Citation

1.  This Order may be cited as the Pensions Act 2008 (Commencement No. 7 and Saving, Consequential and Incidental Provisions) Order 2010.

Commencement of provisions

2.  Section 124(2) and (6) of the Pensions Act 2008 (financial assistance scheme), in so far as not already in force, comes into force on 31st March 2010.

Saving

3.—(1) This article applies for the purposes of any regulations made under section 286 of the Pensions Act 2004 (financial assistance scheme for members of certain pension schemes)(2) prior to this Order being made.

(2) Where this article applies, section 286 shall continue to have effect as it was in force immediately before the making of this Order until such time as further regulations made under that section come into force.

Consequential and incidental provisions

4.—(1) In the Financial Assistance Scheme Regulations 2005(3)—

(a)in regulation 2(1) (interpretation) after the definition of “scheme manager” insert—

““scheme’s pension liabilities”, in respect of a member of a qualifying pension scheme, means the liabilities of the scheme to, or in respect of, the member in respect of pensions or other benefits (including increases in pensions);”;

(b)in regulation 15(5) (qualifying members)(4) for sub-paragraph (c) substitute—

“(c)the scheme’s pension liabilities in respect of that person have not been satisfied in full.”.

(2) In regulation 2(1) of the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005(5) (interpretation)—

(a)in the definition of “member” for paragraph (a)(ii) substitute—

“(ii)the scheme’s pension liabilities in respect of that person have not been satisfied in full;”;

(b)after the definition of “scheme manager” insert—

““scheme’s pension liabilities”, in respect of a member of a qualifying pension scheme, means the liabilities of the scheme to, or in respect of, the member in respect of pensions or other benefits (including increases in pensions);”.

(3) The amendments made by this article have effect from 1st April 2010.

EXPLANATORY NOTE

(This note is not part of the Order)

This Order brings into force section 124(2) and (6) of the Pensions Act 2008 (c.30) (financial assistance scheme). These provisions make amendments in relation to the definition of “qualifying member” in section 286(2) of the Pensions Act 2004 (c.35). Section 124(2) and (6) were brought into force on 19th December 2008 for limited purposes. This Order brings those provisions into force for all remaining purposes from 31st March 2010.

The Order saves section 286 in its unamended form for the purposes of existing regulations under that section until such time as new regulations made under the section come into force.

The Order also makes consequential and incidental provisions amending the Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986) and the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005 (S.I. 2005/2189). The amendments insert a definition of “scheme’s pension liabilities” in both, make changes in relation to the definition of “qualifying member” in the former and amend the definition of “member” in the latter.

A full impact assessment has not been published for this Order as it has only a negligible impact on the private and voluntary sectors.

NOTE AS TO EARLIER COMMENCEMENT ORDERS

(This note is not part of the Order)

The following provisions of the Pensions Act 2008 are brought into force by Statutory Instruments which were made before this Order was made.