Pensions Act 1995

Link to law:

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Introductory Text

Part I Occupational pensions

Occupational Pensions Regulatory Authority

1.The new authority
2.Reports to Secretary of State

Supervision by the Authority

3.Prohibition orders
4.Suspension orders
5.Removal of trustees: notices
6.Removal or suspension of trustees: consequences
7.Appointment of trustees
8.Appointment of trustees: consequences
9.Removal and appointment of trustees: property
10.Civil penalties
11.Powers to wind up schemes
12.Powers to wind up public service schemes
13.Injunctions and interdicts

Member-nominated trustees and directors

16.Requirement for member-nominated trustees
18.Corporate trustees: member-nominated directors
19.Corporate trustees: exceptions
20.Selection, and eligibility, of member-nominated trustees and directors
21.Member-nominated trustees and directors: supplementary

Independent trustees

22.Circumstances in which following provisions apply
23.Requirement for independent trustee
24.Members' powers to apply to court to enforce duty
25.Appointment and powers of independent trustees: further provisions
26.Insolvency practitioner or official receiver to give information to trustees

Trustees: general

27.Trustee not to be auditor or actuary of the scheme
28.Section 27: consequences
29.Persons disqualified for being trustees
30.Persons disqualified: consequences
31.Trustees not to be indemnified for fines or civil penalties

Functions of trustees

32.Decisions by majority
33.Investment powers: duty of care
34.Power of investment and delegation
35.Investment principles
36.Choosing investments
37.Payment of surplus to employer
38.Power to defer winding up
39.Exercise of powers by member trustees

Functions of trustees or managers

40.Restriction on employer-related investments
41.Provision of documents for members

Employee trustees

42.Time off for performance of duties and for training
43.Payment for time off
44.Time limit for proceedings
46.Right not to suffer detriment in employment or be unfairly dismissed


47.Professional advisers
48.“Blowing the whistle”

Receipts, payments and records
49.Other responsibilities of trustees, employers, etc

Resolution of disputes
50.Resolution of disputes


51.Annual increase in rate of pension
52.Restriction on increase where member is under 55
53.Effect of increases above the statutory requirement
54.Sections 51 to 53: supplementary
55.Section 51: end of annual increase in GMP

Minimum funding requirement

56.Minimum funding requirement
57.Valuation and certification of assets and liabilities
58.Schedules of contributions
59.Determination of contributions: supplementary
60.Serious underprovision
61.Sections 56 to 60: supplementary

Equal treatment

62.The equal treatment rule
63.Equal treatment rule: supplementary
64.Equal treatment rule: exceptions
65.Equal treatment rule: consequential alteration of schemes
66.Equal treatment rule: effect on terms of employment, etc

Modification of schemes

67.Restriction on powers to alter schemes
68.Power of trustees to modify schemes by resolution
69.Grounds for applying for modifications
70.Section 69: supplementary
71.Effect of orders under section 69
72.Modification of public service pension schemes

Winding up

73.Preferential liabilities on winding up
74.Discharge of liabilities by insurance, etc
75.Deficiencies in the assets
76.Excess assets on winding up
77.Excess assets remaining after winding up: power to distribute

The Pensions Compensation Board

78.The Compensation Board
79.Reports to Secretary of State
80.Review of decisions

The compensation provisions

81.Cases where compensation provisions apply
82.Applications for payments
83.Amount of compensation
84.Payments made in anticipation
85.Surplus funds
86.Modification of compensation provisions

Money purchase schemes

87.Schedules of payments to money purchase schemes
88.Schedules of payments to money purchase schemes: supplementary
89.Application of further provisions to money purchase schemes
90.Unpaid contributions in cases of insolvency

Assignment, forfeiture, bankruptcy etc.

