Pensions BillPage 20
(1) After section 9 of the Judicial Pensions and Retirement Act 1993 insert—
(1)
The appropriate Minister may, by regulations made with the
concurrence of the Treasury, make provision for and in connection with
requiring contributions to be made towards the cost of the liability for
10relevant benefits.
(2) The prescribed contributions are to be—
(a)
made by the person to or in respect of whom the relevant
benefits are to be, or may be, provided;
(b)
made for the person’s period of service in qualifying judicial
15office;
(c)
in the form of deductions from the salary payable for that
service.
(3) But no contribution is to be made by a person—
(a)
for any period of service during which an election under
20section 13 is in force in respect of the person;
(b)
for any period of service after the person has completed, in the
aggregate, 20 years’ service in qualifying judicial office;
(c) for any other prescribed period of service;
(d) in any prescribed circumstances.
(4)
25For the purposes of subsection (3)(b), it does not matter whether the
person’s service in qualifying judicial office was service before or after
the commencement of section 28(1) of the Pensions Act 2011 (but no
contribution is to be made for a person’s service before that
commencement).
(5) 30In this section—
“prescribed” means specified in, or determined in accordance
with, regulations;
“relevant benefits” means—
a pension under section 2;
35a lump sum under section 4;
payments by way of pension or lump sum under section
19, so far as relating to a pension or lump sum within
paragraph (a) or (b).”
(2)
Schedule 5 (which makes provision for contributions towards the cost of
40certain other judicial pensions etc) has effect.
Pensions BillPage 21
(1)
5Section 174 of the Pension Schemes Act 1993 (grants by the Pensions Regulator
to advisory bodies etc) is amended as follows.
(2) After subsection (2) insert—
“(3)
The Secretary of State may make grants on such terms and conditions
as the Secretary of State thinks fit to any person or body of persons
10providing advice or assistance, or carrying out other prescribed
functions, in connection with occupational or personal pensions.”
(3) For the heading substitute “Grants to advisory bodies etc”.
(1) After section 144 of the Pensions Act 2008 insert—
In sections 303 to 305 of the Pensions Act 2004 (service of documents
and electronic working) references to that Act are to be treated as
including references to the following provisions of this Act—
Chapters 2 and 3 of Part 1;
20section 60(1)(c);
Chapter 1 of Part 3.”
(2)
In section 60 of that Act (requirement to keep records) in subsection (1)(c) for
“, on request, to the Regulator” substitute “to the Regulator on receiving a
notification requesting them”.
(3)
25In section 150 of that Act (extent) in subsection (2)(f) for “143 to 146” substitute
“143, 144, 145 and 146”.
An amendment or repeal by this Act has the same extent as the enactment
30amended or repealed.
(1) Any provision of Part 2 that amends another Act so as—
(a) to modify a power to make an order or regulations, or
(b) to confer any such power,
35comes into force, for the purposes of the exercise of the power, on the day on
which this Act is passed.
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(2) The following provisions of this Act come into force on that day—
(a) section 31;
(b) this section;
(c) section 33.
(3)
5The following provisions of this Act come into force at the end of the period of
2 months beginning with that day—
(a) section 1 (and Schedule 1);
(b) section 24;
(c) section 26;
(d) 10section 27.
(4)
The other provisions of this Act come into force in accordance with provision
made by order by the Secretary of State.
(5)
An order under subsection (4) may appoint different days for different
purposes.
(6)
15The Secretary of State may by order make transitional, transitory or saving
provision in connection with the coming into force of any provision of this Act.
(7) An order under subsection (4) or (6) is to be made by statutory instrument.
This Act may be cited as the Pensions Act 2011.
Pensions BillPage 23
Section 1
1
In section 48 of the Gas Act 1986 (interpretation of Part 1) in subsection
(2B)(b) for “6th April 1955” substitute “6th December 1953”.
