Blackstone's Guide to the Pensions Act 2004

, by Jenkins, Martin; Poore, Martin; Waterson, Nigel

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ISBN: 9780199281909 | 0199281904
Cover: Paperback
Copyright: 8/11/2005

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The Pensions Act 2004 is the most substantial change to pension law and practice since the Pensions Act 1995. The new Act comes into force in stages from April 2005 and will sweep away large portions of the existing regulatory regime for pensions. Together with the government's tax simplification proposals, contained in the Finance Act 2004, they will radically alter the conditions under which UK occupational pension schemes will operate. This practical Guide contains a copy of the Act and puts the provisions of the Act into context, providing a clear and concise explanation of the impact of the changes introduced. It is an invaluable resource for practitioners in the field.

TABLE OF CASES

xix

TABLE OF STATUTES

TABLE OF SECONDARY LEGISLATION

xxvii

TABLE OF EUROPEAN LAW

xxviii

TABLE OF ABBREVIATIONS

xxix

COMMENCEMENT TABLE

xxxi

1. INTRODUCTION

(8)

A. Implementation Timetable

1. April 2005

2. September 2005

3. April 2006

B. Commentary

2. THE PENSIONS REGULATOR

(22)

A. Introduction

1. Origin

2. Remit and Operation

3. Commentary

B. Structure and Organization of the Regulator

1. Chairman

2. Non-executive Committee

3. The Determinations Panel

C. Provision of Information and Notices

1. Regulator's Annual Report

2. Provision of Information, Education, and Assistance

D. Powers in Relation to the Conduct of Pension Schemes

1. Closure and Winding Up

2. Freezing Orders

3. Powers in Relation to Trustees

4. Pension Liberation

E. Moral Hazard Provisions

1. Rationale

2. Overview

3. Contribution Notices

4. Financial Support Directions

5. Restoration Orders where there are Transactions at an Undervalue

F. Registration and General Powers

1. Maintenance of the Register

2. Information Held

3. Inspection and Assimilation of Data

4. Scheme Returns

5. Register of Prohibited Trustees

6. Notifying the Regulator

7. Information Gathering

8. Reports

G. Codes of Practice

1. Issue of Codes

H. Exercise of Regulatory Function

1. Procedure

2. Standard and Special Procedures

I. The Pensions Regulator Tribunal

3. THE PENSION PROTECTION FUND

(38)

A. Introduction

1. Origins of the PPF

2. Green Paper and White Paper proposals

3. Outstanding Concerns

4. Role and Function of the PPF

B. The PPF Board Establishment and Functions

1. Establishment

2. Procedure

3. General Provision about Functions

4. Non-executive Functions

5. Financial Matters

6. Administration Levy

7. Annual Reports

C. Summary of PPF Procedure

1. Eligibility

2. Qualifying Conditions

3. Assessment Period

4. Valuation

5. Assumption of Responsibility

D. Effect of Employer's Insolvency

1. Duty to Notify Insolvency Events in Respect of Employers

2. Insolvency Event, Insolvency Date, and Insolvency Practitioner

3. Notices Confirming Status of Scheme

4. Board Approval of Notices Under Section 122 and Duties where Section 122 is not Complied with

5. Circumstances in which a Notice Becomes Binding

E. Eligible Schemes

F. Duty to Assume Responsibility for a Scheme

1. Employer Insolvency

2. Applications and Notifications

3. Protected Liabilities

G. The Assessment Period

1. Duration of the Assessment Period

2. Restrictions on New Members, Contributions, and Benefits

3. Directions

4. Restrictions on Winding Up, etc.

5. Board to Act as Creditor of the Employer

6. Payment of Scheme Benefits

7. Reviewable Ill Health Pensions

8. Valuation of Assets and Liabilities

H. Refusal to Assume Responsibility for a Scheme

1. Anti-avoidance

2. Cessation of Involvement with a Scheme

I. Reconsideration

J. Closed Schemes and Winding Up

1. Closed Schemes

2. Winding Up

3. Further Provisions Applying to Closed Schemes

K. Payment of Compensation

1. Assumption of Responsibility for a Scheme

2. Effect of a Transfer Notice

3. Pensions Compensation Provisions

4. Discharge of the Board's Liabilities

5. Equal Treatment

6. Relationship with Fraud Compensation Regime

L. The Fund

M. The Levies

1. The Initial Levy

2. The 'Risk-based' Levy

3. The 'Scheme-based' Levy

4. Calculations of the Levies and the 'Levy Ceiling'

4. FRAUD COMPENSATION

(8)

A. Introduction

B. Cases where Fraud Compensation Payments can be made

1. Eligible Schemes

2. Relevant Date

3. Prescribed Offences

4. The Circumstances Set Out in Section 182(2), (3), and (4)

5. The Application and the Authorized Period

C. Fraud Compensation Payments

D. Interim Payments

E. Interaction with the Pension Protection Fund

F. Fraud Compensation Fund

G. Fraud Compensation Levy

5. GATHERING INFORMATION

(6)

