Pension Schemes Act 2015 comes into force
Implementation date: 6 April 2015
The Pension Schemes Act 2015 introduces the Government's pension proposals intended to encourage risk sharing and to enable the establishment of collective schemes. The legislation sets out three new definitions of categories of pension scheme: defined-benefit, shared-risk and defined-contribution. It introduces a new collective-benefit pension scheme that will allow asset pooling among members. It also contains provisions amending existing legislation concerning the revaluation of accrued benefits and transfer values for early leavers. As a result of the pension changes introduced in the Taxation of Pensions Act 2014, there is also a power in the Act to make regulations that will prevent transferring out of public-sector defined-benefit pension schemes.