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 ...
Act of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliame ...
that concerns the administration of
occupational pensions.
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Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the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 under the
Pensions Act 2004.
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.
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..
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. Part X contains miscellaneous provisions, and Part XII holds supplementary provisions.
See also
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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 Act 1995
*
Pensions Act 2004
*
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 ...
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