Pensions Regulations

A number of regulations or draft regulations have been issued recently:

1. The order setting the annual GMP increase at 3 percent (The Guaranteed Minimum Pension Increase (No. 2 ) Order, SI No 160).

2. Commencement dates fixed for some of the State Second Pension provisions in the Child Support, Pensions and Social Security Act. Most of the provisions will come into force on 6 April 2002, but some will come into force earlier (The Child Support Pensions and Social Security Act (Commencement No. 6) Order 2001, SI No 153).

3. Draft regulations to amend various Pensions Act related regulations including Internal Dispute Resolution, Minimum Funding Requirement, scheme administration, deficiencies on winding-up and the prohibition of trustees (the draft Occupational Pension Schemes (Miscellaneous Amendments) Regulations).

4. Draft regulations fleshing out the pensions on bankruptcy provisions in the Welfare Reform and Pensions Act 1999 (the draft Occupational and Personal Pensions (Bankruptcy) Regulations).

5. Various regulations in relation to personal pension and stakeholder schemes (The Stakeholder Pension Schemes (Amendment) Regulations, SI No 104, The Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations, SI No 117, The Personal Pension Schemes (Conversion of Retirement Benefit Schemes) Regulations, SI No 118 and The Personal Pension Schemes (Transfer Payments) Regulations SI No 119).

The full text of the draft regulations is available at: http://www.dss.gov.uk/consultations/2001/index.htm

The full text of the personal pensions regulations is available at: http://www.inlandrevenue.gov.uk/si/index.htm

The full text of the other final regulations is available at: http://www.legislation.hmso.gov.uk/si/si200101.htm

For further information, please contact Mark Grant by e-mail at [email protected] or by telephone on +44 (0)20 7367 2325.