Legalize / United Kingdom / Public General Act

Pensions Act 2008

Type Public General Act

Publication 2008-11-26

Last updated 2025-01-17

State In force

Department Statute Law Database

Source legislation.gov.uk

articles Not indexed

Reform history JSON API

(5) The Board must determine that amount in such a way as to secure that the cash equivalent value of the compensation to which the transferee becomes entitled under subsection (3) equals the amount of the credit.

(6) The Secretary of State may by regulations make provision about the calculation of cash equivalents for the purposes of subsection (5).

(7) The notice sent under this section must—

(a) state that the transferee is entitled to periodic pension compensation calculated under Schedule 5, and

(b) specify the amount determined under subsection (4).

(8) Where the transferee dies before liability in respect of the credit has been discharged—

(a) subsections (2) to (7) do not have effect in relation to the discharge of liability in respect of the credit, and

(b) liability in respect of the credit must be discharged in accordance with regulations made by the Secretary of State.

117

(1) The Secretary of State may by regulations make provision for the purpose of enabling the Board to recover from the parties to pension compensation sharing prescribed charges in respect of prescribed descriptions of pension compensation sharing activity.

(2) Regulations under subsection (1) may include—

(a) provision for the start of the implementation period for a pension compensation credit to be postponed in prescribed circumstances;

(b) provision enabling the Board to set off against any PPF compensation payable to a party to pension compensation sharing any charges owed to it by that party under the regulations;

(c) provision, in relation to payments in respect of charges recoverable under the regulations, for reimbursement as between the parties to pension compensation sharing.

(3) For the purposes of regulations under subsection (1), the question of how much of a charge recoverable under the regulations is attributable to a party to pension compensation sharing is to be determined as follows—

(a) where the relevant order or provision includes provision (“provision for apportionment”) about the apportionment of charges under this section, there is attributable to the party so much of the charge as is apportioned to that party by that provision for apportionment;

(b) where the relevant order or provision does not include provision for apportionment, the charge is attributable to the transferor.

(4) In subsection (1), the reference to pension compensation sharing activity is to activity attributable directly or indirectly to the application of section 111 by virtue of the relevant order or provision.

Supply of information about pension compensation in relation to divorce etc

118

(1) The Secretary of State may by regulations—

(a) make provision imposing on the Board requirements with respect to the supply of information relevant to any power with respect to—

(i) financial relief under Part 2 of the Matrimonial Causes Act 1973 (c. 18) or Part 3 of the Matrimonial and Family Proceedings Act 1984 (c. 42) (England and Wales powers in relation to domestic and overseas divorce etc),

(ii) financial relief under Schedule 5 or 7 to the Civil Partnership Act 2004 (c. 33) (England and Wales powers in relation to domestic and overseas dissolution of civil partnerships etc),

(iii) financial relief under any provision corresponding to a provision mentioned in sub-paragraph (i) or (ii) in force in Northern Ireland,

(iv) orders for financial provision under section 8 of the Family Law (Scotland) Act 1985 (c. 37) (orders for financial provision), or

(v) provision as to pension sharing, or pension compensation sharing, that is contained in an agreement that is a qualifying agreement for the purposes of section 28(1)(b) and (c) of the Welfare Reform and Pensions Act 1999 (c. 30) (activation of pension sharing) or this Chapter;

(b) make provision about calculation and verification in relation to the valuation of PPF compensation for the purposes of regulations under paragraph (a);

(c) make provision for the purpose of enabling the Board to recover prescribed charges in respect of providing information in accordance with regulations under paragraph (a).

(2) Regulations under subsection (1)(b) may include provision for calculation and verification in a manner approved by the Board.

(3) Regulations under subsection (1)(c) may include provision for the application in prescribed circumstances, with or without modification, of any provision made by virtue of section 117(2).

119

The Secretary of State may by regulations require the Board to supply, to such persons as the Secretary of State may specify in the regulations, such information relating to anything which follows from the application of section 111 as the Secretary of State may so specify.

120

Schedule 6 (which amends matrimonial and civil partnership legislation for the purpose of enabling the court to make pension compensation sharing orders, and orders for the attachment of pension compensation, in connection with proceedings in England and Wales) and Schedule 7 (which amends in relation to pension compensation sharing orders similar legislation applying in Scotland) have effect.

Chapter 2 — Other provision about pension compensation

121

After section 168 of the Pensions Act 2004 (c. 35) (administration of compensation) insert—

