|
| |
|
7 | After paragraph 25 insert— |
| |
“Deferral of compensation |
| |
25A (1) | Regulations may prescribe circumstances in which, and |
| |
conditions subject to which, a person may elect to defer |
| |
entitlement to any relevant compensation until some time after |
| 5 |
attaining normal pension age (or, in a case to which paragraph 21 |
| |
applies, normal benefit age). |
| |
(2) | For this purpose “any relevant compensation” means any |
| |
compensation to which a person is or will be entitled under the |
| |
pension compensation provisions, except for compensation |
| 10 |
payable in accordance with paragraph 3 (pensions in payment at |
| |
| |
(3) | The Board must determine the amount of the actuarial increase to |
| |
be applied to compensation to which a person is entitled by virtue |
| |
| 15 |
(4) | Where, by virtue of this paragraph, periodic compensation is |
| |
payable to a person under paragraph 11 or 15 after that person |
| |
attains normal pension age (or, in a case to which paragraph 21 |
| |
applies, normal benefit age)— |
| |
(a) | paragraph 12(2) applies as if the reference to the date on |
| 20 |
which the active member attains normal pension age were |
| |
a reference to the date on which the compensation is |
| |
payable by virtue of this paragraph, and |
| |
(b) | paragraph 17(2)(b) applies as if the reference to the date on |
| |
which the deferred member attains normal pension age |
| 25 |
were a reference to the date on which the compensation is |
| |
payable by virtue of this paragraph.” |
| |
8 | In paragraph 33 make the existing provision sub-paragraph (1) and at the |
| |
| |
“(2) | Where the scheme is a variable-rate scheme, regulations under |
| 30 |
this paragraph may have the effect that the amount of periodic |
| |
compensation payable to a person is, from a specified time, to be |
| |
different from the amount that would otherwise be payable under |
| |
| |
(3) | A “variable-rate scheme” is a scheme under which the annual rate |
| 35 |
of pension to which a person is entitled would have increased |
| |
(otherwise than by way of revaluation) or decreased at any time |
| |
after the assessment date, had the scheme continued in existence |
| |
until that time (and had the scheme rules remained unchanged). |
| |
(4) | Where the scheme is a fixed-term scheme, regulations under this |
| 40 |
paragraph may have the effect that no periodic compensation is to |
| |
be payable to a person from a specified time. |
| |
(5) | A “fixed-term scheme” is a scheme under which a person’s |
| |
entitlement to benefits would have ceased at any time after the |
| |
assessment date, had the scheme continued in existence until that |
| 45 |
time (and had the scheme rules remained unchanged). |
| |
|
| |
|
| |
|
(6) | In this paragraph “a specified time” means a time determined in |
| |
accordance with regulations under this paragraph.” |
| |
9 | In paragraph 34(1) after “ill health” insert “or otherwise”. |
| |
10 | For paragraph 35(2)(a) substitute— |
| |
“(a) | in the case of a scheme to which sub-paragraph (3) applies, |
| 5 |
any recent rule changes, and”. |
| |
11 | For paragraph 35(3) substitute— |
| |
“(3) | This sub-paragraph applies to a scheme if, in calculating the |
| |
protected liabilities in relation to the scheme at the relevant time, |
| |
the effect of taking into account— |
| 10 |
(a) | any recent rule changes, and |
| |
(b) | any recent discretionary increases, |
| |
| is that those liabilities are greater than they otherwise would be.” |
| |
| |
| |
Interest on late payment of levies |
| 15 |
Pension Schemes Act 1993 (c. 48) |
| |
1 | After section 175 of the Pension Schemes Act 1993 (levies towards certain |
| |
| |
“175A | Levies: interest for late payment |
| |
(1) | Regulations may make provision for interest to be charged at the |
| 20 |
prescribed rate in the case of late payment of a levy imposed under |
| |
| |
(2) | Interest is payable by or on behalf of the person or persons by or on |
| |
behalf of whom the levy is payable. |
| |
(3) | Interest payable by a person by virtue of this section is a debt due |
| 25 |
from the person to the Secretary of State. |
| |
(4) | Interest is recoverable by the Secretary of State or, if the Secretary of |
| |
State so determines, by the Regulatory Authority on the Secretary of |
| |
| |
(5) | Without prejudice to the generality of subsection (1), regulations |
| 30 |
under this section may include provision relating to— |
| |
(a) | the collection and recovery of interest; |
| |
(b) | the circumstances in which interest may be waived.” |
| |
Pensions Act 2004 (c. 35) |
| |
2 | The Pensions Act 2004 is amended as follows. |
| 35 |
|
| |
|
| |
|
3 | After section 117 (PPF administration levy) insert— |
| |
“117A | Administration levy: interest for late payment |
| |
(1) | Regulations may make provision for interest to be charged at the |
| |
prescribed rate in the case of late payment of an administration levy. |
| |
(2) | Interest is payable by or on behalf of the person or persons by or on |
| 5 |
behalf of whom the levy is payable. |
