Pension Schemes Bill (HC Bill 12)

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by the Department for Work and Pensions, are
published separately as Bill 12-EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Secretary Iain Duncan Smith has made the following statement under section 19(1)(a)
of the Human Rights Act 1998:

In my view the provisions of the Pension Schemes Bill are compatible with the
Convention rights.

Contents

  1. Part 1

    Categories of pension scheme

    1. Introduction

      1. 1. Introduction

    2. Categories of scheme

      1. 2. Defined benefits scheme

      2. 3. Shared risk scheme (sometimes known as “defined ambition”)

      3. 4. Defined contributions scheme

      4. 5. Meaning of “pensions promise” etc

      5. 6. Treatment of a scheme as two or more separate schemes

    3. Interpretation of Part 1 and amendments

      1. 7. Interpretation of Part 1

      2. 8. Amendments to do with Part 1

  2. Part 2

    General changes to legislation about pension schemes

    1. Administration and governance

      1. 9. Pensions promise obtained from third party

      2. 10. Disclosure of information about schemes

    2. Early leavers

      1. 11. Extension of preservation of benefit under occupational pension schemes

      2. 12. Revaluation of accrued benefits

      3. 13. Transfer values

      4. 14. Restriction on transfers out of public service defined benefits schemes

    3. Indexation

      1. 15. Regulatory own fund schemes exempt from indexation

      2. 16. Power to create other exemptions from indexation

    4. Independent trustees

      1. 17. Removal of requirement to maintain register of independent trustees

    5. Rules about modification of schemes

      1. 18. Rules about modification of schemes

  3. Part 3

    Collective benefits

    1. Introduction to collective benefits

      1. 19. Introduction and definition

      2. 20. Duty to set targets for collective benefits

    2. Contributions

      1. 21. Payment schedule

      2. 22. Overdue contributions and other payments

    3. Investment

      1. 23. Statement of investment strategy

      2. 24. Choosing investments

      3. 25. Investment performance reports

    4. Valuation

      1. 26. Valuation reports

      2. 27. Valuation process

    5. Dealing with deficits and surpluses

      1. 28. Policy for dealing with a deficit or surplus

      2. 29. Deficits attributable to an offence or the imposition of a levy

    6. Transfer values

      1. 30. Transfer value: policy for calculating cash equivalent of benefits

    7. Winding up

      1. 31. Winding up

    8. Regulations under Part 3: general

      1. 32. Requirement to obtain actuarial advice

      2. 33. Sub-delegation

      3. 34. Publication etc of documents

      4. 35. Enforcement

    9. Interpretation of Part 3 and amendments

      1. 36. Interpretation of Part 3

      2. 37. Collective benefits: amendments to other legislation

  4. Part 4

    Miscellaneous and general

    1. Remploy

      1. 38. Payments into Remploy Limited Pension and Assurance Scheme

    2. Consequential amendments etc

      1. 39. References to “pensions legislation”: amendments to include this Act etc

      2. 40. Power to make consequential amendments

    3. General

      1. 41. Regulations

      2. 42. Crown application

      3. 43. Extent

      4. 44. Commencement

      5. 45. Short title

    1. Schedule 1

      Amendments to do with Part 1

    2. Schedule 2

      Early leavers: revaluation of accrued benefits

    3. Schedule 3

      Early leavers: transfer values

    4. Schedule 4

      Collective benefits: amendments to other legislation

      1. Part 1

        Exemption from indexation

      2. Part 2

        Rules about modification of schemes

      3. Part 3

        Funding provisions

      4. Part 4

        Payment schedules etc

      5. Part 5

        Amendments of interpretation provisions