Pensions Act 2004
Sections and provisions with full text and the judgments that cite each one.
Section 141 — Effect of a review
Effect of a review 141 1 This section applies where, during an assessment period in relation to an eligible scheme, the Board reviews an ill health pension by virtue of section 140. 2 Where the…
Section 142 — Sections 140 and 141: interpretation
Sections 140 and 141: interpretation 142 1 For the purposes of sections 140 and 141— “ admissible rules ” is to be construed in accordance with Schedule 7; “ assessment date ” means the date on which…
Section 143 — Board’s obligation to obtain valuation of assets and protected liabilities
Board’s obligation to obtain valuation of assets and protected liabilities 143 1 This section applies in a case within subsection (1) of section 127 or 128. 2 The Board must, as soon as reasonably…
Section 143A — Determinations under section 143
Determinations under section 143 143A 1 Where the Board makes a determination under section 143(2)(a) it must give a copy of the determination to— a the Regulator, b the trustees or managers of the…
Section 144 — Approval of valuation
Approval of valuation 144 1 This section applies where the Board obtains a valuation in respect of a scheme under section 143(2)(b) . 2 Where the Board is satisfied that the valuation has been…
Section 145 — Binding valuations
Binding valuations 145 1 For the purposes of this Chapter a valuation obtained under section 143(2)(b) is not binding until— a it is approved under section 144, b the period within which the approval…
Section 145A — Deputy Pensions Ombudsmen
Deputy Pensions Ombudsmen 145A 1 The Secretary of State may appoint one or more persons to act as a deputy to the Pensions Ombudsman (“a Deputy Pensions Ombudsman”). 2 Any such appointment is to be…
Section 146 — Schemes which become eligible schemes
Schemes which become eligible schemes 146 1 Regulations may provide that where the Board is satisfied that an eligible scheme was not such a scheme throughout such period as may be prescribed, the…
Section 147 — New schemes created to replace existing schemes
New schemes created to replace existing schemes 147 1 The Board must refuse to assume responsibility for a scheme (“ the new scheme ”) under this Chapter where it is satisfied that— a the new scheme…
Section 148 — Withdrawal following issue of section 122(4) notice
Withdrawal following issue of section 122(4) notice 148 1 This section applies where— a a notice under section 122(4) (inability to confirm status of scheme) is issued in relation to an eligible…
Section 149 — Circumstances in which Board ceases to be involved with an eligible scheme
Circumstances in which Board ceases to be involved with an eligible scheme 149 1 Where an assessment period begins in relation to an eligible scheme, the Board ceases to be involved with the scheme,…
Section 150 — Consequences of the Board ceasing to be involved with a scheme
Consequences of the Board ceasing to be involved with a scheme 150 1 Where— a an assessment period comes to an end by virtue of the Board ceasing to be involved with an eligible scheme, and b during…
Section 151 — Application for reconsideration
Application for reconsideration 151 1 Where subsection (2) or (3) applies in relation to an eligible scheme, the trustees or managers of the scheme may make an application to the Board under this…
Section 152 — Duty to assume responsibility following reconsideration
Duty to assume responsibility following reconsideration 152 1 This section applies where an application is made in respect of a scheme in accordance with section 151. 1A Subsection (2) applies where…
Section 153 — Closed schemes
Closed schemes 153 1 This section applies where section 151(2) or (3) (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to an…
Section 154 — Requirement to wind up schemes with sufficient assets to meet protected liabilities
Requirement to wind up schemes with sufficient assets to meet protected liabilities 154 1 Where, in relation to an eligible scheme, an assessment period within section 132(2) or (4) comes to an end…
Section 155 — Treatment of closed schemes
Treatment of closed schemes 155 1 In this section “ closed scheme ” means an eligible scheme which is authorised under section 153 to continue as a closed scheme. 2 The provisions mentioned in…
Section 156 — Valuations of closed schemes
Valuations of closed schemes 156 1 Regulations may make provision requiring the trustees or managers of closed schemes to obtain actuarial valuations of the scheme at such intervals as may be…
Section 157 — Applications and notifications where closed schemes have insufficient assets
Applications and notifications where closed schemes have insufficient assets 157 1 If at any time the trustees or managers of a closed scheme become aware that the value of the assets of the scheme…
Section 158 — Duty to assume responsibility for closed schemes
Duty to assume responsibility for closed schemes 158 1 Where the trustees or managers of a closed scheme— a make an application under subsection (1) of section 157, or b receive a notice from the…
Section 159 — Closed schemes: further assessment periods
Closed schemes: further assessment periods 159 1 Subsection (3) applies where— a an application is made under subsection (1) of section 157 in relation to a closed scheme, or b the trustees or…
Section 160 — Transfer notice
Transfer notice 160 1 This section applies where the Board is required to assume responsibility for a scheme under section 127, 128, 152 or 158. 2 The Board must give the trustees or managers a…
Section 161 — Effect of Board assuming responsibility for a scheme
Effect of Board assuming responsibility for a scheme 161 1 Where a transfer notice is given to the trustees or managers of an eligible scheme, the Board assumes responsibility for the scheme in…
Section 162 — The pension compensation provisions
The pension compensation provisions 162 1 Schedule 7 makes provision for compensation to be paid in relation to a scheme for which the Board assumes responsibility in accordance with this Chapter,…
