UK Act of Parliament
2015
United Kingdom
Pension Schemes Act 2015
At a glance
What's here
5 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
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.
Part 1 — Categories of pension scheme
Browse 7 other sections in this Part — procedural / definitional / commencement
Part 2 — Collective benefits
Browse 28 other sections in this Part — procedural / definitional / commencement
Introduction and definition
Duty to set targets for collective benefits
Policy about factors used to determine each benefit
Power to impose requirements about factors used to determine each benefit
Payment schedule
Overdue contributions and other payments
Statement of investment strategy
Investment performance reports
Investment powers
Restriction on borrowing by trustees or managers
Investment powers: duty of care
Valuation reports
Valuation process
Policy for dealing with a deficit or surplus
Power to impose requirements about dealing with a deficit or surplus
Deficits attributable to an offence or the imposition of a levy
Payment of amounts out of collective benefit funds
Policy for calculating cash equivalent of benefits
Winding up
Requirement to wind up scheme in specified circumstances
Policies about winding up
Working out which assets are available for the provision of which benefits
Requirement to obtain actuarial advice
Sub-delegation
Publication of documents etc
Enforcement
Overriding requirements
Interpretation of Part 2
Part 3 — General changes to legislation about pension schemes
Browse 11 other sections in this Part — procedural / definitional / commencement
Pensions promise obtained from third party
Duty to act in the best interests of members
Disclosure of information about schemes
Extension of preservation of benefit under occupational pension schemes
Revaluation of accrued benefits
Collective benefits exempt from indexation
Regulatory own fund schemes exempt from indexation
Power to create other exemptions from indexation
Removal of requirement to maintain register of independent trustees
Rules about modification of schemes
Other amendments to do with Parts 1 and 2
Part 4 — Pensions flexibilities
Independent advice in respect of conversions and transfers: Great Britain
- Check members have received independent advice before pension conversions or transfers
Independent advice in respect of conversions and transfers: Northern Ireland
- Check members received independent financial advice before pension conversions or transfers (NI)
Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain
Other duties (1) — Crown / regulator
- Trustees must notify Treasury if public funding risk arises in pension schemes Crown / Minister / Government department
Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland
- Notify NI departments if pension scheme meets designation conditions (or no longer meets them)
Browse 26 other sections in this Part — procedural / definitional / commencement
Pensions guidance
Power to require employer to arrange advice for purposes of section 48
Independent advice: consequential amendments: Great Britain
Power to require employer to arrange advice for purposes of section 51
Independent advice: consequential amendments: Northern Ireland
Independent advice: income tax exemption
Sums or assets that may be designated as available for drawdown: Great Britain
Provision about conversion of certain benefits for drawdown: Great Britain
Provision about calculation of lump sums: Great Britain
Restrictions on conversion of benefits during winding up
Restriction on payment of lump sums during PPF assessment period: Great Britain
Sections 55 to 57: consequential amendments
Sums or assets that may be designated as available for drawdown: Northern Ireland
Provision about conversion of certain benefits for drawdown: Northern Ireland
Provision about calculation of lump sums: Northern Ireland
Restrictions on conversion of benefits during winding up etc: Northern Ireland
Restriction on payment of lump sums during PPF assessment period: Northern Ireland
Sections 61 to 63: consequential amendments
Rights to transfer benefits
Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain
Sections 68 and 69: consequential amendments
Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland
Sections 71 and 72: consequential amendments
Meaning of “flexible benefit”
Meaning of “cash balance benefit”
Interpretation of Part 4
Part 5 — Miscellaneous
Browse 6 other sections in this Part — procedural / definitional / commencement
Payments into Remploy Limited Pension and Assurance Scheme
Pension scheme for fee-paid judges
Judicial pensions: pension sharing on divorce etc
Public service pension schemes
Extension to Scotland of certain provisions about marriage of same sex couples
Pension sharing and normal benefit age
Part 6 — General
Browse 8 other sections in this Part — procedural / definitional / commencement
Power to make consequential amendments
Regulations
Regulations: Northern Ireland
Regulations: supplementary
Crown application
Extent
Commencement
Short title
Schedules
In section 291 (duty of trustees or managers to act...
- Trustees and managers must act consistently with host state law including the Pension Schemes Act 2015
Browse 175 other Schedules — structural / supplementary
The Pension Schemes Act 1993 is amended as follows.
In paragraph 5(1) of that Schedule, for “if his pensionable...
Omit the following, which are no longer needed given the...
Before section 83 insert— Overview and meaning of “the 2015...
In section 83, for subsection (1A) substitute—
For section 84 substitute— Old basis of revaluation: occupational pension...
After section 85 insert— Power to add revaluation methods for...
After section 86 insert— The revaluation methods The revaluation methods referred to in this Chapter are defined...
In section 186(3) (statutory instruments subject to affirmative procedure), after...
In Schedule 3 to that Act (revaluation methods), before paragraph...
Omit paragraphs 3A and 4 of that Schedule.
The Pension Schemes Act 1993 is amended as follows.
In section 51A (restrictions on increase where annuity tied to...
