Pensions Act 2004
Sections and provisions with full text and the judgments that cite each one.
Section 101AB — Right to cash transfer sum and contribution refund
Right to cash transfer sum and contribution refund 101AB 1 On the termination of his pensionable service, a member of an occupational pension scheme acquires a right to whichever one he elects of the…
Section 101AC — Notification of right to cash transfer sum or contribution refund
Notification of right to cash transfer sum or contribution refund 101AC 1 This section applies where the pensionable service of a member of an occupational pension scheme has terminated. 2 The…
Section 101AD — Exercise of right under section 101AB
Exercise of right under section 101AB 101AD 1 This section applies where a member of an occupational pension scheme acquires a right under section 101AB. 2 The member may exercise the right by giving…
Section 101AE — Permitted ways of using cash transfer sum
Permitted ways of using cash transfer sum 101AE 1 This section applies in relation to a cash transfer sum to which a member of an occupational pension scheme acquires a right under section 101AB. 2…
Section 101AF — Calculation of cash transfer sum and contribution refund
Calculation of cash transfer sum and contribution refund 101AF 1 Cash transfer sums are to be calculated and verified in the prescribed manner. 2 Any calculation of a contribution refund must conform…
Section 101AG — Duties of trustees or managers following exercise of right
Duties of trustees or managers following exercise of right 101AG 1 This section applies where a member of an occupational pension scheme has exercised a right under section 101AB in accordance with…
Section 101AH — Powers of trustees or managers where right not exercised
Powers of trustees or managers where right not exercised 101AH 1 This section applies where— a a member of an occupational pension scheme does not exercise a right acquired by him under section 101AB…
Section 101AI — Rights under section 101AB: further provisions
Rights under section 101AB: further provisions 101AI 1 A member of an occupational pension scheme loses any right acquired by him under section 101AB— a if the scheme is wound up, or b subject to…
Section 102 — The Pensions Regulator Tribunal
The Pensions Regulator Tribunal 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 102A — Offences
Offences 102A 1 This section applies in respect of proceedings before a tribunal in relation to a decision of the Regulator. 2 A person is guilty of an offence if that person, without reasonable…
Section 103 — References in relation to decisions of Regulator
References in relation to decisions of Regulator 103 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A This…
Section 104 — Appeal on a point of law
Appeal on a point of law 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 105 — Redetermination etc by the Tribunal
Redetermination etc by the Tribunal 105 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 106 — Legal assistance scheme
Legal assistance scheme 106 1 The Lord Chancellor may by regulations establish a scheme governing the provision of legal assistance in connection with proceedings before a tribunal in relation to a…
Section 107 — The Board of the Pension Protection Fund
The Board of the Pension Protection Fund 107 There shall be a body corporate called the Board of the Pension Protection Fund (in this Act referred to as “ the Board ”).
Section 108 — Membership of the Board
Membership of the Board 108 1 The Board is to consist of the following members— a a chairman, b the Chief Executive of the Board, and c at least five other persons (“ordinary members”). 2 The…
Section 109 — Further provision about the Board
Further provision about the Board 109 Schedule 5 makes further provision about the Board, including provision as to— the appointment of members, the terms of appointment, tenure and remuneration of…
Section 110 — Board’s functions
Board’s functions 110 1 The Board must hold, manage and apply, in accordance with this Part and any provision in force in Northern Ireland corresponding to it— a a fund to be known as the Pension…
Section 111 — Supplementary powers
Supplementary powers 111 The Board may do anything which— a is calculated to facilitate the exercise of its functions, or b is incidental or conducive to their exercise.
