Pension Schemes Act 2026

May 7, 2026

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<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-1"><num>Part 1</num><heading>Defined benefit pensions</heading><chapter eId="part-1-chapter-1"><num>Ch

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-1-chapter-1"><num>Chapter 1</num><heading>Local government pension schemes</heading><section eId="s

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1"><num>1</num><heading>Asset pool companies</heading><subsection eId="section-1-1"><num>(1)</num><content>Scheme regulations relating to a scheme for local government workers which has pension funds may make provision

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-1"><num>(1)</num><content>Scheme regulations relating to a scheme for local government workers which has pension funds may make provision about, or in connection with, asset pool companies and participation in ass

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-2"><num>(2)</num><intro>The provision which may be made under subsection <ref href="#section-1-1">(1)</ref> includes provision—</intro><level class="para1" eId="section-1-2-a"><num>(a)</num><content>imposin

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-a"><num>(a)</num><content>imposing requirements or prohibitions on scheme managers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-b"><num>(b)</num><intro>enabling the responsible authority, in prescribed circumstances, to give a direction to a scheme manager requiring the manager—</intro><level class="para2" eId="section-1-2-b

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-2-b-i"><num>(i)</num><content>to participate in an asset pool company specified in the direction, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-2-b-ii"><num>(ii)</num><content>to cease to participate in an asset pool company so specified;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-c"><num>(c)</num><intro>enabling the responsible authority, in prescribed circumstances, to give a direction to an asset pool company specified in the direction, or to all or any of its participating sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-2-c-i"><num>(i)</num><content>to take any steps specified in the direction with a view to enabling or securing compliance by a scheme manager with a direction requiring it to participate in, or to cease t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-2-c-ii"><num>(ii)</num><content>to take any other steps necessary to enable or secure compliance with such a direction;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-d"><num>(d)</num><content>imposing requirements or prohibitions on asset pool companies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-e"><num>(e)</num><content>enabling or requiring the responsible authority to issue guidance to asset pool companies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-f"><num>(f)</num><intro>enabling the responsible authority, in prescribed circumstances, to give a direction to an asset pool company—</intro><level class="para2" eId="section-1-2-f-i"><num>(i)</num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-2-f-i"><num>(i)</num><content>requiring it to comply with guidance issued as mentioned in <ref href="#section-1-2-e">paragraph (e)</ref> (where the responsible authority is satisfied that it is failing, o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-2-f-ii"><num>(ii)</num><content>as to the manner in which it is to carry out any specified investment management activities.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-3"><num>(3)</num><intro>In <ref href="#section-1-2">subsection (2)</ref><ref href="#section-1-2-f">(f)</ref><ref href="#section-1-2-f-i">(i)</ref> and <ref href="#section-1-2-f-ii">(ii)</ref>—</intro><hcontain

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-not-supported-by-a-substantive-employer-covenant" eId="term-not-supported-by-a-substantive-employer-covenant">not supported by a substantive employer covenant</term>” has the mea

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-management-documents" eId="term-the-management-documents">the management documents</term>” has the meaning given by <ref href="#section-70">section 70</ref><ref href="#sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>in the case of a scheme established under a trust, the trustees of the scheme, and</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-enactment" eId="term-enactment">enactment</term>” includes—</intro><level class="para1"><num>(a)</num><content>an enactment comprised in subordinate legislation (within the

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-investment-strategy" eId="term-investment-strategy">investment strategy</term>” means a statement of a scheme manager’s objectives, priorities and preferences in relation to the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-4"><num>(4)</num><intro>If provision is made under subsection <ref href="#section-1-2">(2)</ref><ref href="#section-1-2-b">(b)</ref> or <ref href="#section-1-2-c">(c)</ref>, the scheme regulations must require the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-4-a"><num>(a)</num><content>the scheme manager;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-4-b"><num>(b)</num><content>the asset pool company;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-4-c"><num>(c)</num><content>the scheme managers participating in the asset pool company;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-4-d"><num>(d)</num><content>any other person the responsible authority considers it appropriate to consult.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-5"><num>(5)</num><intro>If provision is made under subsection <ref href="#section-1-2">(2)</ref><ref href="#section-1-2-f">(f)</ref> for the giving of directions to an asset pool company, the scheme regulations mu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-5-a"><num>(a)</num><content>the asset pool company;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-5-b"><num>(b)</num><content>the scheme managers participating in the asset pool company;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-5-c"><num>(c)</num><content>the Financial Conduct Authority;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-5-d"><num>(d)</num><content>any other person the responsible authority considers it appropriate to consult.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-6"><num>(6)</num><intro>Scheme regulations making provision mentioned in <ref href="#section-1-2">subsection (2)</ref><ref href="#section-1-2-a">(a)</ref> may (among other things)—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-a"><num>(a)</num><content>require a scheme manager to participate in an asset pool company with a view to that company managing the funds and other assets of the scheme for which the scheme manager is r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-b"><num>(b)</num><content>prohibit a scheme manager from participating in more than one asset pool company at the same time (subject to any transitional arrangements permitted by the regulations where a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-c"><num>(c)</num><content>require the scheme managers for the time being participating in an asset pool company to take steps to secure the grant of FCA authorisation to the company for carrying out pre

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-7"><num>(7)</num><content>Scheme regulations making provision mentioned in <ref href="#section-1-2">subsection (2)</ref><ref href="#section-1-2-d">(d)</ref> may (among other things) require an asset pool company t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-8"><num>(8)</num><intro>In subsections <ref href="#section-1-6">(6)</ref><ref href="#section-1-6-c">(c)</ref> and <ref href="#section-1-7">(7)</ref> —</intro><hcontainer name="definition"><intro>“<term refe

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-master-trust-scheme" eId="term-master-trust-scheme">Master Trust scheme</term>” has the same meaning as in the <ref eId="c00005" href="https://www.legislation.gov.uk/ukpga/2017/1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-main-scale-default-arrangement" eId="term-main-scale-default-arrangement">main scale default arrangement</term>”, in relation to a pension scheme, has the same meaning as in sect

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-default-proposal" eId="term-the-default-proposal">the default proposal</term>”, in relation to a small dormant pension pot, has the meaning given by <ref href="#section-23">s

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-regulated-vfm-scheme" eId="term-regulated-vfm-scheme">regulated VFM scheme</term>” is to be interpreted in accordance with <ref href="#section-11">section 11</ref><ref href="#sec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-9"><num>(9)</num><intro>For the purposes of this Chapter—</intro><level class="para1" eId="section-1-9-a"><num>(a)</num><intro>“<term refersTo="#term-asset-pool-company" eId="term-asset-pool-company">asset

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-9-a"><num>(a)</num><intro>“<term refersTo="#term-asset-pool-company" eId="term-asset-pool-company">asset pool company</term>” means a company limited by shares and registered in the United Kingdom which i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-9-a-i"><num>(i)</num><content>managing funds or other assets for which its participating scheme managers are responsible, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-9-a-ii"><num>(ii)</num><content>making and managing investments on behalf of those scheme managers (whether directly or through one or more collective investment vehicles),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-9-b"><num>(b)</num><intro>a scheme manager participates in an asset pool company by—</intro><level class="para2" eId="section-1-9-b-i"><num>(i)</num><content>being a shareholder of the company,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-9-b-i"><num>(i)</num><content>being a shareholder of the company,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-9-b-ii"><num>(ii)</num><content>being a shareholder in another company which is the only shareholder of the company, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-1-9-b-iii"><num>(iii)</num><content>contracting with the company for it to manage the funds and other assets for which the scheme manager is responsible.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2"><num>2</num><heading>Asset management</heading><subsection eId="section-2-1"><num>(1)</num><content>Where scheme regulations relating to a scheme for local government workers make provision under <ref href="#section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-1"><num>(1)</num><content>Where scheme regulations relating to a scheme for local government workers make provision under <ref href="#section-1">section 1</ref><ref href="#section-1-1">(1)</ref>, the regulations m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-2"><num>(2)</num><intro>The provision made by virtue of <ref href="#section-2-1">subsection (1)</ref> must include provision for securing that (among other things)—</intro><level class="para1" eId="section-2-2

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-2-a"><num>(a)</num><content>each scheme manager formulates, publishes and keeps under review an investment strategy,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-2-b"><num>(b)</num><intro>the funds or other assets for which a scheme manager is responsible (other than money needed for making payments under the scheme from the pension fund maintained by that scheme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-2-2-b-i"><num>(i)</num><content>held on behalf of the scheme manager by an asset pool company in which the scheme manager participates (subject to any transitional arrangements permitted by the regulations

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-2-2-b-ii"><num>(ii)</num><content>properly managed by that company with a view to implementing the scheme manager’s investment strategy, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-2-c"><num>(c)</num><content>in the case of a scheme for local government workers for England and Wales, each scheme manager (other than the Environment Agency) co-operates with an appropriate strategic au

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-3"><num>(3)</num><intro>The provision made by virtue of <ref href="#section-2-1">subsection (1)</ref> may include, in particular, provision about—</intro><level class="para1" eId="section-2-3-a"><num>(a)</num>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-3-a"><num>(a)</num><content>sources of advice that a scheme manager must, or may, use in formulating its investment strategy, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-3-b"><num>(b)</num><content>matters that must, or may, be covered by an investment strategy.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-4"><num>(4)</num><intro>The matters referred to in <ref href="#section-2-3">subsection (3)</ref><ref href="#section-2-3-b">(b)</ref> include—</intro><level class="para1" eId="section-2-4-a"><num>(a)</num><cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-a"><num>(a)</num><content>the scheme manager’s approach to responsible investment,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-b"><num>(b)</num><content>the scheme manager’s approach to local investments, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-c"><num>(c)</num><content>strategic asset allocation or target ranges for growth and income.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-5"><num>(5)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-investment-strategy" eId="term-investment-strategy">investment strategy</term>” means a statemen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-vfm-member-satisfaction-survey-form" eId="term-vfm-member-satisfaction-survey-form">VFM member satisfaction survey form</term>” means a request, in a form approved by the relevan

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-employer" eId="term-the-employer">the employer</term>”, in relation to an occupational pension scheme, means the employer of persons in the description of employment to which

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-onboarding-conditions" eId="term-the-onboarding-conditions">the onboarding conditions</term>” has the meaning given by <ref href="#section-66">section 66</ref><ref href="#sec

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-event-of-concern" eId="term-event-of-concern">event of concern</term>” has the meaning given by <ref href="#section-86">section 86</ref><ref href="#section-86-1">(1)</ref>;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>the areas of the other scheme managers participating in the same asset pool company as the scheme manager;</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-protected-liabilities" eId="term-protected-liabilities">protected liabilities</term>” has the same meaning as in <ref eId="c00046" href="https://www.legislation.gov.uk/ukpga/2004

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-fca-regulated" eId="term-fca-regulated">FCA-regulated</term>”, in relation to a pension scheme, has the meaning given by <ref href="#d25e10834">subsection (2)</ref>;</content

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-vfm-rating" eId="term-vfm-rating">VFM rating</term>” has the same meaning as in <ref href="#part-2-chapter-1">Chapter 1</ref>.</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(f)</num><content>stamp duty land tax;</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3"><num>3</num><heading>Additional powers for certain scheme managers</heading><subsection eId="section-3-1"><num>(1)</num><content>Scheme regulations may make provision for the purpose of conferring any power or power

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-1"><num>(1)</num><content>Scheme regulations may make provision for the purpose of conferring any power or powers falling within subsection <ref href="#section-3-2">(2)</ref> or <ref href="#section-3-4">(4)</ref>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-2"><num>(2)</num><intro>Scheme regulations under this section may make provision conferring on the scheme manager (in relation to carrying out its functions as a scheme manager)—</intro><level class="para1" eI

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-a"><num>(a)</num><content>any specified power or powers of a local authority under Part 6 of the Local Government Act 1972, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-b"><num>(b)</num><content>any power or powers corresponding to one or more of the powers of a local authority under that Part.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-3"><num>(3)</num><content>The power to make provision by virtue of subsection <ref href="#section-3-2">(2)</ref> is not exercisable if, or to the extent that, the scheme manager already has the powers of a local a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-4"><num>(4)</num><content>Scheme regulations under this section may make provision conferring on the scheme manager (as part of its functions as a scheme manager) power to provide any administrative, professional

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-5"><num>(5)</num><intro>In subsection <ref href="#section-3-4">(4)</ref>—</intro><level class="para1" eId="section-3-5-a"><num>(a)</num><content>“<term refersTo="#term-public-service-pension-scheme" eId="te

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-5-a"><num>(a)</num><content>“<term refersTo="#term-public-service-pension-scheme" eId="term-public-service-pension-scheme">public service pension scheme</term>” means a scheme for the payment of pensions

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-5-b"><num>(b)</num><content>“<term refersTo="#term-scheme-manager" eId="term-scheme-manager">scheme manager</term>” (in the third place it appears) means any person who is, for the purposes of PSPA 2013,

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-6"><num>(6)</num><content>The power to make provision by virtue of subsection <ref href="#section-3-4">(4)</ref> is not exercisable if, or to the extent that, the scheme manager already has the power to provide se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-7"><num>(7)</num><content>Scheme regulations under this section may amend or modify any Act passed before or in the same Session as this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-8"><num>(8)</num><content>In this section “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in scheme regulations under this section.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-4"><num>4</num><heading>Exemption from public procurement rules</heading><content><mod>After

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5"><num>5</num><heading>Scheme manager governance reviews</heading><subsection eId="section-5-1"><num>(1)</num><intro>Scheme regulations relating to a scheme for local government workers which has pension funds may mak

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-1"><num>(1)</num><intro>Scheme regulations relating to a scheme for local government workers which has pension funds may make provision for or in connection with—</intro><level class="para1" eId="section-5-1-a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-a"><num>(a)</num><content>the carrying out of periodic or ad hoc governance reviews of individual scheme managers,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-b"><num>(b)</num><content>the issuing by the responsible authority of guidance to persons carrying out governance reviews about the carrying out of such reviews, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-c"><num>(c)</num><content>functions of the responsible authority in response to a report of such a review.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-2"><num>(2)</num><intro>For this purpose, in relation to any scheme manager—</intro><level class="para1" eId="section-5-2-a"><num>(a)</num><content>a governance review is a review of the governance of the s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-a"><num>(a)</num><content>a governance review is a review of the governance of the scheme so far as administered by the scheme manager, and the performance and effectiveness of the scheme manager, over

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-b"><num>(b)</num><intro>a periodic governance review is a governance review that is required by a provision of scheme regulations to take place—</intro><level class="para2" eId="section-5-2-b-i"><nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-5-2-b-i"><num>(i)</num><content>within a prescribed period after the commencement of that provision, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-5-2-b-ii"><num>(ii)</num><content>within a prescribed period after the completion of a previous governance review,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-c"><num>(c)</num><intro>an ad hoc governance review is a governance review that is required by scheme regulations to take place—</intro><level class="para2" eId="section-5-2-c-i"><num>(i)</num><cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-5-2-c-i"><num>(i)</num><content>where a direction to carry out a governance review has been given to the scheme manager by the responsible authority (if a power to give such a direction has been conferred b

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-5-2-c-ii"><num>(ii)</num><content>in prescribed circumstances (other than the passage of time since the most recent completed governance review), in respect of a period of review prescribed by or determined

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-3"><num>(3)</num><content>The period of review for the first governance review of a scheme manager may include time before the commencement of the regulations providing for governance reviews to take place.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-4"><num>(4)</num><intro>Scheme regulations which make provision for the carrying out of governance reviews must make provision—</intro><level class="para1" eId="section-5-4-a"><num>(a)</num><content>requiri

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-a"><num>(a)</num><content>requiring governance reviews to be carried out independently of the scheme manager being reviewed and the responsible authority, but under arrangements made by and at the expen

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-b"><num>(b)</num><intro>requiring the person carrying out a governance review, as soon as practicable after completing the review, to—</intro><level class="para2" eId="section-5-4-b-i"><num>(i)</num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-5-4-b-i"><num>(i)</num><content>prepare a report on the review, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-5-4-b-ii"><num>(ii)</num><content>send a copy of the report to the responsible authority and the scheme manager being reviewed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-c"><num>(c)</num><content>requiring the scheme manager to publish the report.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-6"><num>6</num><heading>Mergers of funds</heading><content><mod>In Schedule 3 to PSPA 2013 (s

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-7"><num>7</num><heading>Amendments of 2013 Act relating to scheme regulations</heading><subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-1"><num>(1)</num><content>PSPA 2013 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-7-2"><num>(2)</num><intro>In section 3 (scheme regulations)—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-2-a"><num>(a)</num><content><mod>in subsection (1), after “2022” insert <quotedText>“and Chapter 1 of Part 1 of the Pension Schemes Act 2026”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-7-2-b"><num>(b)</num><content><mod>in subsection (2), after paragraph (c) insert—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-7-3"><num>(3)</num><content><mod>In section 21 (consultation), after subsection (4) insert

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8"><num>8</num><heading>Interpretation of Chapter 1</heading><subsection eId="section-8-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-asset-pool-co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-asset-pool-company" eId="term-asset-pool-company">asset pool company</term>” has the meaning giv

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-fca" eId="term-the-fca">the FCA</term>” means the Financial Conduct Authority;</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>capital gains tax;</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-transfer" eId="term-transfer">transfer</term>”, in relation to a pension pot, includes a transfer of an amount representing its value;</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>in relation to an FCA-regulated pension scheme, the person mentioned in <ref href="#section-48-2">subsection (2)</ref><ref href="#section-48-2-b">(b)</ref>;</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>““<term refersTo="#term-relevant-master-trust" eId="term-relevant-master-trust">relevant Master Trust</term>” has the meaning given by section 20(4);”;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule"><num>Schedule<authorialNote class="referenceNote">Section 129</autho

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-paragraph-1" class="schProv1"><num>1</num><content>The Pensions Act 2004 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-2" class="schProv1"><num>2</num><content><mod>In section 10 (functions exercisab

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 13 (improvement notices

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 70 (duty to report brea

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 72 (provision of inform

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-paragraph-6-1"><num>(1)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 76 (inspection of premises: supplementary), in subsection (3)(a), after “of this Act,” insert <quotedText>“section <ref href="#section-92">92</ref>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 77A (fixed penalty noti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 77B (escalating penalty

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-10" class="schProv1"><num>10</num><intro>In section 80 (offences of providing fa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-paragraph-10-a"><num>(a)</num><content><mod>in the words before sub-paragraph (i), after “under” insert <quotedText>“or by virtue of any of the following”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-paragraph-10-b"><num>(b)</num><content>omit the “or” after sub-paragraph (v);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-paragraph-10-c"><num>(c)</num><content>each of sub-paragraphs (i) to (vi) becomes an unnumbered paragraph;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-paragraph-10-d"><num>(d)</num><content><mod>at the end insert—<quotedStructure s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-11" class="schProv1"><num>11</num><intro>In section 80A (financial penalty for p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-paragraph-11-a"><num>(a)</num><content><mod>in the words before sub-paragraph (i), after “under” insert <quotedText>“or by virtue of any of the following”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-paragraph-11-b"><num>(b)</num><content>omit the “or” after sub-paragraph (v);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-paragraph-11-c"><num>(c)</num><content>each of sub-paragraphs (i) to (vi) becomes an unnumbered paragraph;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-paragraph-11-d"><num>(d)</num><content><mod>at the end insert—<quotedStructure s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-13" class="schProv1"><num>13</num><content><mod>In section 93 (Regulator’s proce

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-14" class="schProv1"><num>14</num><content><mod>In section 97 (special procedure

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-15" class="schProv1"><num>15</num><content><mod>In section 126 (pension protecti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-16" class="schProv1"><num>16</num><content><mod>In section 127 (pension protecti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-paragraph-17" class="schProv1"><num>17</num><content><mod>In section 222 (the statutory fu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-paragraph-19" class="schProv1"><num>19</num><content><mod>In section 256 (no indemnification for fines or civil penalties), in subsection (1)(b), at the end insert <quotedText>“, or <ref href="#section-18">section 1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-2"><num>(2)</num><content>A reference in this Chapter to the funds and other assets for which a scheme manager is responsible is to the funds and other assets which are (or should be) held as part of its pension f

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-3"><num>(3)</num><content>Nothing in this Chapter is to be taken as affecting the generality of the powers conferred by section 1 or 3(1) of, or any provision of Schedule 3 to, PSPA 2013.</content></subsection

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-1-chapter-2"><num>Chapter 2</num><heading>Powers to pay surplus to employer</heading><section eId="

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9"><num>9</num><heading>Power to modify scheme to allow for payment of surplus to employer</head

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9-1"><num>(1)</num><content><mod>In the Pensions Act 1995, before section 37 insert—<quote

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-2"><num>(2)</num><content>In the Pensions Act 2004, omit section 251 (old resolution procedure in relation to payments of surplus).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-3"><num>(3)</num><content><ref href="#section-9-2">Subsection (2)</ref> does not affect the validity of a resolution passed under the section it repeals.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-10"><num>10</num><heading>Restrictions on exercise of power to pay surplus</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-1"><num>(1)</num><content><ref eId="c00002" href="https://www.legislation.gov.uk/ukpga/1995/26/section/37">Section 37</ref> of the <ref eId="c00003" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-10-2"><num>(2)</num><content><mod>After subsection (2) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-3"><num>(3)</num><content>Omit subsections (3) and (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-4"><num>(4)</num><content><mod>In subsection (6)(a), for “the requirements of this section” substitute <quotedText>“subsection <ref href="#d25e1457">(2A)</ref>”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-5"><num>(5)</num><intro>In subsection (8)—</intro><level class="para1" eId="section-10-5-a"><num>(a)</num><content>omit “in prescribed circumstances”;</content></level><level class="para1" eId="section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-5-a"><num>(a)</num><content>omit “in prescribed circumstances”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-5-b"><num>(b)</num><content><mod>after “modifications,” insert <quotedText>“in prescribed circumstances or”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-10-6"><num>(6)</num><content><mod>In section 76 of the Pensions Act 1995 (excess assets on

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-10-7"><num>(7)</num><intro>In section 175 of the Pensions Act 1995 (parliamentary control

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-7-a"><num>(a)</num><content><mod>in subsection (1), for “(2), (2A) and (3)” substitute <quotedText>“(2) to (3)”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-7-b"><num>(b)</num><content><mod>in subsection (2A), after “section” insert <quotedText>“37(2A),”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-10-7-c"><num>(c)</num><content><mod>after subsection (2A) insert—<quotedStructure

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2"><num>Part 2</num><heading>Defined contribution pensions</heading><chapter eId="part-2-chapter-1"><n

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2-chapter-1"><num>Chapter 1</num><heading>Value for money</heading><section eId="section-11"><num>1

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11"><num>11</num><heading>Relevant schemes: value for money</heading><subsection eId="section-11-1"><num>(1)</num><intro>The Secretary of State may make regulations (“<term refersTo="#term-value-for-money-regulations"

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-1"><num>(1)</num><intro>The Secretary of State may make regulations (“<term refersTo="#term-value-for-money-regulations" eId="term-value-for-money-regulations">value for money regulations</term>”) for the purpose