(168A) (1) Regulations may make provision for the purpose of enabling the Board to recover prescribed charges in respect of complying with a relevant order or provision. (2) In subsection (1) “a relevant order or provision” means any of the following— (a) an order under section 23 of the Matrimonial Causes Act 1973 (financial provision in connection with divorce etc: England and Wales) so far as the order— (i) includes provision made by virtue of section 25B or 25C of that Act (powers to include provision about pensions), and (ii) applies in relation to the Board by virtue of section 25E of that Act; (b) an order under section 23 of that Act so far as the order includes provision made by virtue of section 25F of that Act (attachment of pension compensation on divorce etc: England and Wales); (c) an order under Part 1 of Schedule 5 to the Civil Partnership Act 2004 (financial provision orders in connection with dissolution of civil partnerships etc: England and Wales) so far as the order— (i) includes provision made by virtue of Part 6 of that Schedule (powers to include provision about pensions), and (ii) applies in relation to the Board by virtue of Part 7 of that Schedule; (d) an order under Part 1 of that Schedule so far as the order includes provision made by virtue of paragraph 34A of that Schedule (attachment of pension compensation on dissolution of civil partnership etc: England and Wales); (e) an order made under any provision corresponding to a provision mentioned in paragraphs (a) to (d) in force in Northern Ireland; (f) an order under section 8(1)(baa) to (bb) of the Family Law (Scotland) Act 1985 (orders for financial provision) so far as the order applies in relation to the Board; (g) any provision corresponding to provision which may be made by such an order and which is contained in a qualifying agreement (to which section 28(3) of the Welfare Reform and Pensions Act 1999, or section 110(1) of the Pensions Act 2008 relates) so far as the agreement applies in relation to the Board; (h) an order or provision of a kind mentioned in section 28(1) of the Welfare Reform and Pensions Act 1999 (pension sharing) so far as the order or provision applies in relation to the Board by virtue of section 220 of this Act. (3) Regulations under subsection (1) may include provision enabling the Board to set off against any PPF compensation payable to a person any charges owed to it by that person under the regulations. (4) In this section “PPF compensation” means compensation payable— (a) under or by virtue of this Chapter, or (b) under or by virtue of Chapter 1 of Part 3 of the Pensions Act 2008 (pension compensation on divorce etc).

Amendments of Schedule 7 to the Pensions Act 2004

122

Schedule 8 (amendments of Schedule 7 to the Pensions Act 2004) has effect.

Consequential amendments

123

(1) The Pensions Act 2004 (c. 35) is amended as follows.

(2) In section 173 (Pension Protection Fund)—

(a) in subsection (3)(b), after “the pension compensation provisions” insert “ or Chapter 1 of Part 3 of the Pensions Act 2008 ”;

(b) in subsection (5), omit “of this Act”.

(3) After paragraph 18(2)(d) of Schedule 5 (Board of the Pension Protection Fund) insert—

(da) section 168A (charges in respect of pension sharing etc);

(4) After paragraph 18(2)(g) of that Schedule insert—

(ga) section 116 of, and Schedule 5 to, the Pensions Act 2008 (discharge of liability in respect of pension compensation credit); (gb) section 117 of that Act (charges in respect of pension compensation sharing costs); (gc) section 118 of that Act (supply of information about pension compensation in relation to divorce etc); (gd) section 119 of that Act (supply of information about pension compensation sharing);

(5) In paragraph 18(2)(h) of that Schedule—

(a) after “section 111” insert “ of this Act ”;

(b) for “(g)” substitute “ (gd) ”.

Part 4 — Financial assistance scheme

Financial assistance scheme

124

(1) Subsection (2) of section 286 of the Pensions Act 2004 (c. 35) (financial assistance scheme for members of certain pension schemes) is amended as follows.

(2) In the definition of “qualifying member”, for the words from “a person” to the end of paragraph (b) substitute “ a person who, at such time as may be prescribed, is a member of the scheme or has ceased to be a member of the scheme, ”.

(3) In the definition of “qualifying pension scheme”, in paragraph (b), after “began” insert “ , subject to any prescribed exception, ”.

(4) In that definition, after paragraph (b) insert—

the assets of which, at such time as may be prescribed, are insufficient to satisfy in full the liabilities of the scheme calculated in the prescribed manner,

(5) In paragraph (c) of that definition, after “conditions” insert “ , if any, ”.

(6) Omit the definition of “scheme's pension liabilities” and the words from “and a qualifying pension scheme” to the end.

(7) Section 316 of that Act (parliamentary control of subordinate legislation) is amended as follows.

(8) In subsection (1), after “(2)” insert “ , (2A) ”.

(9) In subsection (2)(n), at the end add “ , except regulations prescribing an exception for the purposes of paragraph (b) of the definition of “qualifying pension scheme” in subsection (2) of that section;” ”.

(10) After subsection (2) insert—

(2A) Subsection (1) does not apply to regulations under section 286 prescribing an exception for the purposes of paragraph (b) of the definition of “qualifying pension scheme” in subsection (2) of that section, if a draft of the instrument containing them has been laid before and approved by a resolution of each House of Parliament.

Restriction on purchase of annuities

125

(1) After section 286 of the Pensions Act 2004 (c. 35) insert—

(286A) (1) This section applies to any qualifying pension scheme which has not been fully wound up. (2) The trustees of the scheme must not purchase or agree to purchase annuities on behalf of qualifying members unless— (a) before 26 September 2007 the trustees entered into a binding commitment to purchase the annuities, or (b) the purchase of the annuities is approved by the scheme manager on the application of the trustees and any condition imposed under subsection (4)(b) is satisfied. (3) An application under subsection (2)(b) must be in writing and must set out the trustees' reasons for applying. (4) An approval under subsection (2)(b)— (a) may be given if the scheme manager thinks it appropriate to do so, and (b) may be made subject to such conditions (if any) as the scheme manager thinks appropriate. (5) If the trustees fail to comply with subsection (2), the purchase or agreement to purchase is void if the scheme manager so determines. (6) A determination under subsection (5) may be made if the scheme manager thinks it appropriate to do so. (7) When making a decision under this section as to whether something is appropriate, the scheme manager may take into account such factors as are in the scheme manager's opinion relevant. (8) An application under the Financial Assistance Scheme (Halting Annuitisation) Regulations 2007 (S.I. 2007/2533) that has not been determined before 26 June 2008 has effect as if made under subsection (2)(b). (9) An approval given under those regulations has effect for the purposes of subsection (2)(b) as if given under this section. (10) In this section “qualifying pension scheme”, “qualifying member” and “scheme manager” have the same meaning as in section 286. (11) Regulations may provide that references in this section to the scheme manager have effect as references to such person as may be prescribed.

