Section 106 — Pensions Act 2008: Contracting-out: abolition of all protected rights

Contracting-out: abolition of all protected rights 106 1 As from the contracting-out abolition date, pension schemes are not required to make special provision in relation to the protected rights of members.

2 Accordingly—

a the provisions of the Pension Schemes Act 1993 (c. 48) (“ the 1993 Act ”) within subsection (3) cease to have effect as from that date, and b sections 25A, 27A and 32A of the 1993 Act (as inserted by paragraphs 9, 10 and 12 of Schedule 4 to the Pensions Act 2007 (c. 22)) are not to have any effect as from that date (in spite of section 15(4) of that Act of 2007).

3 The provisions of the 1993 Act within this subsection are—

a section 10 (protected rights and money purchase benefits),

b section 26 (persons who may establish scheme),

c section 27 (identification and valuation of protected rights),

d section 30 (securing of liability for protected rights),

e section 32 (suspension or forfeiture),

and f section 33A (appropriate schemes: “blowing the whistle”).

4 In this section— “ the contracting-out abolition date ” means the day appointed under section 30 of the Pensions Act 2007 (c. 22) for the coming into force of section 15(1) of that Act (abolition of contracting-out for defined contribution pension schemes), and “ protected rights ” has the same meaning as in the 1993 Act (see section 10 of that Act).