UK Act of Parliament
1995
United Kingdom
Pensions Act 1995
At a glance
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 211 other Schedules — structural / supplementary
In the Parliamentary Commissioner Act 1967, in Schedule 2 (departments...
(1) There shall be a chief executive and, with the...
(1) Employment with the Authority shall be included among the...
(1) The Secretary of State may make regulations generally as...
(1) The Authority may establish a committee for any purpose....
The validity of any proceedings of the Authority, or of...
(1) It shall be the duty of the Authority—
The Authority may— (a) pay to persons attending meetings of...
Regulations made by the Secretary of State may authorise the...
(1) The fixing of the common seal of the Authority...
The Authority may do anything (except borrow money) which is...
A document purporting to be duly executed under the seal...
Subject to the following provisions, a person shall hold and...
If a member of the Authority becomes or ceases to...
A person may at any time resign office as chairman...
(1) The chairman of the Authority may at any time...
(1) If the Secretary of State is satisfied that a...
(1) The Secretary of State may pay the Authority such...
In Part II of Schedule 1 to the House of...
The Compensation Board shall not be regarded as the servant...
(1) The Compensation Board may (with the approval of the...
(1) Employment with the Compensation Board shall be included among...
The Secretary of State may make regulations generally as to...
The Compensation Board must meet at least once in the...
(1) The Compensation Board may (subject to sub-paragraph (2)) authorise...
(1) Where the Compensation Board notify any person of a...
The validity of any proceedings of the Compensation Board shall...
(1) The Compensation Board must— (a) keep proper accounts and...
(1) The Compensation Board may— (a) pay to persons attending...
(1) The fixing of the common seal of the Compensation...
The Compensation Board may do anything which is calculated to...
A document purporting to be duly executed under the seal...
Subject to the following provisions, a person shall hold and...
If a member of the Compensation Board becomes or ceases...
A person may at any time resign office as chairman...
The chairman or any other member of the Compensation Board...
(1) The Compensation Board may pay, or make provision for...
In Part II of Schedule 1 to the House of...
In the Parliamentary Commissioner Act 1967, in Schedule 2 (departments...
The Employment Protection (Consolidation) Act 1978 is amended as follows....
In section 138 (application of Act to Crown employment), in...
(1) In the Table in sub-paragraph (1) of paragraph 3...
In section 449(1) of the Companies Act 1985, after paragraph...
In section 31(1) of the Bankruptcy (Scotland) Act 1985 (vesting...
In section 32 of that Act (vesting of estate, and...
In section 310 of the Insolvency Act 1986 (income payments...
In section 53(15) of the Building Societies Act 1986, after...
In section 180(1) of the Financial Services Act 1986, after...
(1) In the Table in subsection (1) of section 84...
In the Table in section 87(4) of the Companies Act...
In section 60A(4) (dismissal on grounds of assertion of statutory...
In the Table in section 64(5) of the Friendly Societies...
The Tribunals and Inquiries Act 1992 is amended as follows—...
The Pension Schemes Act 1993 is amended as follows.
In section 6 (registration)— (a) after subsection (5) there is...
Sections 77 to 80 (assignment, forfeiture etc. of short service...
Sections 102 to 108 (annual increase in pensions in payment)...
Section 112 (restriction on investment in employer-related assets) is repealed....
Section 114 (documents for members etc.) is repealed.
Section 116 (regulations as to auditors) is repealed.
Section 118 (equal access) is repealed.
In section 71(2B) (compensation award for failure to comply with...
Sections 119 to 122 (independent trustees) are repealed.
In section 129 (overriding requirements)— (a) in subsection (1), “...
In section 132 (conformity of schemes with requirements), “ the...
In section 133(1) (advice of the Board), “ the equal...
In section 134 (determination of questions)— (a) in subsection (3),...
In section 136(2)(e)(iv) (applications to modify schemes), “ or the...
In section 139(2) (functions of the Board), “ the equal...
In section 140(4) (effect of orders), paragraph (c) and the...
Section 144 (deficiencies in assets on winding up) is repealed....
In section 153 (power to modify Act)—
In section 72(2) (special award), at the end there is...
In section 154(1) (application of provisions to personal pension schemes),...
In section 159 (inalienability of certain pensions), after subsection (4)...
In section 170 (determination of questions by Secretary of State),...
In section 178 (meaning of “trustee” and “manager”) in paragraph...