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-1-a"><num>(a)</num><content>prescribed descriptions of relevant pension schemes (“regulated VFM schemes”), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-1-b"><num>(b)</num><content>prescribed descriptions of arrangements under relevant pension schemes (“regulated VFM arrangements”).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-2"><num>(2)</num><intro>Value for money regulations may in particular require responsible trustees or managers to—</intro><level class="para1" eId="section-11-2-a"><num>(a)</num><intro>make, and publish (i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-a"><num>(a)</num><intro>make, and publish (in whole or part) reports of, assessments (“VFM assessments”) of the performance of—</intro><level class="para2" eId="section-11-2-a-i"><num>(i)</num><con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-2-a-i"><num>(i)</num><content>regulated VFM schemes, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-2-a-ii"><num>(ii)</num><content>regulated VFM arrangements,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-b"><num>(b)</num><content>notify the Pensions Regulator of any publication they make under <ref href="#section-11-2-a">paragraph (a)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-c"><num>(c)</num><intro>publish or share with prescribed persons in respect of—</intro><level class="para2" eId="section-11-2-c-i"><num>(i)</num><content>regulated VFM schemes or (as the case ma

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-2-c-i"><num>(i)</num><content>regulated VFM schemes or (as the case may be) regulated VFM arrangements, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-2-c-ii"><num>(ii)</num><content>VFM periods,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-3"><num>(3)</num><content>A duty to publish information under <ref href="#section-11-2">subsection (2)</ref><ref href="#section-11-2-c">(c)</ref> may be a duty to publish the information for a specified period.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-4"><num>(4)</num><intro>Where value for money regulations require responsible trustees or managers to make a VFM assessment with respect to a scheme or arrangement, the regulations may require those trustees or m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-4-a"><num>(a)</num><content>assign to the scheme or arrangement, and set out in the VFM assessment, a rating for that period (a “VFM rating”), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-4-b"><num>(b)</num><content>notify the Pensions Regulator of the rating.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-5"><num>(5)</num><intro>Value for money regulations may specify—</intro><level class="para1" eId="section-11-5-a"><num>(a)</num><content>the method for calculating anything that is to be calculated under t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-a"><num>(a)</num><content>the method for calculating anything that is to be calculated under the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-b"><num>(b)</num><content>the time at or by which anything required to be done under the regulations must be done.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-6"><num>(6)</num><content>In complying with value for money regulations a person must have regard to any guidance issued from time to time by the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-7"><num>(7)</num><intro>The Secretary of State must consult with such persons as the Secretary of State considers appropriate before—</intro><level class="para1" eId="section-11-7-a"><num>(a)</num><content><p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-7-a"><num>(a)</num><content>making value for money regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-7-b"><num>(b)</num><content>issuing guidance under <ref href="#section-11-6">subsection (6)</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-8"><num>(8)</num><intro>In this Chapter “<term refersTo="#term-responsible-trustees-or-managers" eId="term-responsible-trustees-or-managers">responsible trustees or managers</term>” means any of the following—</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-8-a"><num>(a)</num><content>trustees or managers of a regulated VFM scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-8-b"><num>(b)</num><content>trustees or managers of a relevant pension scheme any arrangements under which are regulated VFM arrangements.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-9"><num>(9)</num><content>Nothing in this Chapter prejudices the breadth of subsections <ref href="#section-11-1">(1)</ref> and <ref href="#section-11-2">(2)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-10"><num>(10)</num><content>Subject to <ref href="#section-11-11">subsection (11)</ref>, value for money regulations are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-11"><num>(11)</num><content>Any exercise, after the first, of the power to prescribe categories of information by virtue of <ref href="#section-11-2">subsection (2)</ref><ref href="#section-11-2-c">(c)</ref> is s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-12"><num>(12)</num><content>Subject to <ref href="#section-11-13">subsection (13)</ref>, in this Chapter “<term refersTo="#term-relevant-pension-scheme" eId="term-relevant-pension-scheme">relevant pension scheme<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-13"><num>(13)</num><content>Value for money regulations may provide that where an occupational pension scheme provides money purchase benefits in conjunction with other benefits, references in this Chapter (other

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12"><num>12</num><heading>Publication etc of metric data</heading><subsection eId="section-12-1"><num>(1)</num><intro>Categories of information prescribed under section <ref href="#section-11">11</ref><ref href="#secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-1"><num>(1)</num><intro>Categories of information prescribed under section <ref href="#section-11">11</ref><ref href="#section-11-2">(2)</ref><ref href="#section-11-2-c">(c)</ref> may for example relate to—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-a"><num>(a)</num><content>the quality of services provided to members of the scheme or (as the case may be) arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-b"><num>(b)</num><content>classes of assets invested in;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-c"><num>(c)</num><content>investment performance;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-d"><num>(d)</num><content>costs incurred by the scheme or (as the case may be) arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-e"><num>(e)</num><content>charges on members or employers in relation to the scheme or (as the case may be) arrangement.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-2"><num>(2)</num><intro>Value for money regulations made by virtue of <ref href="#section-11">section 11</ref><ref href="#section-11-2">(2)</ref><ref href="#section-11-2-c">(c)</ref> may—</intro><level class=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-a"><num>(a)</num><content>specify time limits within which metric data in respect of a VFM period must be published or shared;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-b"><num>(b)</num><content>make provision about the form in which and the means by which metric data is to be published or shared;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-c"><num>(c)</num><content>require the published or shared information to deal separately with different cohorts of members of the scheme or (as the case may be) arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-d"><num>(d)</num><content>require a person appointed under the regulations to make available, for the publication or sharing of metric data, an electronic database (operated by that person);</conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-e"><num>(e)</num><intro>require responsible trustees or managers, on publishing or sharing any information under regulations made by virtue of <ref href="#section-11">section 11</ref><ref href="#sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-12-2-e-i"><num>(i)</num><content>of the publication of the information and where it is published, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-12-2-e-ii"><num>(ii)</num><content>(as the case requires) of the sharing of the information.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-3"><num>(3)</num><intro>Value for money regulations made by virtue of <ref href="#section-11">section 11</ref><ref href="#section-11-2">(2)</ref><ref href="#section-11-2-c">(c)</ref> may require the Pensions Regu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-3-a"><num>(a)</num><content>determine the form in which metric data must be published or shared, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-3-b"><num>(b)</num><content>publish, or share with the Secretary of State and responsible trustees or managers, details of the form so determined.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13"><num>13</num><heading>VFM assessments</heading><subsection eId="section-13-1"><num>(1)</num><intro>Value for money regulations made by virtue of <ref href="#section-11">section 11</ref><ref href="#section-11-2">(2)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-1"><num>(1)</num><intro>Value for money regulations made by virtue of <ref href="#section-11">section 11</ref><ref href="#section-11-2">(2)</ref><ref href="#section-11-2-a">(a)</ref> may—</intro><level class=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-a"><num>(a)</num><intro>require responsible trustees or managers to compare (in respect of a VFM period) a scheme’s or arrangement’s metric data with—</intro><level class="para2" eId="section-13-1-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-a-i"><num>(i)</num><content>the metric data of a prescribed number (or prescribed minimum number) of other schemes or arrangements (“comparator” schemes or arrangements) selected by the trustees or man

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-a-ii"><num>(ii)</num><content>one or more relevant benchmarks;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-b"><num>(b)</num><intro>make other provision about the method for comparing and evaluating the performance of schemes or arrangements, for example provision about—</intro><level class="para2" eId="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-b-i"><num>(i)</num><content>factors that may or must be considered;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-b-ii"><num>(ii)</num><content>criteria to be used in comparing performance;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-b-iii"><num>(iii)</num><content>the use and evaluation of evidence;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-c"><num>(c)</num><content>make provision about how the results of comparisons are to be taken into account in making determinations under <ref href="#section-15">section 15</ref><ref href="#section-15-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-d"><num>(d)</num><intro>make provision about the eligibility of—</intro><level class="para2" eId="section-13-1-d-i"><num>(i)</num><content>relevant pension schemes for selection as comparator sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-d-i"><num>(i)</num><content>relevant pension schemes for selection as comparator schemes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-1-d-ii"><num>(ii)</num><content>arrangements under relevant pension schemes for selection as comparator arrangements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-e"><num>(e)</num><content>specify factors that responsible trustees or managers must take into account when selecting comparator schemes or comparator arrangements.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-2"><num>(2)</num><intro>Without prejudice to the breadth of <ref href="#section-13-1">subsection (1)</ref><ref href="#section-13-1-b">(b)</ref><ref href="#section-13-1-b-i">(i)</ref>, factors prescribed in accord

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-2-a"><num>(a)</num><content>factors relating to differences in the composition of the membership of different schemes or arrangements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-2-b"><num>(b)</num><content>special features or characteristics of schemes or arrangements that are taken into account in their investment strategies.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-3"><num>(3)</num><intro>In this section “<term refersTo="#term-relevant-benchmark" eId="term-relevant-benchmark">relevant benchmark</term>” means—</intro><level class="para1" eId="section-13-3-a"><num>(a)</nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-a"><num>(a)</num><content>a benchmark specified in value for money regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-b"><num>(b)</num><content>if value for money regulations so provide, a benchmark approved and published by the Pensions Regulator.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14"><num>14</num><heading>Member satisfaction surveys</heading><subsection eId="section-14-1"><num>(1)</num><intro>Value for money regulations may—</intro><level class="para1" eId="section-14-1-a"><num>(a)</num><in

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-1"><num>(1)</num><intro>Value for money regulations may—</intro><level class="para1" eId="section-14-1-a"><num>(a)</num><intro>require responsible trustees or managers to—</intro><level class="para2" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-1-a"><num>(a)</num><intro>require responsible trustees or managers to—</intro><level class="para2" eId="section-14-1-a-i"><num>(i)</num><content>issue VFM member satisfaction survey forms to relev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-14-1-a-i"><num>(i)</num><content>issue VFM member satisfaction survey forms to relevant members from time to time as directed by the relevant authority;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-14-1-a-ii"><num>(ii)</num><content>make reports (“survey data reports”) of information returned in such forms;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-1-b"><num>(b)</num><content>provide that survey data reports (or survey data reports that meet prescribed conditions) relating to a VFM period are to be regarded as metric data for the purposes of this C

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-1-c"><num>(c)</num><content>require the relevant authority to carry out consultation before issuing forms under <ref href="#section-14-1-a">paragraph (a)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-1-d"><num>(d)</num><content>if regulations are made under <ref href="#section-14-1-c">paragraph (c)</ref>, make provision about who must be consulted.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-2"><num>(2)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-authority" eId="term-relevant-authority">relevant authority</term>” means whichever of

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15"><num>15</num><heading>VFM ratings</heading><subsection eId="section-15-1"><num>(1)</num><intro>Responsible trustees or managers who are required by virtue of <ref href="#section-11">section 11</ref><ref href="#sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-1"><num>(1)</num><intro>Responsible trustees or managers who are required by virtue of <ref href="#section-11">section 11</ref><ref href="#section-11-4">(4)</ref><ref href="#section-11-4-a">(a)</ref>to assign a V

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-1-a"><num>(a)</num><content>a “fully delivering” rating if the responsible trustees or managers determine that the scheme or arrangement is delivering value for money;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-1-b"><num>(b)</num><intro>a “not delivering” rating if—</intro><level class="para2" eId="section-15-1-b-i"><num>(i)</num><content>the responsible trustees or managers determine that the scheme or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-15-1-b-i"><num>(i)</num><content>the responsible trustees or managers determine that the scheme or arrangement is not delivering value for money, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-15-1-b-ii"><num>(ii)</num><content>Condition A, B or C of <ref href="#section-15-2">subsection (2)</ref> is met;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-1-c"><num>(c)</num><content>in any other case, an intermediate rating.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-2"><num>(2)</num><intro>For the purposes of <ref href="#section-15-1">subsection (1)</ref><ref href="#section-15-1-b">(b)</ref><ref href="#section-15-1-b-ii">(ii)</ref>—</intro><level class="para1" eId="secti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-a"><num>(a)</num><content>Condition A is met if the responsible trustees or managers determine that there is no realistic prospect of the scheme or (as the case may be) arrangement delivering value for

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-b"><num>(b)</num><content>Condition B is met if the responsible trustees or managers have assigned an intermediate rating to the scheme or arrangement in each of a prescribed number of VFM periods imme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-c"><num>(c)</num><intro>Condition C is met if the Pensions Regulator notifies the responsible trustees or managers that the Regulator—</intro><level class="para2" eId="section-15-2-c-i"><num>(i)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-15-2-c-i"><num>(i)</num><content>considers that the responsible trustees or managers have failed to comply with an improvement plan or an action plan relating to the scheme or arrangement (and the VFM perio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-15-2-c-ii"><num>(ii)</num><content>does not consider the failures to be so minor that they should be ignored.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-3"><num>(3)</num><content>Value for money regulations must specify the number of grades of intermediate rating.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-4"><num>(4)</num><intro>If value for money regulations provide that there are to be two or more intermediate ratings, the regulations—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-4-a"><num>(a)</num><content>may name each of those ratings;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-4-b"><num>(b)</num><content>must specify the conditions for assigning each of those ratings.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-5"><num>(5)</num><content>Where, apart from this subsection, a scheme or arrangement would be assigned a “not delivering” rating in respect of a VFM period by virtue of Condition B of <ref href="#section-15-2">su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-6"><num>(6)</num><intro>In this Chapter “<term refersTo="#term-action-plan" eId="term-action-plan">action plan</term>”, in relation to a regulated VFM scheme or regulated VFM arrangement, means a plan under <ref

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-6-a"><num>(a)</num><content>sets out the responsible trustees’ or managers’ assessment as to whether or not transferring the benefits of the members (under the scheme or arrangement) to another scheme or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-6-b"><num>(b)</num><content>proposes measures (or options for measures) for improving the position (with regard to value for money) of members or subsets of members of the scheme or arrangement.</con

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-7"><num>(7)</num><content>An action plan may not include a proposal to transfer the benefits (under the scheme or arrangement) of some or all of the members of that scheme or arrangement unless the responsible tr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-8"><num>(8)</num><content>Value for money regulations may make further provision about what may or must be included in an action plan.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16"><num>16</num><heading>Consequences of an intermediate rating</heading><subsection eId="section-16-1"><num>(1)</num><content>Value for money regulations may make provision about the consequences of the assigning und

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-1"><num>(1)</num><content>Value for money regulations may make provision about the consequences of the assigning under <ref href="#section-15">section 15</ref><ref href="#section-15-1">(1)</ref> of an intermediat

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-2"><num>(2)</num><intro>Without prejudice to the breadth of <ref href="#section-16-1">subsection (1)</ref>, value for money regulations may require responsible trustees or managers of a scheme or arrangement to w

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-a"><num>(a)</num><content>prepare a plan (an “improvement plan”) specifying actions that the responsible trustees or managers propose to take with a view to improving the scheme’s or (as the case may b

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-b"><num>(b)</num><content>provide a copy of the plan to the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-c"><num>(c)</num><content>prepare an action plan and provide a copy of it to the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-d"><num>(d)</num><intro>give notice in a prescribed format to any person who is a participating employer in relation to the scheme or arrangement of—</intro><level class="para2" eId="section-16-2-d

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-16-2-d-i"><num>(i)</num><content>the VFM rating that has effect in relation to the scheme or arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-16-2-d-ii"><num>(ii)</num><content>any actions specified by virtue of <ref href="#section-16-2-a">paragraph (a)</ref> in an improvement plan;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-16-2-d-iii"><num>(iii)</num><content>any actions the trustees or managers consider it is appropriate for the employer to take having regard to the rating assigned to the scheme or arrangement;</content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-e"><num>(e)</num><content>ensure that no person becomes an employer in relation to the scheme or arrangement for as long as the scheme or (as the case may be) arrangement continues to have an intermedi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-f"><num>(f)</num><content>take any other steps that may be prescribed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-3"><num>(3)</num><intro>Value for money regulations may—</intro><level class="para1" eId="section-16-3-a"><num>(a)</num><content>make further provision about what may or must be included in an improvement

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-3-a"><num>(a)</num><content>make further provision about what may or must be included in an improvement plan;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-3-b"><num>(b)</num><content>confer additional functions on the Pensions Regulator in connection with schemes that are assigned an intermediate rating.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-4"><num>(4)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-employer" eId="term-employer">employer</term>”, in relation to a regulated VFM scheme or regula

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17"><num>17</num><heading>Consequences of a “not delivering” rating</heading><subsection eId="section-17-1"><num>(1)</num><intro>A regulated VFM scheme or regulated VFM arrangement to which a “not delivering” rating ha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-1"><num>(1)</num><intro>A regulated VFM scheme or regulated VFM arrangement to which a “not delivering” rating has been assigned (an “affected” scheme or arrangement) must—</intro><level class="para1" eId="se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-1-a"><num>(a)</num><content>prepare an action plan and provide a copy of it to the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-1-b"><num>(b)</num><intro>give notice in a prescribed format to any person who is a participating employer in relation to the scheme or arrangement of—</intro><level class="para2" eId="section-17-1-b

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-17-1-b-i"><num>(i)</num><content>the VFM rating that has effect in relation to the scheme or arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-17-1-b-ii"><num>(ii)</num><content>any actions the trustees or managers consider it appropriate for the employer to take having regard to the “not delivering” rating;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-1-c"><num>(c)</num><content>ensure that with effect from the publication of the VFM assessment in which the rating is set out no person is to become an employer in relation to the scheme or (as the case

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-1-d"><num>(d)</num><content>take any other steps that may be prescribed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-2"><num>(2)</num><intro>Where a transfer solution (see <ref href="#section-17-3">subsection (3)</ref>) applies to an affected scheme or arrangement, the Pensions Regulator may—</intro><level class="para1" eId

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-2-a"><num>(a)</num><intro>require the accrued rights and benefits of all (or a subset of) the members of the scheme or arrangement to be transferred to a pension scheme (or arrangement under a pension sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-17-2-a-i"><num>(i)</num><content>is selected by the responsible trustees or managers, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-17-2-a-ii"><num>(ii)</num><content>meets prescribed conditions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-2-b"><num>(b)</num><content>specify conditions that must be met by a scheme or arrangement selected under <ref href="#section-17-2-a">paragraph (a)</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-3"><num>(3)</num><intro>For the purposes of <ref href="#section-17-2">subsection (2)</ref>, a transfer solution applies to an affected scheme or arrangement if—</intro><level class="para1" eId="section-17-3-a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-a"><num>(a)</num><intro>the Pensions Regulator considers that—</intro><level class="para2" eId="section-17-3-a-i"><num>(i)</num><content>based on the assessment carried out by the responsible tr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-17-3-a-i"><num>(i)</num><content>based on the assessment carried out by the responsible trustees or managers under section <ref href="#section-15">15</ref><ref href="#section-15-6">(6)</ref><ref href="#sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-17-3-a-ii"><num>(ii)</num><content>any other measures proposed under <ref href="#section-15">section 15</ref><ref href="#section-15-6">(6)</ref><ref href="#section-15-6-b">(b)</ref> in the action plan of th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-b"><num>(b)</num><content>any prescribed conditions are met.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-4"><num>(4)</num><intro>Value for money regulations may make provision—</intro><level class="para1" eId="section-17-4-a"><num>(a)</num><content>about the process for transferring accrued rights and benefit

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-4-a"><num>(a)</num><content>about the process for transferring accrued rights and benefits under <ref href="#section-17-2">subsection (2)</ref> (which may for example include provision for restricting or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-4-b"><num>(b)</num><content>conferring on the Pensions Regulator power to direct the trustees or managers of the affected scheme to do things permitted or required by the regulations;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-4-c"><num>(c)</num><content>conferring a discretion on the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-4-d"><num>(d)</num><content>about the winding up of a relevant scheme in circumstances where the accrued rights and benefits of the members are, or are to be, transferred out of the scheme.</content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-5"><num>(5)</num><intro>In <ref href="#section-17">this section</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-employer" eId="term-employer">employer</term>” has the same meani

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-employer" eId="term-employer">employer</term>” has the same meaning as in <ref href="#section-16">section 16</ref>;</content></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18"><num>18</num><heading>Compliance and oversight</heading><subsection eId="section-18-1"><num>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-1"><num>(1)</num><content>Value for money regulations may make provision for ensuring compliance with value for money provisions.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-2"><num>(2)</num><content>In this section “<term refersTo="#term-value-for-money-provision" eId="term-value-for-money-provision">value for money provision</term>” means a provision of or made under any of section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-3"><num>(3)</num><intro>Value for money regulations may in particular—</intro><level class="para1" eId="section-18-3-a"><num>(a)</num><content>provide for the Pensions Regulator to issue a notice (a “<term

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-3-a"><num>(a)</num><content>provide for the Pensions Regulator to issue a notice (a “<term refersTo="#term-compliance-notice" eId="term-compliance-notice">compliance notice</term>”) to a person with a vi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-3-b"><num>(b)</num><content>provide for the Pensions Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a value for money

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-3-c"><num>(c)</num><intro>provide for the Pensions Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Pensions Regulator is of the opinion that the person—</int

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-18-3-c-i"><num>(i)</num><content>has failed to comply with a compliance notice or third party compliance notice, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-18-3-c-ii"><num>(ii)</num><content>has contravened a value for money provision;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-3-d"><num>(d)</num><content>provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;</content></level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-3-e"><num>(e)</num><content>confer other functions on the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-4"><num>(4)</num><content>Value for money regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-5"><num>(5)</num><intro>The amount of a penalty imposed under value for money regulations in respect of a failure or contravention must not exceed—</intro><level class="para1" eId="section-18-5-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-5-a"><num>(a)</num><content>£10,000, in the case of an individual, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-5-b"><num>(b)</num><content>£100,000, in any other case.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-6"><num>(6)</num><intro>Value for money regulations may provide that where the Pensions Regulator has, in compliance with a requirement of regulations under <ref href="#section-18-3">subsection (3)</ref><ref href

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-6-a"><num>(a)</num><content>the Regulator considers it appropriate to do so having regard to the circumstances in which the contravention took place, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-6-b"><num>(b)</num><content>any prescribed conditions are met.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-7"><num>(7)</num><intro>Value for money regulations may provide—</intro><level class="para1" eId="section-18-7-a"><num>(a)</num><content>that if the Regulator determines that a rating assigned by responsib

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-7-a"><num>(a)</num><content>that if the Regulator determines that a rating assigned by responsible trustees or managers for the purposes of <ref href="#section-11">section 11</ref><ref href="#section-11-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-7-b"><num>(b)</num><content>that, where the Pensions Regulator substitutes a rating by virtue of paragraph <ref href="#section-18-7-a">(a)</ref>, that rating is to be deemed for all purposes to be the ra

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-8"><num>(8)</num><content>A directions notice under <ref href="#section-18-7">subsection (7)</ref> must set out the reasons for the Pensions Regulator’s determination.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-9"><num>(9)</num><content>Value for money regulations may provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of a determination of the Pensions Regulator under <ref href

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-10"><num>(10)</num><content>The Pensions Act 1995 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18-11"><num>(11)</num><intro>In section 7 (appointment of trustees)—</intro><level cla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-18-11-a"><num>(a)</num><content><mod>in subsection (3), after paragraph (a) inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-18-11-b"><num>(b)</num><content><mod>after subsection (3) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-18-11-c"><num>(c)</num><content><mod>at the end insert—<quotedStructure startQuot

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18-12"><num>(12)</num><intro>In section 11 (powers to wind up schemes), in subsection (1)—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-12-a"><num>(a)</num><content>omit the “or” after paragraph (b), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-18-12-b"><num>(b)</num><content><mod>after paragraph (c) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-18-12-c"><num>(c)</num><content><mod>at the end insert—<quotedStructure startQuot

