Change 1 Article Choose an article Title and introductory text 1 Categories of pension schemes. 2 Constitution and functions of the Board. 3 Membership of the Board. 4 Reports of the Board. 5 Further provisions as to constitution and procedure of the Board. 6 Registration of occupational and personal pension schemes. 7 Issue of contracting-out certificates. 7A Meaning of “the first abolition date” and “the second abolition date” 7B Meaning of “contracted-out scheme” and “appropriate scheme” etc. 8 Meaning of “contracted-out employment”, “guaranteed minimum pension” and “minimum payment”. 9 Requirements for certification of schemes: general. 10 Protected rights and money purchase benefits. 11 Elections as to employments covered by contracting-out certificates. 12 Determination of basis on which scheme is contracted-out. 12A The statutory standard 12B Reference scheme 12C Transfer, commutation, etc 12D Entitlement to benefit 12E Former salary related contracted-out schemes to comply with GMP requirements 13 Minimum pensions for earners. 14 Earner’s guaranteed minimum. 15 Increase of guaranteed minimum where commencement of guaranteed minimum pension postponed. 15A Reduction of guaranteed minimum in consequence of pension debit. 16 Revaluation of earnings factors for purposes of s. 14: early leavers etc. 17 Minimum pensions for widows and widowers. 18 Treatment of insignificant amounts. 19 Discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts. 20 Transfer of accrued rights. 21 Commutation, surrender and forfeiture. 22 Financing of benefits. 23 Securing of benefits. 24 Sufficiency of resources. 24A Conversion of guaranteed minimum pension into other benefits: introduction 24B The conversion conditions 24C Actuarial equivalence 24D Survivors' benefits 24E Procedural requirements 24F Transfer out 24G Powers to amend schemes 24H Enforcement of GMP conversion conditions 25 Power for Board to impose conditions as to investments and resources. 25A Requirements for schemes with members with protected rights 26 Persons who may establish scheme. 27 Identification and valuation of protected rights. 27A Requirements in relation to giving effect to protected rights 28 Ways of giving effect to protected rights. 28A Requirements for interim arrangements 28B Information about interim arrangements 29 The pension and annuity requirements. 30 Securing of liability for protected rights. 31 Investment and resources of schemes. 32 Suspension or forfeiture. 32A Discharge of protected rights on winding up: insurance policies 33 Tax requirements to prevail over requirements of section 31. 33A Appropriate schemes: “Blowing the whistle” 34 Cancellation, variation, surrender and refusal of certificates. 35 Surrender and cancellation of contracting-out certificates: issue of further certificates. 36 Surrender and cancellation of contracting-out certificates: cancellation of further certificates. 37 Alteration of rules of contracted-out schemes. 37A Transfer of liabilities etc: schemes contracted-out on or after 6 April 1997 38 Alteration of rules of appropriate schemes. 38A Regulations about relevant gender change cases 39 General power to make regulations. 40 Scope of Chapter II. 41 Reduced rates of Class 1 contributions 42 Review and alteration of rates of contributions applicable under s. 41. 42A Reduced rates of Class 1 contributions, and rebates 42B Determination and alteration of rates of contributions, and rebates, applicable under section 42A 43 Payment of minimum contributions to personal pension schemes. 44 Earner’s chosen scheme. 45 Amount of minimum contributions. 45A Determination and alteration of rates of minimum contributions under section 45 45B Money purchase and personal pension schemes: verification of ages 46 Effect of entitlement to guaranteed minimum pensions on payment of social security benefits. 46A Retirement in tax year after 5th April 2020 47 Further provisions concerning entitlement to guaranteed minimum pensions for the purposes of s. 46. 48 Reduced benefits where minimum payments or minimum contributions paid. 48A Additional pension and other benefits 49 Women, married women and widows. 50 Powers of Inland Revenue to approve arrangements for scheme ceasing to be certified. 51 Calculation of guaranteed minimum pensions preserved under approved arrangements. 52 Supervision of former salary related contracted-out schemes 53 Supervision: former contracted-out schemes. 54 Supervision: former appropriate personal pension schemes. 55 Payment of state scheme premiums on termination of certified status. 56 Provisions supplementary to s. 55. 57 Elections to pay contributions equivalent premiums. 58 Amount of premiums payable under s. 55. 59 Alternative basis for revaluation of earnings factors for calculation of certain premiums. 60 Effect of payment of premiums on rights. 61 Deduction of contributions equivalent premium from refund of scheme contributions. 62 No recovery of state scheme premiums from earners etc. 63 Further provisions concerning calculations relating to premiums. 64 Actuarial tables for purposes of calculations relating to premiums. 65 Inclusion of former and future earners for some purposes of this Chapter. 66 Power to apply certain provisions to widowers. 67 Non-payment of contributions equivalent premiums. 68 Unpaid premiums: supplementary. 69 Scope of Chapter I: the preservation requirements. 70 Interpretation. 71 Basic principle as to short service benefit. 