In section 181 (general interpretation)— (a) in subsection (1)—
In section 183 (sub-delegation), in subsection (3)—
In section 185(1) (consultation about regulations), “ I or ”...
In Schedule 7 (re-enactment or amendment of certain provisions not...
In section 73(6B) (calculation of basic award), at the end...
In section 77(1) (interim relief), after “57A (1)(a) and (b)”...
In section 77A(1) (procedure on application for interim relief), after...
In section 133(1) (conciliation officers), after paragraph (e) there is...
In section 136(1) (appeals to Employment Appeal Tribunal), after paragraph...
The following rules apply for the purposes of the enactments...
In section 93 of the Transport Act 1985 (travel concessions),...
In section 73B(2)(b)(ii) of the Housing (Scotland) Act 1987 (rent...
In the Income and Corporation Taxes Act 1988—
In the Social Security Contributions and Benefits Act 1992—
In section 191 of the Social Security Administration Act 1992...
In section 58 of the Trade Union and Labour Relations...
For section 49 of the Pension Schemes Act 1993 (married...
In section 181(1) of that Act (interpretation), for the definition...
In the Social Security Contributions and Benefits Act 1992—
In the Social Security (Incapacity for Work) Act 1994, in...
(1) For sections 83 and 84 of the Social Security...
Paragraphs 18 and 19 shall have effect on or after...
(1) In section 20(1)(f) of the Social Security Contributions and...
In section 46 of the Pension Schemes Act 1993 (effect...
(1) For sections 49 and 50 of the Social Security...
(1) In paragraph 5 of Schedule 3 to the Social...
In section 46(2) of the Social Security Contributions and Benefits...
(1) In section 54(1) of the Social Security Contributions and...
In section 62(1) of the Social Security Contributions and Benefits...
In section 149(4) of that Act (Christmas bonus: supplementary), for...
In section 50 of the London Regional Transport Act 1984...
In Schedule 1 to the Public Records Act 1958 (definition...
In the Table in paragraph 3(1) of Schedule 2B to...
In Schedule 2 to the Companies Act 1985 (interpretation of...
(1) In section 649 of the Income and Corporation Taxes...
(1) Section 29(7) of the Social Security Act 1989 (regulations...
In Schedule 1 to the Social Security Contributions and Benefits...
(1) The Social Security Administration Act 1992 is amended as...
(1) The Tribunals and Inquiries Act 1992 is amended as...
In section 13(9) of the Judicial Pensions and Retirement Act...
The Pension Schemes Act 1993 is amended as follows.
Sections 2 to 5 (constitution, membership etc. of the Board)...
In Schedule 4 to the Administration of Justice Act 1970...
For section 6(8) (Board may be appointed as Registrar), there...
In the provisions listed in the first column of the...
In section 7— (a) in subsections (1) and (6), for...
In section 8 (definition of terms)— (a) in subsection (2),...
In section 9 (requirements for certification), in subsection (3) “...
In section 10 (protected rights), in subsection (2)(a), after “minimum...
In section 13 (minimum pensions for earners), in subsection (2)(a),...
In section 14 (earner’s guaranteed minimum)— (a) subsection (3) is...
In section 16 (revaluation of earnings factors)—
In section 17 (minimum pensions for widows and widowers), at...
In Schedule 2 to the Attachment of Earnings Act 1971...
Section 22 (financing of benefits) is repealed.
In section 23 (securing of benefits)– (a) subsections (1) and...
Section 24 (sufficiency of resources) is repealed.
In section 25 (conditions as to investments, etc.)—
In section 28 (ways of giving effect to protected rights)—...
In section 29 (the pension and annuity requirements), in subsection...
In section 31 (investment and resources of schemes)—
In section 34 (cancellation, etc. of certificates)—
Sections 35 (surrender, etc. issue of further certificates) and 36...
For section 37 (alteration of rules of contracted-out schemes) there...
In Part II of Schedule 1 to the House of...
In section 38 (alteration of rules of appropriate schemes)—
In section 42 (review of reduced rates of contributions), in...
In section 43 (payment of minimum contributions), in subsection (1),...
In section 45 (minimum contributions towards personal pension schemes), subsection...
In section 46(1) (effect of entitlement to guaranteed minimum pensions...
In section 50 (powers to approve arrangements for scheme ceasing...
In section 51 (calculation of GMPs preserved under approved arrangements),...
