(1) Subject to subsections (2) and (3), a person who has given a transfer notice may withdraw it by giving the trustees or managers to whom it was given notice in writing that he no longer requires them to comply with it.
(2) A transfer notice may not be withdrawn if the trustees or managers have already entered into an agreement with a third party to use the whole or part of the amount they are required to use in accordance with the notice.
(3) If the giving of a transfer notice depended on the making of an application under section 95, the notice may only be withdrawn if the application is also withdrawn.
(1) Regulations may make provision for the amount required to be used under section 101F(1) to be increased or reduced in prescribed circumstances.
(2) Without prejudice to the generality of subsection (1), the circumstances which may be prescribed include—
(a) failure by the trustees or managers of a qualifying scheme to comply with a notice under section 101F(1) within 6 months of the date by reference to which the amount of the cash equivalent falls to be determined, and
(b) the state of funding of a qualifying scheme.
(3) Regulations under subsection (1) may have the effect of extinguishing an obligation under section 101F(1).
Compliance with a transfer notice shall have effect to discharge the trustees or managers of a qualifying scheme from any obligation to provide the benefits to which the transfer notice relates.
In making any calculation for the purposes of this Chapter—
(a) any charge or lien on, and
(b) any set-off against,
the whole or part of a pension shall be disregarded.
101NA Prohibition on excluding transfers of some rights without others etc
Except as mentioned in sections 96(4) and 101G(4), a pension scheme may not contain rules that would have the effect of—
(a) preventing a member from exercising a right under this Chapter in relation to a category of benefits without also exercising a right under this Chapter or otherwise to require a transfer payment to be made in respect of another category of benefits, or
(b) preventing a member who exercises a right under this Chapter in relation to a category of benefits from accruing rights to benefits in another category.
A notice under section 101F(1) or 101K(1) shall be taken to have been given if it is delivered to the trustees or managers personally or sent by post in a registered letter or by recorded delivery service.
(1) In this Chapter—
“category”, in relation to benefits, has the meaning given by section 101F(6B);
“eligible member”, in relation to a qualifying scheme, means a member who has pension credit rights under the scheme;
“flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;
“normal benefit age”, in relation to an eligible member of a qualifying scheme, means the earliest age at which the member is entitled to receive a pension by virtue of his pension credit rights under the scheme (disregarding any scheme rule making special provision as to early payment of pension on grounds of ill-health or otherwise);
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“pension credit rights”, in relation to a qualifying scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a pension credit;
“qualifying scheme” means a funded occupational pension scheme and a personal pension scheme;
“transfer notice” has the meaning given by section 101F(7).
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In this Chapter, references to the relevant statement under section 101H, in relation to a transfer notice in relation to benefits other than money purchase benefits, are to the statement under that section on which the giving of the notice depended.
(4) For the purposes of this section, an occupational pension scheme is funded if it meets its liabilities out of a fund accumulated for the purpose during the life of the scheme.
109 Annual increase of guaranteed minimum pensions.
(1) The Secretary of State shall in each tax year review the general level of prices in Great Britain for the period of 12 months commencing at the end of the period last reviewed under this section.
(2) Where it appears to the Secretary of State that that level has increased at the end of the period under review, he shall lay before Parliament the draft of an order specifying a percentage by which there is to be an increase of the rate of that part of guaranteed minimum pensions which is attributable to earnings factors for the tax years in the relevant period for—
(a) earners who have attained pensionable age; and
(b) widows, widowers and surviving civil partners.
(3) The percentage shall be—
(a) the percentage by which that level has increased at the end of the period under review; or
(b) 3 per cent.,
whichever is less.
(3A) The relevant period is the period—
(a) beginning with the tax year 1988-89, and
(b) ending with the last tax year that begins before the principal appointed day ...
(4) If a draft order laid before Parliament in pursuance of this section is approved by a resolution of each House, the Secretary of State shall make the order in the form of the draft.
(5) An order under this section shall be so framed as to bring the alterations to which it relates into force on the first day of the next tax year after that in which the order is made.
