- Latest available (Revised)
- Original (As enacted)
Pensions Act 2004 is up to date with all changes known to be in force on or before 21 August 2024. There are changes that may be brought into force at a future date.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
New powers in respect of occupational and personal pension schemes
Powers in relation to winding up of occupational pension schemes
Contribution notices where avoidance of employer debt
38A.Section 38 contribution notice: meaning of “material detriment test”
38B.Section 38 contribution notice issued by reference to material detriment test: defence
38C.Section 38 contribution notice: meaning of “employer insolvency test”
38D.Section 38 contribution notice issued by reference to employer insolvency test: defence
38E.Section 38 contribution notice: meaning of “employer resources test”
38F.Section 38 contribution notice issued by reference to employer resources test: defence
39A.Section 38 contribution notice: transfer of members of the scheme
41.Section 38 contribution notice: relationship with employer debt
42A.Offence of failing to comply with a section 38 contribution notice
42B.Financial penalty for failure to comply with a section 38 contribution notice
Sections 38 to 56: partnerships and limited liability partnerships
Collecting information relevant to the Board of the Pension Protection Fund
Part 2 The Board of the Pension Protection Fund
Chapter 2 Information relating to employer’s insolvency etc
Circumstances in which Board assumes responsibility for eligible schemes
Chapter 5 Gathering information
Chapter 6 Reviews, appeals and maladministration
Part 5 Occupational and personal pension schemes: miscellaneous provisions
Obligations of trustees of occupational pension schemes
245.Power to make regulations governing investment by trustees
247.Requirement for knowledge and understanding: individual trustees
248.Requirement for knowledge and understanding: corporate trustees
248A.Requirement for knowledge and understanding: pension boards of public service pension schemes
249.Requirement for knowledge and understanding: supplementary
249B.Requirement for internal controls: public service pension schemes
Deficiency in assets of certain occupational pension schemes
Part 6 Financial assistance scheme for members of certain pension schemes
Part 7 Cross-border activities within European Union
UK occupational pension scheme receiving contributions from European employer
287.Occupational pension scheme receiving contributions from European employer
288.General authorisation to accept contributions from European employers
290.Notification of legal requirements of host member State outside United Kingdom
291.Duty of trustees or managers to act consistently with law of host member State
292A.Exemption from enrolment duty under Part 1 of Pensions Act 2008
European occupational pension scheme receiving contributions from UK employer
Part 9 Miscellaneous and supplementary
SCHEDULES
The reserved regulatory functions
Part 2 Functions under the Pensions Act 1995 (c. 26)
4.The power to make an order under section 3(1) prohibiting...
5A.The power under section 3A(3) to give a notice waiving...
6.The power to make an order under section 4(1) suspending...
7.The power to make an order under section 4(2) extending...
13.The power to give directions to trustees under section 15....
13A.The duty under section 23(4), and regulations made thereunder, to...
14.The power under section 29(5) to give a notice waiving...
15.The power under section 30(2) to exercise by order the...
15A.The power under section 58(7) to extend or further extend...
15B.The power under section 60(7) to extend or further extend...
17.The power to make an order under section 67H(2) prohibiting,...
18.The power to make an order under section 69 authorising...
19.The power to make an order under section 71A modifying...
Part 3 Functions under the Welfare Reform and Pensions Act 1999 (c. 30)
Part 4 Functions under this Act
22.The power to make an order under section 20(10) permitting...
23.The power to make a repatriation order under section 21....
25.The power to make an order under section 25(3) extending...
26.The power to make an order under section 26 validating...
29.The power to make an order under section 31(3) directing...
30.The power to issue a contribution notice under section 38....
30A.The power to issue a direction under section 39A(6) to...
32.The power to issue a revised contribution notice under section...
33.The power to issue a financial support direction under section...
33A.The power to issue a direction under section 43A(3) to...
34.The power to issue a contribution notice under section 47....
36.The power to issue a revised contribution notice under section...
37.The power to make a restoration order under section 52....
38.The power to issue a contribution notice under section 55....
39.The power to issue a notice under section 71 requiring...
40.The power to make a direction under section 76(8) extending...
41.The power to make a direction under section 78(10) extending...
42.The power to make an order under section 231 modifying...
