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Pensions134Pensions

(1)    Section 1 of the Superannuation Act 1972 (persons to or in respect of whom benefits may be provided by schemes under that section) shall apply to persons falling within subsection (2).

(2)    This subsection applies to a person if—

(a)    he has rights and obligations as a pensioner or deferred pensioner under a salary related occupational pension scheme, and

(b)    the rights and obligations arose by virtue of his or another person's employment with any of the employers specified in subsection (3).

(3)    The employers are—

(a)    a person with whom the Secretary of State or the National Assembly for Wales has made arrangements under section 2 of the Employment and Training Act 1973 and who is specified in an order made by the Secretary of State or is of a description so specified;

(b)    a company which is a subsidiary of a person falling within paragraph (a) and which is specified in an order made by the Secretary of State or is of a description so specified.

(4)    A scheme under section 1 of the Superannuation Act 1972 (a new scheme) may not be made in relation to the persons falling within subsection (2) unless—

(a)    the trustees of the occupational scheme consent in writing to the new scheme being made,

(b)    the rights of the persons under the new scheme are no less generous than their rights as they existed under the occupational scheme, and

(c)    the obligations of the persons under the new scheme are no more onerous than their obligations as they existed under the occupational scheme.

NOTES
Initial Commencement
To be appointed

To be appointed: see s 154(1)(b).

Rights & Duties of Employees & Employers91 Equity & Trusts99 Trusts & Trustees99 Employment & Labour Law91

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