(6) Where the benefits mentioned in section 46(1) to (7) are not increased on the day on which an order under this section takes effect, the order shall be treated for the purposes of that section as not taking effect until the day on which those benefits are next increased.
110 Requirement as to resources for annual increase of guaranteed minimum pensions.
(1) Except as permitted by section 53 of the Pensions Act 1995, the trustees or managers of a scheme may not make an increase in a person’s pension which is required by virtue of section 109 out of money which would otherwise fall to be used for the payment of benefits under the scheme to or in respect of that person unless—
(a) the payment is to an earner in respect of the tax year in which he attains pensionable age and the increase is the one required to be made in the next tax year; or
(b) the payment is to a person as the widow, widower or surviving civil partner of an earner who died before attaining pensionable age and is in respect of the tax year in which the person became a widow, widower or surviving civil partner, and the increase is the one required to be made in the next tax year.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111A Monitoring of employers’ payments to personal pension schemes.
(1) This section applies where—
(a) an employee is a member of a personal pension scheme; and
(b) direct payment arrangements exist between the employee and his employer.
(2) In this section “direct payment arrangements” means arrangements under which contributions fall to be paid by or on behalf of the employer towards the scheme—
(a) on the employer’s own account (but in respect of the employee); or
(b) on behalf of the employee out of deductions from the employee’s earnings.
(3) The trustees or managers of the scheme must monitor the payment of contributions by or on behalf of the employer under the direct payment arrangements.
(4) The trustees or managers may request the employer to provide them, (or arrange for them to be provided) with the payment information specified in the request.
(5) For the purposes of subsection (4) “payment information” is information required by the trustees or managers to enable them to discharge the duty imposed by subsection (3).
(6) The employer must comply with a request under subsection (4) within a reasonable period.
(7) Where, as a result of the employer’s failure to so comply, the trustees or managers are unable to discharge the duty imposed by subsection (3), they must give notice to that effect to the Regulatory Authority within a reasonable period.
(7A) Where—
(a) a contribution payable under the direct payment arrangements has not been paid on or before its due date, and
(b) the trustees or managers have reasonable cause to believe that the failure to pay the contribution is likely to be of material significance in the exercise by the Regulatory Authority of any of their functions,
they must give notice to that effect to the Regulatory Authority and the employee within a reasonable period after the due date.
(8) If—
(a) the employer fails to take all such steps as are reasonable to secure compliance with subsection (6) and as a result the trustees or managers of the scheme are unable to discharge the duty imposed by subsection (3), or
(b) a contribution payable under the direct payment arrangements is not paid to the trustees or managers of the scheme on or before its due date,
section 10 of the Pensions Act 1995 (power of the Regulatory Authority to impose civil penalties) applies to the employer.
(9) If subsection (7) or (7A) is not complied with, section 10 of the Pensions Act 1995 applies to any trustee or manager of the scheme who has failed to take all such steps as are reasonable to secure compliance.
(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(11) A person shall not be required by virtue of subsection (8)(b) above to pay a penalty under section 10 of the Pensions Act 1995 in respect of a failure if in respect of that failure he has been—
(a) required to pay a penalty under that section by virtue of section 3(7) of the Welfare Reform and Pensions Act 1999 (failures in respect of stakeholder pensions), or
(b) convicted of an offence under subsection (12) below.
(12) A person is guilty of an offence if he is knowingly concerned in the fraudulent evasion of the direct payment arrangements so far as they are arrangements for the payment by him or any other person of any such contribution towards the scheme as is mentioned in subsection (2)(b).
(13) A person guilty of an offence under subsection (12) is liable—
(a) on summary conviction, to a fine not exceeding the statutory maximum; and
(b) on conviction on indictment, to imprisonment for a term not exceeding seven years or a fine or both.
(14) No prosecution shall be brought against the Crown for an offence under subsection (12), but that subsection applies to persons in the public service of the Crown as to other persons.