In section 73 (preferential liabilities on winding up), for subsection...
In section 75 (employer debt where deficiency in assets on...
(1) Section 87 (schedules of payments to money purchase schemes)...
For the italic cross-heading above section 87 substitute “ Schemes...
In the heading to section 88 (schedules of payments to...
(1) Section 89 (application of further provisions to money purchase...
In section 124 (interpretation), in subsection (1), at the appropriate...
(1) Section 125 (interpretation of Part 1: supplementary) is amended...
In section 38 of the Welfare Reform and Pensions Act...
In section 83 (scope of provisions about revaluation of benefits...
The Financial Services and Markets Act 2000 is amended as...
In section 137FA (FCA general rules: disclosure of information about...
(1) Section 142X (interpretation of provisions about ring-fencing) is amended...
The Pensions Act 2004 is amended as follows.
In section 13 (improvement notices), in subsection (7)—
In section 17 (power of the Regulator to recover unpaid...
(1) Section 23 (freezing orders) is amended as follows.
In section 38 (contribution notices where avoidance of employer debt),...
(1) Section 43 (financial support directions) is amended as follows....
In section 52 (restoration orders where transactions at an undervalue),...
In section 113 (disclosure of information about schemes to members...
(1) Section 90 (codes of practice) is amended as follows....
In section 126 (schemes eligible for pension protection), for subsection...
For section 221 (application of scheme funding rules) substitute— Pension...
In section 254 (representative of non-European scheme to be treated...
In section 258 (pension protection on transfer of employment: form...
In section 286 (financial assistance scheme for members of certain...
In section 307 (modification of Pensions Act 2004 in relation...
(1) Section 318 (interpretation) is amended as follows.
The Pensions Act 2008 is amended as follows.
In section 124 (duty of Secretary of State to pay...
(1) Section 20 (quality requirement: UK money purchase schemes) is...
In section 21 (quality requirement: UK defined benefits schemes) for...
In section 23A (alternative quality requirements for UK defined benefits...
(1) Section 24 (quality requirement: UK hybrid schemes) is amended...
(1) Section 26 (quality requirement: UK personal pension schemes) is...
(1) Section 28 (certification that quality requirement or alternative requirement...
For the heading to section 29 substitute “ Transitional periods...
(1) Section 30 (transitional period for defined benefits and hybrid...
In section 35 (compliance notices), in subsection (5), for “a...
In section 38 (calculation and payment of contributions), in subsection...
(1) In section 181 (interpretation), subsection (1) is amended as...
(1) Section 99 (interpretation) is amended as follows.
(1) Schedule 17 to the Pensions Act 2014 (automatic transfer...
The Pensions Act 1995 is amended as follows.
In section 37 (payment of surplus to employer), in subsection...
In section 38 (power to defer winding up), in subsection...
In section 51 (annual increase in rate of pension), in...
The Financial Services and Markets Act 2000 is amended as...
In section 140A (competition scrutiny: interpretation), in subsection (1), in...
In section 168 (appointment of persons to carry out investigations...
In section 429 (Parliamentary control of statutory instruments), in subsection...
In Schedule 1ZA (the FCA), in paragraph 8 (arrangements for...
In that Schedule, in paragraph 11 (annual report), in sub-paragraph...
In that Schedule, in paragraph 21 (FCA financial penalty scheme),...
In that Schedule, in paragraph 23 (fees)—
In section 85 of the Financial Services Act 2012 (relevant...
(1) For the purpose of the exercise of a function...
Expenses incurred by the Financial Conduct Authority before the day...
After section 333 insert— PART 20A PENSIONS GUIDANCE Introduction and...
In section 1B (the FCA's general duties), after subsection (7)...
In section 1M (the FCA's general duty to consult), after...
In section 1S (reviews by independent person into discharge of...
After section 137FA insert— FCA general rules: disclosure of information...
(1) Section 138F (notification of rules) is amended as follows....
In section 138I (rules: consultation by the FCA)—
In section 139A (power of the FCA to give guidance),...
In Schedule 1A to the Judicial Pensions Act 1981 (transfer...
(1) Section 96 (further provisions concerning exercise of option under...
(1) Section 97 (calculation of cash equivalents) is amended as...
For section 98 substitute— Loss of right to cash equivalent...
(1) Section 99 (trustees' duties after exercise of option) is...
After section 100 insert— Prohibition on excluding future accruals etc...
(1) Section 101F (power to give transfer notice) is amended...
For section 101G (restrictions on power to give transfer notice)...
(1) Section 101H (salary related schemes: statements of entitlement) is...
(1) Section 101J (time for compliance with transfer notice) is...
In section 101M (effect of transfer on trustees' duties), for...
In Schedule 2 to the Judicial Pensions and Retirement Act...
After section 101N insert— Prohibition on excluding transfers of some...
(1) Section 101P (interpretation) is amended as follows.
Omit section 101Q.
In section 129 (overriding requirements), in subsection (1), for “Chapters...
In section 130 (extra-statutory benefits), in paragraph (b), for “Chapter...
