(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
The 1973 Social Security Act conferred directly on the OPB
functions in relation to the preservation of early leavers'
benefits, the modification and winding-up of pension schemes and
the duty to advise the Secretary of State on matters relating to
occupational pension schemes. The 1975 Pensions Act conferred
powers and duties in relation to contracting-out and equal access;
subsequently the Pensions Act was extended to include anti-franking
(1984 Act), disclosure of information, revaluation of deferred
pensions and transfer values (1985 Act). The 1986 Act conferred
functions in relation to contracting-out by means of money purchase
occupational pension schemes and by means of "appropriate" personal
pension schemes. The 1989 Act introduced prospective legislation
covering equal treatment; the 1990 Act covered the indexing of
pensions, the treatment of surpluses, the introduction of the
Register of pension schemes and new grant giving powers for the
OPB. The powers set out above apply to pension schemes in Great
Britain. Separate legislation empowers the OPB in respect of
schemes operating in Northern Ireland.