(15) In this section “due date”, in relation to a contribution payable under the direct payment arrangements, means—
(a) if the contribution falls to be paid on the employer’s own account, the latest day under the arrangements for paying it;
(b) if the contribution falls to be paid on behalf of the employee, the last day of a prescribed period.
(16) Regulations may provide for this section to apply with such modifications as may be prescribed in a case where—
(a) the direct payment arrangements give effect to a requirement arising under subsection (5) of section 3 of the Welfare Reform and Pensions Act 1999 (deduction and payment of employee’s contributions to stakeholder scheme), and
(b) in accordance with regulations under that subsection, that requirement is for the employer to pay contributions to a person prescribed by such regulations (instead of to the trustees or managers of the scheme).
(17) Nothing in this section shall be taken as varying the provisions of the direct payment arrangements or as affecting their enforceability.
(18) In this section, “employee” includes a jobholder within the meaning of section 1 of the Pensions Act 2008 and “employer” is to be read accordingly.
113 Disclosure of information about schemes to members etc.
(1) The Secretary of State may by regulations specify requirements to be complied with in the case of an occupational pension scheme or a personal pension scheme with respect to keeping the persons mentioned in subsection (2) informed—
(a) of its constitution;
(b) of its administration and finances;
(c) of the rights and obligations that arise or may arise under it;
(ca) of the pensions and other benefits an entitlement to which would be likely to accrue to the member, or be capable of being secured by him, in respect of the rights that may arise under it; and
(d) of any other matters that appear to the Secretary of State to be relevant to occupational pension schemes or personal pension schemes in general or to schemes of a description to which the scheme in question belongs.
(2) The persons referred to in subsection (1) are—
(a) members and, in the case of an occupational pension scheme, prospective members of the scheme;
(b) spouses or civil partners of members and, in the case of an occupational pension scheme, of prospective members;
(c) persons within the application of the scheme and qualifying or prospectively qualifying for its benefits;
(d) in the case of an occupational pension scheme, independent trade unions recognised to any extent for the purposes of collective bargaining in relation to members and to prospective members of the scheme;
(e) persons of prescribed descriptions.
(2A) In complying with requirements specified in the regulations, a person must have regard to any guidance prepared from time to time by the Secretary of State.
(3) Without prejudice to the generality of section 182(2), the regulations may distinguish between—
(a) cases in which information is to be given as of course; and
(b) cases in which information need only be given on request or in other prescribed circumstances.
(3A) The regulations may provide for the information that must be given to be determined, in whole or part, by reference to guidance which is prepared and from time to time revised by a prescribed body.
(3B) The regulations may, in relation to cases where a scheme is being wound up, contain—
(a) provision conferring power on the Regulatory Authority, at times before the period expires, to extend any period specified in the regulations as the period within which a requirement imposed by the regulations must be complied with; and
(b) provision as to the contents of any application for the exercise of such a power and as to the form and manner in which, and the time within which, any such application must be made.
(4) The regulations shall make provision for referring to an industrial tribunal any question whether an organisation is such a trade union as is mentioned in subsection (2)(d).
(5) The Secretary of State must make regulations under subsection (1) requiring information about some or all of the transaction costs of a relevant scheme to be given to some or all of the persons mentioned in subsection (2).
(6) The Secretary of State must by regulations make provision requiring the publication of information about—
(a) some or all of the transaction costs of a relevant scheme, and
(b) some or all of the other administration charges imposed on members of a relevant scheme.
(7) Regulations under subsection (6) may require other relevant information to be published along with information about transaction costs or other administration charges in relation to a scheme.
(8) “Other relevant information” means other information which would or may assist in making comparisons between those costs or charges and costs or charges in relation to other schemes.
(9) Before making regulations by virtue of subsection (5) or (6), the Secretary of State must consult—
(a) the Financial Conduct Authority, and
(b) the Treasury;
(in addition to any other persons consulted in accordance with section 185(1)).
(10) In this section—
“administration charge” has the meaning given by paragraph 1(5) of Schedule 18 to the Pensions Act 2014;
“relevant scheme” means a money purchase scheme that is an occupational pension scheme.