43.The power to issue a ring-fencing notice under section 292....
PART 4B Functions under Part 1 of the Pension Schemes Act 2021
The Pensions Regulator Tribunal
Pension compensation provisions
Active members who have not attained normal pension age at assessment date
Deferred members who have not attained normal pension age at assessment date
15.(1) Compensation is payable in accordance with this paragraph where,...
16.(1) This paragraph applies for the purposes of paragraph 15(4)(b)....
17.(1) This paragraph applies for the purposes of paragraph 15(4)(c)....
18.(1) This paragraph applies where— (a) the deferred member dies...
19.(1) Compensation is payable in accordance with this paragraph where,...
Compensation in respect of scheme right to transfer payment or contribution refund
Pension credit members who have not attained normal benefit age at assessment date
Survivors who do not meet conditions for scheme benefits at assessment date
Effect of discharge of liability during or immediately before assessment period
Secretary of State’s powers to vary percentage paid as compensation
Special provision in relation to certain pensions in payment before the assessment date
Short periods of service which terminate on commencement of assessment period
Power to modify Schedule in its application to certain schemes
1.The issue of a determination notice under section 123 approving...
2.The failure to issue a determination notice under section 123....
3A.The issue of, or failure to issue, a validation notice...
5.Any direction given under subsection (2) of section 134 (directions...
7A.Any determination by the Board under section 141(2) (determination on...
7B.A notice under section 143(2A) (whether Board will make a...
7D.A determination by the Board under section 143(2)(a) (whether condition...
8.The failure by the Board to obtain an actuarial valuation...
10.The issue of, or failure to issue, a withdrawal notice...
11.The issue of, or failure to issue, a withdrawal notice...
12.The issue of, or failure to issue, a determination notice...
13.The issue of, or failure to issue, a determination notice...
14.Any direction given under section 154(7) (directions about winding up...
14A.A notice under section 158(3A) (whether Board will make a...
14C.A determination by the Board under section 158(3)(a) (whether condition...
16.Any determination by the Board of a person’s entitlement to...
16A.Any step taken by the Board under section 163(4)(a) (adjustments...
16C.Any determination by the Board of a person's entitlement to...
16E.A determination by the Board that the implementation period for...
16F.The recovery of a charge from a person under regulation...
16G.Any determination by the Board, or the failure to make...
16H.Any determination by the Board, or the failure to make...
17A.The making of a payment under section 166(2) (amount of...
17B.Any determination made by the Board under regulation 16(2) or...
18.Any determination by the Board under section 181(3)(a) (the eligible...
19.The amount of the initial levy or any pension protection...
19A.Any determination by the Board of an application for the...
19B.Any determination by the Board under regulation 19A(7) or (8)...
20.The making of a fraud compensation payment under section 182(1),...
22.Any settlement date determined by the Board under section 184(2)...
23.Any determination by the Board under section 184(4) (recovery of...
24.The making of a payment under section 186(1) (interim payments),...
26.Any determination by the Board under section 186(3)(b) (interim payments)...
27.Any date determined by the Board under section 187(4) (earliest...
28.Any determination by the Board under section 187(6) (fraud compensation...
29.Any determination by the Board under section 189(7)(a) (occupational pension...
30.The amount of any fraud compensation levy payable in respect...
Use and supply of information: private pensions policy and retirement planning
Deferral of retirement pensions and shared additional pensions
Part 1 Principal amendments of Social Security Contributions and Benefits Act 1992 (c. 4)
1.In this Part of this Schedule “the principal Act” means...
2.Schedule 5 to the principal Act (increase of pension where...
3.For the heading, substitute “ PENSION INCREASE OR LUMP SUM...
4.Before paragraph 1 insert— Choice between increase of pension and...
5.For paragraph 1 (increase of pension where pensioner’s entitlement is...
6.(1) In paragraph 2 (calculation of increment), in sub-paragraph (5)(b),...
7.After paragraph 2 insert— (1) This paragraph applies where— (a) a person’s entitlement to...
8.(1) After paragraph 3 insert— Lump sum where pensioner’s entitlement...
9.After paragraph 3B (inserted by paragraph 8 of this Schedule)...
10.(1) Paragraph 4 (increase of pension where pensioner’s deceased spouse...
