SCHEDULES

SCHEDULE 3E+W+SCollective money purchase benefits: minor and consequential amendments

Pensions Act 1995 (c. 26)E+W+S

6E+W+SThe Pensions Act 1995 is amended as follows.

7E+W+SIn section 51 (annual increase in rate of pension), after subsection (1) insert—

“(1A)Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.”

8E+W+SIn section 75 (deficiencies in the assets of certain occupational pension schemes), after subsection (1) insert—

“(1A)Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.”

9E+W+SIn section 87 (schedules of payments to money purchase schemes), after subsection (1) insert—

“(1A)Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section and section 88 as an occupational pension scheme which is a money purchase scheme.”

10E+W+SIn section 89 (application of further provisions to money purchase schemes), at the end insert—

“(3)Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate money purchase scheme.”