| |
(3) | Interest payable by a person by virtue of this section is a debt due |
| |
from the person to the Secretary of State. |
| |
(4) | Interest is recoverable by the Secretary of State or, if the Secretary of |
| |
State so determines, by the Regulator on the Secretary of State’s |
| 10 |
| |
(5) | Without prejudice to the generality of subsection (1), regulations |
| |
under this section may include provision relating to— |
| |
(a) | the collection and recovery of interest; |
| |
(b) | the circumstances in which interest may be waived.” |
| 15 |
4 | In section 173 (Pension Protection Fund) after subsection (1)(b) insert— |
| |
“(ba) | interest paid by virtue of section 181A (interest for late |
| |
payment of pension protection levy),”. |
| |
5 | After section 181 (calculation, collection and recovery of levies) insert— |
| |
“181A | Pension protection levy: interest for late payment |
| 20 |
(1) | Regulations may make provision for interest to be charged at the |
| |
prescribed rate in the case of late payment of a pension protection |
| |
| |
(2) | Interest is payable by or on behalf of the person or persons by or on |
| |
behalf of whom the levy is payable. |
| 25 |
(3) | Interest payable by a person by virtue of this section is a debt due |
| |
from the person to the Board. |
| |
(4) | Interest is recoverable by the Board or, if the Board so determines, by |
| |
the Regulator on its behalf. |
| |
(5) | Without prejudice to the generality of subsection (1), regulations |
| 30 |
under this section may include provision relating to— |
| |
(a) | the collection and recovery of interest; |
| |
(b) | the circumstances in which interest may be waived.” |
| |
6 | In section 188 (Fraud Compensation Fund) after subsection (1)(b) insert— |
| |
“(ba) | interest paid by virtue of section 189A (interest for late |
| 35 |
payment of fraud compensation levy),”. |
| |
7 | After section 189 (fraud compensation levy) insert— |
| |
“189A | Fraud compensation levy: interest for late payment |
| |
(1) | Regulations may make provision for interest to be charged at the |
| |
prescribed rate in the case of late payment of a fraud compensation |
| 40 |
| |
|
| |
|
| |
|
(2) | Interest is payable by or on behalf of the person or persons by or on |
| |
behalf of whom the levy is payable. |
| |
(3) | Interest payable by a person by virtue of this section is a debt due |
| |
from the person to the Board. |
| |
(4) | Interest is recoverable by the Board or, if the Board so determines, by |
| 5 |
the Regulator on its behalf. |
| |
(5) | Without prejudice to the generality of subsection (1), regulations |
| |
under this section may include provision relating to— |
| |
(a) | the collection and recovery of interest; |
| |
(b) | the circumstances in which interest may be waived.” |
| 10 |
8 | In section 209 (Ombudsman for the Board of the Pension Protection Fund) at |
| |
| |
“(9) | Where regulations make provision under subsection (7), section |
| |
117A (interest for late payment of administration levy) applies in |
| |
relation to the levy as it applies in relation to an administration levy.” |
| 15 |
9 | In section 323(2)(b)(i) (provisions extending to Northern Ireland) for |
| |
“subsections (7) and (8)” substitute “subsections (7) to (9)”. |
| |
| |
| |
| |
| 20 |
Pension scheme membership for jobholders |
| |
| | | | | | Welfare Reform and Pensions |
| | | | | | (a) | subsections (2) to (4); |
| | | | | (b) | in subsection (5), “fourth” and the words |
| | 25 | | | from “of his” to “qualifying scheme”; |
| | | | | | | | | | (d) | subsection (8)(a)(ii) and (iii); |
| | | | | (e) | in subsection (9), the definitions of |
| | | | | “qualifying scheme” and “relevant |
| | 30 | | | | | | | | | | | | | In section 8(1), the definition of “designated |
| | | | | | | | | Employment Relations Act 2004 |
| | | 35 | | | | | | | Pensions Act 2004 (c. 35) |
| In section 80(1)(a)(iii), “or”. |
| | | | Pensions Act 2007 (c. 22) |
| | | |
|
|
| |
|
| |
|
| |
| |
| | | | | | | | | | | | | | 5 | | | (b) | in paragraph (b), the words “, or |
| | | | | | | | | | | | | | | | | | | | (b) | in subsection (3)(b), the words “, or |
| | 10 | | | safeguarded,” (in both places). |
| | | | | | | | | | In section 181(1), the definition of “safeguarded |
| | | | | | | | | Welfare Reform and Pensions |
| | | 15 | | | | | | | | (a) | subsection (2)(b) and the word “and” |
| | | | | | | | | | (b) | in subsection (3), in the definition of |
| | | | | “relevant pension credit”, the words “or, |
| | 20 | | | as the case may be, the safeguarded |
| | | | | | | | | | (c) | in that subsection, the definition of |
| | | | | | | | | | In Schedule 5, paragraph 7(2) and (6). |
| | 25 | | | | | | | | (a) | paragraphs 29 and 30; |
| | | | | | | | | Proceeds of Crime Act 2002 |
| In Schedule 11, paragraph 22(5). |
| | | | | | | 30 | | | | | | | | | | | | | | | |
|
| |
| 35 |
| | | | | | Matrimonial Causes Act 1973 |
| In section 25E(9), the definition of “PPF |
| | | | | | | | | | In section 31(2)(dd), at the end of sub-paragraph |
| | | | | | | 40 |
|
|
| |