(2) The amendment made by subsection (1) must be taken to have had effect from 26 June 2008.

(3) In section 316(2) of the Pensions Act 2004 (statutory instruments subject to affirmative resolution procedure), after paragraph (n) insert—

(na) regulations under section 286A(11) (power to provide that references in section 286A to the scheme manager are to have effect as references to a prescribed person);

Part 5 — Miscellaneous

Miscellaneous provision relating to pensions

Amendments of provisions of Pensions Act 2004 relating to contribution notices or financial support directions

126

Schedule 9 (which amends the Pensions Act 2004 (c. 35) in relation to contribution notices and financial support directions) has effect.

Review of the initial operation of sections 38A and 38B of Pensions Act 2004

127

(1) The Secretary of State must carry out a review of the operation of sections 38A and 38B of the Pensions Act 2004 (which are inserted into that Act by paragraph 2 of Schedule 9 to this Act) during the period of 4 years beginning with the day on which that paragraph fully comes into force (“the commencement date”).

(2) The Secretary of State must set out the conclusions of the review in a report and lay the report before Parliament.

(3) The report must be laid before the end of the period of 5 years beginning with the commencement date.

128

(1) The Welfare Reform and Pensions Act 1999 (c. 30) is amended as follows.

(2) In section 28(10) (pension arrangements: time limit for activation of pension sharing in Scotland), for “The sheriff” substitute “ The Court of Session or the sheriff ”.

(3) In section 48(9) (state scheme rights: time limit for activation of benefit sharing in Scotland), for “The sheriff” substitute “ The Court of Session or the sheriff ”.

Interest on late payment of levies

129

Schedule 10 (which makes provision about payment of interest on late payment of levies) has effect.

Payments to employers

130

In section 37 of the Pensions Act 1995 (payment of surplus to employer) after subsection (1) insert—

(1A) But this section does not apply in the case of any of the payments listed in paragraphs (c) to (f) of section 175 of the Finance Act 2004 (authorised employer payments other than public service scheme payments or authorised surplus payments).

Appointment of trustees

131

(1) In section 7 of the Pensions Act 1995 (c. 26) (appointment of trustees), in subsection (3)—

(a) for “necessary”, in the first place where it occurs, substitute “ reasonable ”;

(b) omit “or” at the end of paragraph (b);

, or (d) otherwise to protect the interests of the generality of the members of the scheme.

(2) In paragraph 9(b) of Schedule 2 to the Pensions Act 2004 (c. 35) (reserved regulatory functions), for “or (c)” substitute “ , (c) or (d) ”.

Intervention by Regulator where scheme’s technical provisions improperly determined

132

In section 231 of the Pensions Act 2004 (powers of the Regulator), before paragraph (a) of subsection (1) insert—

(za) that the trustees or managers, when determining the methods and assumptions to be used in calculating the scheme's technical provisions, have failed to comply with a requirement imposed under section 222(4)(c);

Delegation of powers by the Regulator

133

(1) The Pensions Act 2004 is amended as follows.

(2) In paragraph 21 of Schedule 1 (regulations relating to delegation of the Pensions Regulator's functions), the existing provision becomes sub-paragraph (1).

(3) For paragraph (e) of that sub-paragraph substitute—

(e) permitting the Regulator to authorise such persons, in such circumstances and under such arrangements, as the Regulator may determine, to exercise on behalf of the Regulator— (i) the power to determine whether to exercise any of the functions listed in sub-paragraph (2); (ii) the power to exercise any of the functions listed in sub-paragraph (2) or such other functions as may be prescribed.

(4) After that sub-paragraph insert—

(2) The functions mentioned in sub-paragraph (1)(e) are— (a) the power to issue an improvement notice under section 13; (b) the power to issue a third party notice under section 14; (c) the power to recover unpaid contributions under section 17; (d) the power to require information under section 72; (e) the power to vary or revoke a determination, order, notice or direction under section 101; (f) the power to require payment of a penalty under section 10 of the Pensions Act 1995; (g) the power to issue a compliance notice under section 35 of the Pensions Act 2008; (h) the power to issue a third party compliance notice under section 36 of that Act; (i) the power to issue an unpaid contributions notice under section 37 of that Act; (j) the power to issue a fixed penalty notice under section 40 of that Act; (k) the power to issue an escalating penalty notice under section 41 of that Act; (l) the power to recover penalties under section 42 of that Act; (m) the power to review a notice under section 43 of that Act; (n) the power to issue a compliance notice in respect of prohibited recruitment conduct under section 51 of that Act; (o) the power to issue a penalty notice in respect of prohibited recruitment conduct under section 52 of that Act.

(5) Omit paragraph 28 of Schedule 1 (payment of expenses).

(6) Subsections (2) to (4)—

(a) do not affect any regulations made under paragraph 21(e) of Schedule 1 to the Pensions Act 2004 (c. 35) before the coming into force of this section, and

(b) do not affect the powers conferred by that paragraph, so far as exercisable for the purpose of making, by way of consolidation, provision having the same effect as any provision of those regulations.

Exclusion of transfers out in certain cases

134

(1) The Pension Schemes Act 1993 (c. 48) is amended as follows.

(2) In section 93(1B) (regulations as to the application of provisions relating to transfers for early leavers), after paragraph (a) insert—

(aa) provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;

(3) In section 101F (transfer notice in respect of pension credit benefit), after subsection (6) insert—

(6A) Regulations may provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description.

State and official pensions

Additional Class 3 contributions

135

(1) The Social Security Contributions and Benefits Act 1992 (c. 4) is amended as follows.

(2) After section 13 insert—

(13A) (1) An eligible person is entitled, if he so wishes, but subject to any conditions prescribed by regulations made by the Treasury and to the following provisions of this section, to pay Class 3 contributions in respect of a missing year. (2) A missing year is a tax year not earlier than 1975-76 in respect of which the person would under regulations under section 13 be entitled to pay Class 3 contributions but for a limit on the time within which contributions may be paid in respect of that year. (3) A person is not entitled to pay contributions in respect of more than 6 tax years under this section. (4) A person is not entitled to pay any contribution under this section after the end of 6 years beginning with the day on which he attains pensionable age. (5) A person is an eligible person if the following conditions are satisfied. (6) The first condition is that the person attained or will attain pensionable age in the period— (a) beginning with 6th April 2008, and (b) ending with 5th April 2015. (7) The second condition is that there are at least 20 tax years each of which is a year to which subsection (8) or (10) applies. (8) This subsection applies if— (a) the year is one in respect of which the person has paid or been credited with contributions that are of a relevant class for the purposes of paragraph 5 or 5A of Schedule 3 or been credited (in the case of 1987-88 or any subsequent year) with earnings, and (b) in the case of that year, the earnings factor derived as mentioned in subsection (9) is not less than the qualifying earnings factor for that year. (9) For the purposes of subsection (8)(b) the earnings factor— (a) in the case of 1987-88 or any subsequent year, is that which is derived from— (i) so much of the person's earnings as did not exceed the upper earnings limit and upon which such of the contributions mentioned in subsection (8)(a) as are primary Class 1 contributions were paid or treated as paid or earnings credited, and (ii) any Class 2 or Class 3 contributions for the year, or (b) in the case of any earlier year, is that which is derived from the contributions mentioned in subsection (8)(a). (10) This subsection applies (in the case of a person who attained or will attain pensionable age before 6th April 2010) if the year is one in which the person was precluded from regular employment by responsibilities at home within the meaning of regulations under paragraph 5(7) of Schedule 3. (11) The third condition applies only if the person attained or will attain pensionable age before 6th April 2010. (12) That condition is that— (a) the person has, in respect of any one tax year before that in which he attains pensionable age, actually paid contributions that are of a relevant class for the purposes of paragraph 5 of Schedule 3, and (b) in the case of that year, the earnings factor derived as mentioned in subsection (13) is not less than the qualifying earnings factor for that year. (13) For the purposes of subsection (12)(b) the earnings factor— (a) in the case of 1987-88 or any subsequent year, is that which is derived from— (i) so much of the person's earnings as did not exceed the upper earnings limit and upon which such of the contributions mentioned in subsection (12)(a) as are primary Class 1 contributions were paid or treated as paid, and (ii) any Class 2 or Class 3 contributions for the year, or (b) in the case of any earlier year, is that which is derived from the contributions mentioned in subsection (12)(a).

(3) In section 1(2)(d) (outline of contribution system) after “section 13” insert “ or 13A ”.

Additional Class 3 contributions (Northern Ireland)

136

(1) The Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) is amended as follows.

(2) After section 13 insert—

(13A) (1) An eligible person is entitled, if he so wishes, but subject to any conditions prescribed by regulations made by the Treasury and to the following provisions of this section, to pay Class 3 contributions in respect of a missing year. (2) A missing year is a tax year not earlier than 1975-76 in respect of which the person would under regulations under section 13 be entitled to pay Class 3 contributions but for a limit on the time within which contributions may be paid in respect of that year. (3) A person is not entitled to pay contributions in respect of more than 6 tax years under this section. (4) A person is not entitled to pay any contribution under this section after the end of 6 years beginning with the day on which he attains pensionable age. (5) A person is an eligible person if the following conditions are satisfied. (6) The first condition is that the person attained or will attain pensionable age in the period— (a) beginning with 6th April 2008, and (b) ending with 5th April 2015. (7) The second condition is that there are at least 20 tax years each of which is a year to which subsection (8) or (10) applies. (8) This subsection applies if— (a) the year is one in respect of which the person has paid or been credited with contributions that are of a relevant class for the purposes of paragraph 5 or 5A of Schedule 3 or been credited (in the case of 1987-88 or any subsequent year) with earnings, and (b) in the case of that year, the earnings factor derived as mentioned in subsection (9) is not less than the qualifying earnings factor for that year. (9) For the purposes of subsection (8)(b) the earnings factor— (a) in the case of 1987-88 or any subsequent year, is that which is derived from— (i) so much of the person's earnings as did not exceed the upper earnings limit and upon which such of the contributions mentioned in subsection (8)(a) as are primary Class 1 contributions were paid or treated as paid or earnings credited, and (ii) any Class 2 or Class 3 contributions for the year, or (b) in the case of any earlier year, is that which is derived from the contributions mentioned in subsection (8)(a). (10) This subsection applies (in the case of a person who attained or will attain pensionable age before 6th April 2010) if the year is one in which the person was precluded from regular employment by responsibilities at home within the meaning of regulations under paragraph 5(7) of Schedule 3. (11) The third condition applies only if the person attained or will attain pensionable age before 6th April 2010. (12) That condition is that— (a) the person has, in respect of any one tax year before that in which he attains pensionable age, actually paid contributions that are of a relevant class for the purposes of paragraph 5 of Schedule 3, and (b) in the case of that year, the earnings factor derived as mentioned in subsection (13) is not less than the qualifying earnings factor for that year. (13) For the purposes of subsection (12)(b) the earnings factor— (a) in the case of 1987-88 or any subsequent year, is that which is derived from— (i) so much of the person's earnings as did not exceed the upper earnings limit and upon which such of the contributions mentioned in subsection (12)(a) as are primary Class 1 contributions were paid or treated as paid, and (ii) any Class 2 or Class 3 contributions for the year, or (b) in the case of any earlier year, is that which is derived from the contributions mentioned in subsection (12)(a).

(3) In section 1(2)(d) (outline of contribution system) after “section 13” insert “ or 13A ”.

Official pensions: adjustment of increases in survivors' pensions

137

(1) Section 59 of the Social Security Pensions Act 1975 (c. 60) (increase of official pensions) is amended as follows.

(2) Subsection (5ZA) is amended as follows.

(3) In the words before paragraph (a)—

(a) for “or widower's” substitute “ , widower's or surviving civil partner's ”;

(b) after “spouse” insert “ or civil partner ”.

(4) In paragraph (a), after “spouse” insert “ or civil partner ”.

(5) In paragraph (b)—

(a) after “period” insert “ (“the relevant time”) ”;

(b) for the words from “one half” to the end substitute “ the rate provided for in subsection (5ZB); ”.

(6) In paragraph (c), for “or widower's” substitute “ , widower's or surviving civil partner's ”.

(7) Omit the words from “but this subsection” to the end.

(8) After subsection (5ZA) insert—

(5ZB) The rate referred to in subsection (5ZA)(b) is— (a) in the case of a widow's pension, one half of the rate of the deceased husband's guaranteed minimum pension at the relevant time; (b) in the case of a widower's pension, one half of so much of the rate of the deceased wife's guaranteed minimum pension at the relevant time as is attributable to earnings factors for the tax year 1988-89 and subsequent tax years; (c) in the case of a surviving civil partner's pension, one half of so much of the rate of the deceased civil partner's guaranteed minimum pension at the relevant time as is attributable to earnings factors for the tax year 1988-89 and subsequent tax years. (5ZC) Subsection (5ZA)— (a) does not apply to a widow's or widower's pension in respect of any service of the deceased spouse if the deceased spouse's pension in respect of that service became payable before 24 July 1990; (b) applies to a surviving civil partner's pension only in respect of amounts payable after the coming into force of this subsection.

War pensions: effect of later marriage or civil partnership

138

(1) Section 168 of the Pensions Act 1995 (c. 26) (war pensions for widows: effect of remarriage) is amended as follows.

(2) For subsection (1) substitute—

(1) In determining whether a pension is payable to a person as a widow, widower or surviving civil partner under any of the enactments mentioned in subsection (3) in respect of any period beginning on or after the commencement date, no account may be taken of the fact that the person has married or formed a civil partnership with another person if, before the beginning of that period— (a) the marriage or civil partnership has been terminated, (b) the parties to it have been judicially separated, or (c) in the case of a civil partnership, a separation order has been made in respect of the parties. (1A) The commencement date is— (a) for the purpose of determining whether a pension is payable to a person as a widow or widower, 19 July 1995; (b) for the purpose of determining whether a pension is payable to a person as a surviving civil partner, 5 December 2005.

(3) In subsection (2), in paragraph (a)—

(a) after “a marriage” insert “ or civil partnership ”;

(b) for “the termination of the marriage” substitute “ its termination ”.

(4) In that subsection, after “divorce” insert “ , dissolution ”.

(5) In subsection (3)(a), for “The Naval, Military and Air Forces Etc. (Disablement and Death) Service Pensions Order 1983” substitute “ The Naval, Military and Air Forces etc. (Disablement and Death) Service Pensions Order 2006 ”.

Polish Resettlement Act 1947: effect of residence in Poland

139

(1) In section 1(3) of the Polish Resettlement Act 1947 (c. 19) (power to apply Royal Warrant as to pensions etc to certain Polish forces) for “, and the scheme shall contain provision for securing that no payment shall be made thereunder to or in respect of any person as to whom the Secretary of State is satisfied that he is resident in Poland” substitute “ (including exceptions applying by virtue of a person's residence in Poland at any time prior to 1 May 2004) ”.

(2) Subsection (3) below applies where—

(a) a person (“A”) was resident in Poland at any time in the relevant period, and

(b) but for that fact, an amount would have been payable to or in respect of A under the scheme made under section 1 of the Polish Resettlement Act 1947.

(3) The power to make the scheme includes power to make provision for payments to or in respect of A in relation to any part of the relevant period.

(4) In this section “the relevant period” means the period beginning with 1 May 2004 and ending with the coming into force of this section.

Pre-1948 insurance affecting German pension entitlement

140

(1) This section applies where the conditions in subsections (2) and (3) are satisfied.

(2) The first condition is satisfied if it appears to the Secretary of State that a person (the “pensioner”) is, or was immediately before death, a person—

(a) whose German pension entitlement is (or was) reduced by one or more periods of pre-1948 insurance, or

(b) who would have (or would have had) a German pension entitlement, but for one or more periods of pre-1948 insurance.

(3) The second condition is satisfied if—

(a) the insured person entered the United Kingdom as an unaccompanied child directly or indirectly from Germany, Austria, Czechoslovakia or Poland in the period beginning with 2 December 1938 and ending with 31 May 1940, or

(b) the Secretary of State otherwise considers it appropriate to give a direction under subsection (4).

