(SD501/97, Schedules 1 & 2) Pensions Act 1995 (c. 26) Contents The Pensions Act 1995 (Application) Order 1997 (SD501/97) was made 23 September 1997 and approved by Tynwald 22 October 1997. Article 2(1) provides that in that Order “the applied legislation” means the provisions of the Pensions Act 19951 specified in Article 3(1) and (2). Article 3(1) provides that the following provisions of the Pensions Act 1995, as modified and shown as Schedule 1 to the Order, shall apply to the Island as part of the law of the Island - (a) Part II (state pensions), including Schedule 4; (b) Part III (certification of pension schemes etc.), including Schedule 5, but excluding section 150; (c) in Part IV (miscellaneous and general), sections 155 to 160, 162 to 164, 171 to 173, 176, 177, 180 and 181, including Schedules 6 and 7. Article 3(2) provides that the following provisions of the Pensions Act 1995, as modified and shown as Schedule 2 to the Order, shall apply to the Island as part of the law of the Island - (a) in Part I (occupational pensions), sections 40, 47, 49, 51 to 55, 73, 90 and 117 to 119 and 121 to 125; (b) in Part IV (miscellaneous and general), sections 174 and 175, for the purposes only of the application to the Island of the provisions specified in article 3(1) and of any subordinate legislation made under any of those provisions and applied to the Island. Article 1(2) provides that each provision of the applied legislation, as modified, shall come into force or be deemed to have come into force as the case may be, on the same day as that provision came into force in Great Britain2. This document consolidates the provisions of the Pensions Act 1995 into one document. The header on each page shows the relevant Schedule number of the application Order relevant to the provision(s) on that page. PENSIONS ACT 1995 CHAPTER 26 ARRANGEMENT OF SECTIONS Part I 1. to 9. (Not applied) Supervision by the Department 10. Civil penalties 11. Powers to wind up schemes 12. Powers to wind up public service schemes 13. (Not applied) 14. Restitution 15. to 21. (Not applied) 1 1995 c. 26 2 The commencement dates are detailed at the end of this document. Supplement No. 142 [March 2014] 4.601 (SD501/97, Schedules 1 & 2) Pensions Act 1995 (c. 26) Contents Independent trustees 22. Circumstances in which the following provisions apply 23. Power to appoint independent trustees 24. Members’ powers to apply to court to enforce duty (Not applied) 25. Appointment and powers of independent trustees: further provisions 26. Insolvency practitioner to give information to trustees 27. to 37. (Not applied) Functions of trustees 38. Power to defer winding up 39. (Not applied) 40. Restriction on employer-related investments (Repealed) 41. to 46. (Not applied) 47. Professional advisers (Repealed) 48. (Not applied) 49. Other responsibilities of trustees, employers, etc. (Repealed) Records 49A. Record of winding-up decisions 50. (Not applied) Indexation 51. Annual increase in rate of pension 51ZA. Meaning of “the appropriate percentage” 51ZB. Meaning of “cash balance benefit” 51A. Restriction on increase where annuity tied to investments 52. Restriction on increase where member is under 55 53. Effect of increases above the statutory requirement 54. Sections 51 to 53: supplementary 55. Section 51: end of annual increase in GMP 56. to 61. (Not applied) Equal treatment 62. The equal treatment rule (Revoked) 63. Equal treatment rule: supplementary (Revoked) 64. Equal treatment rule: exceptions (Revoked) 65. Equal treatment rule: consequential alteration of schemes (Revoked) 66. Equal treatment rule: effect on terms of employment, etc. (Revoked) 67. (Not applied) Modification of schemes 68. Power of trustees to modify schemes by resolution Supplement No. 177 [January 2019] 4.602 (SD501/97, Schedules 1 & 2) Pensions Act 1995 (c. 26) Contents 69. Grounds for applying for modifications: winding up exempt approved schemes 70. Section 69: supplementary 71. Effect of orders under section 69 71A. Modification by Department to secure winding-up 72. Modification of public service pension schemes Supervision of winding-up 72A. Reports to Department about winding-up 72B. Directions by the Department for facilitating winding-up 72C. Duty to comply with directions under section 72B Winding up 73. Preferential liabilities on winding up 73A. Operation of scheme during winding up period 73B. Sections 73 and 73A: supplementary 74. Discharge of liabilities by insurance, etc. 75. Deficiencies in the assets 75A. Deficiencies in the assets: multi-employer schemes 76. Excess assets on winding up 77. Excess assets remaining after winding up: power to distribute 78. to 88. (Not applied) Money purchase schemes 89. Application of further provisions to money