The Pensions Act 2011(Consequential and Supplementary Provisions) Regulations 2014
| Jurisdiction | UK Non-devolved |
| Citation | SI 2014/1954 |
| Year | 2014 |
2014No. 1954
PENSIONS
The Pensions Act 2011(Consequential and Supplementary Provisions) Regulations 2014
23rdJuly2014
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 31(1) and 33(1)(a), (b) and (c) of the Pensions Act 2011( 1).
A draft of these Regulations has been laid before and approved by resolution of each House of Parliament in accordance with section 33(3) of the Pensions Act 2011.
Citation and commencement
1. (1) These Regulations may be cited as the Pensions Act 2011 (Consequential and Supplementary Provisions) Regulations 2014.
(2) These Regulations come into force on the day after the day on which they are made.
Application to the Imperial Home Decor Pension Scheme
2. These Regulations do not apply to or in relation to the Imperial Home Decor Pension Scheme.
Amendment of the Pension Schemes Act 1993
3. (1) The Pension Schemes Act 1993( 2) is amended as follows.
(2) In section 84 (basis of revaluation)( 3)-
(a) in subsection (1), for "Subject to subsections (2) and (3)" substitute "Subject to subsections (2) to (3B)";(b) after subsection (3) insert-"(3A) If-(a) any such benefit as is mentioned in section 83(1)(a) is a cash balance benefit in respect of which the available sum is not calculated by reference to final salary;(b) the benefit is attributable to periods of pensionable service falling on or after the day on which section 29 of the Pensions Act 2011 (definition of money purchase benefits) comes into force; and(c) it appears to the trustees or managers of the scheme under which it is payable that it is appropriate to revalue the benefit by the cash balance method,then the benefit shall be revalued using that method.
(3B) Where a cash balance benefit in respect of which the available sum is not calculated by reference to final salary-(a) is attributable to periods of pensionable service falling partly before and partly on or after the day on which section 29 of that Act comes into force; and(b) it appears to the trustees or managers of the scheme under which it is payable that it is appropriate to revalue so much of the benefit as is attributable to the member's pensionable service falling on or after that day by the cash balance method,then so much of the benefit as is attributable to the member's pensionable service falling on or after that day shall be revalued using that method."; and
(c) in subsection (4)-(i) after the...To continue reading
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