In the February edition of Pensions Pieces we included an article about the issues in relation to the new definition of 'money purchase benefits' which is set out in the Pensions Act 2011 and the proposed regulations designed to deal with these. That definition and accompanying regulations came into force from 24 July 2014 and our e-alert on the subject can be found here. The main message is that any schemes which provide benefits other than those which fall strictly within the new money purchase definition should urgently review, with their advisers, the extent to which the new definition and regulations affect them and what steps are required to comply with any statutory requirements which now apply to those schemes.