91.Inalienability of occupational pension
92.Forfeiture, etc
93.Forfeiture by reference to obligation to employer
94.Sections 91 to 93: supplementary
95.Pension rights of individuals adjudged bankrupt etc

Questioning the decisions of the Authority

96.Review of decisions
97.References and appeals from the Authority

Gathering information: the Authority

98.Provision of information
99.Inspection of premises
101.Information and inspection: penalties
102.Savings for certain privileges etc
103.Publishing reports

Disclosure of information: the Authority

104.Restricted information
105.Information supplied to the Authority by corresponding overseas authorities
106.Disclosure for facilitating discharge of functions by the Authority
107.Disclosure for facilitating discharge of functions by other supervisory authorities
108.Other permitted disclosures
109.Disclosure of information by the Inland Revenue

Gathering information: the Compensation Board

110.Provision of information
111.Information: penalties
112.Savings for certain privileges
113.Publishing reports
114.Disclosure of information


115.Offences by bodies corporate and partnerships
116.Breach of regulations
117.Overriding requirements
118.Powers to modify this Part
119.Calculations etc. under regulations: sub-delegation
120.Consultations about regulations
121.Crown application
122.Consequential amendments
123.“Connected” and “associated” persons
124.Interpretation of Part I
125.Section 124: supplementary

Part II State Pensions

126.Equalisation of pensionable age and of entitlement to certain benefits
127.Enhancement of additional pension, etc. where family credit or disability working allowance paid
128.Additional pension: calculation of surpluses
129.Contribution conditions
130.Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act
131.Graduated retirement benefit.1992 c. 4
132.Extension of Christmas bonus for pensioners
133.Contributions paid in error
134.Minor amendments

Part III Certification of pension schemes and effects on members' state scheme rights and duties

135.The “principal appointed day” for Part III

New certification requirements applying as from the principal appointed day
136.New requirements for contracted-out schemes

Reduction in State scheme contributions, payment of rebates and reduction in State scheme benefits

137.State scheme contributions and rebates
138.Minimum contributions towards appropriate personal pension schemes
139.Money purchase and personal pension schemes: verification of ages
140.Reduction in benefits for members of certified schemes

Premiums and return to State scheme
141.State scheme etc. premiums and buyback into State scheme

Protected rights

142.Interim arrangements for giving effect to protected rights
143.Requirements for interim arrangements
144.Interim arrangements: supplementary
145.Extension of interim arrangements to occupational pension schemes
146.Discharge of protected rights on winding up: insurance policies


147.Monitoring personal pension schemes
148.Earner employed in more than one employment
149.Hybrid occupational pension schemes
150.Dissolution of Occupational Pensions Board

Minor and consequential amendments
151.Minor and consequential amendments related to sections 136 to 150

Part IV Miscellaneous and General

Transfer values

152.Extension of scope of right to cash equivalent
153.Right to guaranteed cash equivalent
154.Right to guaranteed cash equivalent: supplementary

155.Breach of regulations under the Pension Schemes Act 1993

Pensions Ombudsman

156.Employment of staff by the Pensions Ombudsman
157.Jurisdiction of Pensions Ombudsman
158.Costs and expenses
159.Disclosing information
160.Interest on late payment of benefit

Modification and winding up of schemes
161.Repeal of sections 136 to 143 of the Pension Schemes Act 1993

Personal pensions

162.Annual increase in rate of personal pension
163.Section 162: supplementary
164.Power to reject notice choosing appropriate personal pension scheme


Pensions on divorce, etc.

166.Pensions on divorce etc
167.Pensions on divorce, etc.: Scotland

War Pensions

168.War pensions for widows: effect of remarriage
169.Extensions of Pensions Appeal Tribunals Act 1943

Official and public service pensions

170.Pensions for dependants of the Prime Minister etc
171.Equal treatment in relation to official pensions
172.Information about public service schemes

General minor and consequential amendments
173.General minor and consequential amendments

Subordinate legislation etc.

174.Orders and regulations (general provisions)
175.Parliamentary control of orders and regulations


179.Northern Ireland
181.Short title

Schedule 1
Occupational Pensions Regulatory Authority.

Schedule 2
Pensions Compensation Board.

Schedule 3
Amendments consequential on Part I.

Schedule 4

Part I Pensionable ages for men and women.
Part II Entitlement to certain pension and other benefits.
Part III Consequential amendments.

Schedule 5
Amendments relating to Part III.

Schedule 6
General minor and consequential amendments.

Schedule 7

Part I Occupational pensions.
Part II State pensions.
Part III Certification of pension schemes etc.
Part IV Miscellaneous and General.