In section 153 (power to modify certain provisions), in subsection...
In section 179 (linked qualifying service), in subsection (1)(a)—
In section 181 (interpretation), in subsection (1), in paragraph (b)...
The Pensions Act 1995 is amended as follows.
In section 67A (the subsisting rights provisions: interpretation), in subsection...
The Pension Schemes Act 1993 is amended as follows.
In section 73 (preferential liabilities on winding up), in subsection...
In section 73B (sections 73 and 73A: supplementary), in subsection...
In section 124 (interpretation of Part 1), in subsection (1),...
In section 135 (pensions: interpretation), in subsection (4), for “section...
The Pensions Act 2004 is amended as follows.
(1) Section 18 (pension liberation: interpretation) is amended as follows....
In section 23 (freezing orders), in subsection (4)(g), for “salary...
In section 24 (consequences of freezing order), in subsection (7),...
In section 73 (inspection of premises), in subsection (2)(d)—
In section 135 (restrictions on winding up, discharge of liabilities...
(1) Chapters 4 and 5 of Part 4 of the...
In section 138 (payment of scheme benefits), in subsection (3)(b),...
(1) Section 318 (interpretation) is amended as follows.
(1) Schedule 7 (pension compensation provisions) is amended as follows....
(1) Schedule 1 to the Scottish Parliamentary Pensions Act 2009...
The Pensions Act 2014 is amended as follows.
In section 34 (power to prohibit offer of incentives to...
In Schedule 17 (automatic transfer of pension benefits etc), in...
In Schedule 1A to the Judicial Pensions Act 1981 (transfer...
In Schedule 2 to the Judicial Pensions and Retirement Act...
The Pension Schemes (Northern Ireland) Act 1993 is amended as...
In section 24F (transfers out of GMP-converted schemes), in subsection...
(1) Chapters 4 and 5 of Part 4 of the...
In section 20F (transfers out of GMP-converted schemes), in subsection...
In section 52 (payment of state scheme premiums on termination...
In section 69 (form of short service benefit and its...
For sections 89 to 90 substitute— Scope of Chapter 1...
(1) Section 91 (ways of taking right to cash equivalent)...
(1) Section 92 (further provisions concerning exercise of option under...
(1) Section 93 (calculation of cash equivalents) is amended as...
For section 94 substitute— Loss of right to cash equivalent...
(1) Section 95 (trustees' duties after exercise of option) is...
Until the coming into force of its repeal by Schedule...
After section 96 insert— Prohibition on excluding future accruals etc...
(1) Section 97F (power to give transfer notice) is amended...
For section 97G (restrictions on power to give transfer notice)...
(1) Section 97H (salary related schemes: statements of entitlement) is...
(1) Section 97J (time for compliance with transfer notice) is...
In section 97M (effect of transfer on trustees' duties), for...
After section 97N insert— Prohibition on excluding transfers of some...
(1) Section 97P (interpretation) is amended as follows.
Omit section 97Q.
In section 125 (overriding requirements), in subsection (1), for “Chapters...
In section 73 (form of short service benefit and its...
In section 126 (extra-statutory benefits), in paragraph (b), for “Chapter...
In section 149 (power to modify certain provisions), in subsection...
In section 174 (linked qualifying service), in subsection (1)(a)—
In section 176 (interpretation), in subsection (1), in paragraph (b)...
The Pensions (Northern Ireland) Order 1995 is amended as follows....
In Article 67A (the subsisting rights provisions: interpretation), in paragraph...
In Article 73 (preferential liabilities on winding up), in paragraph...
In Article 73B (Article 73 and 73A: supplementary), in paragraph...
In Article 121 (interpretation of Part 2), in paragraph (1),...
The Pensions (Northern Ireland) Order 2005 is amended as follows....
For sections 93 to 94 substitute— Scope of Chapter 1...
(1) Article 2 (interpretation) is amended as follows.
(1) Article 14 (pension liberation: interpretation) is amended as follows....
In Article 19 (freezing orders), in paragraph (4)(g), for “salary...
In Article 20 (consequences of freezing order), in paragraph (7),...
In Article 68 (inspection of premises), in paragraph (2)(d)—
In Article 119 (restrictions on winding up, discharge of liabilities...
In Article 122 (payment of scheme benefits), in paragraph (3)(b),...
(1) Schedule 6 (pension compensation provisions) is amended as follows....
(1) Section 95 (ways of taking right to cash equivalent)...
The Pensions (Increase) Act 1971 is amended as follows.
In section 19(2)(a) (extent to Northern Ireland)—
In Schedule 2 (official pensions), after paragraph 4A insert— A pension payable under a scheme made under section 18A...
The Judicial Pensions and Retirement Act 1993 is amended as...
In section 22 (application of the Pensions (Increase) Act 1971...
(1) Section 28 (funding arrangements) is amended as follows.
In section 28A (contributions in respect of Northern Ireland judges),...
(1) Section 29 (regulations and orders) is amended as follows....
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- DB to DC transfers and conversions (opens in a new tab) from TPR Detailed Guidance
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