The Pension Schemes Act 1993
c 48 is a
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
Act of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of ...
that concerns the administration of
occupational pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...
s.
Background
The Pension Schemes Act 1993 was the first statute to result from the comprehensive inquiry led by
Roy Goode
Sir Royston Miles "Roy" Goode (born 6 April 1933) is an academic commercial lawyer in the United Kingdom. He founded the Centre for Commercial Law Studies at Queen Mary, University of London. He was awarded the OBE in 1972 followed by the CBE ...
resulting in the command paper, ''Pension Law Reform''.
[(1993) Cm 2342]
Contents
Part I contains section 1 that sets out the three pillars, or categories of UK pensions: occupational pensions, personal or private pensions and the public or state pension.
Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the
Pensions Regulator
The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) fro ...
under the
Pensions Act 2004
The Pensions Act 2004 (c 35) is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.
Background
In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing t ...
.
Part III in sections 7 to 68 concerns the certification of pension schemes, and the rule that people with entitlement to such schemes get reduced state benefits, and other effects.
Part IV in sections 69 to 101 sets out minimum protection for early leavers from their jobs before an entitlement to an occupational pension arises.
Part V in sections 102 to 110 requires that pension schemes contain annual increases in line with prices, though sections 102 to 108 were soon replaced by the
Pensions Act 1995
The Pensions Act 1995c 26 is a piece of United Kingdom legislation to improve the running of pension schemes.
Background
Following the death of Robert Maxwell, it became clear that he had embezzled a large amount of money from the pension fund o ...
.
Part VI in sections 111 to 118 contains further protections for scheme members regarding voluntary contributions and disclosure.
Part VII, in sections 119 to 128, set out the rules for insolvent schemes and the duty of the Secretary of State to reimburse employees, but was then replaced by the
Pensions Act 1995
The Pensions Act 1995c 26 is a piece of United Kingdom legislation to improve the running of pension schemes.
Background
Following the death of Robert Maxwell, it became clear that he had embezzled a large amount of money from the pension fund o ...
..
Part VIII contains rules on the relationship between requirements of the Act and scheme rules, insofar as they are overridden by the Act. Part IX relates to how scheme trust deeds can be modified. Part X relates to investigations by the
Pensions Ombudsman
The Pensions Ombudsman is the official ombudsman institution responsible for investigating complaints regarding pensions in the United Kingdom. The Pensions Ombudsman is a non-departmental public body stewarded by the Department of Work and Pe ...
. Part X contains miscellaneous provisions, and Part XII holds supplementary provisions.
See also
*
UK labour law
United Kingdom labour law regulates the relations between workers, employers and trade unions. People at work in the UK can rely upon a minimum charter of employment rights, which are found in Acts of Parliament, Regulations, common law and equit ...
*
Pensions in the United Kingdom
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions.
The state pension is based on ...
*
Pensions Act 1995
The Pensions Act 1995c 26 is a piece of United Kingdom legislation to improve the running of pension schemes.
Background
Following the death of Robert Maxwell, it became clear that he had embezzled a large amount of money from the pension fund o ...
*
Pensions Act 2004
The Pensions Act 2004 (c 35) is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.
Background
In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing t ...
*
Pensions Act 2008
The Pensions Act 2008c 30 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in. A second c ...
Notes
External links
Association of Member-Directed Pension Schemes (AMPS)- The principal body for discussing changes involved in the area of pension planning.
{{UK legislation
Pensions in the United Kingdom
United Kingdom Acts of Parliament 1993