Pension Schemes Bill (HL Bill 90)

Contents

  1. Part 1

    Categories of pension scheme

    1. 1. Introduction

    2. 2. Defined benefits scheme

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

    4. 4. Defined contributions scheme

    5. 5. Meaning of “pensions promise” etc

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

    7. 7. Interpretation of Part 1

  2. Part 2

    Collective benefits

    1. Introduction and nature of collective benefits

      1. 8. Introduction and definition

      2. 9. Duty to set targets for collective benefits

      3. 10. Policy about factors used to determine each benefit

      4. 11. Power to impose requirements about factors used to determine each benefit

    2. Contributions

      1. 12. Payment schedule

      2. 13. Overdue contributions and other payments

    3. Investment

      1. 14. Statement of investment strategy

      2. 15. Investment performance reports

      3. 16. Investment powers

      4. 17. Restriction on borrowing by trustees or managers

      5. 18. Investment powers: duty of care

    4. Valuation

      1. 19. Valuation reports

      2. 20. Valuation process

    5. Dealing with deficits and surpluses

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

      2. 22. Power to impose requirements about dealing with a deficit or surplus

      3. 23. Deficits attributable to an offence or the imposition of a levy

      4. 24. Payment of amounts out of collective benefit funds

    6. Cash equivalents

      1. 25. Policy for calculating cash equivalent of benefits

    7. Winding up

      1. 26. Winding up

      2. 27. Requirement to wind up scheme in specified circumstances

      3. 28. Policies about winding up

    8. Identifying assets

      1. 29. Working out which assets are available for the provision of which benefits

    9. Regulations under Part 2: general

      1. 30. Requirement to obtain actuarial advice

      2. 31. Sub-delegation

      3. 32. Publication of documents etc

      4. 33. Enforcement

      5. 34. Overriding requirements

    10. Interpretation of Part 2

      1. 35. Interpretation of Part 2

  3. Part 3

    General changes to legislation about pension schemes

    1. Administration and governance

      1. 36. Pensions promise obtained from third party

      2. 37. Duty to act in the best interests of members

      3. 38. Disclosure of information about schemes

    2. Early leavers

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

      2. 40. Revaluation of accrued benefits

    3. Indexation

      1. 41. Collective benefits exempt from indexation

      2. 42. Regulatory own fund schemes exempt from indexation

      3. 43. Power to create other exemptions from indexation

    4. Independent trustees

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

    5. Rules about modification of schemes

      1. 45. Rules about modification of schemes

    6. Other amendments

      1. 46. Other amendments to do with Parts 1 and 2

  4. Part 4

    Pensions flexibilities

    1. Chapter 1

      Pensions guidance

      1. 47. Pensions guidance

    2. Chapter 2

      Independent advice

      1. Great Britain

        1. 48. Independent advice in respect of conversions and transfers: Great Britain

        2. 49. Power to require employer to arrange advice for purposes of section 48

        3. 50. Independent advice: consequential amendments: Great Britain

      2. Northern Ireland

        1. 51. Independent advice in respect of conversions and transfers: Northern Ireland

        2. 52. Power to require employer to arrange advice for purposes of section 51

        3. 53. Independent advice: consequential amendments: Northern Ireland

      3. Income tax exemption

        1. 54. Independent advice: income tax exemption

    3. Chapter 3

      Drawdown, conversion of benefits and lump sums

      1. Great Britain

        1. 55. Sums or assets that may be designated as available for drawdown: Great
          Britain

        2. 56. Provision about conversion of certain benefits for drawdown: Great Britain

        3. 57. Provision about calculation of lump sums: Great Britain

        4. 58. Restrictions on conversion of benefits during winding up etc: Great Britain

        5. 59. Restriction on payment of lump sums during PPF assessment period: Great
          Britain

        6. 60. Sections 55 to 57: consequential amendments

      2. Northern Ireland

        1. 61. Sums or assets that may be designated as available for drawdown: Northern
          Ireland

        2. 62. Provision about conversion of certain benefits for drawdown: Northern
          Ireland

        3. 63. Provision about calculation of lump sums: Northern Ireland

        4. 64. Restrictions on conversion of benefits during winding up etc: Northern
          Ireland

        5. 65. Restriction on payment of lump sums during PPF assessment period:
          Northern Ireland

        6. 66. Sections 61 to 63: consequential amendments

    4. Chapter 4

      Transfers

      1. Rights to transfer benefits

        1. 67. Rights to transfer benefits

      2. Great Britain

        1. 68. Restriction on transfers out of unfunded public service defined benefits
          schemes: Great Britain

        2. 69. Reduction of cash equivalents: funded public service defined benefits
          schemes: Great Britain

        3. 70. Sections 68 and 69: consequential amendments

      3. Northern Ireland

        1. 71. Restriction on transfers out of unfunded public service defined benefits
          schemes: Northern Ireland

        2. 72. Reduction of cash equivalents: funded public service defined benefits
          schemes: Northern Ireland

        3. 73. Sections 71 and 72: consequential amendments

    5. Chapter 5

      Interpretation of Part 4

      1. 74. Meaning of “flexible benefit”

      2. 75. Meaning of “cash balance benefit”

      3. 76. Interpretation of Part 4

  5. Part 5

    Miscellaneous

    1. Remploy

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

    2. Judicial and public service pensions

      1. 78. Pension scheme for fee-paid judges

      2. 79. Judicial pensions: pension sharing on divorce etc

      3. 80. Public service pension schemes

    3. Marriage of same sex couples

      1. 81. Extension to Scotland of certain provisions about marriage of same sex
        couples

    4. Pension sharing

      1. 82. Pension sharing and normal benefit age

  6. Part 6

    General

    1. 83. Power to make consequential amendments

    2. 84. Regulations

    3. 85. Regulations: Northern Ireland

    4. 86. Regulations: supplementary

    5. 87. Crown application

    6. 88. Extent

    7. 89. Commencement

    8. 90. Short title

    1. Schedule 1

      Early leavers: revaluation of accrued benefits

    2. Schedule 2

      Other amendments to do with Parts 1 and 2

    3. Schedule 3

      Pensions guidance

    4. Schedule 4

      Rights to transfer benefits

      1. Part 1

        Great Britain amendments

      2. Part 2

        Northern Ireland amendments

    5. Schedule 5

      Pension scheme for fee-paid judges: consequential
      amendments