(SD531/95) Pension Schemes Act 1993 (c. 48) Contents The Pension Schemes Act 1993 (Application) Order 1995 (SD531/95) was made 25 October 1995 and approved by Tynwald 12 December 1995. Article 2(1) of that Order provides that in that Order “the applied legislation” means the Pension Schemes Act 19931 and paragraphs 56 to 58 of Schedule 1 to the Social Security (Incapacity for Work) Act 19942 which amends the Pension Schemes Act 1993, and are set out in the Schedule to the Order. Article 1(1) provides that the Order subject to section 1(4) of the Pension Schemes Act 1995 and to paragraph (2), shall come into operation on 1st January 1996. Article 1(2) provides that subject to paragraph (3), except so far as it imposes any penalty or increased penalty in respect of anything done or omitted to be done before the date mentioned in paragraph (1), any provision of this Order applying any legislation of the United Kingdom to the Island shall be deemed to have had effect from the day on which that legislation had effect in Great Britain. Article 1(3) provides that any provision of this Order applying any provision of legislation of the United Kingdom, so far as the latter repeals any provision of legislation of the United Kingdom imposing a penalty for any contravention (a “penal provision”), shall have effect from the date specified in paragraph (1) as if the penal provision related to a contravention of the corresponding provision of the applied legislation3. PENSION SCHEMES ACT 1993 CHAPTER 48 ARRANGEMENT OF SECTIONS Part I - Preliminary 1. Categories of pension schemes 1A Other public service pension schemes Part II - Administration The Occupational Pensions Board 2. Constitution and functions of the Board (Not applied) 3. Membership of the Board (Not applied) 4. Reports of the Board (Not applied) 5. Further provisions as to constitution and procedure of the Board (Not applied) 6. Registration of occupational and personal pension schemes (Repealed) 1 1993 c. 48 2 1994 c. 18. 3 Apart from Part II of Schedule 5 and section 188(1) so far as it relates to it; and Schedule 7 and section 190 so far as it relates to it, the day appointed for the coming into force of the Pension Schemes Act 1993 in Great Britain is 7 February 1994 (S.I. 1994/86, article 2). The remainder not brought into force. Supplement No. 149 [March 2015] 4.51 (SD531/95) Pension Schemes Act 1993 (c. 48) Contents Part III - Schemes that were contracted-out etc and effects on members' state scheme rights Chapter I - Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc Preliminary 7. Issue of contracting-out certificates (Repealed) 7A. Meaning of "the first abolition date" and "the second abolition date" 7B. Meaning of "contracted-out scheme" and "appropriate scheme" etc. 8. Meaning of "contracted-out employment", "guaranteed minimum pension" and "minimum payment" 9. Requirements for certification of schemes: general (Repealed) 10. Protected rights and money purchase benefits (Repealed) 11. Elections as to employments covered by contracting-out certificates (Repealed) 12. Determination of basis on which scheme is contracted-out (Omitted) 12A. The statutory standard (Repealed) 12B. Reference scheme (Repealed) 12C. Transfer, commutation etc. (Repealed) 12D. Entitlement to benefit (Repealed) Guaranteed minimum pensions 12E. Former salary related contracted-out schemes to comply with GMP requirements 13. Minimum pension for earners 14. Earner's guaranteed minimum 15. Increase of guaranteed minimum where commencement of guaranteed minimum pension postponed 15A. Reduction of guaranteed minimum in consequence of pension debit 16. Revaluation of earnings factors for purposes of section 14: early leavers 17. Minimum pensions for widows and widowers 18. Treatment of insignificant amounts 19. Discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts 20. Transfer of accrued rights 21. Commutation, surrender and forfeiture 22. Financing of benefits (Repealed) 23. Securing of benefits 24. Sufficiency of resources (Repealed) 24A. Conversion of guaranteed minimum pension into other benefits: introduction 24B. The conversion conditions Supplement No. 178 [March 2019] 4.52 (SD531/95) Pension Schemes Act 1993 (c. 48) Contents 24C. Actuarial equivalence 24D. Survivors’ benefits 24E. Procedural requirements 24F. Transfer out 24G. Powers to amend schemes 24H. Enforcement of GMP conversion conditions Discretionary requirements 25. Power for Department to impose conditions as to investments and resources Requirements for certification of occupational and personal money purchase schemes 25A. Requirements for schemes with members with protected rights (Repealed) 26. Persons who may establish scheme (Repealed) 27. Identification and