113A Disclosure of information about transfers etc
Regulations may provide that, where—
(a) a payment is made out of an occupational pension scheme to the trustees or managers of another occupational pension scheme, and
(b) transfer credits are allowed to a member of that other scheme in respect of the payment,
the trustees or managers of the first scheme must, in prescribed circumstances and in the prescribed manner, provide to the trustees or managers of the other scheme prescribed information relating to the payment.
113B Occupational pension schemes: requirements to refer members to guidance etc
(1) The Secretary of State must make regulations requiring the trustees or managers of an occupational pension scheme to take the steps mentioned in subsections (2) and (3) in relation to an application from a relevant beneficiary—
(a) to transfer any rights accrued under the scheme, or
(b) to start receiving benefits provided by the scheme.
(2) As part of the application process, the trustees or managers must ensure that—
(a) the beneficiary is referred to appropriate pensions guidance, and
(b) the beneficiary is provided with an explanation of the nature and purpose of such guidance.
(3) Before proceeding with the application, the trustees or managers must ensure that the beneficiary has either received appropriate pensions guidance or has opted out of receiving such guidance.
(4) The regulations may—
(a) specify what constitutes appropriate pensions guidance;
(b) make further provision about how the trustees or managers must comply with the duties in subsections (2) and (3) (such as provision about methods of communication and time limits);
(c) make further provision about how, and to whom, a beneficiary may indicate that they have received or opted out of receiving appropriate pensions guidance for the purposes of subsection (3);
(d) specify what the duties of the trustees or managers are in the situation where a beneficiary does not respond to a communication that is made for the purposes of complying with the duty in subsection (3);
(e) provide for exceptions to the duties in subsections (2) and (3) in specified cases;
(f) provide for the Secretary of State or another prescribed person to issue guidance for the purposes of this section, to which trustees or managers must have regard in complying with their duties under the regulations.
(5) In determining what provision to include in the regulations, the Secretary of State must have regard to any rules that are for the time being in force under section 137FB(1A) of the Financial Services and Markets Act 2000.
(6) In this section—
“relevant beneficiary”, in relation to a pension scheme, means—
a member of the scheme, or
another person of a prescribed description,
who has a right or entitlement to flexible benefits under the scheme;
“flexible benefits” has the meaning given by section 74 of the Pension Schemes Act 2015;
“pensions guidance” means information or guidance provided by any person in pursuance of the requirements mentioned in section 4 of the Financial Guidance and Claims Act 2018 (information etc about flexible benefits under pension schemes).
115 Powers as respects failure to comply with information requirements.
(1) If the trustees or managers of an occupational pension scheme or a personal pension scheme, having made default in complying with regulations under section 113 , 113B or 114(1)(b), fail to make good the default within 14 days after the service on them of a notice requiring them to do so, an order may be made under this subsection.
(2) The Secretary of State may by regulations specify forms for notices under subsection (1).
(3) An order under subsection (1) is an order directing the trustees or managers to make good the default within such time as may be specified in the order.
(4) The power to make such an order shall be exercisable by the appropriate court on the application of any person mentioned in subsection (5).
(5) The persons referred to in subsection (4) are—
(a) the Secretary of State;
(b) any person authorised by the Secretary of State to make an application under this section; and
(c) any aggrieved person.
(6) In this section “the appropriate court” means—
(a) in England and Wales, the county court; and
(b) in Scotland, the sheriff.
(7) An application to the sheriff shall be made by summary application.
(8) An order under this section may provide that all costs (or, in Scotland, expenses) of and incidental to the application shall be borne personally by any of the trustees or managers of the scheme.
117 Regulations as to form and content of advertisements.
Regulations may be made relating to the form and content of advertisements and such other material as may be prescribed issued by or on behalf of the trustees or managers of a personal or occupational pension scheme for the purposes of the scheme.
(1) For the purposes of this Chapter, an employer shall be taken to be insolvent if, but only if, in England and Wales—
(a) he has been made bankrupt or has made a composition or arrangement with his creditors;
(b) he has died and his estate falls to be administered in accordance with an order under section 421 of the Insolvency Act 1986; ...
