Pensions Protection


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You can read comments made since the start of the Red Tape Challenge in April 2011 below.

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Regulations in this category are designed to ensure that occupational pension scheme members receive the pension they have been promised, or – in the event that their employer becomes insolvent at a point their pension scheme is underfunded – meaningful compensation.

You can find the regulations that relate to pensions protection below to the left. View the main Pensions page here.

The Financial Assistance Scheme (Amendment) Regulations 2008

Amends the conditions for a scheme to qualify for the Financial Assistance scheme and clarifies that such schemes are not eligible for entry to the Pension Protection Fund

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Domestic EU

The Financial Assistance Scheme (Halting Annuitisation) Regulations 2007

Prohibits trustees of schemes that qualify for the Financial Assistance Scheme from purchasing annuities in a 9 month period commencing 26 September 2007

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Domestic

The Financial Assistance Scheme (Internal Review) Regulations 2005

Makes provision for the Financial Assistance Scheme scheme manager to internally review certain determinations made under the Financial Assistance Scheme.

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Domestic EU

The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009

Amend the Financial Assistance Scheme Regulations 2005 to make changes to the assistance payable to certain members and make provision to protect the position of such members already in receipt of payments

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Domestic EU

The Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005

Makes provision in relation to (1) the information to be provided to or by the Financial Assistance Scheme scheme manager; and (2) recovery of overpayments of assistance.

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Domestic EU

The Financial Assistance Scheme Regulations 2005

Establishes the Financial Assistance Scheme – a scheme providing assistance to members of certain defined benefit schemes which wound up underfunded – and sets out the way in which payments are to be calculated.

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Domestic EU

The Financial Assistance Scheme (Appeals) Regulations 2005

Makes provision for the Pension Protection Fund Ombudsman to investigate and determine appeals against review decisions made by the Financial Assistance Scheme scheme manager

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Domestic EU

The Occupational Pension Schemes (Modification of Pension Protection Provisions) Regulations 2005

These Regulations modify Chapter 3 of Part 2 of the Pensions Act 2004 as it applies where any liability to provide pensions or other benefits to or in respect of any member or members under an occupational pension scheme that is an eligible scheme for the Pension Protection Fund is discharged during an assessment period or on the day when that period will begin

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Domestic EU

The Pension Protection Fund (Closed Schemes) Regulations 2007

Makes provision in relation to closed schemes including applications to continue as a closed scheme and the valuation of the scheme’s assets and liabilities. No link to colsolidated version.

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Domestic EU

The Pension Protection Fund (Compensation) Regulations 2005

Makes provision in relation to PPF compensation payable including who is entitled and how it is to be calculated

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Domestic EU

The Pension Protection Fund (Contributions Equivalent Premium) Regulations 2007

Make provision in relation to the payment of a contributions equivalent premium (which is payable when a member with less than two years’ service receives a return of contributions on leaving a scheme in order to buy that member back into the state second pension scheme) when an assessment period has begun in relation to an occupational pension scheme or when the Board of the Pension Protection Fund has assumed responsibility for the scheme. No link to consolidated version.

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Domestic

The Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005

Modify certain provisions of Part 2 of the Pensions Act 2004, which governs how the Pension Protection Fund operate, so that they work in relation to schemes that provide both defined and money purchase benefits (hybrid schemes).

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Domestic EU

The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

Modify provisions of Part 2 of the Pensions Act 2004, which govern how schemes that are winding up underfunded enter the Pension Protection Fund, so that these work for multi employer schemes (the primary legislation makes provision for single employer schemes only).

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Domestic EU

The Pension Protection Fund (Pension Compensation Sharing and Attachment on Divorce etc) Regulations 2011

Permits the courts to make pension compensation sharing orders and attachment orders in relation to Pension Protection Fund compensation in proceedings related to divorce, dissolution of a civil partnership, or in cases of annulment.

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Domestic EU

The Pension Protection Fund (Pension Sharing) Regulations 2006

Provide for the Board of the Pension Protection Fund to discharge liability in respect of a pension sharing order or provision which has been made prior to the date the trustees or managers of a scheme receive a transfer notice under section 160 of the Pensions Act 2004 or article 144 of the Pensions (Northern Ireland) Order 2005, but which has either not come into effect by that date or in relation to which the liabilities of the trustees or managers have not been discharged by that date.

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Domestic EU

The Pension Protection Fund (Pensions on Divorce etc: Charges) Regulations 2011

Set out the costs which may be charged to the parties to a pension sharing order or pension attachment order or provision and the circumstances in which the Board may recover the costs of implementing a pension sharing order or provision, or complying with a pension attachment order or provision.

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Domestic EU

The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005

Provide for the review of reviewable ill health pensions by the Board of the Pension Protection Fund (“the Board”), the procedure to be followed in relation to a review and the determination of compensation payable in respect of an ill health pension.

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Domestic EU

The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005

Modify certain provisions of Part 2 of the Pensions Act 2004, which govern which assets transfer to the Pension Protection Fund, so that only unsecured assets, those not guaranteed, of a partially guaranteed scheme transfer.

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Domestic EU

The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006

These Regulations specify the duration of the transitional period for the purposes of the pension protection levy during the transitional period and also make provision in relation to the imposition of a risk-based pension protection levy, in respect of multi-employer schemes, for the financial year beginning on 1st April 2006.

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Domestic EU

The Pension Protection Fund (Appointment of Ordinary Members) Regulations 2005

Sets out the procedure which the Board of the Pension Protection Fund (“the Board”) must follow in making any appointment of ordinary members to the Board.