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19"><num>19</num><heading>Sharing of database where FCA makes corresponding rules</heading><subsection eId="section-19-1"><num>(1)</num><content>This section applies if the Financial Conduct Authority makes rules, in r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-1"><num>(1)</num><content>This section applies if the Financial Conduct Authority makes rules, in relation to persons regulated by it, that correspond to value for money regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-2"><num>(2)</num><intro>The Secretary of State may by regulations make provision for the purpose of enabling or facilitating the use of the database mentioned in section <ref href="#section-12">12</ref><ref href=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-a"><num>(a)</num><content>that relates to persons to whom the rules made by the Financial Conduct Authority apply, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-b"><num>(b)</num><content>that corresponds to metric data,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-3"><num>(3)</num><content>Regulations under subsection <ref href="#section-19-2">(2)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20"><num>20</num><heading>Crown application</heading><subsection eId="section-20-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension sc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension schemes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-2"><num>(2)</num><content>Accordingly, references in this Chapter to a person in their capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that ca

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-3"><num>(3)</num><content>This Chapter applies to persons employed by or under the Crown as it applies to persons employed by a private person.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21"><num>21</num><heading>Interpretation of Chapter</heading><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-action-plan" eId="term-action-plan">action plan</term>” h

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-money-purchase-benefits" eId="term-money-purchase-benefits">money purchase benefits</term>” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-2-chapter-2"><num>Chapter 2</num><heading>Consolidation of small dormant pension pots</heading><hco

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-chapter-2-crossheading-power-to-make-small-pots-regulations"><heading>Power to make small pots regulations</heading>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22"><num>22</num><heading>Small pots regulations</heading><subsection eId="section-22-1"><num>(1)</num><intro>The Secretary of State may make regulations (“<term refersTo="#term-small-pots-regulations" eId="term-small-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-1"><num>(1)</num><intro>The Secretary of State may make regulations (“<term refersTo="#term-small-pots-regulations" eId="term-small-pots-regulations">small pots regulations</term>”) for the purpose of securing th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-1-a"><num>(a)</num><content>held by consolidator schemes, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-1-b"><num>(b)</num><content>in the case of consolidator schemes that have more than one arrangement, held subject to consolidator arrangements.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-2"><num>(2)</num><content>A pension pot is “small” if its value, determined as at such time and in such manner as is prescribed, is £1,000 or less (but is not nil).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-3"><num>(3)</num><intro>A pension pot is “dormant” if—</intro><level class="para1" eId="section-22-3-a"><num>(a)</num><content>no contributions were paid into the pension pot by, or on behalf or in respect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-3-a"><num>(a)</num><content>no contributions were paid into the pension pot by, or on behalf or in respect of, the individual for whom the pot is held during such period of at least 12 months as is presc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-3-b"><num>(b)</num><content>the individual has, subject to any prescribed exceptions, taken no step to confirm or alter the way in which the pension pot is invested.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-4"><num>(4)</num><content>The period that may be prescribed under <ref href="#section-22-3">subsection (3)</ref><ref href="#section-22-3-a">(a)</ref> in relation to a pension pot in existence at the time the regu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-5"><num>(5)</num><intro>Small pots regulations—</intro><level class="para1" eId="section-22-5-a"><num>(a)</num><intro>are subject to the affirmative procedure if they—</intro><level class="para2" eId="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-5-a"><num>(a)</num><intro>are subject to the affirmative procedure if they—</intro><level class="para2" eId="section-22-5-a-i"><num>(i)</num><content>are the first such regulations,</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-22-5-a-i"><num>(i)</num><content>are the first such regulations,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-22-5-a-ii"><num>(ii)</num><content>prescribe a person under <ref href="#section-23">section 23</ref><ref href="#section-23-1">(1)</ref> (determination of destinations for small pots),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-22-5-a-iii"><num>(iii)</num><content>include provision under <ref href="#section-24">section 24</ref><ref href="#section-24-1">(1)</ref> or <ref href="#section-26">26</ref><ref href="#section-26-1">(1)</ref

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-22-5-a-iv"><num>(iv)</num><content>amend or repeal provision contained in an Act;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-5-b"><num>(b)</num><content>otherwise, are subject to the negative procedure.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-chapter-2-crossheading-transfers"><heading>Transfers</heading><section eId="section-23"><num>23</num><heading>Determ

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23"><num>23</num><heading>Determination of destinations for small pots</heading><subsection eId="section-23-1"><num>(1)</num><intro>Small pots regulations must require a prescribed person to make, in relation to each s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-1"><num>(1)</num><intro>Small pots regulations must require a prescribed person to make, in relation to each small dormant pension pot held by an auto-enrolment scheme—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-a"><num>(a)</num><content>a proposal in relation to the pot (“the default proposal”), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-b"><num>(b)</num><content>one or more other proposals in relation to the pot (“the alternative proposals”).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-2"><num>(2)</num><intro>For the purposes of this Chapter a “<term refersTo="#term-proposal" eId="term-proposal">proposal</term>”, in relation to a small dormant pension pot, means a proposal that—</intro><lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-a"><num>(a)</num><content>the pot should be held by a specified consolidator scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-b"><num>(b)</num><content>if there is more than one arrangement under that scheme, the pot should be held subject to a specified arrangement under the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-3"><num>(3)</num><intro><ref href="#section-23-1">Subsection (1)</ref> does not apply in relation to a small dormant pension pot if—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-a"><num>(a)</num><content>the auto-enrolment scheme that holds the pot is itself a consolidator scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-b"><num>(b)</num><content>any of the sums or assets comprising the pot, or any sums or assets from which any of the sums or assets comprising the pot derive, were at any time comprised in a small dorma

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-c"><num>(c)</num><content>no response to that notice was received under <ref href="#section-24">section 24</ref><ref href="#section-24-3">(3)</ref><ref href="#section-24-3-d">(d)</ref><ref href="#secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-4"><num>(4)</num><content>A person prescribed under <ref href="#section-23-1">subsection (1)</ref> may be a body corporate established by or under the regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-5"><num>(5)</num><intro>Small pots regulations may, in compliance with <ref href="#section-23-1">subsection (1)</ref>—</intro><level class="para1" eId="section-23-5-a"><num>(a)</num><content>prescribe one

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-5-a"><num>(a)</num><content>prescribe one person to make all of the proposals required to be made under <ref href="#section-23-1">that subsection</ref>, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-5-b"><num>(b)</num><content>prescribe two or more persons in relation to different descriptions of those proposals.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-6"><num>(6)</num><content>Small pots regulations must require a proposal made by virtue of subsection (1) to be notified to the trustees or managers of the auto-enrolment scheme that holds the pension pot to whic

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-7"><num>(7)</num><content>A person prescribed under <ref href="#section-23-1">subsection (1)</ref> is referred to in <ref href="#part-2-chapter-2">this Chapter</ref> as a “destination proposer”.</content></su

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24"><num>24</num><heading>Transfer notices</heading><subsection eId="section-24-1"><num>(1)</num><content>Small pots regulations must require the trustees or managers of an auto-enrolment scheme to prepare a notice (“a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-1"><num>(1)</num><content>Small pots regulations must require the trustees or managers of an auto-enrolment scheme to prepare a notice (“a transfer notice”) in respect of each small dormant pension pot held by th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-2"><num>(2)</num><content>Small pots regulations must require a transfer notice in respect of a pension pot to comply with the following provisions of this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-3"><num>(3)</num><intro>The notice must—</intro><level class="para1" eId="section-24-3-a"><num>(a)</num><content>set out the default proposal in relation to the pot;</content></level><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-3-a"><num>(a)</num><content>set out the default proposal in relation to the pot;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-3-b"><num>(b)</num><content>set out the alternative proposal or proposals in relation to the pot;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-3-c"><num>(c)</num><intro>state that, if the individual does not respond to the notice, the pot will—</intro><level class="para2" eId="section-24-3-c-i"><num>(i)</num><content>if the default propo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-24-3-c-i"><num>(i)</num><content>if the default proposal specifies that the pot be transferred to a consolidator scheme, be transferred to that scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-24-3-c-ii"><num>(ii)</num><content>if there is more than one arrangement under the consolidator scheme specified in the default proposal, be held subject to the arrangement so specified;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-3-d"><num>(d)</num><intro>invite the individual to consider whether they are content with the default proposal and, if not, to respond to the notice stating either—</intro><level class="para2" eId="s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-24-3-d-i"><num>(i)</num><content>that they want to adopt one of the alternative proposals and if so which, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-24-3-d-ii"><num>(ii)</num><content>that they do not want any action to be taken in relation to the pension pot.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-4"><num>(4)</num><content>Where membership of a consolidator scheme or a consolidator arrangement specified in a proposal set out in a transfer notice entails being a party to a contract with the trustees or mana

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-5"><num>(5)</num><intro>The notice must include such details as may be prescribed relating to—</intro><level class="para1" eId="section-24-5-a"><num>(a)</num><content>the pension pot,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-5-a"><num>(a)</num><content>the pension pot,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-5-b"><num>(b)</num><content>the auto-enrolment scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-5-c"><num>(c)</num><content>the consolidator scheme or schemes, and any consolidator arrangements, specified in a proposal set out in the notice.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25"><num>25</num><heading>Exempt pots</heading><subsection eId="section-25-1"><num>(1)</num><intro>A small dormant pension pot is “exempt” if—</intro><level class="para1" eId="section-25-1-a"><num>(a)</num><content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-1"><num>(1)</num><intro>A small dormant pension pot is “exempt” if—</intro><level class="para1" eId="section-25-1-a"><num>(a)</num><content>prescribed conditions are met in relation to the pot, and</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-1-a"><num>(a)</num><content>prescribed conditions are met in relation to the pot, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-1-b"><num>(b)</num><content>the trustees or managers of the scheme that holds it determine that it is in the best interests of the individual for whom the pot is held that it should not be transferred in

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-2"><num>(2)</num><content>A determination in relation to an individual under <ref href="#section-25-1">subsection (1)</ref><ref href="#section-25-1-b">(b)</ref> may be made by reference to a class of individuals

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-3"><num>(3)</num><content>Small pots regulations may include further provision about how determinations under <ref href="#section-25-1">subsection (1)</ref><ref href="#section-25-1-b">(b)</ref> are to be made.</p

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26"><num>26</num><heading>Transfer etc of small dormant pension pots</heading><subsection eId="section-26-1"><num>(1)</num><content>Small pots regulations must require the trustees or managers of an auto-enrolment sche

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-1"><num>(1)</num><content>Small pots regulations must require the trustees or managers of an auto-enrolment scheme, in relation to each small dormant pot held by the scheme in respect of which they have sent a tr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-2"><num>(2)</num><content>Subsection <ref href="#section-26-1">(1)</ref> does not apply to a pension pot if the trustees or managers have received a response under <ref href="#section-24">section 24</ref><ref hre

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-3"><num>(3)</num><intro>Small pots regulations must secure that if—</intro><level class="para1" eId="section-26-3-a"><num>(a)</num><content>the trustees or managers do not receive a response to the notice,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-3-a"><num>(a)</num><content>the trustees or managers do not receive a response to the notice, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-3-b"><num>(b)</num><content>the default proposal involves the transfer of the pot to a consolidator scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-4"><num>(4)</num><intro>Small pots regulations must secure that if—</intro><level class="para1" eId="section-26-4-a"><num>(a)</num><content>the trustees or managers receive a response to the notice, and</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-4-a"><num>(a)</num><content>the trustees or managers receive a response to the notice, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-4-b"><num>(b)</num><content>the alternative option identified by the individual under <ref href="#section-24">section 24</ref><ref href="#section-24-3">(3)</ref><ref href="#section-24-3-d">(d)</ref><ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-5"><num>(5)</num><intro>Small pots regulations must secure that if—</intro><level class="para1" eId="section-26-5-a"><num>(a)</num><content>the trustees or managers do not receive a response to the notice,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-5-a"><num>(a)</num><content>the trustees or managers do not receive a response to the notice, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-5-b"><num>(b)</num><content>the default proposal involves the pot being held by a consolidator scheme subject to an arrangement specified in the proposal,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-6"><num>(6)</num><intro>Small pots regulations must secure that if—</intro><level class="para1" eId="section-26-6-a"><num>(a)</num><content>the trustees or managers receive a response to the notice, and</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-6-a"><num>(a)</num><content>the trustees or managers receive a response to the notice, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-6-b"><num>(b)</num><content>the alternative proposal identified by the individual under <ref href="#section-24">section 24</ref><ref href="#section-24-3">(3)</ref><ref href="#section-24-3-d">(d)</ref><re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-7"><num>(7)</num><content>The trustees or managers may transfer a pension pot by virtue of <ref href="#section-26-3">subsection (3)</ref> or <ref href="#section-26-4">(4)</ref>, or change the arrangement subject

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27"><num>27</num><heading>Effect of transfer on membership of scheme etc</heading><subsection eId="section-27-1"><num>(1)</num><content>Subsections <ref href="#section-27-2">(2)</ref> and <ref href="#section-27-3">(3)<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-1"><num>(1)</num><content>Subsections <ref href="#section-27-2">(2)</ref> and <ref href="#section-27-3">(3)</ref> apply where a pension pot held for an individual is transferred by virtue of <ref href="#section-2

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-2"><num>(2)</num><content>The individual becomes a member of the receiving scheme in relation to the pot, and acquires the rights, and becomes subject to the obligations, of membership.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-3"><num>(3)</num><intro>Where membership of the receiving scheme in relation to the pot entails being a party to a contract with its trustees or managers, a contract is treated as entered into between the individ

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-3-a"><num>(a)</num><content>at the time at which the pension pot is transferred to the receiving scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-3-b"><num>(b)</num><content>on the terms communicated to the individual by virtue of <ref href="#section-24">section 24</ref><ref href="#section-24-4">(4)</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-4"><num>(4)</num><content>Subsections <ref href="#section-27-5">(5)</ref> and <ref href="#section-27-6">(6)</ref> apply where a pension pot is by virtue of <ref href="#section-26">section 26</ref><ref href="#sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-5"><num>(5)</num><content>The individual becomes a member of the arrangement in relation to the pot, and acquires the rights, and becomes subject to the obligations, of membership.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-6"><num>(6)</num><intro>Where membership of the arrangement in relation to the pot entails being a party to a contract with its trustees or managers of the pension scheme in question, a contract is treated as ent

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-6-a"><num>(a)</num><content>at the time at which the pension pot is first held subject to the arrangement, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-6-b"><num>(b)</num><content>on the terms communicated to the individual by virtue of <ref href="#section-24">section 24</ref><ref href="#section-24-4">(4)</ref>.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28"><num>28</num><heading>Timing of transfers</heading><subsection eId="section-28-1"><num>(1)</num><content>Small pots regulations must prohibit the trustees or managers of an auto-enrolment scheme from transferring a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-1"><num>(1)</num><content>Small pots regulations must prohibit the trustees or managers of an auto-enrolment scheme from transferring a pension pot by virtue of <ref href="#section-26">section 26</ref><ref href="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-2"><num>(2)</num><content>In <ref href="#section-28-1">subsection (1)</ref> “<term refersTo="#term-the-required-notice-period" eId="term-the-required-notice-period">the required notice period</term>”, in relation

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-3"><num>(3)</num><content>Small pots regulations must (subject to <ref href="#section-28-5">subsection (5)</ref>) require the trustees or managers of an auto-enrolment scheme to effect any transfer of a pension p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-4"><num>(4)</num><intro>In subsection <ref href="#section-28-3">(3)</ref> “<term refersTo="#term-the-required-transfer-period" eId="term-the-required-transfer-period">the required transfer period</term>”, in rela

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-a"><num>(a)</num><content>the date on which the provision of the regulations under which the requirement is imposed comes into force, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-b"><num>(b)</num><content>if later, the date on which the pension pot first becomes small and dormant.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-5"><num>(5)</num><content>Small pots regulations may include provision extending the required transfer period until the end of a prescribed period beginning with the date on which the trustees or managers are not

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-chapter-2-crossheading-authorisation"><heading>Authorisation</heading><section eId="section-29"><num>29</num><headin

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29"><num>29</num><heading>Authorisation of consolidator schemes etc by the Pensions Regulator</heading><subsection eId="section-29-1"><num>(1)</num><intro>Small pots regulations must permit the trustees or managers of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-1"><num>(1)</num><intro>Small pots regulations must permit the trustees or managers of an eligible Master Trust scheme to apply to the Pensions Regulator for authorisation of—</intro><level class="para1" eId=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-1-a"><num>(a)</num><content>the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-1-b"><num>(b)</num><content>such arrangements under the scheme as are specified in the application.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-2"><num>(2)</num><intro>Small pots regulations must require the Pensions Regulator to grant an application for authorisation where—</intro><level class="para1" eId="section-29-2-a"><num>(a)</num><content>t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-a"><num>(a)</num><content>the application is made in accordance with regulations made by virtue of <ref href="#section-29-1">subsection (1)</ref>, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-b"><num>(b)</num><content>prescribed conditions are met.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-3"><num>(3)</num><intro>Small pots regulations may permit or require the Pensions Regulator, where prescribed conditions are, or cease to be, met in relation to a consolidator scheme or arrangement—</intro><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-a"><num>(a)</num><content>to require the trustees or managers to take prescribed steps;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-b"><num>(b)</num><content>to prohibit a destination proposer, in prescribed cases or in all cases, from specifying the scheme or arrangement in proposals under <ref href="#section-23">section 23</ref><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-c"><num>(c)</num><content>to withdraw authorisation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-4"><num>(4)</num><intro>The conditions that may be prescribed under<ref href="#section-29-2">subsection (2)</ref><ref href="#section-29-2-b">(b)</ref> or <ref href="#section-29-3">(3)</ref> include conditions rel

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-4-a"><num>(a)</num><content>the terms of the scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-4-b"><num>(b)</num><content>the value of sums and assets held by the scheme for the purpose of providing money purchase benefits,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-4-c"><num>(c)</num><content>the fees charged by the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-4-d"><num>(d)</num><content>a VFM rating assigned to the scheme or any arrangement under the scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-5"><num>(5)</num><content>Small pots regulations may permit or require the Pensions Regulator, where it withdraws authorisation, to require the trustees or managers of the scheme in question to take prescribed st

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-6"><num>(6)</num><content>The steps that may be required to be taken by virtue of <ref href="#section-29-5">subsection (5)</ref> include steps to limit the fees that may be charged.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-7"><num>(7)</num><intro>For the purposes of <ref href="#section-29-5">subsection (5)</ref> a pension pot is “relevant” if—</intro><level class="para1" eId="section-29-7-a"><num>(a)</num><content>any of the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-7-a"><num>(a)</num><content>any of the sums or assets comprising the pot, or any sums or assets from which any of the sums or assets comprising the pot derive, were at any time comprised in a small dorma

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-7-b"><num>(b)</num><content>no response to that notice was received under <ref href="#section-24">section 24</ref><ref href="#section-24-3">(3)</ref><ref href="#section-24-3-d">(d)</ref><ref href="#secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-8"><num>(8)</num><content>For the purposes of this Chapter a Master Trust scheme is “eligible” if it is authorised under section 5 of the Pension Schemes Act 2017 (authorisation of Master Trust schemes).</con

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30"><num>30</num><heading>Consolidator schemes and consolidator arrangements</heading><subsection eId="section-30-1"><num>(1)</num><intro>In this Chapter “<term refersTo="#term-consolidator-scheme" eId="term-consolidat

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-1"><num>(1)</num><intro>In this Chapter “<term refersTo="#term-consolidator-scheme" eId="term-consolidator-scheme">consolidator scheme</term>” means—</intro><level class="para1" eId="section-30-1-a"><num>(a)<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-1-a"><num>(a)</num><intro>an eligible Master Trust scheme—</intro><level class="para2" eId="section-30-1-a-i"><num>(i)</num><content>that is for the time being authorised by virtue of <ref href="#

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-1-a-i"><num>(i)</num><content>that is for the time being authorised by virtue of <ref href="#section-29">section 29</ref><ref href="#section-29-1">(1)</ref><ref href="#section-29-1-a">(a)</ref>, or</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-1-a-ii"><num>(ii)</num><content>any arrangement under which is for the time being authorised by virtue of <ref href="#section-29">section 29</ref><ref href="#section-29-1">(1)</ref><ref href="#section-29

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-1-b"><num>(b)</num><content>an FCA-regulated pension scheme that is for the time being included on a list published by the FCA under <ref href="#d25e5535">section 137FBC</ref><ref href="#d25e5548">(2)</r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-2"><num>(2)</num><intro>In this Chapter “<term refersTo="#term-consolidator-arrangement" eId="term-consolidator-arrangement">consolidator arrangement</term>” means—</intro><level class="para1" eId="section-30

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-a"><num>(a)</num><intro>an arrangement under an eligible Master Trust scheme where—</intro><level class="para2" eId="section-30-2-a-i"><num>(i)</num><content>the scheme is for the time being aut

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-a-i"><num>(i)</num><content>the scheme is for the time being authorised by virtue of <ref href="#section-29">section 29</ref><ref href="#section-29-1">(1)</ref><ref href="#section-29-1-a">(a)</ref>, or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-a-ii"><num>(ii)</num><content>the arrangement is for the time being authorised by virtue of <ref href="#section-29">section 29</ref><ref href="#section-29-1">(1)</ref><ref href="#section-29-1-b">(b)</r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-b"><num>(b)</num><content>an arrangement under an FCA-regulated pension scheme that is for the time being included on a list published by the FCA under <ref href="#d25e5535">section 137FBC</ref><ref hr

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-chapter-2-crossheading-supplementary"><heading>Supplementary</heading><section eId="section-31"><num>31</num><headin

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31"><num>31</num><heading>Further provision about contents of small pots regulations</heading><subsection eId="section-31-1"><num>(1)</num><intro>Small pots regulations may, in particular—</intro><level class="para

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-1"><num>(1)</num><intro>Small pots regulations may, in particular—</intro><level class="para1" eId="section-31-1-a"><num>(a)</num><content>authorise the Pensions Regulator to charge a prescribed fee in res

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-a"><num>(a)</num><content>authorise the Pensions Regulator to charge a prescribed fee in respect of an application for authorisation under the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-b"><num>(b)</num><content>confer a right of appeal to the First-tier Tribunal or the Upper Tribunal;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-c"><num>(c)</num><content>require the trustees or managers of a relevant pension scheme to take prescribed steps to improve the accuracy and completeness of information held by them;</content></lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-d"><num>(d)</num><intro>require a relevant person, other than the FCA, to provide prescribed information, in such form and at such time as may be prescribed, to—</intro><level class="para2" eId="se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-31-1-d-i"><num>(i)</num><content>a relevant person, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-31-1-d-ii"><num>(ii)</num><content>an individual for whom a relevant pension scheme holds a pension pot;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-e"><num>(e)</num><content>require the trustees or managers of a relevant pension scheme to keep, and retain for a prescribed period, prescribed records;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-f"><num>(f)</num><content>provide (otherwise than under paragraphs <ref href="#section-31-1-c">(c)</ref> to <ref href="#section-31-1-e">(e)</ref>) for the processing of information;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-g"><num>(g)</num><content>limit the fees that may be charged by a relevant pension scheme in connection with the transfer of a pension pot under the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-h"><num>(h)</num><content>require a destination proposer, the trustees or managers of a relevant pension scheme, or the Secretary of State, to pay compensation to an individual who has suffered a loss

