39 Alternative quality requirements for UK defined benefits schemes
Pensions Act 2014 (2014 c 19) | Legislation

39  Alternative quality requirements for UK defined benefits schemes

(1)     The Pensions Act 2008 is amended as follows.

(2)     After section 23 insert—

“23A Alternative quality requirements for UK defined benefits schemes

(1)     The Secretary of State may by regulations provide that a defined benefits scheme that has its main administration in the United Kingdom satisfies the quality requirement in relation to a jobholder if any one or more of the following is satisfied—

(a)     the scheme is of a prescribed description and satisfies the quality requirement under section 20 in relation to that jobholder;

(b)     the cost of providing the benefits accruing for or in respect of the relevant members over a relevant period would require contributions to be made of a total amount equal to at least a prescribed percentage of the members' total relevant earnings over that period;

(c)     in the case of each of at least 90% of the relevant members, the cost of providing the benefits accruing for or in respect of the member over a relevant period would require contributions to be made of a total amount

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