2 The Social Security Administration Act 1992 is amended as follows.
3
10In section 2A (claim or full entitlement to certain benefits conditional on
work-focused interview) in subsection (1A) for “6 April 1955” substitute “6
December 1953”.
4
In section 2AA (full entitlement to certain benefits conditional on work-
focused interview for partner) in subsection (1A) for “6 April 1955”
15substitute “6 December 1953”.
5
In section 2D (work-related activity) in subsection (9)(e) for “6 April 1955”
substitute “6 December 1953”.
6
In section 126 of the Pensions Act 1995 (equalisation of and increase in
20pensionable age etc) in paragraph (a) for the words from “progressively”
(where it appears first) to the end of the paragraph substitute “and then to
increase it”.
7
In section 6 of the Consumers, Estate Agents and Redress Act 2007 (general
25provision about functions of National Consumer Council) in subsection
(10)(b) for “6 April 1955” substitute “6 December 1953”.
8 The Pensions Act 2007 is amended as follows.
9 In section 13 (increase in pensionable age for men and women)—
(a) 30in subsection (1) omit from “progressively” to the end;
(b) in subsection (3) for “6th April 2024” substitute “6th December 2018”.
Pensions BillPage 24
10
In Schedule 3 (increase in pensionable age for men and women) omit
paragraph 4(4).
Section 2
1
The Social Security Contributions and Benefits Act 1992 is amended as
follows.
2
In section 55 (pension increase or lump sum where entitlement to retirement
10pension is deferred) in subsection (2) for “paragraphs 4 to 7 make” substitute
“paragraph 4 makes”.
3
(1)
Schedule 5 (pension increase or lump sum where entitlement to retirement
pension is deferred) is amended as follows.
(2) Omit paragraph A1(4).
(3) 15In paragraph 2(5)(a) omit “, 5, 5A, 6 or 6A”.
(4) Omit paragraph 2A.
(5) In paragraph 3B(5)(b)(i) omit “or paragraphs 5 to 6A of this Schedule”.
(6) Omit paragraph 3C(5).
(7)
In paragraph 4(1A) after “6A” (in each place) insert “(as those provisions
20have effect by virtue of section 2(7) of the Pensions Act 2011)”.
(8)
In paragraph 7B(5)(b)(i) after “Schedule” insert “(as those provisions have
effect by virtue of section 2(7) of the Pensions Act 2011)”.
4 The following provisions are repealed—
(a)
25paragraph 40 of Schedule 1 to the Social Security (Incapacity for
Work) Act 1994;
(b) paragraph 21(15) and (16) of Schedule 4 to the Pensions Act 1995;
(c) paragraph 7 of Schedule 11 to the Pensions Act 2004;
(d) paragraph 20 of Schedule 1 to the Pensions Act 2007.
Section 3
1
The Social Security Contributions and Benefits Act 1992 is amended as
follows.
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2
(1)
Section 45 (the additional pension in a Category A retirement pension) is
amended as follows.
(2)
In subsection (2) (as amended by section 102(3) of the Pensions Act 2008) for
“6th April 2020” substitute “a date specified for the purposes of this
5subsection by order (“the specified date”)”.
(3) In subsection (2A) (as inserted by section 102(4) of the Pensions Act 2008)—
(a)
in the opening words for “a tax year after 5th April 2020” substitute
“the tax year beginning with the specified date or a subsequent tax
year”;
(b)
10in paragraph (a) for “flat rate introduction” substitute “additional
pension consolidation”;
(c) for paragraph (b) substitute—
“(b)
in relation to the additional pension consolidation
year and subsequent years, the weekly equivalent of
15the amount calculated in accordance with
Schedule 4B to this Act.”
3
In section 46 (modifications of section 45 for calculating the additional
pension in certain benefits) in subsection (5)(a) (as inserted by paragraph
6(3) of Schedule 4 to the Pensions Act 2008) for “6th April 2020” substitute “a
20date specified for the purposes of this subsection by order (“the specified
date”)”.