valuation of protected rights (Repealed) 27A. Requirements in relation to giving effect to protected rights (Repealed) 28. Ways of giving effect to protected rights (Repealed) 28A. Requirements for interim arrangements (Repealed) 28B. Information about interim arrangements (Repealed) 29. The pension and annuity requirements (Repealed) 30. Securing of liability for protected rights (Repealed) 31. Investment and resources of schemes (Omitted) 32. Suspension or forfeiture (Repealed) 32A. Discharge of protected rights on winding up: insurance policies (Repealed) 33. Tax requirements to prevail over requirements of section 31 (Omitted) 33A. Personal pension schemes: "blowing the whistle" (Repealed) Cancellation, variation, surrender and refusal of certificates 34. Cancellation, variation, surrender and refusal of certificates (Repealed) 35. Surrender and cancellation of contracting-out certificates: issue of further certificates (Repealed) 36. Surrender and cancellation of contracting-out certificates: cancellation of further certificates (Repealed) Alteration of rules by former salary related contracted-out schemes 37. Alteration of rules of contracted-out schemes 37A. Transfer of liabilities etc: schemes contracted-out on or after 6 April 1997 38. Alteration of rules of personal pension schemes (Omitted) General regulations as to administration of Part III 38A Regulations about relevant gender change cases 39. General power to make regulations Supplement No. 178 [March 2019] 4.53 (SD531/95) Pension Schemes Act 1993 (c. 48) Contents Chapter II - Reduction in social security benefits for members of schemes that were contracted-out Preliminary 40. Scope of Chapter II 41. Reduced rates of Class 1 contributions (Repealed) 42. Review and alteration of rates of contributions applicable under section 41 (Not applied) Reduced rates of contributions and rebates, for members of money purchase contracted-out schemes 42A. Reduced rates of Class 1 contributions and rebates Minimum contributions: members of appropriate personal pension schemes 43. Payment of minimum contributions to personal pension schemes 44. Earner's chosen scheme (Omitted) 45. Amount of minimum contributions 45B. Money purchase and personal pension schemes: verification of ages (Omitted) Effect of entitlement to guaranteed minimum pensions on payment of social security benefits 46. Effect of entitlement to guaranteed minimum pensions on payment of social security benefits 46A. Retirement in tax year after 5th April 2020 (Repealed) 47. Further provisions concerning entitlement to guaranteed minimum pensions for the purposes of section 46 48. Reduced benefits where minimum payments or minimum contributions paid Effect of reduced contributions and rebates on social security benefits 48A. Additional pension and other benefits Women, married women and widows 49. Women, married women and widows (Repealed) Chapter III - Termination of contracted-out or appropriate scheme status: state scheme premiums Approval of arrangements for schemes ceasing to be certified 50. Powers of Department to approve arrangements for scheme ceasing to be certified (Repealed) 51. Calculation of guaranteed minimum pensions preserved under approved arrangements Supervision of formerly certified schemes 52. Supervision of former salary related contracted-out schemes 53. Supervision: former contracted-out schemes 54. Supervision: former appropriate personal pension schemes (Omitted) Supplement No. 178 [March 2019] 4.54 (SD531/95) Pension Schemes Act 1993 (c. 48) Contents State scheme premiums 55. Payment of state scheme premiums on termination of certified status (Repealed) 56. Provisions supplementary to section 55 (Repealed) 57. Elections to pay contributions equivalent premiums (Repealed) 58. Amount of premiums payable under section 55 (Repealed) 59. Alternative basis for revaluation of earnings factors for calculation of certain premiums (Repealed) 60. Effect of payment of premiums on rights (Repealed) 61. Deduction of contributions equivalent premium from refund of scheme contributions (Repealed) 62. No recovery of state scheme premiums from earners etc. (Repealed) 63. Further provisions concerning calculations relating to premiums (Repealed) 64. Actuarial tables for purposes of calculations relating to premiums (Repealed) 65. Inclusion of former and future earners for some purposes of this Chapter (Repealed) 66. Power to apply certain provisions to widowers (Repealed) 67. Non-payment of contributions equivalent premiums (Repealed) 68. Unpaid premiums: supplementary (Repealed) Part IIIA - Safeguarded rights 68A. Safeguarded rights (Repealed) 68B. Requirements relating to safeguarded rights (Repealed) 68C. Reserve powers in relation to non -complying