Citation

1.  This Order may be cited as the Pensions Act 2014 (Commencement No.8) Order 2016.

Commencement of provisions

2.  23rd February 2016 is the day appointed for the coming into force of the following provisions of the Pensions Act 2014 for the purposes of making regulations-

(a)section 3(1);

(b)section 10;

(c)section 18(2) to (4); and

(d)section 20.

EXPLANATORY NOTE

(This note is not part of the Order)

This is the eighth Commencement Order made under the Pensions Act 2014 (c.19). This Order brings into force provisions relating to the new state pension for people reaching pensionable age on or after 6th April 2016 (see Part 1 of that Act).

Article 2(a) brings section 3(1) of the Pensions Act 2014 into force which enables Regulations to be made that set the full rate of the new state pension.

Article 2(b) to (d) brings the provisions into force which enable the state pension provisions in the State Pension and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/199) to be made. Those Regulations set out how to calculate the extra new state pension a person may receive if they delay claiming, or choose to suspend, their new state pension. They also contain provisions about inheriting graduated retirement benefit as part of a person's new state pension. Finally, they provide for the circumstances in which a person who is an overseas resident is not entitled to up-rating increases of their new state pension.

A full impact assessment has not been published for this Order as it has no impact on the private sector or civil society organisations. An assessment has been made of the impact of the introduction of the new state pension. Copies of that impact assessment may be obtained from the Better Regulation Unit of the Department for Work and Pensions, 2D Caxton House, Tothill Street, London SW1 9NA or from the DWP website: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/311316/pensions-act-ia-annex-a-single-tier-state-pension.pdf . (Annex A contains the assessment for new state pension.)

NOTE AS TO EARLIER COMMENCEMENT ORDERS

(This note is not part of the Order)

The following provisions of the Pensions Act 2014 were brought into force by a Statutory Instrument which was made before this Order was made.