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-i"><num>(i)</num><content>confer (otherwise than under any of paragraphs <ref href="#section-31-1-a">(a)</ref> to <ref href="#section-31-1-h">(h)</ref>) a function on a relevant person, including a fun

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-1-j"><num>(j)</num><content>provide for the delegation of a function conferred by the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-2"><num>(2)</num><content>In <ref href="#section-31-1">subsection (1)</ref><ref href="#section-31-1-c">(c)</ref> to <ref href="#section-31-1-f">(f)</ref>, a reference to information includes personal data, and a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-3"><num>(3)</num><intro>The processing of personal data in accordance with the regulations does not breach—</intro><level class="para1" eId="section-31-3-a"><num>(a)</num><content>any obligation of confide

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-3-a"><num>(a)</num><content>any obligation of confidence owed by the person processing the personal data, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-3-b"><num>(b)</num><content>any other restriction on the processing of personal data (however imposed).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-4"><num>(4)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-personal-data" eId="term-personal-data">personal data</term>” has the same meaning as in the Da

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-5"><num>(5)</num><content>The power to make small pots regulations is capable of being exercised so as to amend or repeal provision contained in an Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-6"><num>(6)</num><intro>In particular, small pots regulations may—</intro><level class="para1" eId="section-31-6-a"><num>(a)</num><content>amend section 146 of the Pension Schemes Act 1993 (functions of th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-6-a"><num>(a)</num><content>amend section 146 of the Pension Schemes Act 1993 (functions of the Pensions Ombudsman) so as to confer on the Pensions Ombudsman the function of investigating and determining

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-6-b"><num>(b)</num><intro>amend section 175 of that Act (levies towards certain expenditure) so as to include expenditure of—</intro><level class="para2" eId="section-31-6-b-i"><num>(i)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-31-6-b-i"><num>(i)</num><content>a destination proposer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-31-6-b-ii"><num>(ii)</num><content>the Secretary of State by virtue of section 31(1)(h) (compensation).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32"><num>32</num><heading>Enforcement by the Pensions Regulator</heading><subsection eId="section-32-1"><num>(1)</num><content>Small pots regulations may make provision with a view to ensuring the compliance of any per

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-1"><num>(1)</num><content>Small pots regulations may make provision with a view to ensuring the compliance of any person who is not FCA-regulated with any provision of the regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-2"><num>(2)</num><intro>The regulations may in particular—</intro><level class="para1" eId="section-32-2-a"><num>(a)</num><content>provide for the Pensions Regulator to issue a notice (a “<term refersTo="#

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-a"><num>(a)</num><content>provide for the Pensions Regulator to issue a notice (a “<term refersTo="#term-compliance-notice" eId="term-compliance-notice">compliance notice</term>”) to a person with a vi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-b"><num>(b)</num><content>provide for the Pensions Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-c"><num>(c)</num><intro>provide for the Pensions Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the person—</intro><level class="para2" eId="section-32-2-c-i"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-2-c-i"><num>(i)</num><content>has failed to comply with a compliance notice or third party compliance notice, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-2-c-ii"><num>(ii)</num><content>has contravened a provision of the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-d"><num>(d)</num><content>provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty.</content></level

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-3"><num>(3)</num><content>The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-4"><num>(4)</num><intro>But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—</intro><level class="para1" eId="section-32-4-a"><num>(a)</num><cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-4-a"><num>(a)</num><content>£10,000, in the case of an individual, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-4-b"><num>(b)</num><content>£100,000, in any other case.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-5"><num>(5)</num><content>Any penalty payable under the regulations is recoverable by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-6"><num>(6)</num><content>In England and Wales, any such penalty is, if the county court so orders, recoverable under section 85 of the County Courts Act 1984 or otherwise as if it were payable under an order of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-7"><num>(7)</num><content>In Scotland, a penalty notice is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom.</conte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-8"><num>(8)</num><content>The Regulator must pay into the Consolidated Fund any penalty recovered under this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-9"><num>(9)</num><content>A reference in this section to a provision of small pots regulations includes a reference to a requirement or restriction imposed by the Pensions Regulator under the regulations.</co

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33"><num>33</num><heading>Enforcement by the FCA</heading><subsection eId="section-33-1"><num>(1)</num><content>The Treasury may make regulations to enable the FCA to take action (in addition to any action it may other

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-1"><num>(1)</num><content>The Treasury may make regulations to enable the FCA to take action (in addition to any action it may otherwise take under the Financial Services and Markets Act 2000) for monitoring and

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-2"><num>(2)</num><intro>The regulations may apply, or make provision corresponding to—</intro><level class="para1" eId="section-33-2-a"><num>(a)</num><content>provision contained in small pots regulations

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-2-a"><num>(a)</num><content>provision contained in small pots regulations by virtue of <ref href="#section-32">section 32</ref>, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-2-b"><num>(b)</num><content>any provision of the Financial Services and Markets Act 2000,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-4"><num>(4)</num><content>For the purposes of this Chapter a person is “FCA-regulated” if they are an authorised person (within the meaning of the Financial Services and Markets Act 2000) in relation to the opera

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-chapter-2-crossheading-interpretation-etc"><heading>Interpretation etc</heading><section eId="section-34"><num>34</n

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34"><num>34</num><heading>Power to alter definition of “small”</heading><subsection eId="section-34-1"><num>(1)</num><content>The Secretary of State may by regulations amend <ref href="#section-22">section 22</ref><ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-1"><num>(1)</num><content>The Secretary of State may by regulations amend <ref href="#section-22">section 22</ref><ref href="#section-22-2">(2)</ref> (definition of “<term refersTo="#term-small" eId="term-small">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-2"><num>(2)</num><intro>Before making regulations under this section the Secretary of State must—</intro><level class="para1" eId="section-34-2-a"><num>(a)</num><content>consult such persons as the Secreta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-2-a"><num>(a)</num><content>consult such persons as the Secretary of State considers appropriate, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-2-b"><num>(b)</num><content>publish details of the proposed amendment, and the Secretary of State’s reasons for making the proposal, and consider any representations made.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35"><num>35</num><heading>Crown application</heading><subsection eId="section-35-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension sc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension schemes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-2"><num>(2)</num><content>Accordingly, references in this Chapter to a person in their capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that ca

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-3"><num>(3)</num><content>This Chapter applies to persons employed by or under the Crown as it applies to persons employed by a private person.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36"><num>36</num><heading>Interpretation of Chapter</heading><subsection eId="section-36-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-the-alternat

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-the-alternative-proposals" eId="term-the-alternative-proposals">the alternative proposals</term

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-operate" eId="term-operate">operate</term>”, in relation to a default arrangement, has the meaning given in <ref href="#section-48-3">subsection (3)</ref>;</content></hcontai

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-2"><num>(2)</num><intro>A pension scheme is “FCA-regulated” if the operation of the scheme—</intro><level class="para1" eId="section-36-2-a"><num>(a)</num><content>is carried on in such a way as to be a re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-2-a"><num>(a)</num><content>is carried on in such a way as to be a regulated activity for the purposes of the Financial Services and Markets Act 2000, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-2-b"><num>(b)</num><content>is carried on in the United Kingdom by a person who is in relation to that activity an authorised person under section 19 of that Act.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-3"><num>(3)</num><intro>A reference in this Part to the terms of a pension scheme is to the terms of any instrument or agreement—</intro><level class="para1" eId="section-36-3-a"><num>(a)</num><content>in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-3-a"><num>(a)</num><content>in which the scheme is comprised, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-3-b"><num>(b)</num><content>to which the provider of the scheme and any member are parties in connection with the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-4"><num>(4)</num><content>A reference in this Chapter to the trustees or managers of a pension scheme is, where the scheme is FCA-regulated, a reference to the provider of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-5"><num>(5)</num><content>A pension scheme is an “auto-enrolment scheme” if any individual is or at any time was an active member of the scheme in consequence of arrangements under <ref eId="c00008" href="https:/

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-6"><num>(6)</num><content>In <ref href="#section-36-5">subsection (5)</ref> “<term refersTo="#term-active-member" eId="term-active-member">active member</term>” has the same meaning as in <ref eId="c00015" href="

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37"><num>37</num><heading>Meaning of “pension pot”</heading><subsection eId="section-37-1"><num>(1)</num><intro>In this Chapter, “<term refersTo="#term-pension-pot" eId="term-pension-pot">pension pot</term>” means sums

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-1"><num>(1)</num><intro>In this Chapter, “<term refersTo="#term-pension-pot" eId="term-pension-pot">pension pot</term>” means sums or assets held for the purpose of providing money purchase benefits to or in resp

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-1-a"><num>(a)</num><content>a reference to the pension scheme that holds a pension pot is to that pension scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-1-b"><num>(b)</num><content>a reference to the individual for whom a pension pot is held is to that member.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-2"><num>(2)</num><intro>Where—</intro><level class="para1" eId="section-37-2-a"><num>(a)</num><content>an individual is a member of an auto-enrolment scheme in relation to more than one employment, and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-2-a"><num>(a)</num><content>an individual is a member of an auto-enrolment scheme in relation to more than one employment, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-2-b"><num>(b)</num><content>the sums or assets held by the scheme for the purpose of providing money purchase benefits to or in respect of the member in relation to those employments are accounted for se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-3"><num>(3)</num><content>In <ref href="#section-37-2">subsection (2)</ref> “<term refersTo="#term-employment" eId="term-employment">employment</term>” has the same meaning as in <ref eId="c00017" href="https://w

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-2-chapter-2-crossheading-amendments-of-other-acts"><headin

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38"><num>38</num><heading>Amendments of the Financial Services and Markets Act 2000</heading><su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38-2"><num>(2)</num><content><mod>In section 1A (the Financial Conduct Authority), in subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38-3"><num>(3)</num><content><mod>After section 137FBB insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38-4"><num>(4)</num><intro>In section 204A (meaning of “<term refersTo="#term-relevant-req

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-38-4-a"><num>(a)</num><content><mod>in subsection (2), after paragraph (ab) inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-38-4-b"><num>(b)</num><content><mod>in subsection (6), after paragraph (ab) inser

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-39"><num>39</num><heading>Repeal of existing powers</heading><subsection eId="section-39-1"><num

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-1"><num>(1)</num><intro>In the Pensions Act 2014, omit the following provisions (which contain powers that have not been brought into force to make provision for the automatic transfer of pension benefits etc)—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-a"><num>(a)</num><content>section 33;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-b"><num>(b)</num><content>Schedule 17, except paragraph 15(1) (which contains interpretative provisions that apply for the purposes of Schedule 18 to that Act).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-39-2"><num>(2)</num><content><mod>In Schedule 18 to that Act (power to restrict charges or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-3"><num>(3)</num><content><mod>In consequence of <ref href="#section-39-1">subsection (1)</ref><ref href="#section-39-1-b">(b)</ref>, in section 256 of the Pensions Act 2004 (no indemnification for fines or civil

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2-chapter-3"><num>Chapter 3</num><heading>Scale and asset allocation</heading><section eId="section

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40"><num>40</num><heading>Certain schemes providing money purchase benefits: scale and asset all

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-1"><num>(1)</num><content>The Pensions Act 2008 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-2"><num>(2)</num><content>Section 20 (quality requirement: UK money purchase schemes) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-3"><num>(3)</num><content><mod>In subsection (1), after “purchase scheme” insert <quotedText>“that is not a relevant Master Trust and”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-4"><num>(4)</num><content><mod>After subsection (1) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-5"><num>(5)</num><content><mod>After subsection (3) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-6"><num>(6)</num><content><mod>In section 25 (quality requirement: non-UK occupational pension schemes) for “18(b) or (c)” substitute <quotedText>“18(c)”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-7"><num>(7)</num><content>Section 26 (quality requirement: UK personal pension schemes) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-8"><num>(8)</num><content><mod>After subsection (7) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-9"><num>(9)</num><content><mod>After subsection (9) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-10"><num>(10)</num><content>In section 28 (certification that quality requirement or alternative requirement is satisfied) in subsection (3A) omit paragraphs (a) and (c).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-11"><num>(11)</num><intro>In section 28 (certification that quality requirement or alternative requirement is satisfied) in subsection (4) (definition of “relevant quality requirement”)—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-11-a"><num>(a)</num><content><mod>in paragraph (a), at the end insert <quotedText>“, except so far as that quality requirement relates to Condition 1 or 2 in <ref href="#d25e5826">subsection (1A)</ref>”<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-11-b"><num>(b)</num><content><mod>in paragraph (b), at the end insert <quotedText>“, except so far as that quality requirement relates to the fifth and sixth conditions”</quotedText>;</mod></content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-11-c"><num>(c)</num><content><mod>in paragraph (c), at the end insert <quotedText>“, except so far as those requirements relate to Condition 1 or 2 in section 20<ref href="#d25e5826">(1A)</ref>”</quotedT

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-12"><num>(12)</num><content><mod>After section 28 insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-13"><num>(13)</num><content><mod>Before section 31 insert—<quotedStructure startQuote="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-14"><num>(14)</num><intro>In section 99 (interpretation of Part)—</intro><level cla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-14-a"><num>(a)</num><content>the existing words become subsection (1);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-14-b"><num>(b)</num><intro>in that subsection, at the appropriate places insert—</intro><hcontainer name="definition"><intro>““<term refersTo="#term-group-personal-pension-scheme" eId="term-group-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-40-14-c"><num>(c)</num><content><mod>after that subsection insert—<quotedStructur

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-15"><num>(15)</num><intro>In section 143 (orders and regulations) in subsection (5)(a)—</intro><level class="para1" eId="section-40-15-a"><num>(a)</num><content><mod>after “17(1)(c),” insert <quotedText>“2

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-15-a"><num>(a)</num><content><mod>after “17(1)(c),” insert <quotedText>“20, 26<ref href="#d25e6027">(7A)</ref>, <ref href="#d25e6039">(7B)</ref>, <ref href="#d25e6051">(7C)</ref> or <ref href="#d25e6099"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-15-b"><num>(b)</num><content><mod>after “28,” insert <quotedText>“<ref href="#d25e6214">28A</ref>, <ref href="#d25e6551">28B</ref>, <ref href="#d25e6894">28C</ref> (other than subsection <ref href="#d25e

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-16"><num>(16)</num><intro>The following provisions of the Pensions Act 2008 (which relate to transition pathway relief) are repealed at the end of the period of 5 years beginning with the day on which the provisi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-16-a"><num>(a)</num><content>paragraph <ref href="#d25e5863">(d)</ref> of Condition 1 in section 20<ref href="#d25e5826">(1A)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-16-b"><num>(b)</num><content>section 26<ref href="#d25e6051">(7C)</ref><ref href="#d25e6069">(b)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-16-c"><num>(c)</num><content>section <ref href="#d25e7377">28E</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-16-d"><num>(d)</num><content>the word “<ref href="#d25e7377">28E</ref>” in section 143(5)(a).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-17"><num>(17)</num><intro>The following provisions are repealed at the end of 2035—</intro><level class="para1" eId="section-40-17-a"><num>(a)</num><intro>in <ref eId="c00021" href="https://www.legislation

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-17-a"><num>(a)</num><intro>in <ref eId="c00021" href="https://www.legislation.gov.uk/ukpga/2000/8/section/204A">section 204A</ref> of the <ref eId="c00022" href="https://www.legislation.gov.uk/ukpga/2000

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-17-a-i"><num>(i)</num><content>in subsection (2)(aza), the words “or the asset allocation requirement in section <ref href="#d25e6894">28C</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-17-a-ii"><num>(ii)</num><content>in subsection (6)(aza), the words “or the asset allocation requirement in section <ref href="#d25e6894">28C</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-17-b"><num>(b)</num><content>in section 90(6)<ref href="#d25e24762">(da)</ref> of the Pensions Act 2004, the words “and the asset allocation requirement”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-17-c"><num>(c)</num><content>the relevant asset allocation provisions of the <ref eId="c00023" href="https://www.legislation.gov.uk/ukpga/2008/30/contents">Pensions Act 2008</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-18"><num>(18)</num><intro>For the purposes of subsection <ref href="#section-40-17">(17)</ref>, the “relevant asset allocation provisions” of the Pensions Act 2008 are the following—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-a"><num>(a)</num><intro>in section 20<ref href="#d25e5826">(1A)</ref> (asset allocation requirement: Master Trusts)—</intro><level class="para2" eId="section-40-18-a-i"><num>(i)</num><content>i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-a-i"><num>(i)</num><content>in the opening words, the words “and Condition 2”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-a-ii"><num>(ii)</num><content>Condition 2;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-b"><num>(b)</num><content>in section 20<ref href="#d25e5903">(1B)</ref> (exemptions), the words “or 2<ref href="#d25e5893">(b)</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-c"><num>(c)</num><intro>in section 20<ref href="#d25e5924">(1C)</ref> (protected period)—</intro><level class="para2" eId="section-40-18-c-i"><num>(i)</num><content>in paragraph <ref href="#d25

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-c-i"><num>(i)</num><content>in paragraph <ref href="#d25e5930">(a)</ref>, the words “or Condition 2”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-c-ii"><num>(ii)</num><content>in paragraph <ref href="#d25e5950">(c)</ref>, the words “or the conditions for approval under section <ref href="#d25e6894">28C</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-d"><num>(d)</num><intro>in section 26 (quality requirement: UK personal pension schemes)—</intro><level class="para2" eId="section-40-18-d-i"><num>(i)</num><content>subsection <ref href="#d25e6

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-d-i"><num>(i)</num><content>subsection <ref href="#d25e6039">(7B)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-d-ii"><num>(ii)</num><content>in subsection <ref href="#d25e6087">(7D)</ref>, the words “or <ref href="#d25e6039">(7B)</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-d-iii"><num>(iii)</num><content>in subsection <ref href="#d25e6099">(7E)</ref><ref href="#d25e6105">(a)</ref>, the words “or sixth”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-d-iv"><num>(iv)</num><content>in subsection <ref href="#d25e6099">(7E)</ref><ref href="#d25e6125">(c)</ref>, the words “or the conditions for approval under section <ref href="#d25e6894">28C</ref>”;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-e"><num>(e)</num><intro>in section 28 (certification that quality requirement or alternative requirement is satisfied)—</intro><level class="para2" eId="section-40-18-e-i"><num>(i)</num><content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-e-i"><num>(i)</num><content>in subsection (4)(a), the words “or 2”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-e-ii"><num>(ii)</num><content>in subsection (4)(b), the words “and sixth”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-e-iii"><num>(iii)</num><content>in subsection (4)(c), the words “or 2”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-f"><num>(f)</num><content>section <ref href="#d25e6894">28C</ref> (approvals in respect of asset allocation);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-g"><num>(g)</num><content>section <ref href="#d25e7697">28G</ref> (suspension of asset allocation requirement: savers’ interest test);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-h"><num>(h)</num><content>in section <ref href="#d25e7821">28H</ref> (risk notices), in subsection (1)(b), the words “or <ref href="#d25e6894">28C</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-i"><num>(i)</num><intro>in section <ref href="#d25e8016">28I</ref> (penalties)—</intro><level class="para2" eId="section-40-18-i-i"><num>(i)</num><content>in subsection <ref href="#d25e8020">(1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-i-i"><num>(i)</num><content>in subsection <ref href="#d25e8020">(1)</ref><ref href="#d25e8026">(a)</ref>, the words “or <ref href="#d25e6894">28C</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-i-ii"><num>(ii)</num><content>in subsection <ref href="#d25e8047">(2)</ref><ref href="#d25e8053">(a)</ref>, the words “or <ref href="#d25e6039">(7B)</ref>”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-j"><num>(j)</num><content>section <ref href="#d25e8267">30A</ref> (review of exercise of powers under section <ref href="#d25e6894">28C</ref>);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-18-k"><num>(k)</num><intro>in section 143(5)(a) (orders and regulations)—</intro><level class="para2" eId="section-40-18-k-i"><num>(i)</num><content>the word “<ref href="#d25e6039">(7B)</ref>”;</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-18-k-ii"><num>(ii)</num><content>the words “<ref href="#d25e6894">28C</ref> (other than subsection <ref href="#d25e7100">(11)</ref><ref href="#d25e7136">(f)</ref>)”;</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-19"><num>(19)</num><intro>In consequence of the repeals under subsection <ref href="#section-40-17">(17)</ref>, at the end of 2035—</intro><level class="para1" eId="section-40-19-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-19-a"><num>(a)</num><content><mod>in section 73(2)<ref href="#d25e24389">(dza)</ref> of the Pensions Act 2004 (inspection of premises), for “<ref href="#d25e7697">28G</ref> of the Pensions Act 2008 (scal

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-19-b"><num>(b)</num><content><mod>in section 28(4)(b) of the Pensions Act 2008 (certification that quality requirement or alternative requirement is satisfied), for “conditions” substitute <quotedText>“c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-20"><num>(20)</num><content>The Secretary of State may by regulations make transitional or saving provision in connection with any repeal or amendment under subsection <ref href="#section-40-17">(17)</ref> or <re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-21"><num>(21)</num><content>If this section is repealed under section <ref href="#section-133">133</ref><ref href="#section-133-6">(6)</ref> (repeal where asset allocation requirement uncommenced) in respect of t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-22"><num>(22)</num><content>Regulations under subsection <ref href="#section-40-20">(20)</ref> or <ref href="#section-40-21">(21)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41"><num>41</num><heading>Amendments related to section <ref href="#section-40">40</ref></headin

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41-2"><num>(2)</num><content><mod>In section 1A (the Financial Conduct Authority), in subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-3"><num>(3)</num><content>Section 204A (meaning of “<term refersTo="#term-relevant-requirement" eId="term-relevant-requirement">relevant requirement</term>” and “<term refersTo="#term-appropriate-regulator" eId="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41-4"><num>(4)</num><content><mod>In subsection (2), after paragraph (aa) insert—<quotedSt

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41-5"><num>(5)</num><content><mod>In subsection (6), after paragraph (a) insert—<quotedStr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-6"><num>(6)</num><content>Part 1 (Master Trusts) of the Pension Schemes Act 2017 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41-7"><num>(7)</num><intro>In section 5 (decision on application), in subsection (3)—<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-7-a"><num>(a)</num><content>omit the “and” before paragraph (e);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-41-7-b"><num>(b)</num><content><mod>after paragraph (e) insert—<quotedStructure s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41-8"><num>(8)</num><content><mod>After section 12 insert—<quotedStructure startQuote="&#x

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2-chapter-4"><num>Chapter 4</num><heading>Default arrangements</heading><section eId="section-42"><

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42"><num>42</num><heading>Regulations restricting creation of new non-scale default arrangements</heading><subsection eId="section-42-1"><num>(1)</num><content>The appropriate authority may make regulations for the pur

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-1"><num>(1)</num><content>The appropriate authority may make regulations for the purpose of restricting the ability of the provider of a pension scheme to begin operating a non-scale default arrangement.</con

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-2"><num>(2)</num><intro>The regulations may, in particular, make provision—</intro><level class="para1" eId="section-42-2-a"><num>(a)</num><content>prohibiting the provider of a pension scheme from beginni