In section 52 (supervision of schemes which have ceased to...
In section 53 (supervision: former contracted-out schemes)—
In section 54 (supervision: former appropriate personal pension schemes)—
In Part II of Schedule 1 to the Northern Ireland...
In section 55 (state scheme premiums), subsections (1) and (3)...
In section 56 (provisions supplementary to section 55)—
In section 58 (amount of premiums under section 55), subsections...
Section 59 (alternative basis for revaluation) is repealed.
In section 60 (effect of payment of premiums on rights)—...
In section 61 (deduction of contributions equivalent premium from refund...
In section 62 (no recovery of premiums from earners)—
In section 63 (further provisions concerning calculations relating to premiums)—...
Section 64 (actuarial tables) is repealed.
Section 65 (former and future earners) is repealed.
(1) In section 61 of the Social Security Pensions Act...
Section 66 (widowers) is repealed.
In sections 67 and 68 (non-payment of state scheme premiums),...
In section 84(5), paragraph (b) and the preceding “or” are...
In section 96 (right to cash equivalent: exercise of options)—...
Sections 133 to 135 (advice and determinations as to conformity...
In section 155 (requirement to give information to the Secretary...
In section 158 (disclosure of information between government departments)—
In section 164(1)(b)(i) (Crown employment), “2 to 5”, “172, 173”...
In section 165 (application of certain provisions to case with...
In section 166(5) (reciprocity with other countries), “sections 2 to...
In section 6(4) of the European Parliament (Pay and Pensions)...
In section 170 (determinations by the Secretary of State)—
In section 171 (questions arising in proceedings), in subsection (1)(b),...
Sections 172 and 173 (reviews and appeals) are repealed.
In section 174 (grants), for “Board” (in both places) there...
In section 176 (fees), for “either by the Secretary of...
In section 177 (general financial arrangements)— (a) in subsection (3)(b)—...
In section 178(b) (meaning of “trustee” and “manager”), “sections 2...
In section 181 (general interpretation)— (a) in subsection (1)—
In section 182(1) (orders and regulations), “ the Board or...
In section 183 (sub-delegation), in subsection (1), “sections 2 to...
In section 55(6)(b)(ii) of the Justices of the Peace Act...
In section 185 (consultation about regulations)— (a) in subsection (1),...
In section 186(5) (Parliamentary control of regulations and orders), “...
In section 192(2) (extent), for “sections 1 to 5” there...
Schedule 1 (the Occupational Pensions Board) is repealed.
In Schedule 2 (certification regulations)— (a) in paragraph 2(1), for...
In Schedule 4 (priority in bankruptcy), in paragraph 3(1), for...
In Schedule 6 (transitional provisions and savings), paragraph 11 is...
In section 14A(2) of the Judicial Pensions Act 1981 (modifications...
In Schedule 1 to the Public Records Act 1958 (definition...
In section 164(1)(b)(i) (Crown employment), the words from “136” to...
In section 166(5) (reciprocity with other countries), the words from...
In section 177 (general financial arrangements), in subsection (3)(b)(i), the...
In section 178 (meaning of “trustee” and “manager”), in paragraph...
In section 181 (general interpretation), in subsection (3), the words...
In section 183 (sub-delegation)— (a) in subsection (1), the words...
(1) Schedule 9 (transitory modifications) is amended as follows.
The Pension Schemes Act 1993 is amended as follows.
In section 95(1) (ways of taking right to cash equivalent),...
In section 97 (calculation of cash equivalents)—
In section 98 (variation and loss of rights to cash...
In section 99 (trustee’s duties after exercise of an option...
In section 145 (Pensions Ombudsman), in subsection (5) “ with...
In section 151(5)(b) (enforcement in Scotland of Pensions Ombudsman’s determinations),...
After section 158 there is inserted— Other disclosures by the...
Warrants.
Amended 4 timesInformation and inspection: penalties.
Amended 1 timeSavings for certain privileges etc.
Amended 1 timePublishing reports.
Amended 1 timeRestricted information.
Amended 1 timeInformation supplied to the Authority by corresponding overseas authorities.
Amended 2 timesDisclosure for facilitating discharge of functions by the Authority.
Amended 1 timeDisclosure for facilitating discharge of functions by other supervisory authorities.
Amended 12 timesOther permitted disclosures.
Amended 4 timesDisclosure of information by the Inland Revenue.