11.(1) After paragraph 7 insert— Entitlement to lump sum where...
12.After paragraph 7B (inserted by paragraph 11 of this Schedule)...
13.For the heading immediately preceding paragraph 8 substitute “Married couples”....
14.In paragraph 8 (married couples)— (a) in sub-paragraph (3) for...
15.After Schedule 5 to the principal Act insert— SCHEDULE 5A...
Part 2 Consequential amendments
Minor and consequential amendments
Pension Schemes Act 1993 (c. 48)
10.In section 53 (supervision: former contracted-out schemes), after subsection (1B)...
11.(1) Section 56 (provision supplementary to provision relating to payment...
12.In section 61 (deduction of contributions equivalent premium from refund...
13.(1) Section 94 (right to cash equivalent) is amended as...
14.In section 99 (trustees' duties after exercise of option)—
15.In section 101J (time for compliance with transfer notice)—
16.In section 111A (monitoring of employers' payments to personal pension...
17.In section 113 (disclosure of information about schemes to members...
18.After that section insert— Disclosure of information about transfers etc...
19.In section 123 (interpretation of Chapter 2 of Part 7)...
21.In section 129(1) (overriding requirements),— (a) for “and IV” substitute...
22.In section 130(b) (extra-statutory benefits), for “or IV” substitute “...
23.In section 145 (the Pensions Ombudsman), after subsection (1) insert—...
25.In section 149 (procedure on investigation by Pensions Ombudsman), in...
26.(1) Section 158A (other disclosures by the Secretary of State)...
27.In section 168(4) (penalties for contravention of regulations) after “the...
28.In section 175 (levies)— (a) for subsection (8) substitute—
30.(1) Section 179 (linked qualifying service) is amended as follows....
31.In section 181(1) (general interpretation), in the definition of “transfer...
32.In section 183(3) (sub-delegation), after “97(1)” insert “ , 101AF(1)...
33.In section 192(2) (provisions extending to Northern Ireland)—
35.In section 4 (suspension orders), in subsections (3) and (5)...
36.In section 7 (appointment of trustees)— (a) in subsection (1)...
37.In section 9 (removal and appointment of trustees: property), after...
38.In section 10 (civil penalties), in subsection (5)(a) omit “as...
39.In section 15(4) (failure to comply with Authority’s direction) for...
40.In section 22 (circumstances in which independent trustee provisions apply),...
41.In section 25 (appointment and powers of independent trustees: further...
42.In section 26 (insolvency practitioner or official receiver to give...
44.In section 28 (consequences of prohibition on trustee being auditor...
45.In section 29 (persons disqualified for being trustees), in subsection...
46.In section 30 (persons disqualified: consequences)— (a) in subsection (2),...
47.Omit section 30A (accessibility of register of disqualified trustees).
49.In section 34 (powers of investment and delegation) in subsection...
51.In section 40 (restriction on employer-related investments), in subsection (4)...
53.In section 47 (professional advisers), in subsections (3), (8) and...
54.In section 49 (other responsibilities of trustees, employers, etc)—
55.In section 49A (record of winding up decisions) omit subsection...
58.In section 71A(4)(d) (power to make provision in relation to...
59.In section 72A (reports to Authority about winding up) omit...
60.In section 72C (duty to comply with directions for facilitating...
61.In section 73 (preferential liabilities on winding up) in subsection...
63.In section 77 (excess assets remaining after winding up: power...
64.In section 87 (schedules of payment to money purchase schemes)...
65.In section 88 (provision supplementary to section 87) omit subsection...
66.In section 89 (application of further provisions to money purchase...
68.In section 119 (calculations etc under regulations: sub-delegation), for “73(3)”...
69.(1) Section 124 (interpretation of Part 1) is amended as...
Welfare Reform and Pensions Act 1999 (c. 30)
71.The Welfare Reform and Pensions Act 1999 is amended as...
72.In section 1 (stakeholder pension schemes), in subsection (6), after...
73.In section 2 (registration of stakeholder pension schemes)—
74.In section 8(2)(a) (providing for stakeholder pension schemes to be...
76.(1) Paragraph 1 of Schedule 1 (application of enactments relating...
77.(1) Schedule 5 (pension credits: mode of discharge) is amended...
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: