The Pensions Act 2011 (Commencement No. 5) Order 2014

Made: 30th June 2014

The Secretary of State for Work and Pensions makes the following Order in exercise of the power conferred by section 38(4) of the Pensions Act 2011[^f00001].

Citation

1

This Order may be cited as the Pensions Act 2011 (Commencement No. 5) Order 2014.

Commencement of provision

2

Section 29 of the Pensions Act 2011 (definition of money purchase benefits) comes into force on 24th July 2014.

Signed

Signed by authority of the Secretary of State for Work and Pensions.

Steve Webb — Minister of State, — Department for Work and Pensions — 30th June 2014

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order brings into force section 29 of the Pensions Act 2011 (c. 19) on 24th July 2014. Section 29 inserts new section 181B into the Pension Schemes Act 1993 (c. 48), which supplements the definition of ‘money purchase benefits’ in section 181 of that Act, with retrospective effect to 1st January 1997. Section 29 also inserts new section 99A into the Pensions Act 2008 (c. 30), which supplements the definition of ‘money purchase benefits’ in section 99 of that Act, with retrospective effect to 5th July 2010. Section 29 further amends the definition of ‘money purchase benefits’ in paragraph 1(2) of Schedule 10A to the Building Societies Act 1986 (c. 53).

A full impact assessment has not been prepared for this Order as no impact on the private, public or voluntary sectors is foreseen.

Footnotes

[^f00001]: 2011 c. 19.