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The Pensions Act 1995 (Commencement No. 3) Order 1996
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Article 2
SCHEDULE
PART IPROVISIONS OF THE ACT COMING INTO FORCE ON 13TH MARCH 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF ORDERS
| Provisions of the Act | Subject matter |
|---|---|
| section 137(2) to (4) | reduced rates of Class 1 State scheme contributions in respect of members of salary related contracted-out schemes |
| section 137(1) and (5) | reduced rates of Class 1 State scheme contributions, and rebates, in respect of members of money purchase contracted-out schemes |
| section 138(5) | minimum contributions payable by the Secretary of State in respect of members of appropriate personal pension schemes |
PART IIPROVISIONS OF THE ACT COMING INTO FORCE ON 13TH MARCH 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF REGULATIONS AND ON 6TH APRIL 1996 FOR ALL OTHER PURPOSES
| Provisions of the Act | Subject matter |
|---|---|
| section 140(2) | reduction in State benefits for members of money purchase contracted-out schemes and appropriate schemes |
| sections 142 to 144 | interim arrangements giving effect to protected rights |
| section 146 | discharge of protected rights on winding up: insurance policies |
PART IIIPROVISIONS OF THE ACT COMING INTO FORCE ON 1ST APRIL 1996
| Provisions of the Act | Subject matter |
|---|---|
| section 1(1) to (4) and (6) | establishment of Occupational Pensions Regulatory Authority |
| section 2 | reports by the Authority |
| Schedule 1, paragraphs 1 to 12, 14 to 17, 19 and 20 and section 1(5) insofar as it relates to those paragraphs | Occupational Pensions Regulatory Authority |
PART IVPROVISIONS OF THE ACT COMING INTO FORCE ON 6TH APRIL 1996
| Provisions of the Act | Subject matter |
|---|---|
| section 119 | calculations under regulations |
| section 120, insofar as not already in force | consultation about regulations |
| section 121, insofar as not already in force | Crown application |
| section 123(3) | meaning of “connected” and “associated” persons |
| section 124, insofar as not already in force | interpretation of Part I |
| section 148 | Class 1 contributions where earner in more than one employment |
| section 174, insofar as not already in force | general provisions concerning regulations and orders |
| section 175, insofar as not already in force | Parliamentary control of regulations and orders |
| section 176 | interpretation |
| Schedule 6, paragraph 9 and section 173 insofar as it relates to that paragraph | disclosure of information by the Secretary of State |
| in Schedule 7, Part III, the entry relating to section 48(2)(b) and (c) of the Pension Schemes Act 1993(1) and section 177 insofar as it relates to that entry | repeals |
PART VPROVISIONS OF THE ACT COMING INTO FORCE ON 6TH APRIL 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF REGULATIONS
| Provisions of the Act | Subject matter |
|---|---|
| section 10(2) and (3) | civil penalties |
| sections 16 to 21 | member-nominated trustees and directors |
| section 27 | trustee not to be scheme auditor or actuary |
| section 32 | decisions by majority of trustees |
| section 33 | investment powers: duty of care |
| section 35 | investment principles |
| section 37 | payment of surplus to employer |
| section 38 | power to defer winding-up |
| section 40 | restriction on employer-related investments |
| section 41 | provision of documents for members |
| section 47 | professional advisers |
| section 49 | receipts, payments and records |
| section 50 | resolution of disputes |
| section 51 | annual increase in rate of pension |
| sections 56 to 61 | minimum funding requirement |
| section 67 | certification of detrimental amendments |
| section 68 | power of trustees to modify schemes by resolution |
| section 69 | grounds for applying to Authority for modification orders |
| section 73 | preferential liabilities on winding up |
| section 74(2), (3) and (5)(b) | discharge of liabilities by insurance etc |
| section 75 | deficiencies in the assets |
| section 76 | excess assets on winding up |
| section 77 | excess assets remaining after winding up: power to distribute |
| sections 87 to 89 | money purchase schemes |
| sections 91 to 95 | assignment, forfeiture, bankruptcy etc |
| section 136 | new requirements for contracted-out schemes |
| section 137 | State scheme contributions and rebates |
| section 139 | money purchase and personal pension schemes: verification of ages |
| section 140(1) | reduction of State benefits for members of certified schemes |
| section 141 | State scheme etc premiums and buyback into State scheme |
| sections 152 to 154 | transfer values |
| section 155 but for the purpose only of authorising the making of regulations relating to section 113 of the Pension Schemes Act 1993 | penalties for breach of regulations under the Pension Schemes Act 1993 |
| Schedule 5, paragraph 21 (but only insofar as it relates to sections 11(5)(d), 34(2)(a), 50(4) and 163(6) of the Pension Schemes Act 1993), paragraph 22(a) (but only insofar as it relates to section 7(1) of that Act), and paragraphs 28(a), 33(b), 34(a), 35, 37, 39, 45(b), 46, 48(c), 49(a), 65, 70(c) and 84 and section 151 insofar as it relates to the above mentioned paragraphs | amendments relating to Part III of the Act |
| Schedule 6, paragraphs 4, 5 and 6(c) and (e) and section 173 insofar as it relates to those paragraphs | amendments relating to Part IV of the Act |
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