A. Introduction

B. Requirement to Disclose Information to the Board

C. Powers of the Board to Obtain Information

1. Notices Requiring Provision of Information

2. Entry of Premises

D. Penalties

1. Refusal or Failure to Supply Information

2. Issue of Warrants

3. Provision of False or Misleading Information

E. Disclosure of Information by the Board

1. Restricted Information

2. Provision of Information to Members of Schemes and Others

3. Reports

6. REVIEWS, APPEALS, AND MALADMINISTRATION

(6)

A. Introduction

B. Investigation of Complaints by the Board

1. Review of Board Determinations

2. Complaints of Maladministration

C. The PPF Ombudsman

1. Establishment

2. References to the PPF Ombudsman

7. SCHEME FUNDING

(6)

A. Introduction

B. Statutory Funding Objective

C. Statement of Funding Principles

D. Agreement of the Employer

E. Advice to the Actuary

F. Powers for the Regulator

8. FINANCIAL PLANNING FOR RETIREMENT

(4)

A. Introduction

B. Legislation

1. Retirement Planning

2. Provision of Information

3. Use of Information

4. Combined Pensions Forecast

5. Provision by Employers of Information and Advice to Employees

9. MISCELLANEOUS PROVISIONS

(44)

A. Introduction

B. Trustee Obligations

1. Introduction

2. New Trustee Duties

3. Investment Principles

4. Power to make Regulations Governing Investment by Trustees

5. Borrowing by Trustees

6. Requirement for Knowledge and Understanding of Trustees

7. Requirements for Member Nominated Trustees and Directors

C. Employer Obligations

1. Introduction

2. Pension Protection on Transfer of Employment

3. Consultation by Employers

D. Scheme Modification

1. Introduction

2. New Provisions on Modifications of Pension Rights

3. Areas of Concern

E. Pension Disputes

1. Introduction

2. New Dispute Resolution Requirements

3. Requirement for Dispute Resolution

4. Persons with an Interest in the Scheme

5. Minimum Requirements for the Dispute Resolution Procedure

6. Background to new Requirements in Relation to the Pensions Ombudsman

7. Appointment of Deputy Pensions Ombudsmen

8. Jurisdiction of the Ombudsman

9. Investigations the Ombudsman and Group Actions

F. Scheme Design and Regulatory

1. Categories of Pension Scheme

2. Payment of Surplus to Employer

3. Restrictions on Payment into Occupational Pension Schemes

4. Activities of Occupational Pension Schemes

5. No Indemnification for Fines or Civil Penalties

6. Short Service Benefit

7. Early Leavers

8. Safeguarding Pension Rights

9. Voluntary Contributions

10. Payments by Employers

11. Deficiency in Assets of Certain Occupational Pension Schemes

12. Annual Increase in Rate of Pensions

13. Revaluation

14. Contracting Out

15. Stakeholder Pensions

10. FINANCIAL ASSISTANCE SCHEME

143

(4)

A. Introduction

B. Framework Provisions for the FAS

C. Practical Issues

11. CROSS BORDER ACTIVITIES WITHIN THE EUROPEAN UNION

147

(6)

A. Introduction

B. Legislation

1. UK Scheme, European Employer Conditions UK Scheme must Satisfy

2. UK Scheme, European Employer General Authorization of UK Scheme

3. UK Scheme, European Employer Authorization for Particular European Employer

4. UK Scheme, European Employer-Notification by Host State of Legal Requirements

5. UK Scheme, European Employer UK Trustees to Act in Accordance with Host State's Legal Requirements

6. UK Scheme, European Employer-Ringfencing of Assets

7. European Scheme, UK Employer-Duties of Regulator

8. European Scheme, UK Employer-Restrictions on Disposal of UK-held Assets of European Scheme

C. Commentary

12. STATE PENSIONS

153

(8)

A. Introduction

B. Legislation

1. Persons Entitled to more than one Category B Pension

2. Deferral of State Pensions

3. Lump Sum Alternative

4. Choice of Pension Increments or Lump Sum

5. Pension Increments

6. Lump Sum

7. Options for Spouse

8. Consequential Amendments

9. Disclosure of State Pension Information

10. Claims for State Pensions Following Termination of Reciprocal Agreement with Australia

C. Commentary

APPENDIX 1. Pensions Act 2004

161

(351)

APPENDIX 2. Useful Addresses

512

(6)

APPENDIX 3. Useful Web References

518

(3)

INDEX

521

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Blackstone's Guide to the Pensions Act 2004

Summary

Author Biography

Table of Contents

Supplemental Materials