72 No discrimination between short service and long service beneficiaries. 73 Form of short service benefit and its alternatives. 74 Computation of short service benefit. 75 Credits. 76 Pension increases. 77 Assignment, surrender and commutation of benefit. 78 Forfeiture, etc. 79 Charges, liens and set-offs. 80 Power to modify ss. 77 to 79 as respects alternative benefits. 81 Discharge of liability where short service or alternative benefits secured by insurance policies or annuity contracts. 82 Supplementary regulations. 83 Scope of Chapter II. 84 Basis of revaluation. 85 Revaluation not to apply to substituted benefit. 86 Supplementary provisions. 87 General protection principle. 88 The relevant sum. 89 The appropriate addition. 90 The later earnings addition. 91 Special provision where employment continues after it ceases to be contracted-out by reference to scheme. 92 Supplementary provisions. 93 Scope of Chapter 1. 93A Right to statement of entitlement: benefits other than money purchase 94 Right to cash equivalent. 95 Ways of taking right to cash equivalent. 96 Further provisions concerning exercise of option under s. 95. 97 Calculation of cash equivalents. 97A Designation of funded public service defined benefits schemes 97B Designation of funded public service defined benefits schemes: Scotland 97C Reduction of cash equivalents in case of designated schemes 98 Loss of right to cash equivalent 99 Trustees’ duties after exercise of option. 99A Trustees' further duties: collective money purchase benefits 100 Withdrawal of applications. 100A Prohibition on excluding future accruals etc 100B Meaning of “scheme rules”: occupational pension schemes 100C Meaning of “normal pension age” in this Chapter 100D Interpretation of Chapter 101 Supplementary provisions. 101AA Scope of Chapter 5 101AB Right to cash transfer sum and contribution refund 101AC Notification of right to cash transfer sum or contribution refund 101AD Exercise of right under section 101AB 101AE Permitted ways of using cash transfer sum 101AF Calculation of cash transfer sum and contribution refund 101AG Duties of trustees or managers following exercise of right 101AH Powers of trustees or managers where right not exercised 101AI Rights under section 101AB: further provisions 101A Scope of Chapter I. 101B Interpretation. 101C Basic principle as to pension credit benefit. 101D Form of pension credit benefit and its alternatives. 101E Discharge of liability where pension credit or alternative benefits secured by insurance policies or annuity contracts. 101F Power to give transfer notice. 101G Restrictions on power to give transfer notice. 101H Benefits other than money purchase: statements of entitlement. 101I Calculation of cash equivalents. 101J Time for compliance with transfer notice. 101K Withdrawal of transfer notice. 101L Variation of the amount required to be used. 101M Effect of transfer on trustees’ duties. 101N Matters to be disregarded in calculations. 101NA Prohibition on excluding transfers of some rights without others etc 101O Service of notices. 101P Interpretation of Chapter II. 101Q Power to modify Chapter II in relation to hybrid schemes. 102 Scope of Chapter I: annual increase of certain occupational pensions. 103 Annual increase of later service component. 104 Annual increase of earlier service component where scheme is in surplus. 105 Proportional increase where first period is less than 12 months. 106 Restriction on increase where member is under 55. 107 Application of Chapter I to pensions not attributable to pensionable service. 108 No payments to employers from non-complying schemes. 109 Annual increase of guaranteed minimum pensions. 110 Requirement as to resources for annual increase of guaranteed minimum pensions. 111 Voluntary contributions. 111A Monitoring of employers’ payments to personal pension schemes. 111B Obtaining information for purposes of section 111A and corresponding Northern Ireland legislation. 112 Restrictions on investment of scheme’s resources in employer-related assets. 113 Disclosure of information about schemes to members etc. 113A Disclosure of information about transfers etc 113B Occupational pension schemes: requirements to refer members to guidance etc 114 Additional documents for members etc. and Registrar. 115 Powers as respects failure to comply with information requirements. 116 Regulations as to auditors. 117 Regulations as to form and content of advertisements. 118 Equal access requirements. 119 Requirement for independent trustee where employer becomes insolvent etc. 120 Members’ powers to apply to court to enforce duty under s. 119. 121 Further provisions as to appointment and powers of independent trustees. 122 Duty of insolvency practitioner or official receiver to give information to scheme trustees. 123 Interpretation of Chapter II. 124 Duty of Secretary of State to pay unpaid contributions to schemes. 125 Certification of amounts payable under s. 124 by insolvency officers. 126 Complaint to industrial tribunal. 127 Transfer to Secretary of State of rights and remedies. 128 Priority in bankruptcy etc. 129 Overriding requirements. 130 Extra-statutory benefits. 131 Relationship of preservation requirements and scheme rules. 132 Duty to bring schemes into conformity with indirectly-applying requirements. 133 Advice of the Board as to conformity of schemes with requirements. 