4
In section 122(1) (interpretation of Parts 1 to 6) insert at the appropriate
place—
““the additional pension consolidation year” means such tax
25year as may be designated as such by order;”.
5 (1) Section 176 (Parliamentary control) is amended as follows.
(2) After subsection (3) insert—
“(3A)
Subsection (3) above does not apply to a statutory instrument by
reason only that it contains an order under section 45(2).”
(3)
30In subsection (4) after “flat rate introduction year” insert “or the additional
pension consolidation year”.
6
(1)
Schedule 4B (additional pension: accrual rates for purposes of section
45(2)(d)) is amended as follows.
(2) In paragraph 1—
(a)
35in sub-paragraph (1) in the opening words after “45(2)(d)” insert “or
(2A)(b)”;
(b)
in sub-paragraphs (1)(a) and (b) and (2) after “45(2)(d)” insert “or
(2A)(b) (as the case may be)”.
(3) In paragraph 11 after “45(2)(d)” insert “or (2A)(b)”.
7
(1)
40Schedule 4C (additional pension: calculation of revalued consolidated
amount) (as inserted by Schedule 3 to the Pensions Act 2008) is amended as
follows.
(2)
In paragraphs 1 and 2 for “flat rate introduction” substitute “additional
pension consolidation”.
(3) 45Omit paragraph 3.
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(4)
In paragraphs 5(b) and 7(1) for “and (c)” (in each place) substitute “, (c) and
(d)”.
(5)
In paragraph 6 for “6th April 2020” substitute “the date specified for the
purposes of section 45(2) of this Act”.
(6)
5In paragraph 7(1) for “6th April 2020” substitute “the date specified for the
purposes of section 45(2)”.
(7) In paragraph 7(2)—
(a) in paragraph (b) after “2(2)(b),” insert “5(2)(b),”;
(b) after paragraph (b) insert—
“(c)
10in Schedule 4B, paragraphs 4, 5(b), 8(3), 9(2)(b) and
(3) and 10(1)(b).”
(8) After paragraph 7(2) insert—
“(3)
Paragraph 1(1) of Schedule 4B applies as if a reference to the
relevant years within section 45(2)(d) were a reference to the
15relevant years falling within the period beginning with the flat
rate introduction year and ending immediately before the
consolidation date.”
8
(1)
Section 148AB of the Social Security Administration Act 1992 (revaluation of
20consolidated amount) (as inserted by paragraph 14 of Schedule 4 to the
Pensions Act 2008) is amended as follows.
(2)
In subsections (1) and (2) for “flat rate introduction” substitute “additional
pension consolidation”.
(3) After subsection (8) insert—
“(9)
25In this section “the additional pension consolidation year” has the
meaning given by section 122 of the Contributions and Benefits Act
(interpretation of Parts 1 to 6 etc).”
9 The Pension Schemes Act 1993 is amended as follows.
10
30In section 46 (effect of entitlement to guaranteed minimum pensions on
payment of social security benefits) in subsection (1A) (as inserted by section
103(2) of the Pensions Act 2008) for “in tax year after 5th April 2020”
substitute “on or after the date specified for the purposes of section 45(2) of
that Act”.
11
35In section 46A (retirement in tax year after 5th April 2020) (as inserted by
section 103(3) of the Pensions Act 2008)—
(a)
in subsection (1)(c) for “in tax year after 5th April 2020” substitute
“on or after the date specified for the purposes of section 45(2) of that
Act”;
(b)
40in the heading for “in tax year after 5th April 2020” substitute “on or
after the specified date”.
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12 The Pensions Act 2008 is amended as follows.
13
In section 102 (consolidation of additional pension) in subsection (7) for “6th
April 2020” substitute “the date specified for the purposes of section 45(2) of
5the 1992 Act”.
