|
| |
| |
8 | In section 48B of the SSCBA (Category B retirement pension for surviving |
| |
spouse or civil partner) in subsection (2), for “Schedule 4A” substitute |
| |
| |
9 | In section 48BB of the SSCBA (Category B retirement pension: entitlement by |
| |
reference to benefits under section 39A or 39B) in subsection (5)— |
| 5 |
(a) | for “Schedule 4A” substitute “Schedules 4A and 4B”; and |
| |
(b) | for the words from “subject” to the end substitute “subject to section |
| |
46(3) above and to the following provisions of this section and the |
| |
modification in section 48C(4) below.” |
| |
10 | In section 48C of the SSCBA (Category B retirement pension: general) in |
| 10 |
subsection (4), for “Schedule 4A” substitute “Schedules 4A and 4B”. |
| |
11 | In Schedule 4A to the SSCBA (additional pension) in paragraph 1(2), omit |
| |
| |
Pension Schemes Act 1993 (c. 48) |
| |
12 | In section 42 of the Pension Schemes Act 1993 (review and alteration of rates |
| 15 |
of contributions applicable under section 41) in subsection (1)(a)(ii) for |
| |
“Schedule 4A” substitute “Schedules 4A and 4B”. |
| |
| |
| |
Increase in pensionable age for men and women |
| |
1 | In the sidenote to section 126 of the Pensions Act 1995 (c. 26), at the end insert |
| 20 |
“and increase in pensionable age”. |
| |
2 | In section 126 of that Act (equalisation of pensionable age) in paragraph (a), |
| |
at the end insert “and to increase the pensionable age for men and women |
| |
progressively over a period of 22 years beginning with 6th April 2024”. |
| |
3 | For the heading for Schedule 4 to that Act substitute “Equalisation of and |
| 25 |
increase in pensionable age for men and women”. |
| |
4 (1) | Paragraph 1 of Part 1 of Schedule 4 to that Act (pensionable ages for men and |
| |
women) is amended as follows. |
| |
(2) | In sub-paragraph (1), after “man” insert “born before 6th April 1959”. |
| |
(3) | In sub-paragraph (3), for “the following table” substitute “table 1”. |
| 30 |
(4) | For sub-paragraph (4) substitute— |
| |
“(4) | A woman born after 5th April 1955 but before 6th April 1959 |
| |
attains pensionable age when she attains the age of 65.” |
| |
(5) | For the heading for the table substitute “TABLE 1”. |
| |
(6) | After the table insert— |
| 35 |
“(5) | A person born on any day in a period mentioned in column 1 of |
| |
table 2 attains pensionable age at the commencement of the day |
| |
shown against that period in column 2. |
| |
| |
| |
|
| |
| |
| | | | | | | | Period within which birthday falls |
| | | | | | | | | | | | 6th July 1977 to 5th August |
| | | | | | | | | 5 | | | | | | | | | | | | | | | 6th September 1977 to 5th |
| | | | | | | | | | | | | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15 | | | | | | | | | | | | | | | 6th February 1978 to 5th March |
| | | | | | | | | | | | 6th March 1978 to 5th April |
| | | 20 | | | | | | |
|
| |
(10) | A person born after 5th April 1978 attains pensionable age when |
| |
the person attains the age of 68.” |
| |
| |
| |
Abolition of contracting-out for defined contribution pension schemes |
| 25 |
| |
Amendments having effect as from abolition date |
| |
Pension Schemes Act 1993 (c. 48) |
| |
1 | The Pension Schemes Act 1993 has effect subject to the following |
| |
| 30 |
2 (1) | Section 7 (issue of contracting-out and appropriate scheme certificates) is |
| |
| |
(2) | For subsection (1) substitute— |
| |
“(1) | Regulations shall provide for HMRC to issue certificates stating that |
| |
the employment of an earner in employed earner’s employment is |
| 35 |
| |
| |
|
| |
| |
contracted-out employment by reference to an occupational pension |
| |
| |
(1A) | In this Act such a certificate is referred to as “a contracting-out |
| |
| |
(3) | Omit subsections (4) to (6) (provisions relating to appropriate scheme |
| 5 |
certificates in respect of personal pension schemes). |