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-a"><num>(a)</num><content>prohibiting the provider of a pension scheme from beginning to operate a non-scale default arrangement unless the arrangement is approved by the appropriate regulator;</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-b"><num>(b)</num><content>about the criteria which the appropriate regulator must apply in deciding whether to approve a non-scale default arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-c"><num>(c)</num><content>about the conditions which the appropriate regulator may or must attach to approval;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-d"><num>(d)</num><content>about the ongoing requirements to which the provider of a pension scheme is to be subject in relation to a non-scale default arrangement approved under the regulations;</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-e"><num>(e)</num><content>where assets of a pension scheme are held subject to a non-scale default arrangement that is being operated in breach of the regulations, requiring the provider of the pension

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-f"><num>(f)</num><content>conferring functions on the appropriate regulator, including functions involving the exercise of a discretion;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-g"><num>(g)</num><content>for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-h"><num>(h)</num><content>for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of anything done under the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43"><num>43</num><heading>Review in relation to non-scale default arrangements</heading><subsection eId="section-43-1"><num>(1)</num><content>The Secretary of State and the Treasury (“the reviewers”), acting jointly, m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-1"><num>(1)</num><content>The Secretary of State and the Treasury (“the reviewers”), acting jointly, must carry out a review of the non-scale default arrangements operated by providers of pension schemes.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-2"><num>(2)</num><intro>The review must consider the following (as well as any other matters that the reviewers consider relevant)—</intro><level class="para1" eId="section-43-2-a"><num>(a)</num><content>t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-2-a"><num>(a)</num><content>the number of non-scale default arrangements being operated by providers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-2-b"><num>(b)</num><content>the extent to which non-scale default arrangements operated by providers have been consolidated, or are likely to be consolidated, into approved main scale default arrangement

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-2-c"><num>(c)</num><content>where non-scale default arrangements have not been so consolidated, the reasons why;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-2-d"><num>(d)</num><content>the circumstances in which it may be appropriate for non-scale default arrangements not to be so consolidated.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-3"><num>(3)</num><content>The reviewers must publish a report on the review as soon as reasonably practicable after the review is completed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-4"><num>(4)</num><content>The Pensions Regulator and the FCA must provide such information and assistance as the reviewers may require for the purposes of the review.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-5"><num>(5)</num><content>Neither section 348 of the Financial Services and Markets Act 2000 nor section 82 of the Pensions Act 2004 prohibits the disclosure by the reviewers, the Pensions Regulator or the FCA of

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44"><num>44</num><heading>Regulations about consolidation of non-scale default arrangements</heading><subsection eId="section-44-1"><num>(1)</num><content>The appropriate authority may make regulations about the consol

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-1"><num>(1)</num><content>The appropriate authority may make regulations about the consolidation of non-scale default arrangements into approved main scale default arrangements.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-2"><num>(2)</num><intro>The regulations may, in particular, make provision—</intro><level class="para1" eId="section-44-2-a"><num>(a)</num><content>requiring the provider of a pension scheme, subject to an

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-2-a"><num>(a)</num><content>requiring the provider of a pension scheme, subject to any exemptions specified in the regulations, to consolidate a non-scale default arrangement operated by it into an appro

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-2-b"><num>(b)</num><content>requiring the provider of a pension scheme to prepare, and provide the appropriate regulator with, an action plan about how and when a non-scale default arrangement operated b

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-2-c"><num>(c)</num><content>conferring functions on the appropriate regulator, including functions involving the exercise of a discretion;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-2-d"><num>(d)</num><content>for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-2-e"><num>(e)</num><content>for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of a decision made under the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-3"><num>(3)</num><intro>Regulations under this section—</intro><level class="para1" eId="section-44-3-a"><num>(a)</num><content>may not be made until the review under section <ref href="#section-43">43</re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-3-a"><num>(a)</num><content>may not be made until the review under section <ref href="#section-43">43</ref> has been completed and the report on it published, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-3-b"><num>(b)</num><content>must take account of the review’s conclusions.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-4"><num>(4)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45"><num>45</num><heading>Regulations about default arrangements</heading><intro>In making regulations under section <ref href="#section-42">42</ref> or <ref href="#section-44">44</ref>, the appropriate authority must

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-a"><num>(a)</num><content>innovation in the design and operation of pension schemes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-b"><num>(b)</num><content>competition among providers of pension schemes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-c"><num>(c)</num><content>improving outcomes for members of pension schemes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-d"><num>(d)</num><content>pension schemes having effective governance.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46"><num>46</num><heading>Amendments of the Financial Services and Markets Act 2000</heading><su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-2"><num>(2)</num><content><mod>In section 1A (the Financial Conduct Authority), in subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-3"><num>(3)</num><intro>In section 204A (meaning of “<term refersTo="#term-relevant-req

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-46-3-a"><num>(a)</num><content><mod>in subsection (2), before paragraph (b) inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-46-3-b"><num>(b)</num><content><mod>in subsection (6), before paragraph (b) inser

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47"><num>47</num><heading>Crown application</heading><subsection eId="section-47-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension sc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension schemes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-2"><num>(2)</num><content>Accordingly, references in this Chapter to a person in their capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that ca

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-3"><num>(3)</num><content>This Chapter applies to persons employed by or under the Crown as it applies to persons employed by a private person.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48"><num>48</num><heading>Interpretation of Chapter</heading><subsection eId="section-48-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-the-appropriat

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-the-appropriate-authority" eId="term-the-appropriate-authority">the appropriate authority</term>”

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-transferable-member" eId="term-transferable-member">transferable member</term>” is to be interpreted in accordance with <ref href="#section-51">section 51</ref><ref href="#sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48-2"><num>(2)</num><intro>A pension scheme is “FCA-regulated” if the operation of the scheme—</intro><level class="para1" eId="section-48-2-a"><num>(a)</num><content>is carried on in such a way as to be a re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-48-2-a"><num>(a)</num><content>is carried on in such a way as to be a regulated activity for the purposes of the Financial Services and Markets Act 2000, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-48-2-b"><num>(b)</num><content>is carried on in the United Kingdom by a person who is in relation to that activity an authorised person under section 19 of that Act.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48-3"><num>(3)</num><content>The provider of a pension scheme “operates” a non-scale default arrangement or main scale default arrangement if any assets held for the purposes of the scheme are held subject to the no

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2-chapter-5"><num>Chapter 5</num><heading>FCA-regulated pension schemes: contractual override</head

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49"><num>49</num><heading>FCA-regulated pension schemes: contractual override</heading><subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49-2"><num>(2)</num><content><mod>After Part 7 insert—<quotedStructure startQuote="&#x201C

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49-3"><num>(3)</num><content><mod>In section 105 (insurance business transfer schemes), in

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49-4"><num>(4)</num><content><mod>In section 168 (appointment of persons to carry out inve

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49-5"><num>(5)</num><content><mod>In section 429 (Parliamentary control of statutory instr

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2-chapter-6"><num>Chapter 6</num><heading>Guided retirement</heading><section eId="section-50"><num

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50"><num>50</num><heading>Default pension benefit solutions</heading><subsection eId="section-50-1"><num>(1)</num><intro>Subject to <ref href="#section-51">section 51</ref><ref href="#section-51-1">(1)</ref>, the trust

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-1"><num>(1)</num><intro>Subject to <ref href="#section-51">section 51</ref><ref href="#section-51-1">(1)</ref>, the trustees or managers of a relevant scheme must—</intro><level class="para1" eId="section-50-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-1-a"><num>(a)</num><content>design, and make available to each eligible member of the scheme, one or more default pension benefit solutions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-1-b"><num>(b)</num><content>at least in such circumstances or at such times or intervals as may be prescribed, review the design (and if appropriate the number) of the default pension benefit solutions.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-2"><num>(2)</num><content>In this Chapter “<term refersTo="#term-pension-benefit-solution" eId="term-pension-benefit-solution">pension benefit solution</term>”, in relation to a pension scheme, means a contractua

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-3"><num>(3)</num><intro>In this Chapter “<term refersTo="#term-default-pension-benefit-solution" eId="term-default-pension-benefit-solution">default pension benefit solution</term>”, in relation to a relevant sch

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-3-a"><num>(a)</num><intro>is designed for delivering money purchase benefits under the scheme to—</intro><level class="para2" eId="section-50-3-a-i"><num>(i)</num><content>the eligible members of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-3-a-i"><num>(i)</num><content>the eligible members of the scheme generally, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-3-a-ii"><num>(ii)</num><content>a subset of those eligible members,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-3-b"><num>(b)</num><content>is designed to provide a regular income for the eligible members concerned in their retirement (whether or not together with other benefits),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-3-c"><num>(c)</num><intro>is for the time being designated by the trustees or managers of the scheme as the pension benefit solution under which—</intro><level class="para2" eId="section-50-3-c-i"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-3-c-i"><num>(i)</num><content>the eligible members of the scheme generally, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-3-c-ii"><num>(ii)</num><content>a subset of those eligible members,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-3-d"><num>(d)</num><content>meets any other conditions that may be prescribed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-4"><num>(4)</num><intro>The trustees or managers of a relevant scheme must, in determining what default pension benefit solutions the scheme should make available (generally or to subsets of eligible members), ta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-4-a"><num>(a)</num><intro>the needs and interests of—</intro><level class="para2" eId="section-50-4-a-i"><num>(i)</num><content>the scheme’s membership as a whole, and</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-4-a-i"><num>(i)</num><content>the scheme’s membership as a whole, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-4-a-ii"><num>(ii)</num><content>any subset of the scheme’s membership that the trustees or managers consider appropriate;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-4-b"><num>(b)</num><content>the circumstances of different eligible members of the scheme (for example the normal pension ages of such members or the value or expected value of their money purchase benef

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-4-c"><num>(c)</num><content>the possibility that a member may already have received some of their benefits (for example as a lump sum) before deciding to make use of a default pension benefit solution;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-4-d"><num>(d)</num><content>such other factors as may be prescribed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-5"><num>(5)</num><content>Regulations may make provision about how trustees or managers of a scheme are to assess the needs and interests of the scheme’s membership for the purposes of <ref href="#section-50-4">s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-6"><num>(6)</num><intro>Regulations may—</intro><level class="para1" eId="section-50-6-a"><num>(a)</num><content>specify descriptions of eligible members in relation to which subsection (3) is to have effe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-6-a"><num>(a)</num><content>specify descriptions of eligible members in relation to which subsection (3) is to have effect with the omission of paragraph (b) of that subsection;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-6-b"><num>(b)</num><intro>make provision about the meaning for the purposes of subsection <ref href="#section-50-3">(3)</ref><ref href="#section-50-3-b">(b)</ref> of—</intro><level class="para2" eId=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-6-b-i"><num>(i)</num><content>“designed to provide a regular income”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-50-6-b-ii"><num>(ii)</num><content>“retirement”.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-7"><num>(7)</num><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-eligible-member" eId="term-eligible-member">eligible member</term>”, in relation to a relevant

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-8"><num>(8)</num><intro>Regulations under this section—</intro><level class="para1" eId="section-50-8-a"><num>(a)</num><content>are subject to the negative procedure if they are made under <ref href="#sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-8-a"><num>(a)</num><content>are subject to the negative procedure if they are made under <ref href="#section-50-1">subsection (1)</ref><ref href="#section-50-1-b">(b)</ref> or <ref href="#section-50-6">(

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-8-b"><num>(b)</num><content>otherwise, are subject to the affirmative procedure.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51"><num>51</num><heading>Transferable members</heading><subsection eId="section-51-1"><num>(1)</num><content>The trustees or managers of a relevant scheme (“<term refersTo="#term-the-principal-scheme" eId="term-the-pr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-1"><num>(1)</num><content>The trustees or managers of a relevant scheme (“<term refersTo="#term-the-principal-scheme" eId="term-the-principal-scheme">the principal scheme</term>”) are not required to comply with

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-2"><num>(2)</num><content>The first condition is that the trustees or managers of the principal scheme have determined that it is not reasonably practicable for them to design and make available to the members co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-3"><num>(3)</num><content>The second condition is that the trustees or managers of the principal scheme have determined that a qualifying pension benefit solution of a qualifying scheme (other than the principal

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-4"><num>(4)</num><content>Where the principal scheme has transferable members, the trustees or managers must take the steps set out in <ref href="#section-51-5">subsection (5)</ref> in respect of them.</conte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-5"><num>(5)</num><intro>The steps mentioned in <ref href="#section-51-4">subsection (4)</ref> are to—</intro><level class="para1" eId="section-51-5-a"><num>(a)</num><intro>identify a qualifying scheme (the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-5-a"><num>(a)</num><intro>identify a qualifying scheme (the “receiving scheme”) that is able to and agrees to—</intro><level class="para2" eId="section-51-5-a-i"><num>(i)</num><content>receive a t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-51-5-a-i"><num>(i)</num><content>receive a transfer in respect of the accrued rights of the transferable member (a “relevant transfer”), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-51-5-a-ii"><num>(ii)</num><content>make a qualifying pension benefit solution available to the transferable member;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-5-b"><num>(b)</num><content>at such times or in such circumstances as may be prescribed, enter into arrangements (“transfer arrangements”) with the receiving scheme with a view to effecting a relevant tr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-5-c"><num>(c)</num><content>take any other prescribed steps.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-6"><num>(6)</num><content>In carrying out the step in subsection <ref href="#section-51-5">(5)</ref><ref href="#section-51-5-a">(a)</ref>, the trustees or managers of the principal scheme must have regard to the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-7"><num>(7)</num><content><ref href="#section-50">Section 50</ref><ref href="#section-50-5">(5)</ref> applies for the purposes of <ref href="#section-51-6">subsection (6)</ref> as it applies for the purposes of <

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-8"><num>(8)</num><content>The trustees or managers of the principal scheme must, at least in such circumstances or at such times or intervals as may be prescribed, review the suitability of any qualifying pension

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-9"><num>(9)</num><intro>In this Chapter, “<term refersTo="#term-qualifying-pension-benefit-solution" eId="term-qualifying-pension-benefit-solution">qualifying pension benefit solution</term>”, in relation to a qu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-9-a"><num>(a)</num><intro>is designed for delivering money purchase benefits under that scheme to—</intro><level class="para2" eId="section-51-9-a-i"><num>(i)</num><content>the members of the sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-51-9-a-i"><num>(i)</num><content>the members of the scheme generally, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-51-9-a-ii"><num>(ii)</num><content>a subset of those members,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-9-b"><num>(b)</num><content>is designed to provide a regular income for the members concerned in their retirement (whether or not together with other benefits), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-9-c"><num>(c)</num><content>meets any other conditions that may be prescribed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-10"><num>(10)</num><content>Nothing in this Chapter authorises any transfer in respect of a person’s accrued rights under a relevant scheme without that person’s consent.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-11"><num>(11)</num><intro>In this section “<term refersTo="#term-qualifying-scheme" eId="term-qualifying-scheme">qualifying scheme</term>” means—</intro><level class="para1" eId="section-51-11-a"><num>(a)</nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-11-a"><num>(a)</num><content>an occupational pension scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-11-b"><num>(b)</num><content>a personal pension scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-12"><num>(12)</num><intro>If a transferable member accepts in writing a proposal of the principal scheme for the transferable member’s accrued rights to be transferred to the receiving scheme—</intro><level c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-12-a"><num>(a)</num><content>the trustees or managers of the principal scheme must communicate that proposal to the receiving scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-12-b"><num>(b)</num><content>the proposal is to be treated as requiring the receiving scheme to enrol the transferable member as a member of the receiving scheme and use the cash equivalent to provide ri

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-13"><num>(13)</num><content>Regulations may make provision about the conditions in subsections <ref href="#section-51-2">(2)</ref> and <ref href="#section-51-3">(3)</ref>, including about the basis on which the d

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-14"><num>(14)</num><intro>Regulations may require a pension scheme of a prescribed description to agree to receive a transfer in respect of the accrued rights of a transferable member where—</intro><level cl

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-14-a"><num>(a)</num><content>the principal scheme has been unable, having used reasonable endeavours, to identify a qualifying scheme that is able and willing to do so, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-14-b"><num>(b)</num><content>any other prescribed conditions are met.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-15"><num>(15)</num><intro>A requirement under subsection <ref href="#section-51-14">(14)</ref> may only be imposed on a pension scheme that is one or both of the following—</intro><level class="para1" eId="se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-15-a"><num>(a)</num><content>a Master Trust scheme within the meaning of the Pension Schemes Act 2017;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-15-b"><num>(b)</num><content>a consolidator scheme within the meaning of Chapter 2 of Part 2 (consolidation of small dormant pension pots).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-16"><num>(16)</num><content>Regulations may prohibit or limit the charging of fees in respect of transfers made under transfer arrangements.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-17"><num>(17)</num><content>Regulations may provide for the manner in which cash equivalents are to be calculated and verified.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-18"><num>(18)</num><content>Regulations under subsection <ref href="#section-51-8">(8)</ref>, <ref href="#section-51-16">(16)</ref> or <ref href="#section-51-17">(17)</ref> are subject to the negative procedure;

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52"><num>52</num><heading>Provision and gathering of information</heading><subsection eId="section-52-1"><num>(1)</num><intro>Where only one pension benefit solution is available to the members of a relevant scheme, th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-1"><num>(1)</num><intro>Where only one pension benefit solution is available to the members of a relevant scheme, the trustees or managers must ensure that each eligible member of the scheme is given at a prescri

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-1-a"><num>(a)</num><content>describes the pension benefit solution, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-1-b"><num>(b)</num><content>sets out the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the pension benefit solution is s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-2"><num>(2)</num><intro>Where more than one pension benefit solution is available to the eligible members of a relevant scheme, the trustees or managers must ensure that, at a prescribed time, each eligible membe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-2-a"><num>(a)</num><content>describes the default pension benefit solution or qualifying pension benefit solution that the trustees or managers consider to be the most appropriate to the member (“the spe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-2-b"><num>(b)</num><content>sets out the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the specified solution is suitabl

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-3"><num>(3)</num><content>Regulations may make provision about how a pension benefit solution is to be presented to a member when the member applies to receive benefits.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-4"><num>(4)</num><intro>The trustees or managers of a relevant scheme must ensure that each eligible member of the scheme is given at prescribed times or intervals—</intro><level class="para1" eId="section-52

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-4-a"><num>(a)</num><intro>information about basic features of the member’s pension, including that it has—</intro><level class="para2" eId="section-52-4-a-i"><num>(i)</num><content>an accumulation

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-52-4-a-i"><num>(i)</num><content>an accumulation phase, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-52-4-a-ii"><num>(ii)</num><content>a decumulation phase;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-4-b"><num>(b)</num><content>general information about the availability to the member of a default pension benefit solution or qualifying pension benefit solution and an explanation that such a solution i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-5"><num>(5)</num><intro>Regulations may require the trustees or managers of a relevant scheme to communicate to each eligible member at prescribed times or intervals—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-a"><num>(a)</num><content>information about the pension benefit solutions available to the eligible members;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-b"><num>(b)</num><content>general information about other options that may be available to the member for receiving benefits in respect of their contributions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-c"><num>(c)</num><content>information describing a particular pension benefit solution that the trustees or managers consider to be suitable for the eligible member in question;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-d"><num>(d)</num><content>where information within <ref href="#section-52-5-c">paragraph (c)</ref> is included in a communication, the trustees’ or managers’ opinion as to what might be the circumstanc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-e"><num>(e)</num><content>any general information prescribed for the purpose of assisting eligible members in deciding how to receive their pension benefits.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-6"><num>(6)</num><content>Communications made under or by virtue of any of subsections <ref href="#section-52-1">(1)</ref> to <ref href="#section-52-5">(5)</ref> must be in clear and plain language.</content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-7"><num>(7)</num><intro>The trustees or managers of a relevant scheme may request from eligible members of the scheme any information the trustees or managers consider reasonably necessary for the purpose of—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-7-a"><num>(a)</num><content>designing or reviewing, or in the case of transferable members identifying, pension benefit solutions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-7-b"><num>(b)</num><content>determining what pension benefit solution may be appropriate for the member, including what rate of decumulation may be appropriate,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-8"><num>(8)</num><content>Regulations may require the trustees or managers of relevant schemes to request from eligible members any information the trustees or managers consider appropriate for the purposes speci

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-9"><num>(9)</num><content>In exercising their functions under subsection <ref href="#section-52-7">(7)</ref> trustees and managers must comply with any requirements that may be prescribed.</content></subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-10"><num>(10)</num><content>Regulations may make provision about the format of any communications authorised or required to be made under <ref href="#section-52">this section</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-11"><num>(11)</num><content>Before making regulations under <ref href="#section-52">this section</ref> the Secretary of State must consult any persons the Secretary of State thinks appropriate.</content></sub

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-12"><num>(12)</num><content>Regulations under <ref href="#section-52">this section</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53"><num>53</num><heading>Information etc in connection with selection of benefit solution</heading><subsection eId="section-53-1"><num>(1)</num><intro>Regulations may require trustees or managers of a relevant scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-1"><num>(1)</num><intro>Regulations may require trustees or managers of a relevant scheme to provide or make available to eligible members, at prescribed times or intervals, information expressed in clear and pla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-1-a"><num>(a)</num><content>the selection of a pension benefit solution, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-1-b"><num>(b)</num><content>decisions that may need to be made with respect to a pension benefit solution.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-2"><num>(2)</num><content>Regulations may require that information provided or made available to a member by virtue of <ref href="#section-53-1">subsection (1)</ref> must, as far as possible, be based on informat

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-3"><num>(3)</num><intro>Regulations may require trustees or managers of a relevant scheme to—</intro><level class="para1" eId="section-53-3-a"><num>(a)</num><content>monitor the rate of decumulation under

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-3-a"><num>(a)</num><content>monitor the rate of decumulation under pension benefit solutions used by members, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-3-b"><num>(b)</num><content>inform the member concerned if the trustees or managers consider that the rate of decumulation should be reviewed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-4"><num>(4)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54"><num>54</num><heading>Pension benefits strategy</heading><subsection eId="section-54-1"><num>(1)</num><intro>The trustees or managers of a relevant scheme must determine, and from time to time review and if necessa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-1"><num>(1)</num><intro>The trustees or managers of a relevant scheme must determine, and from time to time review and if necessary revise, a strategy (a “pension benefits strategy”) for ensuring that the trustee

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-1-a"><num>(a)</num><content>identify and carry out the steps they need to take for the purpose of understanding the requirements of eligible members of the scheme with regard to pension benefit solutions

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-1-b"><num>(b)</num><content>design, or in the case of transferable members identify, pension benefit solutions that take account of those needs;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-1-c"><num>(c)</num><content>communicate effectively with eligible members of the scheme with regard to pension benefit solutions and comply with any regulations under section <ref href="#section-53">53</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-2"><num>(2)</num><intro>The trustees or managers must publish the strategy and ensure that a copy of it is provided on request to—</intro><level class="para1" eId="section-54-2-a"><num>(a)</num><content>th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-a"><num>(a)</num><content>the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-b"><num>(b)</num><content>any member of the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-3"><num>(3)</num><intro>Regulations may—</intro><level class="para1" eId="section-54-3-a"><num>(a)</num><content>specify any objectives, principles or matters the trustees or managers must take into accoun

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-a"><num>(a)</num><content>specify any objectives, principles or matters the trustees or managers must take into account in determining or revising a strategy;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-b"><num>(b)</num><content>make provision about the level of detail required in a pensions benefit strategy;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-c"><num>(c)</num><intro>authorise the Secretary of State to—</intro><level class="para2" eId="section-54-3-c-i"><num>(i)</num><content>determine the format in which a benefits strategy is to be

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-54-3-c-i"><num>(i)</num><content>determine the format in which a benefits strategy is to be set out, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-54-3-c-ii"><num>(ii)</num><content>delegate that function to the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-d"><num>(d)</num><content>make provision as to the period within which a pension benefits strategy must be determined;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-e"><num>(e)</num><content>specify the intervals at which the strategy must be reviewed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-f"><num>(f)</num><intro>require the trustees or managers of relevant schemes to—</intro><level class="para2" eId="section-54-3-f-i"><num>(i)</num><content>to take account, in determining or revi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-54-3-f-i"><num>(i)</num><content>to take account, in determining or revising a strategy, any guidance issued by the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-54-3-f-ii"><num>(ii)</num><content>provide in the strategy evidence of how they have taken account of any matters prescribed by virtue of <ref href="#section-54-3">subsection (3)</ref><ref href="#section-54

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-4"><num>(4)</num><content>Regulations may require the trustees or managers of a relevant scheme to publish, alongside a pension benefits strategy (or revised pension benefits strategy), prescribed information or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-5"><num>(5)</num><intro>Regulations under this section—</intro><level class="para1" eId="section-54-5-a"><num>(a)</num><content>are subject to the affirmative procedure if they are under <ref href="#sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-5-a"><num>(a)</num><content>are subject to the affirmative procedure if they are under <ref href="#section-54-3">subsection (3)</ref><ref href="#section-54-3-a">(a)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-5-b"><num>(b)</num><content>otherwise are subject to the negative procedure.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-55"><num>55</num><heading>Enforcement and compliance</heading><subsection eId="section-55-1"><nu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-1"><num>(1)</num><content>Regulations may make provision with a view to ensuring the compliance of any person with any provision of or under this Chapter.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-2"><num>(2)</num><intro>The regulations may in particular—</intro><level class="para1" eId="section-55-2-a"><num>(a)</num><content>provide for the Pensions Regulator to issue a notice (a “<term refersTo="#

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-2-a"><num>(a)</num><content>provide for the Pensions Regulator to issue a notice (a “<term refersTo="#term-compliance-notice" eId="term-compliance-notice">compliance notice</term>”) to a person with a vi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-2-b"><num>(b)</num><content>provide for the Pensions Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-2-c"><num>(c)</num><intro>provide for the Pensions Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the person—</intro><level class="para2" eId="section-55-2-c-i"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-55-2-c-i"><num>(i)</num><content>has failed to comply with a compliance notice or third party compliance notice, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-55-2-c-ii"><num>(ii)</num><content>has contravened a provision of or under this Chapter;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-2-d"><num>(d)</num><content>provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;</content></level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-2-e"><num>(e)</num><content>confer other functions on the Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-3"><num>(3)</num><content>The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-4"><num>(4)</num><intro>But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—</intro><level class="para1" eId="section-55-4-a"><num>(a)</num><cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-4-a"><num>(a)</num><content>£10,000, in the case of an individual, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-4-b"><num>(b)</num><content>£100,000, in any other case.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-5"><num>(5)</num><content>Any penalty payable under the regulations is recoverable by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-6"><num>(6)</num><content>In England and Wales, any such penalty is, if the county court so orders, recoverable under section 85 of the County Courts Act 1984 or otherwise as if it were payable under an order of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-7"><num>(7)</num><content>In Scotland, a penalty notice is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom.</conte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-8"><num>(8)</num><content>The Regulator must pay into the Consolidated Fund any penalty recovered under this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-9"><num>(9)</num><content>Section 7 of the Pensions Act 1995 (appointment of trustees) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-55-10"><num>(10)</num><content><mod>In subsection (3), at the end of paragraph (c) omit “o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-11"><num>(11)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56"><num>56</num><heading>Crown application</heading><subsection eId="section-56-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension sc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-1"><num>(1)</num><content>This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension schemes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-2"><num>(2)</num><content>Accordingly, references in this Chapter to a person in their capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that ca

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-3"><num>(3)</num><content>This Chapter applies to persons employed by or under the Crown as it applies to persons employed by a private person.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57"><num>57</num><heading>Interpretation of Chapter</heading><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-default-pension-benefit-solution" eId="term-default-pensi

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-58"><num>58</num><heading>Corresponding provision in relation to FCA-regulated schemes</heading>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-3"><num>Part 3</num><heading>Superfunds</heading><chapter eId="part-3-chapter-1"><num>Chapter 1</num><

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-3-chapter-1"><num>Chapter 1</num><heading>Introductory</heading><section eId="section-59"><num>59</num><heading>Overview</heading><subsection eId="section-59-1"><num>(1)</num><intro>This Part—</intro><level class="par

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59"><num>59</num><heading>Overview</heading><subsection eId="section-59-1"><num>(1)</num><intro>This Part—</intro><level class="para1" eId="section-59-1-a"><num>(a)</num><content>contains a regulatory framework

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-1"><num>(1)</num><intro>This Part—</intro><level class="para1" eId="section-59-1-a"><num>(a)</num><content>contains a regulatory framework for superfunds, and</content></level><level class="para1" eId=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-1-a"><num>(a)</num><content>contains a regulatory framework for superfunds, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-1-b"><num>(b)</num><content>prohibits superfund transfers except where made in accordance with that framework.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-2"><num>(2)</num><content><ref href="#part-3-chapter-1">This Chapter</ref> defines key concepts such as “superfund scheme”, “superfund”, “superfund transfer” and “capital buffer”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-3"><num>(3)</num><content><ref href="#part-3-chapter-2">Chapter 2</ref> allows for authorisation of superfunds by the Regulator, which is an initial step that must be taken before a scheme is eligible to receive

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-4"><num>(4)</num><content><ref href="#part-3-chapter-3">Chapter 3</ref> requires the Regulator’s approval for individual superfund transfers and sets out the criteria for granting approval.</content></subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-5"><num>(5)</num><content><ref href="#part-3-chapter-4">Chapter 4</ref> sets out requirements that superfunds must meet on an ongoing basis once they have received a superfund transfer.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-6"><num>(6)</num><content><ref href="#part-3-chapter-5">Chapter 5</ref> contains special procedures which apply if an “<term refersTo="#term-event-of-concern" eId="term-event-of-concern">event of concern</term>”

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-7"><num>(7)</num><content><ref href="#part-3-chapter-6">Chapter 6</ref> makes provision about interpretation of this Part and confers power to extend this Part to other similar structures.</content></subsecti

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60"><num>60</num><heading>Key concepts</heading><subsection eId="section-60-1"><num>(1)</num><intro>“<term refersTo="#term-superfund-scheme" eId="term-superfund-scheme">Superfund scheme</term>” means a trust-based occu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-1"><num>(1)</num><intro>“<term refersTo="#term-superfund-scheme" eId="term-superfund-scheme">Superfund scheme</term>” means a trust-based occupational pension scheme—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-1-a"><num>(a)</num><content>that has received a transfer of defined-benefit liabilities from another trust-based occupational pension scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-1-b"><num>(b)</num><content>that is supported by a capital buffer, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-1-c"><num>(c)</num><content>that is not supported by a substantive employer covenant,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-2"><num>(2)</num><intro>A trust-based occupational pension scheme is “supported by a capital buffer” if a contract or other legally binding arrangement has been entered into under which assets that are not assets

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-2-a"><num>(a)</num><content>must be held by a person in connection with the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-2-b"><num>(b)</num><content>must, in specified circumstances, be made available to the trustees for the purpose of satisfying liabilities of the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-3"><num>(3)</num><content>“<term refersTo="#term-capital-buffer" eId="term-capital-buffer">Capital buffer</term>”, in relation to a trust-based occupational pension scheme, means assets that are the subject of a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-4"><num>(4)</num><intro>A trust-based occupational pension scheme is “not supported by a substantive employer covenant” if, based on the employer’s financial position, there is no realistic prospect of the employ

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-4-a"><num>(a)</num><content>any capital buffer, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-4-b"><num>(b)</num><content>any financial support which it may obtain from another person but to which it is not entitled.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-5"><num>(5)</num><intro>“<term refersTo="#term-superfund" eId="term-superfund">Superfund</term>”, in relation to a superfund scheme, means the scheme together with—</intro><level class="para1" eId="section-60

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-5-a"><num>(a)</num><content>any capital buffer, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-5-b"><num>(b)</num><content>any arrangements in place for the management and administration of the scheme or any capital buffer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-6"><num>(6)</num><content>“<term refersTo="#term-superfund-transfer" eId="term-superfund-transfer">Superfund transfer</term>” means a transfer of defined-benefit liabilities from a trust-based occupational pensio

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61"><num>61</num><heading>Schemes divided into sections</heading><subsection eId="section-61-1"><num>(1)</num><content>This section applies for the purposes of this Part (unless the context otherwise requires).</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-1"><num>(1)</num><content>This section applies for the purposes of this Part (unless the context otherwise requires).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-2"><num>(2)</num><intro>Where a trust-based occupational pension scheme includes two or more sections—</intro><level class="para1" eId="section-61-2-a"><num>(a)</num><content>each section is treated as a s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-a"><num>(a)</num><content>each section is treated as a separate scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-b"><num>(b)</num><content>the members of the scheme that are allocated to each section are treated as the members of that separate scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-c"><num>(c)</num><content>the assets and liabilities of the scheme that are allocated to each section are treated as the assets and liabilities of that separate scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-d"><num>(d)</num><content>in the case of a superfund scheme, the assets of the capital buffer that are allocated to each section are treated as the capital buffer in relation to that separate scheme.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-3"><num>(3)</num><intro>Accordingly, in the case of a superfund scheme, any of the following is treated as a superfund transfer—</intro><level class="para1" eId="section-61-3-a"><num>(a)</num><content>the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-3-a"><num>(a)</num><content>the reallocation of members between sections;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-3-b"><num>(b)</num><content>the combination of two or more sections;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-3-c"><num>(c)</num><content>the division of one section into two or more.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-4"><num>(4)</num><intro>A “section” of a trust-based occupational pension scheme means arrangements—</intro><level class="para1" eId="section-61-4-a"><num>(a)</num><content>which have effect under the rule

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-4-a"><num>(a)</num><content>which have effect under the rules of the scheme (including, in the case of a superfund scheme, the capital buffer arrangement), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-4-b"><num>(b)</num><content>under which particular assets of the scheme (and, in the case of a superfund scheme, the capital buffer) may only be used to satisfy the scheme’s liabilities to or in respect

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-3-chapter-2"><num>Chapter 2</num><heading>Authorisation of superfunds</heading><section eId="section-62"><num>62</num><heading>Prohibition of unauthorised superfund activity</heading><subsection eId="section-62-1"><num>(1)</

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62"><num>62</num><heading>Prohibition of unauthorised superfund activity</heading><subsection eId="section-62-1"><num>(1)</num><intro>Where a pension scheme is not part of an authorised superfund, a person may not—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-1"><num>(1)</num><intro>Where a pension scheme is not part of an authorised superfund, a person may not—</intro><level class="para1" eId="section-62-1-a"><num>(a)</num><content>promote the scheme (generall

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-1-a"><num>(a)</num><content>promote the scheme (generally or to a particular person) with a view to its receiving a superfund transfer,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-1-b"><num>(b)</num><content>enter into any arrangements on behalf of the scheme with a view to its receiving a superfund transfer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-1-c"><num>(c)</num><content>cause or permit such promotion to take place or such arrangements to be entered into.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-2"><num>(2)</num><intro><ref href="#section-62-1">Subsection (1)</ref> does not apply where the person takes all reasonable steps to ensure—</intro><level class="para1" eId="section-62-2-a"><num>(a)</num><con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-a"><num>(a)</num><content>in relation to promotion of a scheme, that it is clear from the promotion that the scheme is not part of an authorised superfund;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-b"><num>(b)</num><content>in relation to arrangements entered into, that it is clear to every party to the arrangements, as at the time when the arrangements are entered into, that the scheme is not pa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-3"><num>(3)</num><content>A person who breaches <ref href="#section-62-1">subsection (1)</ref> commits an offence.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-4"><num>(4)</num><intro>A person who commits an offence under <ref href="#section-62-3">subsection (3)</ref> is liable—</intro><level class="para1" eId="section-62-4-a"><num>(a)</num><content>on summary co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-4-a"><num>(a)</num><content>on summary conviction in England and Wales, to a fine;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-4-b"><num>(b)</num><content>on summary conviction in Scotland, to a fine not exceeding the statutory maximum;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-4-c"><num>(c)</num><content>on conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-5"><num>(5)</num><content><ref eId="c00034" href="https://www.legislation.gov.uk/ukpga/2004/35/section/88A">Section 88A</ref> of the <ref eId="c00035" href="https://www.legislation.gov.uk/ukpga/2004/35/contents">

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63"><num>63</num><heading>Authorisation of superfunds</heading><subsection eId="section-63-1"><num>(1)</num><content>The Regulator may authorise a superfund if satisfied, based on the superfund’s organisation, staff, p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-1"><num>(1)</num><content>The Regulator may authorise a superfund if satisfied, based on the superfund’s organisation, staff, plans, policies and procedures, that it is likely to comply with the requirements of <

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-2"><num>(2)</num><intro>An application for authorisation must be made jointly by—</intro><level class="para1" eId="section-63-2-a"><num>(a)</num><content>the trustees of the superfund scheme, and</cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-63-2-a"><num>(a)</num><content>the trustees of the superfund scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-63-2-b"><num>(b)</num><content>a body corporate that is incorporated in the United Kingdom and that is involved in the scheme’s management or administration.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-3"><num>(3)</num><content>An application for authorisation must be made in the manner and form specified by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-4"><num>(4)</num><intro>The Secretary of State may by regulations make provision about applications for authorisation, including provision—</intro><level class="para1" eId="section-63-4-a"><num>(a)</num><cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-63-4-a"><num>(a)</num><content>about the documents and information that an application must include;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-63-4-b"><num>(b)</num><content>requiring a fee to be paid to the Regulator in respect of an application.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-5"><num>(5)</num><content>The Regulator must maintain and publish a list of authorised superfunds.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-6"><num>(6)</num><content>Where a superfund has not yet received a superfund transfer, the Regulator may withdraw the superfund’s authorisation if no longer satisfied as described in <ref href="#section-63-1">sub

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-7"><num>(7)</num><content>Regulations under <ref href="#section-63-4">subsection (4)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64"><num>64</num><heading>Timing of decisions about authorisation</heading><subsection eId="section-64-1"><num>(1)</num><content>The Regulator must decide an application under <ref href="#part-3">this Part</ref> before

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-1"><num>(1)</num><content>The Regulator must decide an application under <ref href="#part-3">this Part</ref> before the end of the period of 6 months beginning with the day on which it received the application (“

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-2"><num>(2)</num><content>If in a particular case the Regulator considers that the decision period is insufficient to enable it to decide the application, it may on one or more occasions extend that period by not

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-3"><num>(3)</num><content>Where an application received by the Regulator fails to comply with <ref href="#section-63">section 63</ref> or regulations made under it (including where the applicants fail to pay a fe

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-3-chapter-3"><num>Chapter 3</num><heading>Approval of superfund transfers</heading><section eId="se

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65"><num>65</num><heading>Prohibition of unapproved superfund transfers</heading><subsection eId="section-65-1"><num>(1)</num><content>A person may not make or receive a superfund transfer, or cause or permit a superfu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-1"><num>(1)</num><content>A person may not make or receive a superfund transfer, or cause or permit a superfund transfer to be made or received, unless the superfund transfer is approved under <ref href="#part-3-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-2"><num>(2)</num><content>A person who breaches <ref href="#section-65-1">subsection (1)</ref> commits an offence.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-3"><num>(3)</num><intro>A person who commits an offence under <ref href="#section-65-2">subsection (2)</ref> is liable—</intro><level class="para1" eId="section-65-3-a"><num>(a)</num><content>on summary co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-3-a"><num>(a)</num><content>on summary conviction in England and Wales, to a fine;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-3-b"><num>(b)</num><content>on summary conviction in Scotland, to a fine not exceeding the statutory maximum;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-3-c"><num>(c)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine or both.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-4"><num>(4)</num><content><ref eId="c00036" href="https://www.legislation.gov.uk/ukpga/2004/35/section/88A">Section 88A</ref> of the <ref eId="c00037" href="https://www.legislation.gov.uk/ukpga/2004/35/contents">

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66"><num>66</num><heading>Approval of superfund transfers</heading><subsection eId="section-66-1"><num>(1)</num><intro>The Regulator may approve a superfund transfer if—</intro><level class="para1" eId="section-66-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-1"><num>(1)</num><intro>The Regulator may approve a superfund transfer if—</intro><level class="para1" eId="section-66-1-a"><num>(a)</num><content>the receiving superfund is authorised,</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-1-a"><num>(a)</num><content>the receiving superfund is authorised,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-1-b"><num>(b)</num><content>the ceding scheme does not have any active members, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-1-c"><num>(c)</num><content>the Regulator is satisfied, based on evidence provided by the trustees of the ceding scheme and by the responsible body of the receiving superfund, that each of the onboarding

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-2"><num>(2)</num><intro>For the purposes of <ref href="#part-3">this Part</ref>, “<term refersTo="#term-the-onboarding-conditions" eId="term-the-onboarding-conditions">the onboarding conditions</term>” in relatio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-a"><num>(a)</num><content>that, as at the date of the application, the financial position of the ceding scheme is not strong enough to enable the trustees to arrange an insurer buyout;</content></l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-b"><num>(b)</num><content>that the superfund transfer will make it more likely that the transferred liabilities will be satisfied in full;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-c"><num>(c)</num><content>that it is reasonable to expect that the capital adequacy threshold will be met in relation to the receiving superfund immediately following the superfund transfer;</conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-d"><num>(d)</num><content>that it is reasonable to expect that the technical provisions threshold will be met in relation to the receiving superfund at the end of the period specified in regulations ma

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-e"><num>(e)</num><content>that the receiving superfund is likely to comply with the requirements of <ref href="#part-3-chapter-4">Chapters 4</ref> and <ref href="#part-3-chapter-5">5</ref> (ongoing req

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-3"><num>(3)</num><intro>Approval under <ref href="#section-66">this section</ref> may be given subject to conditions, including as to—</intro><level class="para1" eId="section-66-3-a"><num>(a)</num><content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-3-a"><num>(a)</num><content>the superfund transfer being made on terms of a specified description;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-3-b"><num>(b)</num><content>the superfund transfer being made within a period of a specified description;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-3-c"><num>(c)</num><content>any of the onboarding conditions continuing to be met for a period of a specified description after approval is given but before the superfund transfer is made.</content><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-4"><num>(4)</num><content>The Secretary of State may by regulations amend <ref href="#section-66">this section</ref> for the purpose of substituting another condition relating to the financial position of the ced

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-5"><num>(5)</num><intro>The Secretary of State may by regulations make provision about the onboarding conditions, including provision about—</intro><level class="para1" eId="section-66-5-a"><num>(a)</num><con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-5-a"><num>(a)</num><content>the information and evidence that the trustees of the ceding scheme and the responsible body of the receiving superfund must provide for the purpose of satisfying the Regulato

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-5-b"><num>(b)</num><content>how the Regulator is to assess whether an onboarding condition is met;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-5-c"><num>(c)</num><content>the conditions that may or must be imposed under <ref href="#section-66-3">subsection (3)</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-6"><num>(6)</num><content>The Secretary of State may by regulations modify <ref href="#section-66-2">subsection (2)</ref> in its application to a superfund transfer of a kind described in <ref href="#section-61">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-7"><num>(7)</num><intro>In relation to a superfund transfer—</intro><hcontainer name="definition"><content>“<term refersTo="#term-the-ceding-scheme" eId="term-the-ceding-scheme">the ceding scheme</term>” m

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-responsible-trustees-or-managers" eId="term-responsible-trustees-or-managers">responsible trustees or managers</term>” is to be interpreted in accordance with <ref href="#section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-8"><num>(8)</num><content>In <ref href="#section-66-1">subsection (1)</ref>, “<term refersTo="#term-active-members" eId="term-active-members">active members</term>” has the same meaning as in <ref eId="c00038" hr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-9"><num>(9)</num><content>Regulations under <ref href="#section-66-2">subsection (2)</ref><ref href="#section-66-2-d">(d)</ref> are subject to the negative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-10"><num>(10)</num><content>Regulations under <ref href="#section-66-4">subsection (4)</ref> or <ref href="#section-66-5">(5)</ref> are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-11"><num>(11)</num><content>Regulations under <ref href="#section-66-6">subsection (6)</ref> are subject to the negative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-12"><num>(12)</num><content>See also section <ref href="#section-67">67</ref> (which makes special provision in relation to schemes that are being wound up in particular circumstances).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-67"><num>67</num><heading>Special provision for certain schemes coming out of assessment period<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-a"><num>(a)</num><content>paragraph (a) were omitted, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-67-b"><num>(b)</num><content><mod>for paragraph (b) there were substituted—<quote

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68"><num>68</num><heading>Applications for approval</heading><subsection eId="section-68-1"><num>(1)</num><intro>An application for approval under <ref href="#section-66">section 66</ref> must be made jointly by—</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-1"><num>(1)</num><intro>An application for approval under <ref href="#section-66">section 66</ref> must be made jointly by—</intro><level class="para1" eId="section-68-1-a"><num>(a)</num><content>the trust

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-1-a"><num>(a)</num><content>the trustees of the ceding scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-1-b"><num>(b)</num><content>the responsible body of the receiving superfund.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-2"><num>(2)</num><content>The application must be made in the manner and form specified by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-3"><num>(3)</num><content>The Regulator must decide whether or not to approve a superfund transfer, and must notify the applicants of its decision, as soon as reasonably practicable after receiving the applicatio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-4"><num>(4)</num><content>The Secretary of State may by regulations make provision about applications for approval, including about the documents and information that must be included in an application.</cont

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-5"><num>(5)</num><content>Regulations under <ref href="#section-68-4">subsection (4)</ref> are subject to the negative procedure.</content></subsection>

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-3-chapter-4"><num>Chapter 4</num><heading>Ongoing requirements of operating superfunds</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-c

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-chapter-4-crossheading-governance-and-organisation"><heading>Governance and organisation</heading><section eId="sect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69"><num>69</num><heading>Governance and structure</heading><subsection eId="section-69-1"><num>(1)</num><intro>The responsible body of an operating superfund must ensure, so far as reasonably practicable, that the sup

