Pension Schemes Act 1993
Encyclopedia
The Pension Schemes Act 1993 (c 48) is a United Kingdom
Act of Parliament
that concerns the administration of occupational pensions.
resulting in the command paper, Pension Law Reform.
Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the Pensions Regulator under the Pensions Act 2004
.
Part III in sections 7 to 68 concerns the certification of pension schemes, and the rule that people with entitlement to such schemes get reduced state benefits, and other effects.
Part IV in sections 69 to 101 sets out minimum protection for early leavers from their jobs before an entitlement to an occupational pension arises.
Part V in sections 102 to 110 requires that pension schemes contain annual increases in line with prices, though sections 102 to 108 were soon replaced by the Pensions Act 1995
.
Part VI in sections 111 to 118 contains further protections for scheme members regarding voluntary contributions and disclosure.
Part VII, in sections 119 to 128, set out the rules for insolvent schemes and the duty of the Secretary of State to reimburse employees, but was then replaced by the Pensions Act 1995
..
Part VIII contains rules on the relationship between requirements of the Act and scheme rules, insofar as they are overridden by the Act. Part IX relates to how scheme trust deeds can be modified. Part X relates to investigations by the Pensions Ombudsman
. Part X contains miscellaneous provisions, and Part XII holds supplementary provisions.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
Act of Parliament
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
that concerns the administration of occupational pensions.
Background
The Pension Schemes Act 1993 was the first statute to result from the comprehensive inquiry led by Roy GoodeRoy Goode
Sir Royston Miles "Roy" Goode CBE QC is an academic commercial lawyer in the United Kingdom. He founded the Centre for Commercial Law Studies at Queen Mary, University of London. He was awarded the OBE in 1972 followed by the CBE in 1994 before being knighted for services to academic law in...
resulting in the command paper, Pension Law Reform.
Contents
Part I contains section 1 that sets out the three pillars, or categories of UK pensions: occupational pensions, personal or private pensions and the public or state pension.Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the Pensions Regulator under the Pensions Act 2004
Pensions Act 2004
The Pensions Act 2004 is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.-Background:In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing to offer the protection to pension scheme members that had...
.
Part III in sections 7 to 68 concerns the certification of pension schemes, and the rule that people with entitlement to such schemes get reduced state benefits, and other effects.
Part IV in sections 69 to 101 sets out minimum protection for early leavers from their jobs before an entitlement to an occupational pension arises.
Part V in sections 102 to 110 requires that pension schemes contain annual increases in line with prices, though sections 102 to 108 were soon replaced by the Pensions Act 1995
Pensions Act 1995
The Pensions Act 1995 is a piece of United Kingdom legislation to improve the running of pension schemes.-Background:Following the death of Robert Maxwell it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers...
.
Part VI in sections 111 to 118 contains further protections for scheme members regarding voluntary contributions and disclosure.
Part VII, in sections 119 to 128, set out the rules for insolvent schemes and the duty of the Secretary of State to reimburse employees, but was then replaced by the Pensions Act 1995
Pensions Act 1995
The Pensions Act 1995 is a piece of United Kingdom legislation to improve the running of pension schemes.-Background:Following the death of Robert Maxwell it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers...
..
Part VIII contains rules on the relationship between requirements of the Act and scheme rules, insofar as they are overridden by the Act. Part IX relates to how scheme trust deeds can be modified. Part X relates to investigations by the Pensions Ombudsman
Pensions Ombudsman
The Pensions Ombudsman is the official ombudsman institution responsible for investigating complaints regarding pensions in the United Kingdom. The Pensions Ombudsman is a non-departmental public body, and the holder is appointed by the Government, but acts independently after appointment. His...
. Part X contains miscellaneous provisions, and Part XII holds supplementary provisions.
See also
- UK labour law
- Pensions in the United Kingdom
- Pensions Act 1995Pensions Act 1995The Pensions Act 1995 is a piece of United Kingdom legislation to improve the running of pension schemes.-Background:Following the death of Robert Maxwell it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers...
- Pensions Act 2004Pensions Act 2004The Pensions Act 2004 is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.-Background:In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing to offer the protection to pension scheme members that had...
- Pensions Act 2008Pensions Act 2008The Pensions Act 2008 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in...
External links
- Association of Member-Directed Pension Schemes (AMPS) - The principal body for discussing changes involved in the area of pension planning.