Citation and interpretation

1. This Order may be cited as the Pensions Act 2008 (Commencement No. 1 and Consequential Provision) Order 2008.

Commencement

2. For the purposes only of section 286A of the Pensions Act 2004 (restriction on purchase of annuities)( 2 ), section 124(2) and (6) of the Pensions Act 2008 (financial assistance scheme) shall come into force on 19th December 2008.

Consequential provision

3. —(1) After regulation 15 of the Financial Assistance Scheme Regulations 2005( 3 ) (qualifying members) insert—

“ Qualifying members for the purposes of section 286A

15A. —(1) A member or a former member of a qualifying pension scheme is a qualifying member of that scheme for the purposes of section 286A (restriction on purchase of annuities) where the conditions in paragraphs (2) and (3) are satisfied.

(2) The condition in this paragraph is that the member or former member has an accrued right to a benefit under the scheme.

(3) The condition in this paragraph is that the member or former member—

(a) was a member of the qualifying pension scheme immediately before the scheme began to wind up; or

(b) was not a member of the scheme at that time but became a pension credit member of the scheme on or after the day on which the scheme began to wind up. ” .

(2) The amendment made by paragraph (1) shall have effect from 19th December 2008.