act 2004 by reference to any time falling on or after 14 April 2008.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI15Sch. 9 para. 15 partly in force; Sch. 9 para. 15(1)(2) in force for certain purposes at Royal Assent and Sch. 9 para. 15(3)(4) in force at Royal Assent see s. 149Transitional provisionE+W+S16(1)In the case of the first set of regulations made under subsection (8) of section 39B of that Act, subsection (10)(a) of that section has effect as if for the words from “the date” to “the regulations” there were substituted “ 20 October 2008 ”.E+W+S(2)In the case of the first set of regulations made under subsection (8) of section 43B of that Act, subsection (10)(a) of that section has effect as if for the words from “the date” to “the regulations” there were substituted “ 20 October 2008 ”.Section 129SCHEDULE 10E+W+SInterest on late payment of leviesPension Schemes Act 1993 (c. 48)E+W+S1After section 175 of the Pension Schemes Act 1993 (levies towards certain expenditure) insert—E+W+S“175ALevies: interest for late payment(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a levy imposed under section 175(1).
Pensions Act 2004 (c. 35)E+W+S2The Pensions Act 2004 is amended as follows.E+W+S3After section 117 (PPF administration levy) insert—E+W+S“117AAdministration levy: interest for late payment(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of an administration levy.
9In section 323(2)(b)(i) (provisions extending to Northern Ireland), for “subsections (7) and (8)” substitute “ subsections (7) to (9) ”.E+W+SSection 148SCHEDULE 11E+W+SRepeals Part 1 E+W+SPension scheme membership for jobholdersTitleExtent of repealWelfare Reform and Pensions Act 1999 (c. 30)In section 3—
Part 2 E+W+SSafeguarded rightsTitleExtent of repealSocial Security Contributions and Benefits Act 1992 (c. 4)In Schedule 4B, in paragraph 12, the definition of “assumed surplus”.Pension Schemes Act 1993 (c. 48)In section 50(1)—
Proceeds of Crime Act 2002 (c. 29)In Schedule 11, paragraph 22(5).Pensions Act 2007 (c. 22)
Part 3 E+W+SContracting-out: abolition of all protected rightsThese repeals have effect in accordance with section 106.
TitleExtent of repealPension Schemes Act 1993 (c. 48)Section 10.
Pensions Act 2007 (c. 22)In Schedule 4, paragraphs 5, 8 to 10 and 12 to 14. Part 4 E+W+SPension compensationTitleExtent of repealMatrimonial Causes Act 1973 (c. 18)In section 25E(9), the definition of “PPF compensation”.
Pensions Act 2004 (c. 35)In section 173(5), the words “of this Act”. Part 5 E+W+SFinancial assistance schemeTitleExtent of repealPensions Act 2004 (c. 35)In section 286(2), the definition of “scheme's pension liabilities” and the words from “and a qualifying pension scheme” to the end. Part 6 E+W+SMiscellaneousAnnotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI16Sch. 11 Pt. 6 partly in force; Sch. 11 Pt. 6 in force for certain purposes at Royal Assent see s. 149The repeal in section 38(5)(a)(ii) of the Pensions Act 2004 (c. 35) has effect in accordance with paragraph 15(1) of Schedule 9 to this Act.
TitleExtent of repealSocial Security Pensions Act 1975 (c. 60)In section 59(5ZA), the words from “but this subsection” to the end.Pensions Act 1995 (c. 26)In section 7(3), at the end of paragraph (b), the word “or”.Pensions Act 2004 (c. 35)In section 38(5)(a)(ii), the words “otherwise than in good faith,”.