April 6: Pensions protected against winding up

The Pensions Act 2004 provides for the setting up of a Pension Protection Fund to protect final salary schemes against the risks of winding up from 6 April 2005.

The Act also introduces:

  • a Financial Assistance Scheme, which is designed to help employees whose schemes have already been closed.

  • minimum levels of pension protection for private sector employees involved in TUPE transfers, through the Transfer of Employment (Pension Protection) Regulations 2005; and

  • a new Pensions Regulator to replace the Occupational Pensions Regulatory Authority.

    The provisions of the Act that implement the Pensions Directive will come into force in September 2005, while the remainder, including requirements for employers to consult on major pension scheme changes, are expected in April 2006.

  • Pensions Act 2004   The full text of the Act can be viewed on XpertHR's legislation service.
  • Pensions Act 2004 (part one) - Plus ca change: onus lands on trustees    IRS journal Occupational Pensions examines those changes being introduced that generally require trustees, employers, or both, to implement them
    • .
  •  Pensions Act 2004 (part two) - Measures to enhance member security central to reforms    IRS journal Occupational Pensions looks at measures intended to enhance the security of members' pensions, cross-border pension provision, financial planning initiatives, the Pensions Ombudsman and changes being made to state pensions.

    • Also

    Transition to a new Pension Regulator    IRS journal Occupational Pensions presents an overview of important information on the transition to the new Pension Regulator, as published in the online bulletin from the Occupational Pensions Regulatory Authority.

    The hot topic for years to come and See-through pensions    Personnel Today presents a special report on the new pensions legislation, and its implications for HR.

    New pension rights for transferred employees imminent   Regulations have been published that will require employers to provide transferred employees with broadly equivalent pension benefits from 6 April 2005.

    Changes to stakeholder pensions finalised   Regulations have been finalised that amend the rules on stakeholder pensions to include a requirement that members' savings be moved to less volatile investments five years before retirement from 6 April 2005.

    The Pensions Act 2004 - what does it mean for HR?  Writing on personneltoday.com, Alastair Meeks, pensions partner at law firm Pinsents, takes a closer look at what the Pensions Act 2004 will mean for HR.

    New pensions minister faces an uphill struggle   Personnel Today talks to new pensions minister Alan Johnson, and weighs up the options open to him to help resolve the current pensions crisis.

    TUC warns of strike action on pensions   The disappointment and frustration of many UK employees over declining retirement benefits may boil over into strike action, according to TUC general secretary Brendan Barber.

    DWP aims to restore pensions confidence   Occupational Pensions presents a detailed analysis of the Pensions Bill as originally presented to Parliament.

    Pensions: the basics   HR & Compliance Centre's employment law reference manual has legal guidance on pensions.