Amended 1 timeProvision of information.
Amended 2 timesInformation: penalties.
Amended 1 timeSavings for certain privileges.
Amended 1 timePublishing reports.
Amended 1 timeDisclosure of information.
Amended 6 timesOffences by bodies corporate and partnerships.
Amended 2 timesBreach of regulations.
Amended 5 timesOverriding requirements.
Amended 7 timesPowers to modify this Part.
Amended 6 timesCalculations etc. under regulations: sub-delegation.
Amended 4 timesConsultations about regulations.
Amended 2 timesCrown application.
Amended 2 timesConsequential amendments.
Amended 4 times“Connected” and “associated” persons.
Amended 4 timesInterpretation of Part I.
Amended 21 timesSection 124: supplementary.
Amended 7 timesEqualisation of pensionable age and of entitlement to certain benefits and increase in pensionable age.
Amended 3 timesEnhancement of additional pension, etc. where family credit or disability working allowance paid.
Amended 1 timeAdditional pension: calculation of surpluses.
Amended 5 timesMinor amendments.
Amended 1 timeNew requirements for contracted-out schemes.
Amended 7 timesState scheme contributions and rebates.
Amended 11 timesMinimum contributions towards appropriate personal pension schemes.
Amended 3 timesMoney purchase and personal pension schemes: verification of ages.
Amended 3 timesReduction in benefits for members of certified schemes.
Amended 4 timesState scheme etc. premiums and buyback into State scheme.
Amended 2 timesInterim arrangements for giving effect to protected rights.
Amended 5 timesRequirements for interim arrangements.
Amended 1 timeInterim arrangements: supplementary.
Amended 1 timeDischarge of protected rights on winding up: insurance policies.
Amended 1 timeMonitoring personal pension schemes.
Amended 1 timeEarner employed in more than one employment.
Amended 2 timesHybrid occupational pension schemes.
Amended 7 timesDissolution of Occupational Pensions Board.
Amended 2 timesMinor and consequential amendments related to sections 136 to 150.
Amended 5 timesExtension of scope of right to cash equivalent.
Amended 2 timesRight to guaranteed cash equivalent.
Amended 2 timesRight to guaranteed cash equivalent: supplementary.
Amended 2 timesBreach of regulations under the Pension Schemes Act 1993.
Amended 3 timesEmployment of staff by the Pensions Ombudsman.
Amended 1 timeJurisdiction of Pensions Ombudsman.
Amended 3 timesCosts and expenses.
Amended 3 timesDisclosing information.
Amended 1 timeInterest on late payment of benefit.
Amended 2 timesRepeal of sections 136 to 143 of the Pension Schemes Act 1993.
Amended 1 timeAnnual increase in rate of personal pension.
Amended 3 timesSection 162: supplementary.
Amended 4 timesPower to reject notice choosing appropriate personal pension scheme.
Amended 2 timesLevy.
Amended 2 timesPensions on divorce etc.
Amended 7 timesPensions on divorce, etc.: Scotland.
Amended 3 timesWar pensions for widows: effect of remarriage.
Amended 6 timesExtensions of Pensions Appeal Tribunals Act 1943.
Amended 2 timesPensions for dependants of the Prime Minister etc.
Amended 1 timeInformation about public service schemes.
Amended 3 timesGeneral minor and consequential amendments.
Amended 4 timesOrders and regulations (general provisions).
Amended 4 timesParliamentary control of orders and regulations.
Amended 9 timesInterpretation.
Amended 1 timeRepeals.
Amended 2 timesExtent.
Amended 3 timesCommencement.
Amended 1 timeShort title.
Amended 1 timeBrowse 140 other sections — procedural / definitional / commencement
The new authority.
Reports to Secretary of State.
Prohibition orders.
Prohibition orders: directors of corporate trustees etc
Suspension orders.
Removal of trustees: notices.
Removal or suspension of trustees: consequences.
Appointment of trustees.
Appointment of trustees: consequences.
Removal and appointment of trustees: property.
Civil penalties.
Powers to wind up schemes.
Powers to wind up public service schemes.
Injunctions and interdicts.
Restitution.
Directions.
Requirement for member-nominated trustees.
Exceptions.
Corporate trustees: member-nominated directors.
Corporate trustees: exceptions.
Selection, and eligibility, of member-nominated trustees and directors.
Member-nominated trustees and directors: supplementary.
