Pensions Act 2014
Pensions Act 2014 (2014 c. 19)
- Pensions Act 2014 (2014 c. 19)
- Part 1 State pension
- Introduction
- 1 State pension
- State pension at the full or reduced rate
- 2 Entitlement to state pension at full or reduced rate
- 3 Full and reduced rates of state pension
- State pension at the transitional rate
- 4 Entitlement to state pension at transitional rate
- 5 Transitional rate of state pension
- 6 Recalculation and backdating of transitional rate in special cases
- Transitional entitlement based on contributions of others
- 7 Survivor's pension based on inheritance of additional old state pension
- 8 Choice of lump sum or survivor's pension under section 9 in certain cases
- 9 Survivor's pension based on inheritance of deferred old state pension
- 10 Inheritance of graduated retirement benefit
- Transition: women who have had a reduced rate election
- 11 Reduced rate elections: effect on section 4 pensions
- 12 Reduced rate elections: pension for women with no section 4 pension
- Transition: pension sharing on divorce etc
- 13 Shared state pension on divorce etc
- 14 Pension sharing: reduction in the sharer's section 4 pension
- 15 Pension sharing: amendments
- Postponing or suspending state pension
- 16 Pensioner's option to suspend state pension
- 17 Effect of pensioner postponing or suspending state pension
- 18 Section 17 supplementary: calculating weeks, overseas residents, etc
- Prisoners and overseas residents
- 19 Prisoners
- 20 Overseas residents
- Definitions
- 21 “Old state pension”
- 22 General definitions etc
- Consequential and other amendments
- 23 Amendments
- 24 Abolition of contracting-out for salary related schemes etc
- Part 2 Option to boost old retirement pensions
- 25 Option to boost old retirement pensions
- Part 3 Pensionable age
- 26 Increase in pensionable age to 67
- 27 Periodic review of rules about pensionable age
- Part 4 State pension credit
- 28 State pension credit: phasing out assessed income periods
- 29 Preserving indefinite status of certain existing assessed income periods
- Part 5 Bereavement support payment
- 30 Bereavement support payment
- 31 Bereavement support payment: contribution condition and amendments
- 32 Bereavement support payment: prisoners
- Part 6 Private pensions
- Transfer of pension benefits
- 33 Automatic transfer of pension benefits etc
- 34 Power to prohibit offer of incentives to transfer pension rights
- 35 Expiry of power in section 34
- 36 Short service benefit for scheme member with money purchase benefits
- Automatic enrolment
- 37 Automatic re-enrolment: exceptions where automatic enrolment deferred
- 38 Automatic enrolment: powers to create general exceptions
- 39 Alternative quality requirements for UK defined benefits schemes
- 40 Automatic enrolment: transitional period for hybrid schemes
- 41 Penalty notices under sections 40 and 41 of the Pensions Act 2008 etc
- 42 Unpaid scheme contributions
- Other
- 43 Power to restrict charges or impose requirements in relation to schemes
- 44 Disclosure of information about transaction costs to members etc
- 45 Power to require pension levies to be paid in respect of past periods
- 46 Prohibition and suspension orders: directors of corporate trustees
- 47 Preparation of guidance for pensions illustrations
- 48 Pensions Regulator's objectives
- 49 Maximum period between scheme returns to be 5 years for micro schemes
- 50 Pension Protection Fund: increased compensation cap for long service
- 51 Pension Protection Fund: compensation cap to apply separately to certain benefits
- 52 Public service pension schemes: transitional arrangements
- Part 7 Final provisions
- 53 Power to make consequential amendments etc
- 54 Regulations and orders
- 55 Extent
- 56 Commencement
- 57 Short title
- SCHEDULES
- SCHEDULE 1 Transitional rate of state pension: calculating the amount
- Part 1 Introduction
- Part 2 Amount for pre-commencement qualifying years
- How to calculate the amount for pre-commencement qualifying years
- Step 1: calculation of the person's pension under the old system
- Step 2: calculation of a pension based on the new system
- Step 4: revaluation
- Part 3 Amount for post-commencement qualifying years
- SCHEDULE 2 Transitional rate of state pension: up-rating
- SCHEDULE 3 Survivor's pension under section 7: inherited amount
- Introduction
- Dead spouse or civil partner in old state pension system etc
- Dead spouse or civil partner in new state pension system
- Supplementary
- SCHEDULE 4 Survivor's pension under section 7: up-rating
- Introduction
- Rate of section 7 pension, when added to any priority pension, is less than the full rate
- Rate of section 7 pension, when added to any priority pension, straddles the full rate
- Priority pension alone is equal to or higher than the full rate
- SCHEDULE 5 Survivor's pension under section 9: inherited deferral amount
- Introduction
- Dead spouse or civil partner entitled to old state pension with deferral increase
- Dead spouse or civil partner's entitlement to old state pension deferred at time of death
- “The relevant provisions” of the Contributions and Benefits Act
- Supplementary
- SCHEDULE 6 Reduced rate elections: effect on rate of section 4 pension
- Introduction
- Increased transitional rate for woman married to person over pensionable age etc
- Increased transitional rate for widows or divorcees etc
- Recalculation of transitional rate where circumstances change
- SCHEDULE 7 Reduced rate elections: basic amount of state pension under section 12
- SCHEDULE 8 Pension sharing: appropriate weekly rate under section 13
- Introduction
- Appropriate weekly rate for pensioner with old state scheme pension credit
- Appropriate weekly rate for pensioner with new state scheme pension credit
- Supplementary
- SCHEDULE 9 Pension sharing: up-rating state pension under section 13
- Introduction
- Rate of section 13 pension, when added to any priority pension, is less than the full rate