(4) At the request of the pensioner or (where the pensioner is dead) any other person claiming to be affected, the Secretary of State may direct that, on the giving of the direction, subsection (5) takes effect in relation to the period or periods of pre-1948 insurance.

(5) On this subsection taking effect in relation to any period—

(a) the insured person is deemed not to have been, not to have been deemed to be, and not to have been treated as being, insured for that period under the Widows', Orphans' and Old Age Contributory Pensions Acts 1936 to 1941 or under any provision of Northern Ireland legislation corresponding to those Acts, and

(b) any contribution mentioned in section 141(2)(b) or (c) is deemed not to have been credited to the insured person.

(6) The Secretary of State may give directions specifying how any request for the purposes of subsection (4) must be made.

(7) Where subsection (5) has taken effect in relation to a period or periods of pre-1948 insurance, the relevant authority may pay to any person an amount not exceeding any amount that would, but for subsection (5), have been payable to that person in respect of—

(a) a benefit specified in section 20(1) of the Social Security Contributions and Benefits Act 1992 (c. 4) (contributory benefits), or

(b) a benefit specified in any provision of Northern Ireland legislation corresponding to that provision.

(8) In this section—

“child” means a person aged under 18;

“German pension entitlement” means entitlement to benefits arising under insurance with the Deutsche Rentenversicherung, or any other entitlement that appears to the Secretary of State to be relevant for the purposes of this section;

“insured person” is to be read in accordance with section 141;

the “relevant authority” means—in relation to a benefit within subsection (7)(b), the Department for Social Development in Northern Ireland;in any other case, the Secretary of State;

“unaccompanied” means unaccompanied by an adult family member.

Pre-1948 insurance: supplementary

141

(1) In section 140 a “period of pre-1948 insurance” means any period ending before 6 April 1948 to which subsection (2) applies by reference to any person (“the insured person”).

(2) This subsection applies to a period which is one of the following—

(a) a period for which the insured person at any time was, was deemed to be, or was treated as, insured under the Widows', Orphans' and Old Age Contributory Pensions Acts 1936 to 1941, or under any provision of Northern Ireland legislation corresponding to those Acts;

(b) a period for or in respect of which contributions of any class were credited to the insured person in accordance with the provisions of the National Insurance Act 1965 (c. 51) or regulations made under that Act, or in accordance with any provision of Northern Ireland legislation corresponding to that Act or such regulations;

(c) a period for which contributions are credited to the insured person by any provision of the Social Security (Widow's Benefit, Retirement Pensions and Other Benefits) (Transitional) Regulations 1979 (S.I. 1979/643), or by any provision of Northern Ireland legislation corresponding to a provision of those regulations.

Information relating to state pension credit recipients

Disclosure of information relating to state pension credit recipients

142

(1) The Secretary of State may by regulations make provision authorising the Secretary of State, or a person providing services to the Secretary of State, to supply relevant persons with social security information about persons in receipt of state pension credit.

(2) In this section “relevant person” means—

(a) a person who holds a licence under section 6(1)(d) of the Electricity Act 1989 (c. 29) or section 7A(1) of the Gas Act 1986 (c. 44) (supply of electricity or gas to premises), or

(b) a person providing services to the Secretary of State or to a person within paragraph (a).

(3) Regulations under this section must specify the purposes for which information may be supplied by virtue of subsection (1), which must be purposes in connection with enabling the provision of assistance to persons in receipt of state pension credit.

(4) Regulations under this section may authorise the supply of information by a relevant person to the Secretary of State or another relevant person—

(a) for the purpose of determining what information is to be supplied by virtue of subsection (1), or

(b) to enable information supplied to a relevant person by virtue of subsection (1) to be used by that or another relevant person for purposes within subsection (3).

(5) Regulations under this section may—

(a) make provision as to the use or disclosure of information supplied under the regulations (including provision creating criminal offences);

(b) provide for the recovery by the Secretary of State of costs incurred in connection with the supply or use of information under the regulations.

(6) In this section—

“social security information” means information held by or on behalf of the Secretary of State and obtained as a result of, or for the purpose of, the exercise of the Secretary of State's functions in relation to social security;

“state pension credit” has the meaning given by section 1(1) of the State Pension Credit Act 2002 (c. 16).

Part 6 — General

Orders and regulations

143

(1) Any power conferred on the Secretary of State to make an order or regulations under this Act is exercisable by statutory instrument.

(2) A statutory instrument containing such an order or regulations is subject to annulment in pursuance of a resolution of either House of Parliament.

(3) Subsection (2) does not apply to a statutory instrument containing an order under section 149 or to a statutory instrument to which subsection (4) applies.

(4) A statutory instrument to which this subsection applies may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.

(5) Subsection (4) applies to a statutory instrument containing (alone or with other provision)—

(a) regulations under section 16(3)(c), 17(1)(c), 28, 96, 98 or 142;

(b) the first regulations under section 3(2) or (6), 5(2) or (7), 7(4)(b) or (6) or 9(3)(b);

(d) an order under section 145 amending or repealing any provision of an Act;

(e) an order under paragraph 9(7) of Schedule 5.

Orders and regulations: supplementary

144

(1) This section applies to an order or regulations made by the Secretary of State under this Act.

(2) An order or regulations may include—

(a) such incidental, supplemental, consequential or transitional provision as appears to the Secretary of State to be expedient;

(b) provision conferring a discretion on any person.