Section 21
1 The Pensions Act 2004 is amended as follows.
2
10In section 58(3) (right to apply under section 423 of the Insolvency Act
1986)—
(a)
for the words from “an actuarial” to the first “scheme” substitute “a
determination made, or actuarial valuation obtained, in respect of
the scheme by the Board of the Pension Protection Fund under
15section 143(2)”, and
(b) for “that section” substitute “section 143”.
3 (1) Section 141 (effect of review of ill-health pension) is amended as follows.
(2)
In subsection (4) after “which” insert “a determination under section
143(2)(a) or”.
(3)
20In subsection (5)(a) after “first” insert “makes a determination under section
143(2)(a) or”.
4
In section 142(1) (interpretation) in the definition of “scheme valuation” for
“143” substitute “143(2)(b)”.
5
(1)
Section 143 (Board’s obligation to obtain valuation of assets and protected
25liabilities) is amended as follows.
(2) For subsection (2) substitute—
“(2) The Board must, as soon as reasonably practicable—
(a)
determine whether the condition in subsection (2)(a) of the
section in question is satisfied, or
(b)
30for the purposes of determining whether that condition is
satisfied, obtain an actuarial valuation of the scheme as at the
relevant time.
(2A)
Before doing so, it must give a notice stating whether it will make a
determination under subsection (2)(a) or obtain an actuarial
35valuation under subsection (2)(b) to—
(a) the trustees or managers of the scheme, and
(b)
any insolvency practitioner in relation to the employer or, if
there is no such insolvency practitioner, the employer.”
(3)
In subsection (3) for “those purposes” substitute “the purposes of this
40section”.
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(4)
In subsection (4) for “this section” substitute “a determination made under
subsection (2)(a) or an actuarial valuation obtained under subsection (2)(b)”.
(5)
In subsection (5B) for “mentioned in subsection (2)” substitute “of this
section”.
(6) 5After subsection (5B) insert—
“(5C)
The Board must issue a statement setting out how (subject to any
provision made under subsection (4)) it will make determinations
under subsection (2)(a).”
(7) In subsection (6)—
(a)
10after “subsection (4),” insert “for the purposes of an actuarial
valuation obtained under subsection (2)(b)”, and
(b)
for “paragraphs (a) and (b) of that subsection” substitute “subsection
(4)(a) and (b)”.
(8) In subsection (9)—
(a)
15for “requires the” substitute “requires a determination to be made, or
an”, and
(b) after “purposes of” insert “the determination or”.
(9)
In subsection (10) for “requires the” substitute “requires a determination to
be made, or an”.
(10)
20In subsection (11)(b)(ii) after “first” insert “makes a determination under
subsection (2)(a) or”.
6 After section 143 insert—
(1)
Where the Board makes a determination under section 143(2)(a) it
25must give a copy of the determination to—
(a) the Regulator,
(b) the trustees or managers of the scheme, and
(c)
any insolvency practitioner in relation to the employer or, if
there is no such insolvency practitioner, the employer.
(2)
30For the purposes of this Chapter a determination under section
143(2)(a) is not binding until—
(a)
the period within which the determination may be reviewed
by virtue of Chapter 6 has expired, and
(b) if the determination is so reviewed—
(i) 35the review and any reconsideration,
(ii)
any reference to the PPF Ombudsman in respect of
the determination, and
(iii)
any appeal against the PPF Ombudsman’s
determination or directions,
40has been finally disposed of.
(3)
For the purposes of determining whether or not the condition in
section 127(2)(a) or, as the case may be, section 128(2)(a) (condition
that scheme assets are less than protected liabilities) is satisfied in
relation to a scheme, a binding determination under section 143(2)(a)
45is conclusive.
This subsection is subject to section 172(3) and (4) (treatment of fraud
compensation payments).
(4)
Where a determination under section 143(2)(a) becomes binding
under this section the Board must as soon as reasonably practicable
50give a notice to that effect together with a copy of the binding
determination to—
(a) the Regulator,
(b) the trustees or managers of the scheme, and
(c)
any insolvency practitioner in relation to the employer or, if
55there is no such insolvency practitioner, the employer.