Section 163 — Adjustments to be made where the Board assumes responsibility for a scheme
Adjustments to be made where the Board assumes responsibility for a scheme 163 1 This section applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter. 2…
Section 164 — Postponement of compensation entitlement for the assessment period
Postponement of compensation entitlement for the assessment period 164 1 Regulations may provide that, where the Board assumes responsibility for an eligible scheme, the entitlement of any member of…
Section 165 — Guaranteed minimum pensions
Guaranteed minimum pensions 165 1 The Board must notify the Commissioners of Inland Revenue where, by reason of it assuming responsibility for an eligible scheme in accordance with this Chapter, the…
Section 166 — Duty to pay scheme benefits unpaid at assessment date etc
Duty to pay scheme benefits unpaid at assessment date etc 166 1 This section applies where the Board assumes responsibility for a scheme in accordance with this Chapter. 2 Subject to subsection (4),…
Section 167 — Modification of Chapter where liabilities discharged during assessment period
Modification of Chapter where liabilities discharged during assessment period 167 1 Regulations may modify any of the provisions of this Chapter as it applies to cases— a where any liability to…
Section 168 — Administration of compensation
Administration of compensation 168 1 Regulations may make further provision regarding the operation and administration of this Chapter. 2 Regulations under subsection (1) may, in particular, make…
Section 168A — Charges in respect of pension sharing etc
Charges in respect of pension sharing etc 168A 1 Regulations may make provision for the purpose of enabling the Board to recover prescribed charges in respect of complying with a relevant order or…
Section 169 — Discharge of liabilities in respect of compensation
Discharge of liabilities in respect of compensation 169 1 This section applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter. 2 The Board may provide…
Section 170 — Discharge of liabilities in respect of money purchase benefits
Discharge of liabilities in respect of money purchase benefits 170 1 This subsection applies where— a the Board assumes responsibility for an eligible scheme in accordance with this Chapter, and b…
Section 171 — Equal treatment
Equal treatment 171 1 Subsection (2) applies where— a a woman has been employed on like work with a man in the same employment, b a woman has been employed on work rated as equivalent with that of a…
Section 172 — Relationship with fraud compensation regime
Relationship with fraud compensation regime 172 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Where an application has been made under section 182 (application for fraud…
Section 173 — Pension Protection Fund
Pension Protection Fund 173 1 The Pension Protection Fund shall consist of— a property and rights transferred to the Board under section 161(2)(a), b contributions levied under section 174 or 175…
Section 174 — Initial levy
Initial levy 174 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 175 — Pension protection levies
Pension protection levies 175 1 For each financial year, the Board— a may impose a risk-based pension protection levy in respect of a description of eligible scheme (or in respect of all eligible…
Section 176 — Supplementary provisions about pension protection levies
Supplementary provisions about pension protection levies 176 1 The Board must consult such persons as it considers appropriate in the prescribed manner before making a determination under section…
Section 177 — Amounts to be raised by the pension protection levies
Amounts to be raised by the pension protection levies 177 A1 Subsections (1) to (5) apply where the Board decides to impose one or both of the pension protection levies for a financial year. 1 Before…
Section 178 — The levy ceiling
The levy ceiling 178 1 The Secretary of State must, before the beginning of each financial year ..., specify by order the amount which is to be the levy ceiling for that year for the purposes of…
Section 179 — Valuations to determine scheme underfunding
Valuations to determine scheme underfunding 179 1 For the purposes of enabling risk-based pension protection levies (within the meaning of section 175) to be calculated in respect of eligible…
Section 180 — Pension protection levies during the transitional period
Pension protection levies during the transitional period 180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 181 — Calculation, collection and recovery of levies
Calculation, collection and recovery of levies 181 1 This section applies in relation to— a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b any pension protection levy imposed under…
Section 181A — Pension protection levy: interest for late payment
Pension protection levy: interest for late payment 181A 1 Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy. 2…
Section 182 — Cases where fraud compensation payments can be made
Cases where fraud compensation payments can be made 182 1 The Board shall, in accordance with this section, make one or more payments (in this Part referred to as “ fraud compensation payments ”) in…
Section 183 — Board’s duties in respect of certain applications under section 182
Board’s duties in respect of certain applications under section 182 183 1 This section applies where, in a case to which paragraphs (a) to (c) of subsection (4) of section 182 apply (employer not…
Section 184 — Recovery of value
Recovery of value 184 1 Where an application for a fraud compensation payment is made, the trustees or managers must obtain any recoveries of value, to the extent that they may do so without…
Section 185 — Fraud compensation payments
Fraud compensation payments 185 1 Where the Board determines to make one or more fraud compensation payments, it must make the payment or payments to the trustees or managers of the scheme in…
Section 186 — Interim payments
Interim payments 186 1 The Board may, on an application under section 182, make a payment or payments to the trustees or managers of an occupational pension scheme if— a it is of the opinion that— i…