(3) An order under section 67 may include provision for anything that may be prescribed by the order to be determined under it, and for anything falling to be so determined to be determined by such persons, in accordance with such procedure and by reference to such matters, and to the opinion of such persons, as may be prescribed.

(4) The power to make an order or regulations may be exercised—

(a) either in relation to all cases to which the power extends, or in relation to those cases subject to specified exceptions, or in relation to any specified cases or classes of case,

(b) so as to make, as respects the cases in relation to which it is exercised—

(i) the full provision to which the power extends or any less provision (whether by way of exception or otherwise),

(ii) the same provision for all cases in relation to which the power is exercised, or different provision for different cases or different classes of case or different provision as respects the same case or class of case for different purposes of this Act, or

(iii) any such provision either unconditionally or subject to any specified condition.

Power to make further provision

145

(1) The Secretary of State may by order make—

(a) such supplemental, incidental or consequential provision, or

(b) such transitory, transitional or saving provision,

as the Secretary of State thinks appropriate for the general purposes, or any particular purpose, of this Act or in consequence of any provision made by or under this Act or for giving full effect to this Act or any such provision.

(2) An order under this section may, for purposes of or in consequence of or for giving full effect to any provision of or made under Chapter 5 of Part 1 or section 106, make provision for applying (with or without modifications) or amending, repealing or revoking any provision of or made under an Act passed before this Act or in the same Session.

(3) Amendments made under this section are in addition, and without prejudice, to those made by or under any other provision of this Act.

(4) No other provision of this Act restricts the powers conferred by this section.

Pre-consolidation amendments

146

(1) The Secretary of State may by order make such modifications of enactments within subsection (2) as in the Secretary of State's opinion facilitate, or are otherwise desirable in connection with, the consolidation of any of those enactments.

(2) The enactments are—

(a) the Pension Schemes Act 1993 (c. 48);

(b) the Pensions Act 1995 (c. 26);

(d) Chapter 2 of Part 2 of the Child Support, Pensions and Social Security Act 2000 (c. 19);

(e) the Pensions Act 2004 (c. 35);

(f) the Pensions Act 2007 (c. 22);

(g) this Act;

(h) enactments referring to any enactment within paragraphs (a) to (g).

(3) No order may be made under this section unless a Bill for consolidating the enactments modified by the order (with or without other enactments) has been presented to either House of Parliament.

(4) An order under this section, so far as it modifies any enactment, is not to come into force except in accordance with provision made for the purpose by the Act resulting from that Bill.

(5) An order under this section must not make any provision which would, if it were included in an Act of the Scottish Parliament, be within the legislative competence of that Parliament.

General financial provisions

147

There is to be paid out of money provided by Parliament—

(a) any expenditure incurred by the Secretary of State or a government department in consequence of this Act, and

(b) any increase attributable to this Act in the sums payable out of money so provided under any other enactment.

Repeals

148

Schedule 11 (repeals) has effect.

Commencement

149

(1) Subject to the following provisions, this Act comes into force in accordance with provision made by order by the Secretary of State.

(2) Subsection (1) does not apply to—

(a) sections 67 to 73;

(b) sections 78 to 86;

(d) section 124(1), (3) and (7) to (10);

(e) section 125;

(f) section 131;

(g) sections 133 to 136;

(h) sections 140 to 142;

(i) this Part, except section 148 and Schedule 11 (subject to paragraph (j));

(j) the provisions mentioned in subsection (3);

(k) any other provision of this Act so far as it confers any power to make regulations, rules, an Order in Council or an order under this Act.

(3) The provisions mentioned in this subsection are—

(a) in Schedule 9—

(i) paragraph 1 so far as relating to any of the following paragraphs;

(ii) paragraph 3 (and paragraph 2 so far as necessary for the purposes of that paragraph);

(iii) paragraphs 5 to 7;

(iv) paragraph 8 for purposes other than those of the material detriment test;

(v) paragraphs 9 to 14;

(vi) in paragraph 15, sub-paragraph (1) so far as relating to paragraphs 6 and 7, sub-paragraph (2) for purposes other than those of the material detriment test, and sub-paragraphs (3) and (4);

(vii) paragraph 16;

(b) section 126 so far as relating to any of the paragraphs of that Schedule mentioned in paragraph (a) of this subsection;

(c) the repeal in Schedule 11 relating to section 38(5)(a)(ii) of the Pensions Act 2004 (c. 35), the note in that Schedule relating to that repeal and section 148 so far as relating to that repeal and that note.

(4) Sections 105, 135 and 136 come into force on 6 April 2009.

(5) Section 131 comes into force at the end of the period of 2 months beginning with the day on which this Act is passed.

(6) An order under subsection (1) may appoint different days for different purposes.

Extent

150

(1) Subject to the following provisions, this Act extends to England and Wales and Scotland.

(2) The following provisions extend also to Northern Ireland—

(a) Chapters 5 and 6 of Part 1 and section 99 so far as it relates to those Chapters;

(b) section 96(2) to (7);

(d) section 125(2);

(e) sections 140 and 141;

(f) 143, 144, 145 and 146

(g) section 149, this section and section 151.

(3) An amendment or repeal by this Act has the same extent as the enactment amended or repealed (subject to the provision made by section 63(3), section 64(2) and paragraph 9 of Schedule 10).

Short title

151

This Act may be cited as the Pensions Act 2008.

SCHEDULE 1

Part 1 — Members and employees

Members

1

(1) Appointments of members of the corporation, and of a member as chair of the corporation, are to be made—

(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.

Conflicts of interest

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.

(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 removal

3

(1) A person is disqualified for appointment as a member if—

(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.