(c) where the employer is a company—
(i) a winding-up order ... is made or a resolution for voluntary winding up is passed with respect to it or the company enters administration,
(ii) a receiver or manager of its undertaking is duly appointed,
(iii) possession is taken, by or on behalf of the holders of any debentures secured by a floating charge, of any property of the company comprised in or subject to the charge, or
(iv) a voluntary arrangement proposed for the purpose of Part I of the Insolvency Act 1986 is approved under that Part; or
(d) where subsection (2A) is satisfied.
(2) For the purposes of this Chapter, an employer shall be taken to be insolvent if, but only if, in Scotland—
(a) sequestration of his estate is awarded or he executes a trust deed for his creditors or enters into a composition contract;
(b) he has died and a judicial factor appointed under section 11A of the Judicial Factors (Scotland) Act 1889 is required by that section to divide his insolvent estate among his creditors; or
(c) where the employer is a company—
(i) a winding-up order ... is made or a resolution for voluntary winding up is passed with respect to it or the company enters administration,
(ii) a receiver of its undertaking is duly appointed, or
(iii) a voluntary arrangement proposed for the purpose of Part I of the Insolvency Act 1986 is approved under that Part.
(2A) This subsection is satisfied if—
(a) a request has been made for the first opening of collective proceedings—
(i) based on the insolvency of the employer, as provided for under the laws, regulations and administrative provisions of a member State; and
(ii) involving the partial or total divestment of the employer’s assets and the appointment of a liquidator or a person performing a similar task; and
(b) the competent authority has—
(i) decided to open the proceedings; or
(ii) established that the employer’s undertaking or business has been definitively closed down and the available assets of the employer are insufficient to warrant the opening of the proceedings.
(2B) For the purposes of subsection (2A)—
(a) “liquidator or person performing a similar task” includes the official receiver or an administrator, trustee in bankruptcy, judicial factor, supervisor of a voluntary arrangement, or person performing a similar task,
(b) “competent authority” includes—
(i) a court,
(ii) a meeting of creditors,
(iii) a creditors’ committee,
(iv) the creditors by a decision procedure, and
(v) an authority of a member State empowered to open insolvency proceedings, to confirm the opening of such proceedings or to take decisions in the course of such proceedings.
(2C) An application under section 124 may only be made in respect of a worker who worked or habitually worked in Great Britain in that employment to which the application relates.
(3) In this Chapter—
“employer”, “employment”, “worker” and “worker's contract” and other expressions which are defined in the Employment Rights Act 1996 have the same meaning as in that Act (see further subsections (3A) and (3B));
“holiday pay” means—
pay in respect of holiday actually taken; or
any accrued holiday pay which under the worker's contract would in the ordinary course have become payable to him in respect of the period of a holiday if his employment with the employer had continued until he became entitled to a holiday;
...
(3A) Section 89 of the Pensions Act 2008 (agency workers) applies for the purposes of this Chapter as it applies for the purposes of Part 1 of that Act.
(3B) References in this Chapter to a worker include references to an individual to whom Part 1 of the Pensions Act 2008 applies as if the individual were a worker because of regulations made under section 98 of that Act; and related expressions are to be read accordingly.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) Any reference in this Chapter to the resources of a scheme is a reference to the funds out of which the benefits provided by the scheme are from time to time payable.
124 Duty of Secretary of State to pay unpaid contributions to schemes.
(1) If, on an application made to him in writing by the persons competent to act in respect of an occupational pension scheme or a personal pension scheme, the Secretary of State is satisfied—
(a) that an employer has become insolvent; and
(b) that at the time he did so there remained unpaid relevant contributions falling to be paid by him to the scheme,
then, subject to the provisions of this section and section 125, the Secretary of State shall pay into the resources of the scheme the sum which in his opinion is payable in respect of the unpaid relevant contributions.
(2) In this section and section 125 “relevant contributions” means contributions falling to be paid by an employer to an occupational pension scheme or a personal pension scheme, either on his own account or on behalf of a worker; and for the purposes of this section a contribution shall not be treated as falling to be paid on behalf of a worker unless a sum equal to that amount has been deducted from the pay of the worker by way of a contribution from him.
