The Pensions Act 2014 (Commencement No. 4) Order 2015 brings the following provisions of the Pensions Act 2014 into force:
- from 5 February 2015, provisions allowing the State Pension Regulations 2015 to be made. These regs will set out some of the detailed rules coming into force on 6 April 2016 and relating to the new State pension;
- from 23 February 2015, section 24(2) of the Pensions Act 2014, which gives employers of contracted-out DB schemes a power to amend the rules to reflect the higher costs of NICs resulting from the abolition of contracting-out (see above). Under this same Section, provisions are brought into force enabling the Occupational Pension Schemes (Power to Amend Schemes to Reflect Abolition of Contracting-out) Regulations 2015. These regulations set out the detail of how the employer’s power may be used, including how the actuary is to calculate and certify the value of the proposed amendments. Although section 24(2) is in force from 23 February 2015, any amendments made by an employer under the statutory override may not take effect before 6 April 2016 when contracting-out will end; and
- from 1 October 2015, section 26 of the Pensions Act 2014, which provides that a short service refund will be payable only if the member leaves within 30 days of joining the scheme.