(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.

5

The Secretary of State may remove a member from office if satisfied that the member—

(a) has a conflict of interest,

(b) is unfit for office by reason of misconduct,

(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 office

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).

(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 etc

7

(1) The trustee corporation may—

(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.

(2) Where—

(a) a person whose term of office as member or chair has not expired ceases to hold that office, and

(b) the Secretary of State thinks there are special circumstances that make it right for the person to receive compensation,

the trustee corporation may make a payment to the person of such amount as the Secretary of State may determine.

Staff

8

(1) The trustee corporation may appoint employees and make any other arrangements for its staffing that it thinks fit.

(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 — Proceedings etc

Committees and advisory committees

9

(1) The trustee corporation may—

(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.

(2) Every member of a sub-committee must be a member of the committee which established it.

Proceedings

11

(1) The trustee corporation may, subject to this Schedule—

(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).

12

The trustee corporation must make arrangements for the keeping of proper records—

(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 matters

13

(1) This paragraph applies if at any meeting of—

(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,

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.

Delegation

14

The trustee corporation may, subject to an order or rules under section 67, delegate any function conferred on it to—

(a) a member,

(b) an employee or other member of staff, or

Validity of proceedings

15

The 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.

Authentication of the trustee corporation’s seal

16

(1) The application of the trustee corporation's seal must be authenticated by the signature of—

(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 report

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.

(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 — Money

Finance

18

(1) The Secretary of State may, with the consent of the Treasury, give financial assistance to the trustee corporation.

(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.

19

The trustee corporation may make charges in connection with the exercise of its functions.

Accounts

20

(1) The trustee corporation must—

(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 — Supplementary

Disqualification

21

In 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. ”

22

In 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. ”

Records and freedom of information

23

In 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. ”

24

In 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. ”

Equality

25

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation

26

(1) In this Schedule—

“financial year” means such period as the Secretary of State may by order prescribe;

“occupational pension scheme” and “personal pension scheme”—in relation to England and Wales or Scotland, have the same meanings as in the Pension Schemes Act 1993 (c. 48) (see section 1 of that Act);in relation to Northern Ireland, have the same meanings as in the Pension Schemes (Northern Ireland) Act 1993 (c. 49) (see section 1 of that Act);

“the relevant authority” means—in relation to England and Wales or Scotland, the Secretary of State;in relation to Northern Ireland, the Department for Social Development in Northern Ireland.

(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.

SCHEDULE 2

Part 1 — Revaluation of accrued pension benefits

Amendments to Schedule 3 to the 1993 Act

1

This Part makes amendments to Schedule 3 to the Pension Schemes Act 1993 (c. 48) (methods of revaluing accrued pension benefits).

2

In paragraph 1 (the final salary method), for sub-paragraphs (1) to (3) substitute—

(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). (1A) Where— (a) the termination of pensionable service occurs before 1st January 1991, and (b) the whole of the member's pensionable service falls on or after 1st January 1985, the additional amount is the appropriate higher revaluation percentage of the accrued benefit. (1B) Where— (a) the termination of pensionable service occurs before 1st January 1991, and (b) some of the member's pensionable service falls before 1st January 1985, the additional amount is such proportion of the appropriate higher revaluation percentage of the accrued benefit as the member's pensionable service falling on or after 1st January 1985 bears to the member's total pensionable service. (1C) Where the termination of pensionable service occurs— (a) on or after 1st January 1991, but (b) before the day on which section 101 of the Pensions Act 2008 comes into force (“the 2008 Act commencement day”), the additional amount is the appropriate higher revaluation percentage of the accrued benefit. (1D) Where the termination of pensionable service occurs on or after the 2008 Act commencement day, the additional amount is the aggregate of— (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 (b) the appropriate lower revaluation percentage of so much of the accrued benefit as is attributable to the member's pensionable service falling on or after that day. (1E) In this paragraph “the accrued benefit” means the amount of the pension or other benefit which on the termination date has accrued to the member or to any other person in respect of the member (excluding any part of that amount which consists of— (a) the member's guaranteed minimum, or (b) the guaranteed minimum of the member's widow, widower or surviving civil partner). (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”). But notional service shall not be taken into account in determining which of sub-paragraphs (1A), (1B), (1C) and (1D) applies. (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. (3A) For the purposes of determining the additional amount where sub-paragraph (1D) applies, any notional service shall be treated as falling on or after the 2008 Act commencement day only if, or to the extent that, it is so treated for the purposes of the scheme.

3

(1) Paragraph 2 (the revaluation percentage and the appropriate revaluation percentage) is amended as follows.

(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 (b) a lower revaluation percentage, 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— (a) the percentage which appears to the Secretary of State to be the percentage increase in the general level of prices in Great Britain during the period which is the reference period in relation to the revaluation period (“the inflation percentage”), and (b) the higher maximum rate. (3A) The lower revaluation percentage which the Secretary of State is to specify in relation to a revaluation period is the lesser of— (a) the percentage which appears to the Secretary of State to be the inflation percentage, and (b) the lower maximum rate.

(4) For sub-paragraphs (6) and (7) substitute—

Reading this document does not replace reading the official text published on legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. We assume no responsibility for any inaccuracies arising from the conversion of the original CLML XML to this format.

This text is published under legislation.gov.uk's own terms of reuse, not a Legalize or public-domain licence. legislation.gov.uk
Open Government Licence v3.0 (attribution required)
© Crown and database right. Derived from content available under the Open Government Licence v3.0 from legislation.gov.uk.