| |
(4) | In subsection (7) (no certificate to have effect from a date earlier than its |
| |
issue) omit “or appropriate scheme certificate”. |
| |
(5) | After that subsection insert— |
| |
“(8) | References in this Act to a contracting-out certificate, a contracted- |
| 10 |
out scheme and to contracting-out in a context relating to a money |
| |
purchase contracted-out scheme are to be construed in accordance |
| |
| |
(6) | In the sidenote, omit “and appropriate scheme”. |
| |
3 (1) | Section 8 (definitions of certain terms) is amended as follows. |
| 15 |
(2) | In subsection (1) (definition of “contracted-out employment”) for the words |
| |
from “he is under pensionable age” to the end of paragraph (a) substitute “— |
| |
(a) | he is under pensionable age; |
| |
(aa) | his service in the employment is for the time being service |
| |
which qualifies him for a pension provided by an |
| 20 |
occupational pension scheme contracted out by virtue of |
| |
satisfying section 9(2) (in this Act referred to as “a salary |
| |
related contracted-out scheme”);”. |
| |
(3) | After subsection (1) insert— |
| |
“(1A) | In addition, in relation to any period before the abolition date, the |
| 25 |
employment of an earner in employed earner’s employment was |
| |
“contracted-out employment” in relation to him during that period |
| |
| |
(a) | he was under pensionable age; |
| |
(b) | his employer made minimum payments in respect of his |
| 30 |
employment to a money purchase contracted-out scheme, |
| |
| |
(c) | there was in force a contracting-out certificate issued in |
| |
accordance with this Chapter (as it then had effect) stating |
| |
that the employment was contracted-out employment by |
| 35 |
reference to the scheme.” |
| |
(4) | In subsection (2) for “for the purposes of section 42A” substitute “for the tax |
| |
year in which the week falls as specified in an order made under section 42B |
| |
(as it had effect before the abolition date)”. |
| |
4 (1) | Section 9 (general requirements for certification of schemes) is amended as |
| 40 |
| |
(2) | In subsection (1) (requirements for occupational pension schemes) omit “or |
| |
| |
(3) | Omit subsections (3) and (5) (requirements for money purchase |
| |
occupational schemes and personal pension schemes). |
| 45 |
| |
| |
|
| |
| |
(4) | In subsection (6) (meaning of “relevant requirements”)— |
| |
(a) | in paragraph (a) omit “or, as the case may be, appropriate”; |
| |
(b) | in paragraph (b) omit “or, as the case may be, of being an appropriate |
| |
| |
5 | In section 10 (protected rights and money purchase benefits) in subsection |
| 5 |
(3) (protected rights under rules of personal pension schemes) in paragraph |
| |
(a), for “of minimum contributions” substitute “under section 45(1)”. |
| |
6 | Omit section 12 (determination of basis on which scheme is contracted-out). |
| |
7 | In section 20 (transfer of accrued rights) in subsection (3) (regulations may |
| |
provide for certain provisions to have effect subject to modifications) for |
| 10 |
“sections 26 to 33” substitute “sections 25A to 33”. |
| |
8 | For the heading before section 26, substitute “Requirements for schemes with |
| |
members with protected rights”. |
| |
9 | Before section 26 (persons who may establish scheme) insert— |
| |
“25A | Requirements for schemes with members with protected rights |
| 15 |
(1) | This section applies to— |
| |
(a) | an occupational pension scheme which ceased to be a money |
| |
purchase contracted-out scheme by virtue of section 15(1) of |
| |
| |
(b) | a personal pension scheme which ceased to be an appropriate |
| 20 |
scheme by virtue of section 15(1) of that Act, or |
| |
(c) | a registered pension scheme under section 153 of the Finance |
| |
| |
(i) | which is not a scheme falling within paragraph (a) or |
| |
| 25 |