(3) Subject to subsection (3A), the sum payable under this section in respect of unpaid contributions of an employer on his own account to an occupational pension scheme or a personal pension scheme shall be the least of the following amounts—
(a) the balance of relevant contributions remaining unpaid on the date when he became insolvent and payable by the employer on his own account to the scheme in respect of the 12 months immediately preceding that date;
(b) the amount certified by an actuary to be necessary for the purpose of meeting the liability of the scheme on dissolution to pay the benefits provided by the scheme to or in respect of the workers of the employer;
(c) an amount equal to 10 per cent. of the total amount of remuneration paid or payable to those workers in respect of the 12 months immediately preceding the date on which the employer became insolvent.
(3A) Where the scheme in question is a money purchase scheme, the sum payable under this section by virtue of subsection (3) shall be the lesser of the amounts mentioned in paragraphs (a) and (c) of that subsection
(4) For the purposes of subsection (3)(c), “remuneration” includes holiday pay, statutory sick pay, statutory maternity pay under Part V of the Social Security Act 1986 or Part XII of the Social Security Contributions and Benefits Act 1992 and any payment such as is referred to in section 184(2) of the Employment Rights Act 1996.
(5) Any sum payable under this section in respect of unpaid contributions on behalf of a worker shall not exceed the amount deducted from the pay of the worker in respect of the worker's contributions to the scheme during the 12 months immediately preceding the date on which the employer became insolvent.
(6) In this section “on his own account”, in relation to an employer, means on his own account but to fund benefits for, or in respect of, one or more workers.
125 Certification of amounts payable under s. 124 by insolvency officers.
(1) This section applies where one of the officers mentioned in subsection (2) (“the relevant officer”) has been or is required to be appointed in connection with an employer’s insolvency.
(2) The officers referred to in subsection (1) are—
(a) a trustee in bankruptcy;
(b) a liquidator;
(c) an administrator;
(d) a receiver or manager; or
(e) a trustee under a composition or arrangement between the employer and his creditors or under a trust deed for his creditors executed by the employer;
and in this subsection “trustee”, in relation to a composition or arrangement, includes the supervisor of a voluntary arrangement proposed for the purposes of and approved under Part I or VIII of the Insolvency Act 1986.
(3) Subject to subsection (5), where this section applies the Secretary of State shall not make any payment under section 124 in respect of unpaid relevant contributions until he has received a statement from the relevant officer of the amount of relevant contributions which appear to have been unpaid on the date on which the employer became insolvent and to remain unpaid; and the relevant officer shall on request by the Secretary of State provide him as soon as reasonably practicable with such a statement.
(4) Subject to subsection (5), an amount shall be taken to be payable, paid or deducted as mentioned in subsection (3)(a) or (c) or (5) of section 124 only if it is so certified by the relevant officer.
(5) If the Secretary of State is satisfied—
(a) that he does not require a statement under subsection (3) in order to determine the amount of relevant contributions that was unpaid on the date on which the employer became insolvent and remains unpaid, or
(b) that he does not require a certificate under subsection (4) in order to determine the amounts payable, paid or deducted as mentioned in subsection (3)(a) or (c) or (5) of section 124,
he may make a payment under that section in respect of the contributions in question without having received such a statement or, as the case may be, such a certificate.
(1) Any persons who are competent to act in respect of an occupational pension scheme or a personal pension scheme and who have applied for a payment to be made under section 124 into the resources of the scheme may present a complaint to an industrial tribunal that—
(a) the Secretary of State has failed to make any such payment; or
(b) any such payment made by him is less than the amount which should have been paid.
(2) Such a complaint must be presented within the period of six months beginning with the date on which the decision of the Secretary of State on that application was communicated to the persons presenting it or, if that is not reasonably practicable, within such further period as is reasonable.