Section 112 — Non-executive functions
Non-executive functions 112 1 The functions listed in subsection (4) (in this Part referred to as “ the non-executive functions ”) are functions of the Board. 2 The Board must establish a committee…
Section 113 — Investment of funds
Investment of funds 113 1 The Board may invest for the purposes of the prudent management of its financial affairs. 2 When exercising the power conferred by subsection (1) in relation to the Pension…
Section 113A — Disclosure of information about transfers etc
Disclosure of information about transfers etc 113A Regulations may provide that, where— a a payment is made out of an occupational pension scheme to the trustees or managers of another occupational…
Section 114 — Investment principles
Investment principles 114 1 The Board must secure— a that a statement of investment principles is prepared and maintained, and b that the statement is reviewed at such intervals, and on such…
Section 115 — Borrowing
Borrowing 115 1 The Board may— a borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions; b give security for any money borrowed by it. 2 The…
Section 115A — Loans made by the Secretary of State
Loans made by the Secretary of State 115A 1 The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any…
Section 116 — Grants
Grants 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 117 — Administration levy
Administration levy 117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 118 — Fees
Fees 118 1 Regulations may authorise the Board— a to charge prescribed fees; b to charge fees sufficient to meet prescribed costs. 2 Regulations under subsection (1) may prescribe, or authorise the…
Section 119 — Annual reports to Secretary of State
Annual reports to Secretary of State 119 1 The Board must prepare a report for each financial year. 2 Each report— a must deal with the activities of the Board in the financial year for which it is…
Section 120 — Duty to notify insolvency events in respect of employers
Duty to notify insolvency events in respect of employers 120 1 This section applies where, in the case of an occupational pension scheme, an insolvency event occurs in relation to the employer. 2 The…
Section 121 — Insolvency event, insolvency date and insolvency practitioner
Insolvency event, insolvency date and insolvency practitioner 121 1 In this Part each of the following expressions has the meaning given to it by this section— “insolvency event” “insolvency date”…
Section 122 — Insolvency practitioner’s duty to issue notices confirming status of scheme
Insolvency practitioner’s duty to issue notices confirming status of scheme 122 1 This section applies where an insolvency event has occurred in relation to the employer in relation to an…
Section 123 — Approval of notices issued under section 122
Approval of notices issued under section 122 123 1 This section applies where the Board receives a notice under section 122(6) (“the section 122 notice”). 2 The Board must determine whether to…
Section 124 — Board’s duty where there is a failure to comply with section 122
Board’s duty where there is a failure to comply with section 122 124 1 This section applies where in relation to an occupational pension scheme— a the Board determines under section 123 not to…
Section 125 — Binding notices confirming status of scheme
Binding notices confirming status of scheme 125 1 Subject to subsection (2), for the purposes of this Part, a notice issued under section 122 is not binding until— a the Board issues a determination…
Section 126 — Eligible schemes
Eligible schemes 126 1 Subject to the following provisions of this section, in this Part references to an “eligible scheme” are to an occupational pension scheme which— a is not a money purchase…
Section 127 — Duty to assume responsibility for schemes following insolvency event
Duty to assume responsibility for schemes following insolvency event 127 1 This section applies where a qualifying insolvency event has occurred in relation to the employer in relation to an eligible…
Section 128 — Duty to assume responsibility for schemes following application or notification
Duty to assume responsibility for schemes following application or notification 128 1 This section applies where, in relation to an eligible scheme, the trustees or managers of the scheme— a make an…
Section 129 — Applications and notifications for the purposes of section 128
Applications and notifications for the purposes of section 128 129 1 Where the trustees or managers of an eligible scheme become aware that— a the employer in relation to the scheme is unlikely to…
Section 130 — Board’s duty where application or notification received under section 129
Board’s duty where application or notification received under section 129 130 1 This section applies where the Board— a receives an application under subsection (1) of section 129 and is satisfied…
Section 131 — Protected liabilities
Protected liabilities 131 1 For the purposes of this Chapter the protected liabilities, in relation to an eligible scheme, at a particular time (“ the relevant time ”) are— a the cost of securing…
Section 132 — Assessment periods
Assessment periods 132 1 In this Part references to an assessment period are to be construed in accordance with this section. 2 Where, in relation to an eligible scheme, a qualifying insolvency event…
Section 133 — Admission of new members, payment of contributions etc
Admission of new members, payment of contributions etc 133 1 This section applies where there is an assessment period in relation to an eligible scheme. 2 No new members of any class may be admitted…
Section 134 — Directions
Directions 134 1 This section applies where there is an assessment period in relation to an eligible scheme. 2 With a view to ensuring that the scheme’s protected liabilities do not exceed its assets…
Section 135 — Restrictions on winding up, discharge of liabilities etc
Restrictions on winding up, discharge of liabilities etc 135 1 This section applies where there is an assessment period in relation to an eligible scheme. 2 Subject to subsection (3), the winding up…
Section 136 — Power to validate contraventions of section 135
Power to validate contraventions of section 135 136 1 The Board may validate an action for the purposes of section 135(9) only if it is satisfied that to do so is consistent with the objective of…
Section 137 — Board to act as creditor of the employer
Board to act as creditor of the employer 137 1 Subsection (2) applies where there is an assessment period in relation to an eligible scheme. 2 During the assessment period, the rights and powers of…
Section 138 — Payment of scheme benefits
Payment of scheme benefits 138 1 Subsections (2) , (2A) and (3) apply where there is an assessment period in relation to an eligible scheme. 2 The benefits payable to or in respect of any member…
Section 139 — Loans to pay scheme benefits
Loans to pay scheme benefits 139 1 Subsection (2) applies where section 138(2) applies in relation to an eligible scheme. 2 Where the Board is satisfied that the trustees or managers of the scheme…
Section 140 — Reviewable ill health pensions
Reviewable ill health pensions 140 1 This section applies where there is an assessment period in relation to an eligible scheme. 2 The Board may review a reviewable ill health pension in respect of a…