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-1"><num>(1)</num><intro>The responsible body of an operating superfund must ensure, so far as reasonably practicable, that the superfund has policies and procedures in place—</intro><level class="para1" eId="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-1-a"><num>(a)</num><content>that allow for the superfund to be managed and administered effectively in the interests of members of the superfund scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-1-b"><num>(b)</num><content>that ensure the superfund’s compliance with the requirements of <ref href="#part-3">this Part</ref> and any other legislation relating to pensions, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-1-c"><num>(c)</num><content>that are proportionate to the scale and nature of the superfund’s activities.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-2"><num>(2)</num><intro>Those policies and procedures must, in particular, address the following matters—</intro><level class="para1" eId="section-69-2-a"><num>(a)</num><content>how the responsible body, t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-a"><num>(a)</num><content>how the responsible body, the other members of the superfund group, and the trustees of the superfund scheme are to interact with each other, and how any conflicts are to be r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-b"><num>(b)</num><content>how investment decisions are to be taken in relation to the capital buffer and the superfund scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-c"><num>(c)</num><content>the implications of receiving new superfund transfers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-d"><num>(d)</num><content>the management of risks.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-3"><num>(3)</num><intro>The responsible body of an operating superfund must ensure that the superfund meets any conditions specified in regulations made by the Secretary of State as to—</intro><level class="p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-3-a"><num>(a)</num><content>the corporate form, jurisdiction of incorporation or jurisdiction of tax residence of a member of the superfund group;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-3-b"><num>(b)</num><content>the structure of the superfund group;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-3-c"><num>(c)</num><content>the terms of the capital buffer arrangement (including as to how, by whom, in what jurisdiction and on what terms the capital buffer may be held);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-3-d"><num>(d)</num><content>compliance with tax legislation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-4"><num>(4)</num><content><ref eId="c00040" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00041" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-5"><num>(5)</num><content>The Secretary of State may by regulations amend <ref href="#section-69">this section</ref> for the purpose of adding, removing or varying a matter which the policies and procedures menti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-6"><num>(6)</num><content>Regulations under <ref href="#section-69-3">subsection (3)</ref> or <ref href="#section-69-5">(5)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70"><num>70</num><heading>Management documents</heading><subsection eId="section-70-1"><num>(1)</num><intro>The responsible body of an operating superfund must ensure that each of the management documents—</intro><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-1"><num>(1)</num><intro>The responsible body of an operating superfund must ensure that each of the management documents—</intro><level class="para1" eId="section-70-1-a"><num>(a)</num><content>is prepared

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-1-a"><num>(a)</num><content>is prepared in relation to the superfund,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-1-b"><num>(b)</num><content>complies with any requirements as to form or content specified in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-1-c"><num>(c)</num><content>is kept under review and revised if appropriate.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-2"><num>(2)</num><content>The responsible body of an operating superfund must ensure, so far as reasonably practicable, that the superfund is managed and administered in accordance with the management documents.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-3"><num>(3)</num><intro>“<term refersTo="#term-the-management-documents" eId="term-the-management-documents">The management documents</term>” means—</intro><level class="para1" eId="section-70-3-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-3-a"><num>(a)</num><content>a business plan;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-3-b"><num>(b)</num><content>a governance manual;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-3-c"><num>(c)</num><content>a continuity strategy;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-70-3-d"><num>(d)</num><content>a fees and expenses policy.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-4"><num>(4)</num><intro>In <ref href="#section-70-3">subsection (3)</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-continuity-strategy" eId="term-continuity-strategy">continuit

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-5"><num>(5)</num><content><ref eId="c00042" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00043" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-6"><num>(6)</num><content>The Secretary of State may by regulations amend <ref href="#section-70">this section</ref> for the purpose of adding, removing or varying a management document in <ref href="#section-70-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-7"><num>(7)</num><content>Regulations under <ref href="#section-70-1">subsection (1)</ref><ref href="#section-70-1-b">(b)</ref> are subject to the negative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-8"><num>(8)</num><content>Regulations under <ref href="#section-70-6">subsection (6)</ref> are subject to the affirmative procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-chapter-4-crossheading-funding-and-investment"><heading>Funding and investment</heading><section eId="section-71"><n

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71"><num>71</num><heading>Duty to monitor financial thresholds</heading><subsection eId="section-71-1"><num>(1)</num><content>The responsible body of an operating superfund must ensure that the superfund has adequate p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-1"><num>(1)</num><content>The responsible body of an operating superfund must ensure that the superfund has adequate policies and procedures in place for monitoring whether each financial threshold is met.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-2"><num>(2)</num><content><ref eId="c00044" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00045" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-3"><num>(3)</num><content>See also <ref href="#part-3-chapter-5">Chapter 5</ref> (events of concern) for the consequences of a financial threshold ceasing to be met.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72"><num>72</num><heading>“Financial thresholds”</heading><subsection eId="section-72-1"><num>(1)</num><intro>“<term refersTo="#term-the-financial-thresholds" eId="term-the-financial-thresholds">The financial threshold

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-1"><num>(1)</num><intro>“<term refersTo="#term-the-financial-thresholds" eId="term-the-financial-thresholds">The financial thresholds</term>” means—</intro><level class="para1" eId="section-72-1-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-1-a"><num>(a)</num><content>the capital adequacy threshold,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-1-b"><num>(b)</num><content>the technical provisions threshold,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-1-c"><num>(c)</num><content>the protected liabilities threshold, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-1-d"><num>(d)</num><content>the scheme solvency threshold.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-2"><num>(2)</num><content>“The capital adequacy threshold” is met in relation to a superfund if the total value of the assets of the scheme and the capital buffer is such that there is a very high likelihood that

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-3"><num>(3)</num><content>“The technical provisions threshold” is met in relation to a superfund if the total value of the assets of the scheme and the capital buffer is greater than or equal to the scheme’s tech

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-4"><num>(4)</num><content>“The protected liabilities threshold” is met in relation to a superfund if the total value of the assets of the scheme and the capital buffer exceeds a specified percentage of the amount

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-5"><num>(5)</num><content>“The scheme solvency threshold” is met in relation to a superfund on a given day if there is no material likelihood that the scheme will fail to satisfy all the liabilities to and in res

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-6"><num>(6)</num><intro>In <ref href="#section-72">this section</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-protected-liabilities" eId="term-protected-liabilities">protected

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-deferred-member" eId="term-deferred-member">deferred member</term>” has the meaning given by section 124(1) of the Pensions Act 1995;</content></hcontainer>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-7"><num>(7)</num><intro>The Secretary of State may by regulations make provision about how to determine whether any of the financial thresholds is met, including about—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-7-a"><num>(a)</num><content>how and by whom the value of the assets, liabilities or protected liabilities of the scheme, or the value of the capital buffer, is to be determined;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-7-b"><num>(b)</num><content>how and by whom the likelihood of something happening is to be assessed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-7-c"><num>(c)</num><content>what constitutes a “very high” or “material” likelihood (including provision defining those expressions by reference to particular percentages or particular criteria).</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-8"><num>(8)</num><content>Regulations under <ref href="#section-72-7">subsection (7)</ref> may confer a discretion.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-9"><num>(9)</num><content>Regulations under <ref href="#section-72-4">subsection (4)</ref> or <ref href="#section-72-7">(7)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73"><num>73</num><heading>Capital buffer: compulsory release to trustees</heading><subsection eId="section-73-1"><num>(1)</num><intro>A person that is a party to the capital buffer arrangement in relation to an operati

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-1"><num>(1)</num><intro>A person that is a party to the capital buffer arrangement in relation to an operating superfund must ensure, so far as it is in their power to do so, that the capital buffer arrangement r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-1-a"><num>(a)</num><content>an approved response plan (see <ref href="#section-88">sections 88</ref> and <ref href="#section-89">89</ref>), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-1-b"><num>(b)</num><content>a direction of the Regulator under <ref href="#section-90">section 90</ref> (direction-making powers following event of concern).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-2"><num>(2)</num><intro>The capital buffer is “released” to the extent that it is transferred or made available to any person otherwise than—</intro><level class="para1" eId="section-73-2-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-2-a"><num>(a)</num><content>in the ordinary course of the investment of the capital buffer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-2-b"><num>(b)</num><content>in payment of fees, expenses, taxes or other charges incurred (in each case) in connection with the management or administration of the capital buffer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-3"><num>(3)</num><content><ref eId="c00051" href="https://www.legislation.gov.uk/ukpga/2004/35/section/88A">Section 88A</ref> of the <ref eId="c00052" href="https://www.legislation.gov.uk/ukpga/2004/35/contents">

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74"><num>74</num><heading>Capital buffer: permitted release to other persons</heading><subsection eId="section-74-1"><num>(1)</num><content>A person that is a party to the capital buffer arrangement in relation to an o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-1"><num>(1)</num><content>A person that is a party to the capital buffer arrangement in relation to an operating superfund must ensure, so far as it is in their power to do so, that the capital buffer arrangement

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-2"><num>(2)</num><intro>The capital buffer arrangement may permit the release of the whole capital buffer if—</intro><level class="para1" eId="section-74-2-a"><num>(a)</num><content>the superfund scheme ha

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-2-a"><num>(a)</num><content>the superfund scheme has satisfied all of its liabilities to and in respect of its members, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-2-b"><num>(b)</num><content>an insurer buyout has taken effect in relation to the superfund scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-3"><num>(3)</num><content>The capital buffer arrangement may permit the release of an amount of the capital buffer to the extent that the release is a permitted profit extraction.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-4"><num>(4)</num><intro>“<term refersTo="#term-permitted-profit-extraction" eId="term-permitted-profit-extraction">Permitted profit extraction</term>”, in relation to a superfund, means a release of the capital b

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-4-a"><num>(a)</num><content>that takes place at a time when the capital adequacy threshold is exceeded to an extent, and has been exceeded for a period of time, specified in regulations made by the Secre

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-4-b"><num>(b)</num><content>that is made to a person of a description specified in the regulations, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-4-c"><num>(c)</num><content>in relation to which any other requirements specified in the regulations are met (which may include a requirement for the Regulator’s consent),</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-5"><num>(5)</num><intro>A person commits an offence if they cause or permit the capital buffer to be released (to any extent)—</intro><level class="para1" eId="section-74-5-a"><num>(a)</num><content>to a p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-5-a"><num>(a)</num><content>to a person other than the trustees of the superfund scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-5-b"><num>(b)</num><content>otherwise than in accordance with the capital buffer arrangement.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-6"><num>(6)</num><intro>A person guilty of an offence under <ref href="#section-74-5">subsection (5)</ref> is liable—</intro><level class="para1" eId="section-74-6-a"><num>(a)</num><content>on summary conv

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-6-a"><num>(a)</num><content>on summary conviction in England and Wales, to a fine;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-6-b"><num>(b)</num><content>on summary conviction in Scotland, to a fine not exceeding the statutory maximum;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-6-c"><num>(c)</num><content>on conviction on indictment, to imprisonment for a term not exceeding seven years or a fine or both.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-7"><num>(7)</num><intro><ref eId="c00053" href="https://www.legislation.gov.uk/ukpga/2004/35/section/88A">Section 88A</ref> of the <ref eId="c00054" href="https://www.legislation.gov.uk/ukpga/2004/35/contents">Pe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-7-a"><num>(a)</num><content>to a person other than the trustees of the superfund scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-7-b"><num>(b)</num><content>otherwise than in accordance with the capital buffer arrangement</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-8"><num>(8)</num><content><ref eId="c00055" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00056" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-9"><num>(9)</num><content>Regulations under <ref href="#section-74-4">subsection (4)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75"><num>75</num><heading>Capital buffer: investment</heading><subsection eId="section-75-1"><num>(1)</num><content>The responsible body of an operating superfund must ensure that this section is complied with.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-1"><num>(1)</num><content>The responsible body of an operating superfund must ensure that this section is complied with.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-2"><num>(2)</num><content>The capital buffer must be invested in accordance with a strategy prepared by or under the supervision of the responsible body (“the capital buffer investment strategy”).</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-3"><num>(3)</num><content>The capital buffer investment strategy must comply with any requirements specified in regulations made by the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-4"><num>(4)</num><intro>The requirements that may be specified by virtue of subsection <ref href="#section-75-3">(3)</ref> include requirements as to—</intro><level class="para1" eId="section-75-4-a"><num>(a)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-4-a"><num>(a)</num><content>the principles to be followed, and the matters to be taken into account, in investing the capital buffer;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-4-b"><num>(b)</num><content>the form and content of the capital buffer investment strategy.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-5"><num>(5)</num><content>The capital buffer investment strategy may not be materially altered except with the agreement of the trustees of the superfund scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-6"><num>(6)</num><content>The Secretary of State may by regulations make provision about what counts as a “material” alteration for the purposes of subsection (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-7"><num>(7)</num><content><ref eId="c00057" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00058" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-8"><num>(8)</num><content>Regulations under <ref href="#section-75-3">subsection (3)</ref> are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-9"><num>(9)</num><content>Regulations under <ref href="#section-75-6">subsection (6)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76"><num>76</num><heading>Capital buffer: verification of valuations</heading><subsection eId="section-76-1"><num>(1)</num><content>The responsible body of an operating superfund must appoint a person to be responsible

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-1"><num>(1)</num><content>The responsible body of an operating superfund must appoint a person to be responsible for verifying valuations of the capital buffer that are carried out by or on behalf of the responsi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-2"><num>(2)</num><content>The responsible body must ensure that the person appointed verifies such a valuation at least once in every period of 12 months.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-3"><num>(3)</num><intro>The responsible body must also ensure that the person appointed verifies such a valuation—</intro><level class="para1" eId="section-76-3-a"><num>(a)</num><content>if asked to do so

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-3-a"><num>(a)</num><content>if asked to do so by the trustees of the superfund scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-3-b"><num>(b)</num><content>where otherwise required by virtue of this Part.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-4"><num>(4)</num><intro>The person appointed—</intro><level class="para1" eId="section-76-4-a"><num>(a)</num><content>must not be employed by, or involved in the management or administration of, a member o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-4-a"><num>(a)</num><content>must not be employed by, or involved in the management or administration of, a member of the superfund group, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-4-b"><num>(b)</num><content>must be a person who, in the reasonable opinion of the responsible body, has the appropriate qualifications and experience.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-5"><num>(5)</num><content>A person may not be appointed without the consent of the trustees of the superfund scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-6"><num>(6)</num><content><ref eId="c00059" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00060" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-chapter-4-crossheading-approval-and-certification-of-key-personnel"><heading>Approval and certification of key perso

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77"><num>77</num><heading>Key functions</heading><subsection eId="section-77-1"><num>(1)</num><content>The responsible body of an operating superfund must ensure that there is at all times at least one individual respo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-1"><num>(1)</num><content>The responsible body of an operating superfund must ensure that there is at all times at least one individual responsible for each key function.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-2"><num>(2)</num><intro>Each of the following activities is a “<term refersTo="#term-key-function" eId="term-key-function">key function</term>” in relation to a superfund—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-a"><num>(a)</num><content>taking management decisions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-b"><num>(b)</num><content>taking financial decisions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-c"><num>(c)</num><content>taking investment decisions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-d"><num>(d)</num><content>risk management;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-e"><num>(e)</num><content>internal audit;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-f"><num>(f)</num><content>marketing and promotion.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-3"><num>(3)</num><content>An activity is not a key function so far as it relates only to the superfund scheme and not to any other part of the superfund.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-4"><num>(4)</num><content><ref eId="c00061" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00062" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-5"><num>(5)</num><content>The Secretary of State may by regulations amend <ref href="#section-77">this section</ref> for the purpose of adding, removing or varying a key function in <ref href="#section-77-2">subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-6"><num>(6)</num><content>Regulations under <ref href="#section-77-5">subsection (5)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78"><num>78</num><heading>Approval of individuals responsible for key functions</heading><subsection eId="section-78-1"><num>(1)</num><content>An individual may not be responsible for a key function in relation to an o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-1"><num>(1)</num><content>An individual may not be responsible for a key function in relation to an operating superfund unless they are approved by the Regulator to be responsible for that key function in relatio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-2"><num>(2)</num><content>The Regulator may approve an individual only if satisfied that they are a fit and proper person to be responsible for that key function in relation to the superfund.</content></subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-3"><num>(3)</num><content>In deciding whether it is so satisfied the Regulator must take into account, in particular, any matters specified in regulations made by the Secretary of State.</content></subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-4"><num>(4)</num><content>The Regulator may not approve an individual to be responsible for risk management if the individual is already responsible for taking investment decisions, and vice versa.</content><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-5"><num>(5)</num><content>An application for approval must be made in the manner and form specified by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-6"><num>(6)</num><content>Approval may be given for a specified period or subject to specified conditions (in which case the person is only approved to be responsible for the key function in question for that per

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-7"><num>(7)</num><content>Approval may be given in advance of the superfund being authorised or becoming an operating superfund.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-8"><num>(8)</num><intro>If no longer satisfied as described in <ref href="#section-78-2">subsection (2)</ref> in relation to an individual, the Regulator may by notice to the responsible body—</intro><level c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-8-a"><num>(a)</num><content>suspend its approval in relation to the individual for a period specified in the notice, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-8-b"><num>(b)</num><content>revoke its approval in relation to the individual with effect from a date specified in the notice.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-9"><num>(9)</num><intro><ref href="#section-78-1">Subsection (1)</ref> does not apply to an individual while—</intro><level class="para1" eId="section-78-9-a"><num>(a)</num><content>they are responsible fo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-9-a"><num>(a)</num><content>they are responsible for a key function on a temporary basis, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-9-b"><num>(b)</num><content>the Regulator agrees, in light of the particular circumstances of the case, to the person’s being responsible for the key function on that basis without approval.</content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-10"><num>(10)</num><intro>If an individual is responsible for a key function in relation to an operating superfund in breach of <ref href="#section-78-1">subsection (1)</ref>, <ref eId="c00063" href="https://www.

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-10-a"><num>(a)</num><content>the individual, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-10-b"><num>(b)</num><content>the responsible body.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-11"><num>(11)</num><content>Regulations under <ref href="#section-78-3">subsection (3)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79"><num>79</num><heading>Certification of staff supporting individuals responsible for key functions</heading><subsection eId="section-79-1"><num>(1)</num><intro>The responsible body of an operating superfund must ens

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-1"><num>(1)</num><intro>The responsible body of an operating superfund must ensure, so far as reasonably practicable, that no individual carries out a key function in relation to the superfund unless the responsi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-1-a"><num>(a)</num><content>is satisfied, having conducted due diligence in relation to the individual, that the individual is a fit and proper person to carry out the key function, and</content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-1-b"><num>(b)</num><content>has issued a certificate to the individual confirming that it is so satisfied.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-2"><num>(2)</num><content>The responsible body must keep a register of certificates issued under <ref href="#section-79-1">subsection (1)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-3"><num>(3)</num><content>In deciding whether it is satisfied as described in subsection (1)(a), the responsible body must take into account, in particular, any matters specified in regulations made by the Secret

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-4"><num>(4)</num><content>The Secretary of State may by regulations make provision about certificates issued under <ref href="#section-79-1">subsection (1)</ref>, including about the period of time for which a ce

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-5"><num>(5)</num><content><ref eId="c00065" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00066" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-6"><num>(6)</num><content>Regulations under subsection <ref href="#section-79-3">(3)</ref> or <ref href="#section-79-4">(4)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80"><num>80</num><heading>Approval of superfund scheme trustees</heading><subsection eId="section-80-1"><num>(1)</num><content>A person may not be a trustee of an operating superfund scheme unless they are approved by

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-1"><num>(1)</num><content>A person may not be a trustee of an operating superfund scheme unless they are approved by the Regulator to be a trustee of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-2"><num>(2)</num><content>The Regulator may approve a person to be a trustee of a superfund scheme only if satisfied they are a fit and proper person to be a trustee of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-3"><num>(3)</num><content>In assessing whether a person is a fit and proper person, the Regulator must take into account, in particular, any matters specified in regulations made by the Secretary of State.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-4"><num>(4)</num><content>The Regulator may not approve a person to be a trustee of a superfund scheme if the person is employed by, or involved in the management or administration of, a member of the superfund g

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-5"><num>(5)</num><content>An application for approval must be made in the manner and form specified by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-6"><num>(6)</num><content>Approval may be given for a specified period or subject to specified conditions (in which case the person is approved to be a trustee only for that period or only while those conditions

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-7"><num>(7)</num><content>Approval may be given in advance of the superfund being authorised or becoming an operating superfund.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-8"><num>(8)</num><intro>If no longer satisfied as described in <ref href="#section-80-2">subsection (2)</ref> in relation to a person, the Regulator may by notice to the person—</intro><level class="para1" eI

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-8-a"><num>(a)</num><content>suspend its approval in relation to the person for a period specified in the notice, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-8-b"><num>(b)</num><content>revoke its approval in relation to the person with effect from a date specified in the notice.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-9"><num>(9)</num><intro><ref href="#section-78-1">Subsection (1)</ref> does not apply to a person while—</intro><level class="para1" eId="section-80-9-a"><num>(a)</num><content>they serve as a trustee of a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-9-a"><num>(a)</num><content>they serve as a trustee of a superfund scheme on a temporary basis, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-9-b"><num>(b)</num><content>the Regulator agrees, in light of the particular circumstances of the case, to their being a trustee on that basis without approval.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-10"><num>(10)</num><intro>If a person becomes a trustee of an operating superfund scheme in breach of <ref href="#section-80-1">subsection (1)</ref>, <ref eId="c00067" href="https://www.legislation.gov.uk/ukpga/1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-10-a"><num>(a)</num><content>the person, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-10-b"><num>(b)</num><content>the person who appointed them.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-11"><num>(11)</num><content>Regulations under <ref href="#section-80-3">subsection (3)</ref> are subject to the negative procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-chapter-4-crossheading-information-and-reporting"><heading>Information and reporting</heading><section eId="section-

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81"><num>81</num><heading>Events to be notified to the Regulator</heading><subsection eId="section-81-1"><num>(1)</num><intro>The responsible body of an operating superfund must notify the Regulator of any of the follo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-1"><num>(1)</num><intro>The responsible body of an operating superfund must notify the Regulator of any of the following—</intro><level class="para1" eId="section-81-1-a"><num>(a)</num><content>a material

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-a"><num>(a)</num><content>a material deterioration in the investment performance of the capital buffer;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-b"><num>(b)</num><content>a material change to any of the management documents;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-c"><num>(c)</num><content>a material change to the capital buffer arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-d"><num>(d)</num><content>a release of any of the capital buffer by way of permitted profit extraction;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-e"><num>(e)</num><content>the bringing of proceedings against, or the launching of an investigation by a public body into, a member of the superfund group;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-f"><num>(f)</num><content>a breach of any requirement of this Chapter.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-2"><num>(2)</num><intro>The trustees of an operating superfund scheme must notify the Regulator of any of the following—</intro><level class="para1" eId="section-81-2-a"><num>(a)</num><content>a material d

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-2-a"><num>(a)</num><content>a material deterioration in the investment performance of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-2-b"><num>(b)</num><content>a material change to the rules of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-2-c"><num>(c)</num><content>the bringing of proceedings against, or the launching of an investigation by a public body into, the trustees.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-3"><num>(3)</num><intro>A notification under this section must be made—</intro><level class="para1" eId="section-81-3-a"><num>(a)</num><content>where the person responsible for the notification is aware in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-3-a"><num>(a)</num><content>where the person responsible for the notification is aware in advance that the event in question is to take place, as soon as reasonably practicable after it becomes so aware;