purchase schemes 90. Unpaid contributions in cases of insolvency 91. to 95. (Not applied) General provisions as to determinations and appeals 96. Decisions and appeals 97. Questions arising in proceedings Gathering information: the Department 98. Provision of information 99. Inspection of premises 100. Warrants 101. Information and inspection: penalties 102. Savings for certain privileges etc. 103. Publishing reports Disclosure of information 104. Restricted information 105. Information supplied to the Department by corresponding overseas authorities 106. Disclosure for facilitating discharge of functions by the Department Supplement No. 178 [March 2019] 4.603 (SD501/97, Schedules 1 & 2) Pensions Act 1995 (c. 26) Contents 107. Disclosure for facilitating discharge of functions by other supervisory authorities 108. Other permitted disclosures 109. Disclosure of information by the Assessor of Income Tax and the Collector of Customs and Excise 110. to 114. (Not applied) General 115. Offences by bodies corporate 116. Breach of regulations 117. Overriding requirements 118. Powers to modify this Part 119. Calculations etc. under regulations: sub-delegation 120. Consultations about regulations (Not applied) 121. Crown application 122. Consequential amendments 123. "Connected" and "associated" persons 124. Interpretation of Part I 125. Section 124: supplementary Part II - State pensions 126. Equalisation of pensionable age and of entitlement to certain benefits and increase in pensionable age 127. Enhancement of additional pension, etc. where family credit, family income supplement or disability working allowance paid (Omitted) 128. Additional pension: calculation of surpluses 129. Contribution conditions 130. Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act 131. Graduated retirement benefit 132. Extension of Christmas bonus for pensioners 133. Contributions paid in error 134. Minor amendments Part III - Certification of pension schemes and effects on members' state scheme rights and duties Introductory 135. The "principal appointed day" for Part III New certification requirements applying as from the principal appointed day 136. New requirements for contracted-out schemes (Repealed) Supplement No. 142 [March 2014] 4.604 (SD501/97, Schedules 1 & 2) Pensions Act 1995 (c. 26) Contents Reduction in State scheme contributions, payment of rebates and reduction in State scheme benefits 137. State scheme contributions and rebates 138. Minimum contributions towards appropriate personal pension schemes 139. Money purchase and personal pension schemes: verification of ages (Repealed) 140. Reduction in benefits for members of certified schemes Premiums and return to State scheme 141. State scheme etc. premiums and buyback into state scheme Protected rights 142. Interim arrangements for giving effect to protected rights (Repealed) 143. Requirements for interim arrangements (Repealed) 144. Interim arrangements: supplementary (Repealed) 145. Extension of interim arrangements to occupational pension schemes (Repealed) 146. Discharge of protected rights on winding up: insurance policies (Repealed) Miscellaneous 147. Monitoring personal pension schemes 148. Earner employed in more than one employment (Repealed) 149. Hybrid occupational pension schemes (Omitted) 150. (Not applied) Minor and consequential amendments 151. Minor and consequential amendments related to sections 136 to 150 Part IV - Miscellaneous and general Transfer values 152. Extension of scope of right to cash equivalent 153. Right to guaranteed cash equivalent 154. Right to guaranteed cash equivalent: supplementary Penalties 155. Breach of regulations under the Pension Schemes Act 1993 Pensions Ombudsman 156. Employment of staff by the Pensions Ombudsman 157. Jurisdiction of the Pensions Ombudsman 158. Costs and expenses 159. Disclosing information 160. Interest on late payment of benefit 161. (Not applied) Personal pensions 162. Annual increase in rate of personal pension (Omitted) Supplement No. 178 [March 2019] 4.605 (SD501/97, Schedules 1 & 2) Pensions Act 1995 (c. 26) Contents 163. Section 162: supplementary (Omitted) 164. Power to reject notice choosing appropriate personal pension scheme (Repealed) 165. to 170. (Not applied) 171. Equal treatment in relation to official pensions 172. Information about public service schemes General minor and consequential amendments 173. General minor and consequential amendments Subordinate legislation etc. 174. Orders and regulations (general provisions) 175. Tynwald control of orders and regulations General 176. Interpretation 177. Repeals 178. and 179. (Not applied) 180. Commencement 181. Short title Schedule 1 - The Department Schedules 2 and 3 (Not applied) Schedule 4 - Equalisation of and increase