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The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004
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Statutory Instruments
2004 No. 3350 (C.157)
PENSIONS
The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004
Made
16th December 2004
The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 315(2) and (5) and 322(1) and (5)(a) of the Pensions Act 2004(1) and of all other powers enabling him in that behalf, hereby makes the following Order:
Citation and interpretation
1.—(1) This Order may be cited as the Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004.
(2) In this Order—
“the 1995 Act” means the Pensions Act 1995(2); and
“the Act” means the Pensions Act 2004.
Appointed day
2. The day appointed for the coming into force of the provisions of the Act specified in the Schedule to this Order is 17th December 2004.
Consequential amendment of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997
3.—(1) The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997(3) shall be amended in accordance with this article.
(2) In regulation 5 (amount of compensation)—
(a)in paragraph (2) for “The amount” to “section 83(3)” substitute “The amount or, as the case may be, the aggregate, shall not exceed the aggregate specified in section 83(3)(4)”;
(b)omit paragraph (5);
(c)in paragraph (6) for “section 83(3)(a)” substitute “section 83(3)(b)”.
(3) Omit regulations 3A(5) (protected liabilities – prescribed class of members), 6(5)(d)(6) (payments made in anticipation not to exceed the amount of the protected liabilities), 7 (mixed benefit schemes) and 10(7) (modifications for money purchase schemes).
Transitional modification
4. Where—
(a)an application for compensation is made before 17th December 2004 under section 82 of the 1995 Act (applications for payments); and
(b)the Board has not made a payment by that date under section 83 of the Act (amount of compensation),
section 83 shall have effect for the purposes of making that payment as if the amendments made by section 277(4) of the Act and the amendments made by article 3(2) above were in force at the time of the application.
Signed by authority of the Secretary of State for Work and Pensions.
Malcolm Wicks
Minister of State,
Department for Work and Pensions
16th December 2004
Article 2
SCHEDULEPROVISIONS OF THE ACT COMING INTO FORCE ON 17th DECEMBER 2004
| Provisions of the Act | Subject matter |
|---|---|
| section 1 | the Pensions Regulator |
| section 2 except subsection (3) | membership of the Regulator |
| section 3 in so far as it relates to those paragraphs of Schedule 1 specified below | further provision about the Regulator |
| section 4(1)(b) | Regulator’s functions |
| section 5(3) | definitions of “stakeholder pension scheme” and “work-based pension scheme” |
| section 6 | supplementary powers |
| section 8(2), (3), (7) and (8)(a) | non-executive functions |
| section 9 | the Determinations Panel |
| section 10(9)(b) insofar as it relates to paragraph 18(2) of Schedule 1 | functions exercisable by the Determinations Panel |
| section 12 except subsection (2)(c) | provision of information, education and assistance |
| section 91(1) to (9) | procedure for issue and publication of codes of practice |
| section 102(1), and (4) in so far as it relates to the paragraphs of Schedule 4 specified below | The Pensions Regulator Tribunal |
| section 107 | the Board of the Pension Protection Fund |
| section 108 except subsections (3) and (4) | membership of the Board |
| section 109 in so far as it relates to the paragraphs of Schedule 5 specified below | further provision about the Board |
| section 110(3) | Board’s functions |
| section 111 | supplementary powers |
| section 112 except subsections (4)(a) and (5) to (8) | non-executive functions |
| section 116 | grants |
| section 191 | notices requiring provision of information |
| section 193(1), and (4) to (7) in so far as they relate to section 191 | penalties relating to section 191 |
| section 209(1) to (3) | the Ombudsman for the Board of the Pension Protection Fund |
| section 210(1) to (3) | Deputy PPF Ombudsmen |
| section 274 | the Pensions Ombudsman and Deputy Pensions Ombudsman |
| section 277 | amendments relating to the Pensions Compensation Board |
| Schedule 1, paragraphs 1 to 18, 20(3), 22 to 24, 29 to 32, 34, and 35(1) to (3), (4)(c) and 35(5) in so far as it relates to those sub-paragraphs | the Pensions Regulator |
| Schedule 4, paragraphs 1 to 7 and 17 | the Pensions Regulator Tribunal |
| Schedule 5, paragraphs 1 to 13 except paragraph 13(3)(b), 14 to 17, 20 and 21, 23(b), 24 to 28 and 29(1) to (4). | the Board of the Pension Protection Fund |
Explanatory Note
(This note is not part of the Order)
This Order provides for the coming into force on 17th December 2004 of provisions of the Pensions Act 2004 (c. 35) relating to the establishment of the Pensions Regulator and the Board of the Pension Protection Fund, and certain other provisions as specified in the Schedule, including section 277 of that Act, which makes amendments relating to the Pensions Compensation Board.
Article 3 amends the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (S.I. 1997/665) as a consequence of the coming into force of section 277.
Article 4 makes a transitional provision to enable certain amendments (those that amend the manner of determining the amount of compensation payable by the Pensions Compensation Board) to apply to cases which are currently before the Pensions Compensation Board.
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