(3) Where an industrial tribunal finds that the Secretary of State ought to make a payment under section 124, it shall make a declaration to that effect and shall also declare the amount of any such payment which it finds that the Secretary of State ought to make.
127 Transfer to Secretary of State of rights and remedies.
(1) Where in pursuance of section 124 the Secretary of State makes any payment into the resources of an occupational pension scheme or a personal pension scheme in respect of any contributions to the scheme, any rights and remedies in respect of those contributions belonging to the persons competent to act in respect of the scheme shall, on the making of the payment, become rights and remedies of the Secretary of State.
(2) Where the Secretary of State makes any such payment as is mentioned in subsection (1) and the sum (or any part of the sum) falling to be paid by the employer on account of the contributions in respect of which the payment is made constitutes—
(a) a preferential debt within the meaning of the Insolvency Act 1986 for the purposes of any provision of that Act (including any such provision as applied by an order made under that Act) or any provision of the Companies Acts (as defined in section 2(1) of the Companies Act 2006); or
(b) a preferred debt within the meaning of the Bankruptcy (Scotland) Act 2016 for the purposes of any provision of that Act (including any such provision as applied by section 11A of the Judicial Factors (Scotland) Act 1889),
then, without prejudice to the generality of subsection (1), there shall be included among the rights and remedies which become rights and remedies of the Secretary of State in accordance with that subsection any right arising under any such provision by reason of the status of that sum (or that part of it) as a preferential or preferred debt.
(3) In computing for the purposes of any provision referred to in subsection (2)(a) or (b) the aggregate amount payable in priority to other creditors of the employer in respect of—
(a) any claim of the Secretary of State to be so paid by virtue of subsection (2); and
(b) any claim by the persons competent to act in respect of the scheme,
any claim falling within paragraph (a) shall be treated as if it were a claim of those persons; but the Secretary of State shall be entitled, as against those persons, to be so paid in respect of any such claim of his (up to the full amount of the claim) before any payment is made to them in respect of any claim falling within paragraph (b).
Schedule 4 shall have effect for the purposes of paragraph 8 of Schedule 6 to the Insolvency Act 1986 and paragraph 1 of schedule 3 to the Bankruptcy (Scotland) Act 2016 (by virtue of which sums to which Schedule 4 to this Act applies are preferential or, as the case may be, preferred debts in cases of insolvency).
(1) Subject to subsection (2), the provisions of Chapters 2 and 3 of Part 4, Chapters 1 and 2 of Part 4ZA, Chapters I and II of Part IVA, ... section 110(1), ... and any regulations made ... under any of those Chapters or section 113 or 114 ... override any provision of a scheme to which they apply to the extent that it conflicts with them.
(2) Chapter II of Part IV (as it applies to occupational pension schemes), and Chapter III of that Part do not override a protected provision of a scheme....
(3) In subsection (2) “protected provision” means—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) any provision of a scheme which is included in it for the purpose of effecting a transfer of rights or liabilities authorised by regulations under section 20(1);
(d) any provision of a scheme to the extent that it deals with commutation, suspension or forfeiture of the whole or part of a pension; and
(e) any provision of a scheme whereby, as respects so much of a widow's, widower’s or surviving civil partner's pension as exceeds the guaranteed minimum pension—
(i) no pension or a pension at a reduced rate is payable if the earner and the widow, widower or surviving civil partner married or, as the case may be, formed a civil partnership not more than six months before the earner’s death;
(ii) the whole or any part of the pension is not paid to the widow, widower or surviving civil partner, but instead comparable benefits are provided for one or more dependants of the deceased earner; or
(iii) no pension, or a pension at a reduced rate, is payable to the widow, widower or surviving civil partner (or, where a provision such as is mentioned in sub-paragraph (ii) operates, to another dependant of the deceased earner) who was more than ten years younger than the deceased earner.
(4) For the purposes of the application of Chapter II of Part IV to schemes which are not contracted-out, subsection (3) shall have effect with the omission—
(a) from paragraph (c), of the words from “authorised” to the end; and
(b) from paragraph (e), of the words from “as respects” to “guaranteed minimum pension”.