Pension Schemes Act 1993

JurisdictionUK Non-devolved
Citation1993 c. 48


Pension Schemes Act 1993

1993 CHAPTER 48

An Act to consolidate certain enactments relating to pension schemes with amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission.

[5th November 1993]

B e it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

I Preliminary

Part I

Preliminary

S-1 Categories of pension schemes.

1 Categories of pension schemes.

In this Act, unless the context otherwise requires—

‘occupational pension scheme’ means any scheme or arrangement which is comprised in one or more instruments or agreements and which has, or is capable of having, effect in relation to one or more descriptions or categories of employments so as to provide benefits, in the form of pensions or otherwise, payable on termination of service, or on death or retirement, to or in respect of earners with qualifying service in an employment of any such description or category;

‘personal pension scheme’ means any scheme or arrangement which is comprised in one or more instruments or agreements and which has, or is capable of having, effect so as to provide benefits, in the form of pensions or otherwise, payable on death or retirement to or in respect of employed earners who have made arrangements with the trustees or managers of the scheme for them to become members of it;

‘public service pension scheme’ means an occupational pension scheme established by or under an enactment por the Royal prerogative or a Royal charter, being a scheme—

(a) all the particulars of which are set out in, or in a legislative instrument made under, an enactment, Royal warrant or charter, or

(b) which cannot come into force, or be amended, without the scheme or amendment being approved by a Minister of the Crown or government department,

and includes any occupational pension scheme established, with the concurrence of the Treasury, by or with the approval of any Minister of the Crown and any occupational pension scheme prescribed by regulations made by the Secretary of State and the Treasury jointly as being a scheme which ought in their opinion to be treated as a public service pension scheme for the purposes of this Act.

II Administration

Part II

Administration

The Occupational Pensions Board

The Occupational Pensions Board

S-2 Constitution and functions of the Board.

2 Constitution and functions of the Board.

(1) There shall continue to be a body corporate by the name of the Occupational Pensions Board (in this Act referred to as ‘the Board’).

(2) The Board shall have—

(a) the functions conferred on them by this Act (or any corresponding provisions in force in Northern Ireland); and

(b) such advisory or other functions as may be conferred on them by the Secretary of State in respect of occupational pension schemes (including public service pension schemes).

S-3 Membership of the Board.

3 Membership of the Board.

(1) The Board shall consist of—

(a) a chairman,

(b) a deputy chairman, and

(c) not less than 8 nor more than 12 other members,

all of whom shall be appointed by the Secretary of State.

(2) Of the members other than the chairman and deputy chairman—

(a) one shall be appointed after consultation with organisations representative of employers, and

(b) one shall be appointed after consultation with organisations representative of employed earners,

being in either case such organisations as the Secretary of State thinks it appropriate to consult.

S-4 Reports of the Board.

4 Reports of the Board.

(1) The Secretary of State may from time to time direct the Board to make a report to him on the exercise of their functions.

(2) It shall be the duty of the Board to comply with any such direction as soon as is practicable.

(3) The Secretary of State shall lay before each House of Parliament a copy of any report made to him in response to a direction under subsection (1).

S-5 Further provisions as to constitution and procedure of the Board.

5 Further provisions as to constitution and procedure of the Board.

Schedule 1 shall have effect for the purpose of making further provision with respect to the Board.

Registration of schemes

Registration of schemes

S-6 Registration of occupational and personal pension schemes.

6 Registration of occupational and personal pension schemes.

(1) The Secretary of State may by regulations make provision—

(a) for the compilation and maintenance of a register of occupational and personal pension schemes (in this Act referred to as ‘the register’);

(b) for the appointment of a Registrar of Occupational and Personal Pension Schemes (in this Act referred to as ‘the Registrar’); and

(c) for conferring on the Registrar such functions relating to the compilation and maintenance of the register as may be specified in the regulations.

(2) The regulations—

(a) may make provision with respect to any of the following matters, that is to say—

(i)the remuneration and expenses, and any pensions, allowances or gratuities, or compensation for loss of office, payable to or in respect of the Registrar;

(ii) the staff and other facilities that are to be available to the Registrar;

(iii) the other terms and conditions upon which the Registrar is to hold office; and

(iv) the removal of the Registrar from office; and

(b) may confer upon the Registrar power to appoint an agent to perform any of his functions on his behalf.

(3) The register—

(a) may consist of one or more parts, as may be prescribed;

(b) shall be organised in such manner, and contain such information relating to occupational and personal pension schemes, as may be prescribed; and

(c) subject to the regulations, may be kept in such manner and form as the Registrar may think fit.

(4) The regulations may make provision—

(a) for the register, or extracts from the register, or for copies of the register or of extracts from the register, to be open to inspection by, and

(b) for copies of the register, or of extracts from it, to be supplied to,

such persons, in such manner, at such times, upon payment of such fees, and subject to such other terms and conditions, as may be prescribed.

(5) The regulations may require—

(a) any person who is or has been—

(i) a trustee or manager of an occupational or personal pension scheme or an administrator of a public service pension scheme, or

(ii) the employer in relation to employment of any description or category to which an occupational pension scheme relates, and

(b) such other persons as may be prescribed,

to provide the Registrar with such information for the purposes of the register in such form and within such time as may be prescribed.

(6) The Secretary of State may direct the Registrar to submit to him, in such form and at such intervals as may be specified in the direction, such statistical and other reports as the Secretary of State may require; and the Secretary of State may determine at his discretion whether or not to publish a report submitted to him under this subsection.

(7) Subsections (2) to (5) are without prejudice to the generality of subsection (1).

(8) Nothing in this Act shall be taken to imply that the Board may not be appointed as the Registrar.

III Certification of Pension Schemes and Effects on Members' State Scheme Rights and Duties

Part III

Certification of Pension Schemes and Effects on...

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