(ii) | to which the rights of a person who was at any time a |
| |
member of a scheme mentioned in either of those |
| |
paragraphs have been transferred. |
| |
(2) | For so long as there are persons who have protected rights under a |
| |
scheme to which this section applies, or who are entitled to any |
| 30 |
benefit giving effect to such rights under it, the scheme must satisfy |
| |
the requirements mentioned in subsection (3). |
| |
(3) | Those requirements are— |
| |
(a) | the requirements imposed by or by virtue of sections 26 to 32; |
| |
| 35 |
(b) | such other requirements as may be prescribed. |
| |
(4) | Regulations made under subsection (3)(b) may contain provision |
| |
framed by reference to whether or not a scheme is a registered |
| |
pension scheme under section 153 of the Finance Act 2004.” |
| |
10 | After section 27 insert— |
| 40 |
“27A | Requirements in relation to giving effect to protected rights |
| |
(1) | The rules of the scheme must provide that if, in the case of a member |
| |
who is married or who has a civil partner, effect is to be given to the |
| |
protected rights of the member by— |
| |
(a) | the provision by the scheme of a pension, or |
| 45 |
| |
| |
|
| |
| |
(b) | the purchase by the scheme of an annuity, |
| |
| the requirement set out in subsection (2) must be satisfied in relation |
| |
to the pension or annuity. |
| |
(2) | The requirement is that, in a case where— |
| |
(a) | the member dies while the pension or annuity is payable to |
| 5 |
| |
(b) | the member is survived by a widow, widower or surviving |
| |
civil partner (“the survivor”), |
| |
| the pension or annuity is payable to the survivor in prescribed |
| |
circumstances and for the prescribed period at an annual rate which |
| 10 |
at any given time is one-half of the rate at which it would have been |
| |
payable to the member if the member had been living at that time. |
| |
(3) | The rules of the scheme must provide that, if effect is to be given to a |
| |
member’s protected rights by the provision of a lump sum, the |
| |
prescribed conditions must be satisfied. |
| 15 |
(4) | The rules of the scheme must provide that, if— |
| |
(a) | a member has died without effect being given to his or her |
| |
| |
(b) | the member is survived by a widow, widower or surviving |
| |
| 20 |
| effect is to be given to the protected rights in such manner as may be |
| |
| |
11 | Omit sections 28 to 29 (ways of giving effect to protected rights etc.). |
| |
12 | For section 32A substitute— |
| |
“32A | Discharge of protected rights on winding up: insurance policies |
| 25 |
(1) | Where an occupational pension scheme is being wound up, effect |
| |
may not be given to the protected rights of a member of the scheme |
| |
by taking out a policy of insurance (or a number of such policies) |
| |
under which the member is the beneficiary unless the policy (or each |
| |
such policy) satisfies the requirement in subsection (2). |
| 30 |
(2) | The requirement is that the policy of insurance makes such provision |
| |
in relation to giving effect to the protected rights of the beneficiary as |
| |
a scheme to which section 25A applies is required to make under or |
| |
by virtue of section 27A in relation to giving effect to the protected |
| |
rights of a member of the scheme.” |
| 35 |
13 (1) | Section 33 (tax requirements to prevail over certification requirements) is |
| |
| |
(2) | For “26” substitute “25A”. |
| |
(3) | In the sidenote, for “certification requirements” substitute “requirements of |
| |
| 40 |
14 (1) | Section 33A (appropriate schemes: “blowing the whistle”) is amended as |
| |
| |
(2) | In subsection (1) (obligation to report failure to satisfy requirements)— |
| |
(a) | for “an appropriate scheme” substitute “a personal pension scheme |
| |
to which section 25A applies”; |
| 45 |
| |
| |
|
