The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004

• Citation: S.I. 2004/3350
• Sections: 4

Section 1 Citation and interpretation

(1) This Order may be cited as the Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004.

(2) In this Order—

“the 1995 Act ” means the Pensions Act 1995 ; and

“ the Act ” means the Pensions Act 2004.

Section 2 Appointed day

The day appointed for the coming into force of the provisions of the Act specified in the Schedule to this Order is 17th December 2004.

Section 3 Consequential amendment of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997

(1) The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 shall be amended in accordance with this article.

(2) In regulation 5 (amount of compensation)—

(a) in paragraph (2) for “The amount” to “section 83(3)” substitute “The amount or, as the case may be, the aggregate, shall not exceed the aggregate specified in section 83(3) ”;

(b) omit paragraph (5);

(c) in paragraph (6) for “section 83(3)(a)” substitute “section 83(3)(b)”.

(3) Omit regulations 3A (protected liabilities – prescribed class of members), 6(5)(d) (payments made in anticipation not to exceed the amount of the protected liabilities), 7 (mixed benefit schemes) and 10 (modifications for money purchase schemes).

Section 4 Transitional modification

Where—

(a) an application for compensation is made before 17th December 2004 under section 82 of the 1995 Act (applications for payments); and

(b) the Board has not made a payment by that date under section 83 of the Act (amount of compensation),

section 83 shall have effect for the purposes of making that payment as if the amendments made by section 277(4) of the Act and the amendments made by article 3(2) above were in force at the time of the application.