- Rate of section 13 pension, when added to any priority pension, straddles the full rate
- Priority pension alone is equal to or higher than the full rate
- SCHEDULE 10 Pension sharing: appropriate weekly reduction under section 14
- Introduction
- Appropriate weekly reduction for person subject to old state scheme pension debit
- Appropriate weekly reduction for person subject to new state scheme pension debit
- Supplementary
- SCHEDULE 11 Pension sharing: amendments
- Family Law (Scotland) Act 1985 (c. 37)
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Administration Act 1992 (c. 5)
- Welfare Reform and Pensions Act 1999 (c. 30)
- State Pension Credit Act 2002 (c. 16)
- Gender Recognition Act 2004 (c. 7)
- SCHEDULE 12 State pension: amendments
- Part 1 Amendments to do with new state pension system
- Forfeiture Act 1982 (c. 34)
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Administration Act 1992 (c. 5)
- Social Security Act 1993 (c. 3)
- Pensions Act 1995 (c. 26)
- Social Security Act 1998 (c. 14)
- Child Support, Pensions and Social Security Act 2000 (c. 19)
- Social Security Fraud Act 2001 (c. 11)
- State Pension Credit Act 2002 (c. 16)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Gender Recognition Act 2004 (c. 7)
- Finance (No. 2) Act 2005 (c. 22)
- Welfare Reform Act 2012 (c. 5)
- Part 2 Amendments to do with old state pension system
- Graduated retirement benefit
- Category A retirement pensions
- Category B retirement pensions
- Category C retirement pensions: repeal of spent provisions
- Category D retirement pensions
- Age addition
- Christmas bonus
- Transition: same sex marriages
- Part 3 Amendments to do with state pension credit
- Part 4 Other amendments to do with Part 1
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Pension Schemes Act 1993 (c. 48)
- Pensions Act 2008 (c. 30)
- Pensions Act 2011 (c. 19)
- SCHEDULE 13 Abolition of contracting-out for salary related schemes
- Part 1 Pension Schemes Act 1993: amendments
- Part 2 Other Acts: amendments
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Administration Act 1992 (c. 5)
- Pensions Act 1995 (c. 26)
- Employment Rights Act 1996 (c. 18)
- Child Support, Pensions and Social Security Act 2000 (c. 19)
- Employment Act 2002 (c. 22)
- Pensions Act 2004 (c. 35)
- Companies Act 2006 (c. 46)
- Pensions Act 2007 (c. 22)
- Pensions Act 2008 (c. 30)
- SCHEDULE 14 Power to amend schemes to reflect abolition of contracting-out
- Introduction
- What can the power be used to do?
- Creation of exceptions
- Requirement for actuary's certificate
- When can the power be used?
- Can the power be used more than once?
- Modifications for multi-employer or sectionalised schemes
- The power overrides other legislation
- Procedural requirements and supplementary matters
- Information
- Definitions
- SCHEDULE 15 Option to boost old retirement pensions
- Part 1 Great Britain
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Administration Act 1992 (c. 5)
- Welfare Reform and Pensions Act 1999 (c. 30)
- Part 2 Northern Ireland
- Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)
- Social Security Administration (Northern Ireland) Act 1992 (c. 8)
- SCHEDULE 16 Bereavement support payment: amendments
- Forfeiture Act 1982 (c. 34)
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Administration Act 1992 (c. 5)
- Social Security Act 1993 (c. 3)
- Social Security Act 1998 (c. 14)
- Social Security Fraud Act 2001 (c. 11)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- SCHEDULE 17 Automatic transfer of pension benefits etc
- Part 1 Automatic transfer of pension benefits
- Regulations providing for transfer of cash equivalent of transferable benefits
- Automatic transfer scheme to find out whether members have transferable benefits
- Automatic transfer scheme to request transfer of cash equivalent
- Right to opt out of automatic transfer
- Information to be given to qualifying members of automatic transfer schemes
- Transferable benefits scheme to comply with request
- Automatic transfer scheme to use cash equivalent to provide rights under the scheme
- Cash equivalents: calculation and verification
- Disclosure of information and establishment of database
- Compliance
- Record keeping
- Further provision about the regulations
- Review of limit on value of cash equivalent
- Part 2 Merger of pension accounts
- Part 3 Interpretation etc
- Interpretation etc
- Crown application
- Overriding provision
- Other provision relating to regulations under this Schedule
- Amendments
- SCHEDULE 18 Power to restrict charges or impose requirements in relation to schemes
- Power to restrict charges
- Power to impose requirements relating to administration or governance
- Compliance
- Interpretation
- Crown application
- Overriding provision
- Other provision relating to regulations under this Schedule
- Amendments
- SCHEDULE 19 Prohibition orders: consequential amendments
- Pensions Act 1995 (c. 26)
- Pensions Act 2004 (c. 35)
- SCHEDULE 20 Pension Protection Fund: increased compensation cap for long service
- Part 1 The new compensation cap
- Part 2 Consequential amendments
- Part 3 Effect of change in transitional cases
- Recalculation of periodic compensation going forwards
- New cap does not generally affect old payments
- Survivors' compensation
- Cases involving early payment or postponement of compensation
- Recalculation of terminal illness lump sums given in the past year
- Meaning of “the pension compensation provisions” in Part 2 of the Pensions Act 2004
- Part 4 Schemes undergoing assessment or winding up on the commencement date
- Schemes undergoing assessment on the commencement date
- Schemes that begin winding up before the commencement date
- Meaning of “undergoing assessment”
- Meaning of “eligible scheme”
- Part 5 Interpretation and power to make further transitional provision
- Interpretation
- Further transitional provision
Feedback