Circumstances in which following provisions apply.
Power to appoint independent trustees
Members’ powers to apply to court to enforce duty.
Appointment and powers of independent trustees: further provisions.
Insolvency practitioner or official receiver to give information to trustees.
Information to be given to the Authority in a s. 22 case
Information to be given in cases where s. 22 disapplied
Construction of ss. 26A and 26B
Trustee not to be auditor or actuary of the scheme.
Section 27: consequences.
Persons disqualified for being trustees.
Persons disqualified: consequences.
Accessibility of register of disqualified trustees
Trustees not to be indemnified for fines or civil penalties.
Decisions by majority.
Investment powers: duty of care.
Power of investment and delegation.
Investment principles.
Choosing investments.
Restriction on borrowing by trustees
Payment of surplus to employer.
Power to defer winding up.
Exercise of powers by member trustees.
Restriction on employer-related investments.
Provision of documents for members.
Climate change risk
Climate change risk: publication of information
Sections 41A and 41B: compliance
Time off for performance of duties and for training.
Payment for time off.
Time limit for proceedings.
Remedies.
Right not to suffer detriment in employment or be unfairly dismissed.
Professional advisers.
“Blowing the whistle”.
Other responsibilities of trustees, employers, etc.
Record of winding-up decisions.
Requirement for dispute resolution arrangements
Meaning of “person with an interest in the scheme”
The dispute resolution procedure
Annual increase in rate of pension.
Restriction on increase where annuity tied to investments.
Meaning of “the appropriate percentage”
Meaning of “cash balance benefit”
Restriction on increase where member is under 55.
Effect of increases above the statutory requirement.
Sections 51 to 53: supplementary.
Section 51: end of annual increase in GMP.
Minimum funding requirement.
Valuation and certification of assets and liabilities.
Schedules of contributions.
Determination of contributions: supplementary.
Serious underprovision.
Sections 56 to 60: supplementary.
The equal treatment rule.
Equal treatment rule: supplementary.
Equal treatment rule: exceptions.
Equal treatment rule: consequential alteration of schemes.
Equal treatment rule: effect on terms of employment, etc.
Prohibition on different rules for overseas residents etc.
The subsisting rights provisions
The subsisting rights provisions: interpretation
The consent requirements
The actuarial equivalence requirements
The actuarial equivalence requirements: further provisions
The trustee approval requirement
The reporting requirement
Powers of the Authority: voidable modifications
Powers of the Authority to intervene
Subsisting rights provisions: civil penalties
Power of trustees to modify schemes by resolution.
Grounds for applying for modifications: winding up registered schemes
Section 69: supplementary.
Effect of orders under section 69.
Modification by Authority to secure winding-up.
Modification of public service pension schemes.
Reports to Authority about winding-up.
Directions by Authority for facilitating winding-up.
Duty to comply with directions under s. 72B.
Preferential liabilities on winding up.
Operation of scheme during winding up period
Sections 73 and 73A: supplementary
Discharge of liabilities by insurance, etc.
Deficiencies in the assets.
Deficiencies in the assets: multi-employer schemes
Excess assets on winding up.
Excess assets remaining after winding up: power to distribute.
The Compensation Board.
Reports to Secretary of State.
Review of decisions.
Cases where compensation provisions apply.
Applications for payments.
Amount of compensation.
Payments made in anticipation.
Surplus funds.
Modification of compensation provisions.
Schedules of payments to money purchase schemes.
Schedules of payments to money purchase schemes: supplementary.
Application of further provisions to money purchase schemes.
Unpaid contributions in cases of insolvency.
Inalienability of occupational pension.
Forfeiture, etc.
Forfeiture by reference to obligation to employer.
Sections 91 to 93: supplementary.
Pension rights of individuals adjudged bankrupt etc.
Review of decisions.
References and appeals from the Authority.
Provision of information.
Inspection of premises.
Contribution conditions.
Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act.
Graduated retirement benefit.
Extension of Christmas bonus for pensioners.
Contributions paid in error.
The “principal appointed day” for Part III.
Extension of interim arrangements to occupational pension schemes.
Equal treatment in relation to official pensions.
Northern Ireland.
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
FCA
PrimaryFinancial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
The Pensions Regulator
Regulates workplace pensions, defined benefit schemes, and master trusts. All employers must auto-enrol eligible workers into a workplace pension. Enforces employer duties …
Connected legislation
3 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
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