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Domestic EU

The Pension Protection Fund (Entry Rules) Regulations 2005

Makes provision in relation to which schemes are eligible for PPF compensation

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Domestic EU

The Pension Protection Fund (Insolvent Partnerships) (Amendment of Insolvency Events) Order 2005

Amends section 121(4) of the Pensions Act 2004 to take account of changes in relation to insolvent partnerships as a consequence of the Insolvent Partnerships (Amendment) Order 2005.

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Domestic EU

The Pension Protection Fund (Levy Ceiling) Regulations 2006

Make provision in relation to the levy ceiling, modifying section 177(2) of the Pensions Act 2004 so that the reference therein to the levy ceiling is read as a reference to the amount set out in these Regulations.

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Domestic EU

The Pension Protection Fund (Maladministration) Regulations 2005

Provide for the investigation by the Board of the Pension Protection Fund of allegations of maladministration

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Domestic EU

The Pension Protection Fund (Pension Protection Levies Consultation) Regulations 2005

These Regulations prescribe the manner and publication requirements for the consultation the Board of the Pension Protection Fund (“the Board”) is required to conduct under section 176 of the Pensions Act 2004 .The Boards must consult such persons as it considers appropriate before determining matters relating to the pensionprotection levies specified in section 175(5) of the Act.

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Domestic EU

The Pension Protection Fund (Prescribed Payments) Regulations 2008

Makes provision for the Board of the Pension Protection Fund to make payments out of the Pension Protection Fund to cover any expenditure incurred by the Board in respect of risk-based administration costs.

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Domestic EU

The Pension Protection Fund (Provision of Information) Regulations 2005

Make provision relating to the information which the Board of the Pension Protection Fund, beneficiaries and trustees and insolvency practitioners are required to provide where compensation is, or may become, payable by the Board.

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Domestic EU

The Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations 2005

Provide for the review and reconsideration by the PPF board of reviewable matters (those specified in Schedule 9 to the Pensions Act 2004).

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Domestic EU

The Pension Protection Fund (Reviewable Matters) Regulations 2005

Specify time limits after which interested parties may seek a review (under SI 2005/669) of failure by the Board of the Pension Protection Fund to do certain acts or make certain determinations (reviewable matters).

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Domestic EU

The Pension Protection Fund (Risk-based Pension Protection Levy) Regulations 2006

Make provision in relation to the imposition by the Board of the Pension Protection Fund of a risk-based pension protection levy

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Domestic EU

The Pension Protection Fund (Statement of Investment Principles) Regulations 2005

Make provision relating to a statement of investment principles which the Board of the Pension Protection Fund is required to prepare and review

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Domestic EU

The Pension Protection Fund (Valuation of the Assets and Liabilities of the Pension Protection Fund) Regulations 2006

Provide for the manner in which the assets and liabilities of the PPF are to be determined for purposes of preparing an actuarial valuation to be included in the annual statement of accounts and prescribe the qualifications required for a person to be appointed as an actuary to the Fund.

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Domestic EU

The Pension Protection Fund (Valuation) Regulations 2005

Provide for the assessment of the assets and liabilities of schemes which are eligible for the PPF

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Domestic EU

The Pension Protection Fund (Waiver of Pension Protection Levy and Consequential Amendments) Regulations 2007

Specify the circumstances in which amounts payable by way of any pension protection levy may be waived. Consequential amendments are also made to provide for a review of decisions taken by the Board of the Pension Protection Fund in determining applications for a waiver.

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Domestic EU

The Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006

Make provision for when a fraud compensation levy is imposed on occupational pension schemes under section 189 of the Pensions Act 2004

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Domestic EU

The Pension Protection Fund (Limit on Borrowing) Order 2005

Sets the PPF borrowing limit at £25 million.

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Domestic EU

The Pension Protection Fund (Investigation by PPF Ombudsman of Complaints of Maladministration) Regulations 2005

Make provision in relation to consideration of complaints of PPF maladministration by the PPF Ombudsman.

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Domestic EU

The Pension Protection Fund (PPF Ombudsman) Order 2005

Makes provision in relation to the PPF Ombudsman including payment, staffing and information.

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Domestic EU

The Pension Protection Fund (Reference of Reviewable Matters to the PPF Ombudsman) Regulations 2005

Make provision in relation to the referral of reviewable matters to the PPF Ombudsman for investigation and determination.

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Domestic EU

The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005

Modify provisions of Part 2 of the Pensions Act 2004 which govern how the PPFO operates so as to allow separate provision to be made for how the PPFO considers FAS complaints’.

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Domestic EU

Tell us what you think should happen to these regulations and why, being specific where possible:

17 responses to Pensions Protection

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    Dave Eastabrook said on December 20, 2011 at 6:37 pm

    Family business owner.

    State should look after state stuff like pensions, maternity, paternity, sickness – i.e. benefits. Businesses should look after business. All this onerous legislation we have to do, and money we can lose to advantage takers “throwing a sickie” makes it impossible for micro businesses to consider employing people, even though we could do with (paid) help, just to stay the same – or grow into bigger businesses.

    Scrap the lot and start again, but do not consider voluntary codes – they don’t work and never will. Any company pension scheme should be state audited, same as private pensions schemes. Companies should not be forced to have any sort of pension scheme, it shpould be up to them if they need to offer incentives to attract empoyees. For most companies, they don’t these days, survival and employment is all. But companies should not be able to expect people to do overtime (stay late) – for no pay. Companies should NOT be able to use any pension fund to “invest” in the company, this is theft. Companies should not be allowed to contribute to employees’ pensions – just pay more. It’s used as a perk, but more often than not it’s abused by companies, or used as a “kidnap benefit”, to restrict the ability of employees to move around in the workplace.

    I’m afraid the only answer to pensions is that the state must provide.

    Form submission doesn’t work by the way, if you have the security on your web browser you should have.

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