Statutory Instruments
2011 No. 1801
Pensions
The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations 2011
Made
20th July 2011
Laid before Parliament
21st July 2011
Coming into force
11th August 2011
The Secretary of State for Work and Pensions, in exercise of the powers conferred by sections 94(1)(b), 124(1) and 174(3) of the Pensions Act 1995( 1 ), makes the following Regulations.
The Secretary of State has consulted such persons as the Secretary of State considers appropriate in accordance with section 120(1) of that Act( 2 ).
Citation and commencement
1. These Regulations may be cited as the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations 2011 and shall come into force on 11th August 2011.
Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997
2. In regulation 8 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997( 3 ) (exemptions from the inalienability and forfeiture provisions), at the end add—
“ (7) Section 91(1)(a) of the 1995 Act (inalienability of occupational pension) does not apply to a scheme where —
(a) the scheme administrator satisfies any part of a person’s liability to the annual allowance charge under section 237A of the Finance Act 2004 ( 4 ) (liability of individual) at the request of that person, to the extent that it would prevent an adjustment to that person’s benefits under the scheme as a consequence of the scheme administrator satisfying that liability, or
(b) the scheme administrator satisfies a liability under section 237B of the Finance Act 2004 (liability of scheme administrator) in respect of a person, to the extent that it would prevent a consequential adjustment to that person’s benefits under the scheme under section 237E(1) of that Act (consequential benefit adjustments to be reasonable etc).
(8) In paragraph (7)—
“annual allowance charge” has the meaning given in section 227(1) of the Finance Act 2004 (annual allowance charge), and
“scheme administrator” has the meaning given in section 270 of the Finance Act 2004(meaning of “scheme administrator”). ” .
Signed by authority of the Secretary of State for Work and Pensions.
Steve Webb
Minister of State,
Department for Work and Pensions
20th July 2011
1995 c.26 . Section 124(1) is cited for the meaning it gives to “prescribed” and “regulations”.
Regulation 2 of these Regulations inserts a new paragraph 7(a) and (b) into regulation 8 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997 ( S.I. 1997/785 ). The provision made by the new paragraph 7(b) is consequential upon section 66 of, and Schedule 17 to, the Finance Act 2011(c.11) and is made within six months of the date on which those provisions come into force. The requirement to consult in section 120(1) of the Pensions Act 1995 does not therefore apply to the provision made by new paragraph (7)(b) of regulation 8 of S.I. 1997/785 by virtue of section 120(2)(d) of that Act. The Secretary of State nevertheless chose to consult on those provisions when he consulted on the remaining provisions in the Regulations.
S.I. 1997/785 . Regulation 8 was amended by S.I 1999/1849 and 2006/744 .
2004 c.12 . Sections 237A to 237F of the Finance Act 2004 were inserted by section 66 of, and paragraph 15 of Schedule 17 to, the Finance Act 2011 (c.11) .