(5)
A notice under subsection (4) must be in the prescribed form and
contain the prescribed information.”
7 (1) Section 144 (approval of valuation) is amended as follows.
(2) In subsection (1) for “143” substitute “143(2)(b)”.
(3) 60In subsection (2) for “that section” substitute “section 143”.
8 In section 145(1) (binding valuations) for “143” substitute “143(2)(b)”.
9
(1)
Section 151 (application for Board to assume responsibility for schemes) is
amended as follows.
(2)
In subsections (2)(b) and (3)(b) for the words from “the valuation” to
65“scheme” substitute “the determination made by the Board or valuation
obtained by the Board in respect of the scheme under section 143(2)”.
(3) In subsection (6)—
(a)
in paragraphs (a)(ii) and (b)(ii) after “binding” insert “determination
or”, and
(b) 70in paragraph (a)(ii) for “section” substitute “subsection”.
(4)
In subsection (10) for “under that section” substitute “under section
143(2)(b)”.
10
In section 154(5)(b) (requirement to wind up scheme) after “that the” insert
“determination made by the Board or”.
11
(1)
75Section 158 (Board’s duty to assume responsibility for closed schemes) is
amended as follows.
(2) For subsection (3) substitute—
“(3) The Board must, as soon as reasonably practicable—
(a)
determine whether the condition in subsection (1) is satisfied,
80or
(b)
for the purposes of determining whether that condition is
satisfied, obtain an actuarial valuation (within the meaning of
section 143) of the scheme as at the relevant time.
(3A)
Before doing so, it must give the trustees or managers of the scheme
85a notice stating whether it will make a determination under
subsection (3)(a) or obtain an actuarial valuation under subsection
(3)(b).”
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(3)
In subsection (4) for “those purposes as it applies for the purposes
mentioned in subsection (2)” substitute “the purposes of this section as it
applies for the purposes”.
(4) In subsection (5)—
(a)
5for “a valuation obtained under subsection (3)” substitute “a
determination made under subsection (3)(a) and a valuation
obtained under subsection (3)(b)”,
(b)
for “a valuation obtained under section 143” substitute “a
determination made under section 143(2)(a) and a valuation
10obtained under section 143(2)(b)”, and
(c) after paragraph (a) insert—
“(aa)
section 143A (determinations under section 143),
other than subsections (1)(c) and (4)(c) (duty to give
copy of determinations to employer’s insolvency
15practitioner);”.
(5) In subsection (6)—
(a) after “sections 143” insert “, 143A”,
(b) omit “and” at the end of paragraph (a), and
(c) after that paragraph insert—
“(aa)
20subsection (3) of section 143A applies as if the
reference to section 128(2)(a) included a reference
to subsection (1) of this section, and”.
12 (1) Section 160 (transfer notice) is amended as follows.
(2)
In subsection (3) for “valuation obtained under section 143” substitute
25“determination made or valuation obtained under section 143(2)”.
(3) In subsection (4) after “until the” insert “determination made or”.
13 (1) Schedule 9 (reviewable matters) is amended as follows.
(2) For paragraph 8 substitute—
“7B
A notice under section 143(2A) (whether Board will make a
30determination or obtain an actuarial valuation).
7C The failure by the Board either to—
(a) make a determination under section 143(2)(a), or
(b) obtain an actuarial valuation under section 143(2)(b).
7D
A determination by the Board under section 143(2)(a) (whether
35condition in section 127(2)(a) or 128(2)(a) satisfied).”
(3) After paragraph 14 insert—
“14A
A notice under section 158(3A) (whether Board will make a
determination or obtain an actuarial valuation).
14B The failure by the Board either to—
(a) 40make a determination under section 158(3)(a), or
(b) obtain an actuarial valuation under section 158(3)(b).
14C
A determination by the Board under section 158(3)(a) (whether
condition in section 158(1) satisfied).”