134 Determination of questions whether schemes conform with requirements. 135 Persons competent to make applications under s. 134. 136 Applications to the Board to modify schemes (other than public service schemes). 137 Persons competent to make applications under s. 136. 138 Further provisions concerning the Board’s powers under s. 136. 139 Other functions of the Board as respects modification of schemes. 140 Effect of orders under ss. 136 and 139. 141 Modification of public service schemes. 142 Powers of the Board to wind up schemes. 143 Winding up of public service schemes. 144 Deficiencies in the assets of a scheme on winding up. 145 The Pensions Ombudsman. 145A Deputy Pensions Ombudsmen 146 Functions of the Pensions Ombudsman. 147 Death, insolvency or disability of authorised complainant. 148 Staying court proceedings where a complaint is made or a dispute is referred. 149 Procedure on an investigation. 150 Investigations: further provisions. 151 Determinations of the Pensions Ombudsman. 151A Interest on late payment of benefit 152 Power to make special county court rules. 153 Power to modify certain provisions of this Act. 154 Application of enactments as respects personal pension schemes. 155 Requirement to give information to the Secretary of State or the Board for the purposes of certain provisions. 156 Information for purposes of contracting-out. 157 Power of Secretary of State to obtain information in connection with applications under s. 124. 158 Disclosure of information between government departments etc. 158A Other disclosures by the Secretary of State. 159 Inalienability of guaranteed minimum pension .... 159A No forfeiture on bankruptcy of rights under personal pension schemes. 160 Terms of contracts of service or schemes restricting choice to be void. 161 Provisions excluding Chapter II of Part VII to be void. 162 Removal of restrictions on friendly societies’ pension business. 163 Exemption of certain schemes from rule against perpetuities. 164 Crown employment. 165 Application of certain provisions to cases with foreign element. 166 Reciprocity with other countries. 167 Application of general provisions relating to administration of social security. 168 Breach of regulations. 168A Offence in connection with the Registrar 169 Offences by bodies corporate. 170 Decisions and appeals 171 Questions arising in proceedings. 171A Reports by Inland Revenue. 172 Review of the Board’s determinations. 173 References and appeals from the Board. 174 Grants to advisory bodies etc 175 Levies towards certain expenditure 176 Fees for official services to schemes. 177 General financial arrangements. 178 Trustees and managers of schemes. 179 Linked qualifying service. 180 Normal pension age. 180A Insurer and long-term insurance business 181 General interpretation. 181A Interpretation of references to money purchase contracted-out schemes or appropriate schemes after abolition date 181B Money purchase benefits: supplementary 182 Orders and regulations (general provisions). 183 Sub-delegation. 184 Consultation with Social Security Advisory Committee about regulations under s. 36(6). 185 Consultations about other regulations. 186 Parliamentary control of orders and regulations. 187 Northern Ireland Constitution Act 1973: “reserved matters”. 188 Repeals. 189 Transitional provisions and savings. 190 Prospective and consequential amendments. 191 Transitory modifications. 192 Extent. 193 Short title and commencement. SCHEDULE 1 The Occupational Pensions Board SCHEDULE 2 Certification Regulations SCHEDULE 3 Methods of revaluing accrued pension benefits SCHEDULE 4 Priority in Bankruptcy etc SCHEDULE 5 Repeals SCHEDULE 6 Transitional Provisions and Savings SCHEDULE 8 Consequential Amendments SCHEDULE 9 Transitory Modifications TABLE OF DERIVATIONS
What to do with it
As published
159A No forfeiture on bankruptcy of rights under personal pension schemes.
(1) A person’s rights under a personal pension scheme cannot be forfeited by reference to his bankruptcy.
(2) For the purposes of this section—
(a) a person shall be treated as having a right under a personal pension scheme where—
(i) he is entitled to a credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 (sharing of rights on divorce etc. or on dissolution etc. of a civil partnership),
(ii) he is so entitled as against the person responsible for the scheme (within the meaning of Chapter I of Part IV of that Act), and
(iii) the person so responsible has not discharged his liability in respect of the credit; and
(b) forfeiture shall be taken to include any manner of deprivation or suspension.
Your wording
Your change, as a redline
159A No forfeiture on bankruptcy of rights under personal pension schemes.
(1) A person’s rights under a personal pension scheme cannot be forfeited by reference to his bankruptcy.
(2) For the purposes of this section—
(a) a person shall be treated as having a right under a personal pension scheme where—
(i) he is entitled to a credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 (sharing of rights on divorce etc. or on dissolution etc. of a civil partnership),
(ii) he is so entitled as against the person responsible for the scheme (within the meaning of Chapter I of Part IV of that Act), and
(iii) the person so responsible has not discharged his liability in respect of the credit; and
(b) forfeiture shall be taken to include any manner of deprivation or suspension.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.