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We have published a revised government response to this consultation. It explains changes we have made following the responses received as well as why certain changes sought have not been made. We would like to thank all those who responded to the consultation for their time and expertise.
On 18 June 2014, we removed the original response and the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 that were laid before Parliament on 6 May 2014.
We have replaced the withdrawn regulations with 2 sets of regulations containing the same provisions.
We published the Pensions Act 2011 (Consequential and Supplementary Provisions) Regulations 2014 with an explanatory memorandum and impact assessment on 17 June 2014.
The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 and explanatory memorandum were laid in Parliament on 3 July 2014.
The revised response refers to the new regulations.
The 2 sets of regulations become law in July 2014. They modify existing legislation to support the commencement of section 29 of the Pensions Act 2011 about the definition of money purchase benefits in occupational pension schemes. We have published guidance for supporting trustees or managers of occupational pension schemes explaining these changes.
The regulations contain measures to ensure that:
- occupational pension schemes can comply with the clarified definition of money purchase benefits in section 29 of the Pensions Act 2011, with minimum disruption and cost
- pension scheme members retain the appropriate level of protection