Pension Schemes Act 2015
Pension Schemes Act 2015 (2015 c. 8)
- Pension Schemes Act 2015 (2015 c. 8)
- PART 1 Categories of pension scheme
- 1 Introduction
- 2 Defined benefits scheme
- 3 Shared risk scheme (sometimes known as “defined ambition”)
- 4 Defined contributions scheme
- 5 Meaning of “pensions promise” etc
- 6 Treatment of a scheme as two or more separate schemes
- 7 Interpretation of Part 1
- PART 2 Collective benefits
- Introduction and nature of collective benefits
- 8 Introduction and definition
- 9 Duty to set targets for collective benefits
- 10 Policy about factors used to determine each benefit
- 11 Power to impose requirements about factors used to determine each benefit
- Contributions
- 12 Payment schedule
- 13 Overdue contributions and other payments
- Investment
- 14 Statement of investment strategy
- 15 Investment performance reports
- 16 Investment powers
- 17 Restriction on borrowing by trustees or managers
- 18 Investment powers: duty of care
- Valuation
- 19 Valuation reports
- 20 Valuation process
- Dealing with deficits and surpluses
- 21 Policy for dealing with a deficit or surplus
- 22 Power to impose requirements about dealing with a deficit or surplus
- 23 Deficits attributable to an offence or the imposition of a levy
- 24 Payment of amounts out of collective benefit funds
- Cash equivalents
- 25 Policy for calculating cash equivalent of benefits
- Winding up
- 26 Winding up
- 27 Requirement to wind up scheme in specified circumstances
- 28 Policies about winding up
- Identifying assets
- 29 Working out which assets are available for the provision of which benefits
- Regulations under Part 2: general
- 30 Requirement to obtain actuarial advice
- 31 Sub-delegation
- 32 Publication of documents etc
- 33 Enforcement
- 34 Overriding requirements
- Interpretation of Part 2
- 35 Interpretation of Part 2
- PART 3 General changes to legislation about pension schemes
- Administration and governance
- 36 Pensions promise obtained from third party
- 37 Duty to act in the best interests of members
- 38 Disclosure of information about schemes
- Early leavers
- 39 Extension of preservation of benefit under occupational pension schemes
- 40 Revaluation of accrued benefits
- Indexation
- 41 Collective benefits exempt from indexation
- 42 Regulatory own fund schemes exempt from indexation
- 43 Power to create other exemptions from indexation
- Independent trustees
- 44 Removal of requirement to maintain register of independent trustees
- Rules about modification of schemes
- 45 Rules about modification of schemes
- Other amendments
- 46 Other amendments to do with Parts 1 and 2
- PART 4 Pensions flexibilities
- CHAPTER 1 Pensions guidance
- 47 Pensions guidance
- CHAPTER 2 Independent advice
- Great Britain
- 48 Independent advice in respect of conversions and transfers: Great Britain
- 49 Power to require employer to arrange advice for purposes of section 48
- 50 Independent advice: consequential amendments: Great Britain
- Northern Ireland
- 51 Independent advice in respect of conversions and transfers: Northern Ireland
- 52 Power to require employer to arrange advice for purposes of section 51
- 53 Independent advice: consequential amendments: Northern Ireland
- Income tax exemption
- 54 Independent advice: income tax exemption
- CHAPTER 3 Drawdown, conversion of benefits and lump sums
- Great Britain
- 55 Sums or assets that may be designated as available for drawdown: Great Britain
- 56 Provision about conversion of certain benefits for drawdown: Great Britain
- 57 Provision about calculation of lump sums: Great Britain
- 58 Restrictions on conversion of benefits during winding up etc: Great Britain
- 59 Restriction on payment of lump sums during PPF assessment period: Great Britain
- 60 Sections 55 to 57: consequential amendments
- Northern Ireland
- 61 Sums or assets that may be designated as available for drawdown: Northern Ireland
- 62 Provision about conversion of certain benefits for drawdown: Northern Ireland
- 63 Provision about calculation of lump sums: Northern Ireland
- 64 Restrictions on conversion of benefits during winding up etc: Northern Ireland
- 65 Restriction on payment of lump sums during PPF assessment period: Northern Ireland
- 66 Sections 61 to 63: consequential amendments
- CHAPTER 4 Transfers
- Rights to transfer benefits
- 67 Rights to transfer benefits
- Great Britain
- 68 Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain
- 69 Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain
- 70 Sections 68 and 69: consequential amendments
- Northern Ireland
- 71 Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland
- 72 Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland
- 73 Sections 71 and 72: consequential amendments
- CHAPTER 5 Interpretation of Part 4
- 74 Meaning of “flexible benefit”
- 75 Meaning of “cash balance benefit”
- 76 Interpretation of Part 4
- (1) UK definitions
- (2) Great Britain only definitions
- (3) Northern Ireland only definitions
- PART 5 Miscellaneous
- Remploy
- 77 Payments into Remploy Limited Pension and Assurance Scheme
- Judicial and public service pensions
- 78 Pension scheme for fee-paid judges
- 79 Judicial pensions: pension sharing on divorce etc
- 80 Public service pension schemes
- Marriage of same sex couples
- 81 Extension to Scotland of certain provisions about marriage of same sex couples
- Pension sharing
- 82 Pension sharing and normal benefit age
- PART 6 General
- 83 Power to make consequential amendments
- 84 Regulations
- 85 Regulations: Northern Ireland
- 86 Regulations: supplementary
- 87 Crown application
- 88 Extent
- 89 Commencement
- 90 Short title
- SCHEDULES
- SCHEDULE 1 Early leavers: revaluation of accrued benefits
- SCHEDULE 2 Other amendments to do with Parts 1 and 2
- Pension Schemes Act 1993 (c. 48)
- Pensions Act 1995 (c. 26)
- Welfare Reform and Pensions Act 1999 (c. 30)
- Financial Services and Markets Act 2000 (c. 8)
- Pensions Act 2004 (c. 35)
- Pensions Act 2008 (c. 30)
- Pensions Act 2014 (c. 19)
- SCHEDULE 3 Pensions guidance
- SCHEDULE 4 Rights to transfer benefits
- PART 1 Great Britain amendments
- Judicial Pensions Act 1981 (c. 20)
- Judicial Pensions and Retirement Act 1993 (c. 8)
- Pension Schemes Act 1993 (c. 48)
- Pensions Act 1995 (c. 26)
- Learning and Skills Act 2000 (c. 21)
- Pensions Act 2004 (c. 35)
- Scottish Parliamentary Pensions Act 2009 (asp 1)
- Pensions Act 2014 (c. 19)
- PART 2 Northern Ireland amendments
- Judicial Pensions Act 1981 (c. 20)
- Judicial Pensions and Retirement Act 1993 (c. 8)
- Pension Schemes (Northern Ireland) Act 1993 (c. 49)
- Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
- Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
- SCHEDULE 5 Pension scheme for fee-paid judges: consequential amendments
- Pensions (Increase) Act 1971 (c. 56)
- Judicial Pensions and Retirement Act 1993 (c. 8)
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