Amending occupational pension schemes

Resource type: Practice note

Status: Maintained

Jurisdictions: England, Scotland, Wales

This practice note considers the circumstances in which trustees and employers can amend the provisions of their occupational pension schemes. The note examines the position under trust law, highlighting the main cases about the scope of scheme amendment powers and the formalities required. The note also looks at the various statutory restrictions on exercising amendment powers, including the "subsisting rights" provisions in section 67 of the Pensions Act 1995, and the circumstances in which trustees may modify a scheme by resolution under section 68 of the Pensions Act 1995.

Ruth Bamforth, Eversheds LLP

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Resource ID: 4-205-6234
Products: PLC UK Pensions, PLC UK Public Sector
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Topics

Employers and Occupational PensionsEmployers and Occupational Pensions (http://pensions.practicallaw.com/2-308-5967)
Pension Scheme DocumentsPension Scheme Documents (http://pensions.practicallaw.com/9-205-7957)
Pension TrusteesPension Trustees (http://pensions.practicallaw.com/4-207-2074)

Practice note: overview

Contracting out of the state second pension: overview Contracting out of the state second pension: overview (http://uk.practicallaw.com/topic5-504-9541)
Pensions tax: overview Pensions tax: overview (http://uk.practicallaw.com/topic6-204-0440)
Statutory debt on the employer: overview Statutory debt on the employer: overview (http://uk.practicallaw.com/topic3-203-4898)

Practice notes

Amending occupational pension schemes Amending occupational pension schemes (http://uk.practicallaw.com/topic4-205-6234)
Consulting with employees on pension changes Consulting with employees on pension changes (http://uk.practicallaw.com/topic9-203-2009)
Employer debt and regulated apportionment arrangements: what insolvency practitioners need to know Employer debt and regulated apportionment arrangements: what insolvency practitioners need to know (http://uk.practicallaw.com/topic7-501-5286)
Paying contributions to a DC pension scheme Paying contributions to a DC pension scheme (http://uk.practicallaw.com/topic2-521-7625)
Pension schemes: benefits on retirement Pension schemes: benefits on retirement (http://uk.practicallaw.com/topic5-502-1740)
Pension trustee exoneration and indemnity clauses Pension trustee exoneration and indemnity clauses (http://uk.practicallaw.com/topic2-209-8956)
Pensions in the employment contract Pensions in the employment contract (http://uk.practicallaw.com/topic8-208-8983)
Pensions tax: authorised pension payments Pensions tax: authorised pension payments (http://uk.practicallaw.com/topic4-380-6324)
Pensions tax: relaxing the requirements to take benefits by age 75 Pensions tax: relaxing the requirements to take benefits by age 75 (http://uk.practicallaw.com/topic0-504-9237)
Rectifying mistakes in pension scheme documents Rectifying mistakes in pension scheme documents (http://uk.practicallaw.com/topic0-232-1952)
Restructuring final-salary schemes (1): options for employers Restructuring final-salary schemes (1): options for employers (http://uk.practicallaw.com/topic9-376-6603)
Restructuring final-salary schemes (2): implementing the changes Restructuring final-salary schemes (2): implementing the changes (http://uk.practicallaw.com/topic6-384-3467)
Winding up an occupational pension scheme Winding up an occupational pension scheme (http://uk.practicallaw.com/topic3-354-0952)

Standard documents

Deed of amendment Deed of amendment (http://uk.practicallaw.com/topic8-207-2029)
Deed of amendment: Finance Act 2011 Deed of amendment: Finance Act 2011 (http://uk.practicallaw.com/topic4-507-2264)
Deed of amendment: flexible apportionment arrangements Deed of amendment: flexible apportionment arrangements (http://uk.practicallaw.com/topic0-519-1216)
Pension scheme trust deed and rules Pension scheme trust deed and rules (http://uk.practicallaw.com/topic1-501-5637)

Checklist

Amending occupational pension schemes: checklist Amending occupational pension schemes: checklist (http://uk.practicallaw.com/topic6-207-3987)

Glossary

Bridging pension Bridging pension (http://uk.practicallaw.com/topic9-376-0210)
Cash equivalent transfer value (CETV) Cash equivalent transfer value (CETV) (http://uk.practicallaw.com/topic7-206-3997)
Civil partner Civil partner (http://uk.practicallaw.com/topic2-201-6423)
Contracted-out money-purchase (COMP) scheme Contracted-out money-purchase (COMP) scheme (http://uk.practicallaw.com/topic1-205-6985)
Contracted-out salary-related (COSR) scheme Contracted-out salary-related (COSR) scheme (http://uk.practicallaw.com/topic9-205-6986)
Detrimental modification Detrimental modification (http://uk.practicallaw.com/topic6-205-9953)
Guaranteed minimum pension (GMP) Guaranteed minimum pension (GMP) (http://uk.practicallaw.com/topic4-107-6676)
Lifetime allowance charge Lifetime allowance charge (http://uk.practicallaw.com/topic8-507-1314)
Occupational pension scheme Occupational pension scheme (http://uk.practicallaw.com/topic8-107-6900)
Pension credit Pension credit (http://uk.practicallaw.com/topic2-205-8984)
Pension debit Pension debit (http://uk.practicallaw.com/topic5-205-8987)
Pension Protection Fund (PPF) Pension Protection Fund (PPF) (http://uk.practicallaw.com/topic7-205-4059)
Pension-sharing order Pension-sharing order (http://uk.practicallaw.com/topic4-205-8983)
Pensions Regulator Pensions Regulator (http://uk.practicallaw.com/topic9-201-5137)
Personal pension scheme Personal pension scheme (http://uk.practicallaw.com/topic4-107-7001)
Protected modification Protected modification (http://uk.practicallaw.com/topic9-205-9956)
Protected rights Protected rights (http://uk.practicallaw.com/topic6-207-4963)
Regulated modification Regulated modification (http://uk.practicallaw.com/topic4-207-3974)
Section 67 Section 67 (http://uk.practicallaw.com/topic2-422-1290)
Special lump-sum death benefits charge Special lump-sum death benefits charge (http://uk.practicallaw.com/topic0-507-1271)
Stakeholder pension Stakeholder pension (http://uk.practicallaw.com/topic6-107-7302)
State pension age State pension age (http://uk.practicallaw.com/topic2-200-3500)
Subsisting rights Subsisting rights (http://uk.practicallaw.com/topic8-205-9952)

External resources

Occupational Pension Schemes (Modification of Schemes) Regulations 2006 (SI 2006/759) Occupational Pension Schemes (Modification of Schemes) Regulations 2006 (SI 2006/759) (http://uk.practicallaw.com/topic4-383-2511)
Pensions Act 1995 Pensions Act 1995 (http://uk.practicallaw.com/topic0-383-2508)
Pensions Act 2004 Pensions Act 2004 (http://uk.practicallaw.com/topic8-383-2509)
Pensions Regulator: modification code of practice Pensions Regulator: modification code of practice (http://uk.practicallaw.com/topic5-207-2262)

Policy guidance and consultation

Actuarial guidance note GN51: modifications Actuarial guidance note GN51: modifications (http://uk.practicallaw.com/topic0-207-2033)

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