
1996 No. 778 (C. 13)
PENSIONS
The Pensions Act 1995 (Commencement No. 3) Order 1996
Made 12th March 1996
The Secretary of State for Social Security, in exercise of the power conferred on him by section 180(1) of the Pensions Act 1995 and of all other powers enabling him in that behalf, hereby makes the following Order:
Citation and interpretation
1 

(1) This Order may be cited as the Pensions Act 1995 (Commencement No. 3) Order 1996.
(2) In this Order, references to “the Act” are references to the Pensions Act 1995 and, except where the context otherwise requires, references to sections and Schedules are references to sections of, and Schedules to, the Act.
Appointed days
2 

(1) The day appointed for the coming into force of the provisions specified in Part I of the Schedule to this Order, for the purpose only of authorising the making of orders, is 13th March 1996.
(2) The day appointed for the coming into force of the provisions specified in Part II of the Schedule to this Order—
(a) for the purpose only of authorising the making of regulations, is 13th March 1996; and
(b) for all other purposes, is 6th April 1996.
(3) The day appointed for the coming into force of the provisions specified in Part III of the Schedule to this Order, is 1st April 1996.
(4) The day appointed for the coming into force of the provisions specified in Part IV of the Schedule to this Order, is 6th April 1996.
(5) The day appointed for the coming into force of—
(a) the provisions specified in Part V of the Schedule to this Order, for the purpose only of authorising the making of regulations, is 6th April 1996;
(b) sections 118 and 125, for the purpose only of authorising the making of regulations relating to those provisions of Part I of the Act specified in Part V of the Schedule to this Order, is 6th April 1996; and
(c) sections 21(3), 68 and 117, for the purpose only of any transitional provision contained in regulations made under sections 16 to 21 (member-nominated trustees and directors), is 6th October 1996.
(6) The day appointed for the coming into force of section 149 (hybrid occupational pension schemes), for the purpose only of authorising the making of regulations, is 1st June 1996.
(7) The day appointed for the coming into force of section 136 (new requirements for contracted-out schemes), insofar as not already in force, is 6th April 1997 and such day is designated as the principal appointed day for the purposes of Part III of the Act.
Signed by authority of the Secretary of State for Social Security.
Oliver Heald
Parliamentary Under-Secretary of State,
Department of Social Security
12th March 1996
SCHEDULE
Article 2
PART I PROVISIONS OF THE ACT COMING INTO FORCE ON 13TH MARCH 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF ORDERS

Provisions of the Act Subject matter
section 137(2) to (4) reduced rates of Class 1 State scheme contributions in respect of members of salary related contracted-out schemes
section 137(1) and (5) reduced rates of Class 1 State scheme contributions, and rebates, in respect of members of money purchase contracted-out schemes
section 138(5) minimum contributions payable by the Secretary of State in respect of members of appropriate personal pension schemes
PART II PROVISIONS OF THE ACT COMING INTO FORCE ON 13TH MARCH 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF REGULATIONS AND ON 6TH APRIL 1996 FOR ALL OTHER PURPOSES

Provisions of the Act Subject matter
section 140(2) reduction in State benefits for members of money purchase contracted-out schemes and appropriate schemes
sections 142 to 144 interim arrangements giving effect to protected rights
section 146 discharge of protected rights on winding up: insurance policies
PART III PROVISIONS OF THE ACT COMING INTO FORCE ON 1ST APRIL 1996

Provisions of the Act Subject matter
section 1(1) to (4) and (6) establishment of Occupational Pensions Regulatory Authority
section 2 reports by the Authority
Schedule 1, paragraphs 1 to 12, 14 to 17, 19 and 20 and section 1(5) insofar as it relates to those paragraphs Occupational Pensions Regulatory Authority
PART IV PROVISIONS OF THE ACT COMING INTO FORCE ON 6TH APRIL 1996

Provisions of the Act Subject matter
section 119 calculations under regulations
section 120, insofar as not already in force consultation about regulations
section 121, insofar as not already in force Crown application
section 123(3) meaning of “connected” and “associated” persons
section 124, insofar as not already in force interpretation of Part I
section 148 Class 1 contributions where earner in more than one employment
section 174, insofar as not already in force general provisions concerning regulations and orders
section 175, insofar as not already in force Parliamentary control of regulations and orders
section 176 interpretation
Schedule 6, paragraph 9 and section 173 insofar as it relates to that paragraph disclosure of information by the Secretary of State
in Schedule 7, Part III, the entry relating to section 48(2)(b) and (c) of the Pension Schemes Act 1993 and section 177 insofar as it relates to that entry repeals
PART V PROVISIONS OF THE ACT COMING INTO FORCE ON 6TH APRIL 1996 FOR THE PURPOSE ONLY OF AUTHORISING THE MAKING OF REGULATIONS

Provisions of the Act Subject matter
section 10(2) and (3) civil penalties
sections 16 to 21 member-nominated trustees and directors
section 27 trustee not to be scheme auditor or actuary
section 32 decisions by majority of trustees
section 33 investment powers: duty of care
section 35 investment principles
section 37 payment of surplus to employer
section 38 power to defer winding-up
section 40 restriction on employer-related investments
section 41 provision of documents for members
section 47 professional advisers
section 49 receipts, payments and records
section 50 resolution of disputes
section 51 annual increase in rate of pension
sections 56 to 61 minimum funding requirement
section 67 certification of detrimental amendments
section 68 power of trustees to modify schemes by resolution
section 69 grounds for applying to Authority for modification orders
section 73 preferential liabilities on winding up
section 74(2), (3) and (5)(b) discharge of liabilities by insurance etc
section 75 deficiencies in the assets
section 76 excess assets on winding up
section 77 excess assets remaining after winding up: power to distribute
sections 87 to 89 money purchase schemes
sections 91 to 95 assignment, forfeiture, bankruptcy etc
section 136 new requirements for contracted-out schemes
section 137 State scheme contributions and rebates
section 139 money purchase and personal pension schemes: verification of ages
section 140(1) reduction of State benefits for members of certified schemes
section 141 State scheme etc premiums and buyback into State scheme
sections 152 to 154 transfer values
section 155 but for the purpose only of authorising the making of regulations relating to section 113 of the Pension Schemes Act 1993 penalties for breach of regulations under the Pension Schemes Act 1993
Schedule 5, paragraph 21 (but only insofar as it relates to sections 11(5)(d), 34(2)(a), 50(4) and 163(6) of the Pension Schemes Act 1993), paragraph 22(a) (but only insofar as it relates to section 7(1) of that Act), and paragraphs 28(a), 33(b), 34(a), 35, 37, 39, 45(b), 46, 48(c), 49(a), 65, 70(c) and 84 and section 151 insofar as it relates to the above mentioned paragraphs amendments relating to Part III of the Act
Schedule 6, paragraphs 4, 5 and 6(c) and (e) and section 173 insofar as it relates to those paragraphs amendments relating to Part IV of the Act