SCHEDULE 14 Power to Amend Schemes to Reflect Abolition of Contracting-out
Pensions Act 2014 (2014 c 19) | Legislation

SCHEDULE 14 Power to Amend Schemes to Reflect Abolition of Contracting-out

Section 24

Introduction

1

This Schedule is about the power under section 24(2) to amend an occupational pension scheme in relation to some or all of its members.

What can the power be used to do?

2

(1)     The power may be used—

(a)     to increase the employee contributions of the relevant members;

(b)     to alter the future accrual of benefits for or in respect of them.

(2)     But the power may not be used in a way that would—

(a)     increase the amount of the total annual employee contributions of the relevant members by more than the annual increase in the employer's national insurance contributions in respect of them,

(b)     reduce the amount of the scheme's liabilities in respect of the benefits that accrue annually for or in respect of the relevant members by more than the annual increase in the employer's national insurance contributions in respect of them, or

(c)     result in the sum of the amount of any increase in the total annual employee contributions of the relevant members and the amount of any reduction in the scheme's liabilities in respect of

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