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-3-b"><num>(b)</num><content>otherwise, as soon as reasonably practicable after the event takes place.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-4"><num>(4)</num><content>A notification under this section must be made in the manner and form specified by the Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-5"><num>(5)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-6"><num>(6)</num><intro>The Secretary of State may by regulations make provision (including provision amending this section)—</intro><level class="para1" eId="section-81-6-a"><num>(a)</num><content>for the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-6-a"><num>(a)</num><content>for the purpose of adding, removing or varying a matter to be notified under <ref href="#section-81-1">subsection (1)</ref> or <ref href="#section-81-2">(2)</ref>;</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-6-b"><num>(b)</num><content>about what counts as “<term refersTo="#term-material" eId="term-material">material</term>” for the purposes of any paragraph of <ref href="#section-81-1">subsection (1)</ref>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-7"><num>(7)</num><content>Regulations under <ref href="#section-81-6">subsection (6)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82"><num>82</num><heading>Regular reporting</heading><subsection eId="section-82-1"><num>(1)</num><content>The trustees of an operating superfund scheme must provide the Regulator with regular reports about the financi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-1"><num>(1)</num><content>The trustees of an operating superfund scheme must provide the Regulator with regular reports about the financial position of the superfund.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-2"><num>(2)</num><intro>The reports must comply with any requirements specified in regulations made by the Secretary of State, which may in particular include requirements as to—</intro><level class="para1" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-82-2-a"><num>(a)</num><content>the form and content of reports;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-82-2-b"><num>(b)</num><content>the times at which, and intervals at which, reports are to be provided.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-3"><num>(3)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to the trustees if they breach this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-4"><num>(4)</num><content>Regulations under <ref href="#section-82-2">subsection (2)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83"><num>83</num><heading>Returns</heading><subsection eId="section-83-1"><num>(1)</num><intro>The Regulator may, by notice to the responsible body of an operating superfund, require the responsible body to submit a re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-1"><num>(1)</num><intro>The Regulator may, by notice to the responsible body of an operating superfund, require the responsible body to submit a return to the Regulator for the purpose of enabling the Regulator t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-1-a"><num>(a)</num><content>the financial position of the superfund, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-1-b"><num>(b)</num><content>the superfund’s compliance with the requirements of this Chapter.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-2"><num>(2)</num><intro>The notice must specify—</intro><level class="para1" eId="section-83-2-a"><num>(a)</num><content>the period within which the return must be submitted, and</content></level><leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-2-a"><num>(a)</num><content>the period within which the return must be submitted, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-2-b"><num>(b)</num><content>the information (or description of information) which the return must contain.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-3"><num>(3)</num><content>The Regulator may not require the responsible body to submit a return more than once in any period of 12 months.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-4"><num>(4)</num><content><ref eId="c00069" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00070" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84"><num>84</num><heading>Reports in relation to alleged compliance breaches</heading><subsection eId="section-84-1"><num>(1)</num><content>If the Regulator considers or suspects that a requirement of this Chapter has

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-1"><num>(1)</num><content>If the Regulator considers or suspects that a requirement of this Chapter has been breached in relation to an operating superfund, it may give the responsible body notice of its intentio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-2"><num>(2)</num><intro>Where such notice is given, the responsible body—</intro><level class="para1" eId="section-84-2-a"><num>(a)</num><content>must provide the person appointed with whatever assistance

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-2-a"><num>(a)</num><content>must provide the person appointed with whatever assistance the person reasonably requires, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-2-b"><num>(b)</num><content>must meet the Regulator’s reasonable costs in respect of the report.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-3"><num>(3)</num><content><ref eId="c00071" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00072" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85"><num>85</num><heading>Provision of information by responsible body to trustees</heading><subsection eId="section-85-1"><num>(1)</num><content>The responsible body of an operating superfund must provide the trustees

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-1"><num>(1)</num><content>The responsible body of an operating superfund must provide the trustees of the superfund scheme with whatever information relating to the superfund the trustees may reasonably request t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-2"><num>(2)</num><content><ref eId="c00073" href="https://www.legislation.gov.uk/ukpga/1995/26/section/10">Section 10</ref> of the <ref eId="c00074" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pe

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-3-chapter-5"><num>Chapter 5</num><heading>Events of concern</heading><section eId="section-86"><num>86</num><heading>“Event of concern” and “period of concern”</heading><subsection eId="section-86-1"><num>(1)</num><intro>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86"><num>86</num><heading>“Event of concern” and “period of concern”</heading><subsection eId="section-86-1"><num>(1)</num><intro>An “event of concern” takes place in relation to a superfund if any of the following tak

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-1"><num>(1)</num><intro>An “event of concern” takes place in relation to a superfund if any of the following takes place—</intro><level class="para1" eId="section-86-1-a"><num>(a)</num><content>any one of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-a"><num>(a)</num><content>any one of the financial thresholds ceases to be met (subject to <ref href="#section-86-4">subsection (4)</ref>);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-b"><num>(b)</num><content>a debt falls due to the trustees of the superfund scheme under <ref eId="c00075" href="https://www.legislation.gov.uk/ukpga/1995/26/section/75">section 75</ref> of the <ref eI

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-c"><num>(c)</num><content>the capital buffer is released otherwise than in accordance with the capital buffer arrangement;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-d"><num>(d)</num><content>an insolvency event becomes, in the opinion of the directors of the responsible body, likely to occur in relation to the responsible body;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-e"><num>(e)</num><content>an insolvency event occurs in relation to a member of the superfund group;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-f"><num>(f)</num><content>the responsible body notifies the Regulator that it wishes to cease to be the responsible body;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-g"><num>(g)</num><content>a material transaction takes place;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-h"><num>(h)</num><content>a superfund transfer is made to the superfund scheme without approval under <ref href="#part-3-chapter-3">Chapter 3</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-i"><num>(i)</num><content>an application is made under <ref href="#part-3-chapter-3">Chapter 3</ref> for approval of a superfund transfer in relation to which the ceding scheme is itself a superfund sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-j"><num>(j)</num><content>an application is made under <ref href="#part-3-chapter-3">Chapter 3</ref> for approval of a superfund transfer of a kind described in <ref href="#section-61">section 61</ref>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-k"><num>(k)</num><intro>the responsible body or the trustees of the superfund scheme receive a notice from the Regulator stating that, in the Regulator’s opinion, the recipient of the notice—</intr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-86-1-k-i"><num>(i)</num><content>has breached a requirement of this Part or of any other legislation relating to pensions that applies to them in respect of the superfund, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-86-1-k-ii"><num>(ii)</num><content>is likely to breach such a requirement if remedial action is not taken;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-l"><num>(l)</num><content>the Regulator withdraws the superfund’s authorisation under <ref href="#section-94">section 94</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-2"><num>(2)</num><intro>“<term refersTo="#term-period-of-concern" eId="term-period-of-concern">Period of concern</term>”, in relation to an event of concern, means the period beginning when the event takes place

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-a"><num>(a)</num><content>when the Regulator gives the responsible body a notice under <ref href="#section-88">section 88</ref><ref href="#section-88-5">(5)</ref> (event of concern resolved) in respect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-b"><num>(b)</num><content>when the superfund scheme is wound up.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-3"><num>(3)</num><intro>In <ref href="#section-86-1">subsection (1)</ref><ref href="#section-86-1-g">(g)</ref> “<term refersTo="#term-material-transaction" eId="term-material-transaction">material transaction</te

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-3-a"><num>(a)</num><content>a change in the person or persons who have control of the responsible body, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-3-b"><num>(b)</num><content>a sale by a member of the superfund group of all or substantially all of its assets.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-4"><num>(4)</num><intro>The Secretary of State may by regulations provide that an event of concern within <ref href="#section-86-1">subsection (1)</ref><ref href="#section-86-1-a">(a)</ref> does not take place—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-4-a"><num>(a)</num><content>unless the Regulator is satisfied that the financial threshold in question is not met, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-4-b"><num>(b)</num><content>unless the threshold is not met for a period, or in circumstances, specified in the regulations (and for that purpose the period or circumstances specified may involve the exe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-5"><num>(5)</num><intro>The Secretary of State may by regulations amend <ref href="#section-86">this section</ref> for the purpose of adding, removing or varying—</intro><level class="para1" eId="section-86-5

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-5-a"><num>(a)</num><content>an event of concern in <ref href="#section-86-1">subsection (1)</ref>;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-5-b"><num>(b)</num><content>a material transaction in <ref href="#section-86-3">subsection (3)</ref>.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-6"><num>(6)</num><intro>In <ref href="#section-86">this section</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-control" eId="term-control">control</term>” has the same meaning

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-7"><num>(7)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87"><num>87</num><heading>Notification of Regulator in respect of events of concern</heading><subsection eId="section-87-1"><num>(1)</num><intro>A relevant person in relation to an operating superfund must notify the R

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-1"><num>(1)</num><intro>A relevant person in relation to an operating superfund must notify the Regulator as soon as reasonably practicable after becoming aware that an event of concern—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-1-a"><num>(a)</num><content>will or is likely to take place in relation to the superfund, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-1-b"><num>(b)</num><content>has already taken place in relation to the superfund.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-2"><num>(2)</num><content>No notification need be given if the relevant person knows the Regulator already to be aware of the circumstances to be notified.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-3"><num>(3)</num><intro>The following are “<term refersTo="#term-relevant-persons" eId="term-relevant-persons">relevant persons</term>” in relation to an operating superfund—</intro><level class="para1" eId="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-3-a"><num>(a)</num><content>the responsible body;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-3-b"><num>(b)</num><content>the trustees of the superfund scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-3-c"><num>(c)</num><content>in relation to the event of concern in <ref href="#section-86">section 86</ref><ref href="#section-86-1">(1)</ref><ref href="#section-86-1-a">(a)</ref>, the actuary appointed

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88"><num>88</num><heading>Responding to events of concern</heading><subsection eId="section-88-1"><num>(1)</num><content>If an event of concern takes place in relation to an operating superfund, the Regulator must requ

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-1"><num>(1)</num><content>If an event of concern takes place in relation to an operating superfund, the Regulator must require the responsible body or the trustees of the superfund scheme, or both jointly, to pro

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-2"><num>(2)</num><intro>The Regulator must approve a proposed response plan if satisfied, having regard to the interests of members of the superfund scheme, that the response plan—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-2-a"><num>(a)</num><content>meets the requirements of <ref href="#section-89">section 89</ref> (content of response plan), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-2-b"><num>(b)</num><content>is an appropriate plan for responding to the event of concern.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-3"><num>(3)</num><intro>If, having received a proposed response plan, the Regulator is not so satisfied—</intro><level class="para1" eId="section-88-3-a"><num>(a)</num><content>it must explain to the perso

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-3-a"><num>(a)</num><content>it must explain to the person that proposed the plan why not, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-3-b"><num>(b)</num><content>that person must propose another response plan, within the period required by the Regulator, that takes account of that explanation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-4"><num>(4)</num><content>An approved response plan may be amended, or replaced with a new approved response plan, by agreement between the person that proposed the plan and the Regulator.</content></subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-5"><num>(5)</num><intro>If the Regulator is satisfied—</intro><level class="para1" eId="section-88-5-a"><num>(a)</num><content>that an approved response plan has been carried out, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-5-a"><num>(a)</num><content>that an approved response plan has been carried out, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-5-b"><num>(b)</num><content>that the event of concern in question has been adequately resolved,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-6"><num>(6)</num><content>In <ref href="#section-88-2">subsections (2)</ref> and <ref href="#section-88-3">(3)</ref>, “<term refersTo="#term-proposed-response-plan" eId="term-proposed-response-plan">proposed resp

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89"><num>89</num><heading>Content of response plan</heading><subsection eId="section-89-1"><num>(1)</num><content>The requirements mentioned in <ref href="#section-88">section 88</ref><ref href="#section-88-2">(2)</ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-1"><num>(1)</num><content>The requirements mentioned in <ref href="#section-88">section 88</ref><ref href="#section-88-2">(2)</ref><ref href="#section-88-2-a">(a)</ref> are the following.</content></subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-2"><num>(2)</num><intro>A response plan must specify—</intro><level class="para1" eId="section-89-2-a"><num>(a)</num><content>the outcome which the plan is intended to achieve,</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-2-a"><num>(a)</num><content>the outcome which the plan is intended to achieve,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-2-b"><num>(b)</num><content>the key steps which are to be taken to achieve that outcome,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-2-c"><num>(c)</num><content>when and by whom those steps are to be taken, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-2-d"><num>(d)</num><content>how members of the superfund scheme are to be kept informed about the carrying out of the plan.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-3"><num>(3)</num><content>Where the event of concern is the technical provisions threshold ceasing to be met, the response plan must require the whole of the capital buffer to be released to the trustees.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-4"><num>(4)</num><intro>Where the event of concern is the scheme solvency threshold ceasing to be met, the response plan must require so much of the capital buffer to be released to the trustees as equals the low

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-4-a"><num>(a)</num><content>the amount that would enable the superfund scheme to meet the requirement in <ref eId="c00083" href="https://www.legislation.gov.uk/ukpga/2004/35/section/222">section 222</ref

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-4-b"><num>(b)</num><content>the total value of the capital buffer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-5"><num>(5)</num><intro>Where the event of concern is a debt falling due to the trustees of the superfund scheme under <ref eId="c00086" href="https://www.legislation.gov.uk/ukpga/1995/26/section/75">section 75</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-5-a"><num>(a)</num><content>the amount of the debt;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-5-b"><num>(b)</num><content>the total value of the capital buffer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-6"><num>(6)</num><content>Where the event of concern is the protected liabilities threshold ceasing to be met, the response plan must require the immediate winding up of the superfund scheme.</content></subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-7"><num>(7)</num><content>A response plan must take account of the superfund’s continuity strategy (but may deviate from it if, in the opinion of the person proposing the plan, the course of action contemplated b

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-8"><num>(8)</num><content>A response plan must not require the release of the capital buffer (to any extent) except as set out in <ref href="#section-89-3">subsection (3)</ref>, <ref href="#section-89-4">(4)</ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-9"><num>(9)</num><content>A response plan must meet any other requirements specified in regulations made by the Secretary of State, including in particular as to how the value of the capital buffer, or of any ass

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-10"><num>(10)</num><content>Regulations under <ref href="#section-89-9">subsection (9)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90"><num>90</num><heading>Regulator’s direction-making powers during period of concern</heading><subsection eId="section-90-1"><num>(1)</num><intro>The Regulator may during a period of concern direct a member of the su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-1"><num>(1)</num><intro>The Regulator may during a period of concern direct a member of the superfund group or the trustees of the superfund scheme to do any or all of the following—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-1-a"><num>(a)</num><content>take a specified step that an approved response plan identifies as one which they are to take;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-1-b"><num>(b)</num><content>take a specified step that the Regulator considers likely to enable or facilitate the carrying out of an approved response plan;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-1-c"><num>(c)</num><content>if a person has failed to comply with section <ref href="#section-88">88</ref><ref href="#section-88-1">(1)</ref> or <ref href="#section-88-3">(3)</ref><ref href="#section-88-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-1-d"><num>(d)</num><intro>ensure that for a specified period—</intro><level class="para2" eId="section-90-1-d-i"><num>(i)</num><content>no payments are made out of the assets of the superfund sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-90-1-d-i"><num>(i)</num><content>no payments are made out of the assets of the superfund scheme to or in respect of members;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-90-1-d-ii"><num>(ii)</num><content>no transfers of liabilities are made from the superfund scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-2"><num>(2)</num><content>A direction under <ref href="#section-90-1">subsection (1)</ref><ref href="#section-90-1-c">(c)</ref> may not require the provision of financial support to the superfund scheme.</con

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-3"><num>(3)</num><content>A member of the superfund group, and the trustees of the superfund scheme, must comply with a direction given to them by the Regulator under <ref href="#section-90">this section</ref>; a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-4"><num>(4)</num><content>If an approved response plan contemplates that a person will become the responsible body of a superfund, and that person agrees to become the responsible body, the Regulator may direct t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-5"><num>(5)</num><content>In <ref href="#section-90">this section</ref>, “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified (or of a description specified) in the direction.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-6"><num>(6)</num><content>See <ref href="#section-91">section 91</ref> for further provision about directions under <ref href="#section-90-1">subsection (1)</ref><ref href="#section-90-1-d">(d)</ref>.</conten

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91"><num>91</num><heading>Directions to pause payments or transfers of liabilities: supplementary provision</heading><subsection eId="section-91-1"><num>(1)</num><content><ref href="#section-91">This section</ref> appl

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-1"><num>(1)</num><content><ref href="#section-91">This section</ref> applies to a direction under <ref href="#section-90">section 90</ref><ref href="#section-90-1">(1)</ref><ref href="#section-90-1-d">(d)</ref> (

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-2"><num>(2)</num><content>The Regulator may make a pause direction only if satisfied that doing so is reasonably necessary to protect the interests of members of the superfund scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-3"><num>(3)</num><content>A pause direction may make different provision for different purposes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-4"><num>(4)</num><content>The Regulator must cancel a pause direction if no longer satisfied as described in <ref href="#section-91-2">subsection (2)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-5"><num>(5)</num><content>A pause direction, so far as not already cancelled, ceases to have effect when the period of concern to which it relates comes to an end.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-6"><num>(6)</num><content>A payment that would have fallen due but for a pause direction falls due when the pause direction ceases to have effect.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-7"><num>(7)</num><content>A pause direction within <ref href="#section-90">section 90</ref><ref href="#section-90-1">(1)</ref><ref href="#section-90-1-d">(d)</ref><ref href="#section-90-1-d-ii">(ii)</ref> (no tra

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-8"><num>(8)</num><content>The Secretary of State may by regulations modify any provision of <ref eId="c00091" href="https://www.legislation.gov.uk/ukpga/1993/48/part/4ZA">Part 4ZA</ref> of the <ref eId="c00092" h

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-9"><num>(9)</num><content>Regulations under subsection <ref href="#section-91-8">(8)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92"><num>92</num><heading>Fixed penalty notices</heading><subsection eId="section-92-1"><num>(1)</num><content>The Regulator may issue a fixed penalty notice to a person if it considers that the person has failed to co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-1"><num>(1)</num><content>The Regulator may issue a fixed penalty notice to a person if it considers that the person has failed to comply with a requirement imposed by or under <ref href="#section-87">section 87<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-2"><num>(2)</num><content>A “fixed penalty notice” is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-3"><num>(3)</num><intro>The penalty—</intro><level class="para1" eId="section-92-3-a"><num>(a)</num><content>is to be determined in accordance with regulations made by the Secretary of State, and</cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-3-a"><num>(a)</num><content>is to be determined in accordance with regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-3-b"><num>(b)</num><content>must not exceed £100,000.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-4"><num>(4)</num><intro>A fixed penalty notice must—</intro><level class="para1" eId="section-92-4-a"><num>(a)</num><content>state the amount of the penalty,</content></level><level class="para1" eId="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-4-a"><num>(a)</num><content>state the amount of the penalty,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-4-b"><num>(b)</num><content>state the date before which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-4-c"><num>(c)</num><content>specify the failure to which the penalty relates,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-4-d"><num>(d)</num><content>state that the Regulator may issue an escalating penalty notice under <ref href="#section-93">section 93</ref> if the person fails to comply with the requirement in question,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-4-e"><num>(e)</num><content>notify the person to whom the notice is issued of the review process under <ref eId="c00093" href="https://www.legislation.gov.uk/ukpga/2008/30/section/43">section 43</ref> of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-5"><num>(5)</num><intro>The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-5-a"><num>(a)</num><content>section 42 (penalty notices: recovery);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-5-b"><num>(b)</num><content>section 43 (review of penalty notices);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-5-c"><num>(c)</num><content>section 44 (references to First-tier Tribunal or Upper Tribunal).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-6"><num>(6)</num><content>Regulations under <ref href="#section-92-3">subsection (3)</ref><ref href="#section-92-3-a">(a)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93"><num>93</num><heading>Escalating penalty notices</heading><subsection eId="section-93-1"><num>(1)</num><intro>The Regulator may issue an escalating penalty notice to a person if—</intro><level class="para1" eId

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-1"><num>(1)</num><intro>The Regulator may issue an escalating penalty notice to a person if—</intro><level class="para1" eId="section-93-1-a"><num>(a)</num><content>it considers that the person has failed

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-1-a"><num>(a)</num><content>it considers that the person has failed to comply with a requirement imposed by virtue of <ref href="#section-87">section 87</ref>, <ref href="#section-88">88</ref> or <ref hr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-1-b"><num>(b)</num><content>it has already issued the person with a fixed penalty notice under section <ref href="#section-92">92</ref> in respect of that failure, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-1-c"><num>(c)</num><content>the period for paying the penalty specified in that notice has passed without the requirement to which that notice related being complied with.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-2"><num>(2)</num><content>An “escalating penalty notice” is a notice requiring a person to pay a penalty calculated by reference to a daily rate if the person fails before a specified date to comply with the requ

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-3"><num>(3)</num><intro>The daily rate—</intro><level class="para1" eId="section-93-3-a"><num>(a)</num><content>is to be determined in accordance with regulations made by the Secretary of State, and</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-3-a"><num>(a)</num><content>is to be determined in accordance with regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-3-b"><num>(b)</num><content>must not exceed £20,000.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-4"><num>(4)</num><intro>The Regulator may not issue an escalating penalty notice to a person if—</intro><level class="para1" eId="section-93-4-a"><num>(a)</num><content>the person has exercised the right o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-4-a"><num>(a)</num><content>the person has exercised the right of referral to a tribunal under <ref eId="c00097" href="https://www.legislation.gov.uk/ukpga/2008/30/section/44">section 44</ref> of the <re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-4-b"><num>(b)</num><content>the escalating penalty notice relates to the same failure as the fixed penalty notice, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-4-c"><num>(c)</num><content>the reference in respect of the fixed penalty notice has not been determined.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-5"><num>(5)</num><intro>An escalating penalty notice must—</intro><level class="para1" eId="section-93-5-a"><num>(a)</num><content>specify the failure to which the penalty relates,</content></level><le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-5-a"><num>(a)</num><content>specify the failure to which the penalty relates,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-5-b"><num>(b)</num><content>state that, if the person fails to comply with the requirement to which the notice relates before a specified date, the person will be liable to pay an escalating penalty,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-5-c"><num>(c)</num><content>state the daily rate of the escalating penalty and the way in which the penalty is calculated,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-5-d"><num>(d)</num><content>state the date from which the escalating penalty will be payable,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-5-e"><num>(e)</num><content>state that the escalating penalty will continue to be payable at the daily rate until the date on which the person complies with the requirement to which the notice relates or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-5-f"><num>(f)</num><content>notify the person to whom the notice is issued of the review process under <ref eId="c00099" href="https://www.legislation.gov.uk/ukpga/2008/30/section/43">section 43</ref> of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-6"><num>(6)</num><intro>The following sections of the <ref eId="c00103" href="https://www.legislation.gov.uk/ukpga/2008/30/contents">Pensions Act 2008</ref> apply to an escalating penalty notice under <ref href="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-6-a"><num>(a)</num><content>section 42 (penalty notices: recovery);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-6-b"><num>(b)</num><content>section 43 (review of penalty notices);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-93-6-c"><num>(c)</num><content>section 44 (references to First-tier Tribunal or Upper Tribunal).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-7"><num>(7)</num><content>Regulations under <ref href="#section-93-3">subsection (3)</ref><ref href="#section-93-3-a">(a)</ref> are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94"><num>94</num><heading>Withdrawal of authorisation</heading><content>The Regulator may during a period of concern withdraw authorisation from a superfund if satisfied that the superfund has failed to comply with the

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95"><num>95</num><heading>Release of capital buffer treated as reducing employer debt</heading><content>Where some or all of the capital buffer is released in consequence of a debt falling due to the trustees of the su

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-3-chapter-6"><num>Chapter 6</num><heading>General provision and interpretation</heading><section eI

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96"><num>96</num><heading>Power to extend superfunds legislation to similar structures</heading><subsection eId="section-96-1"><num>(1)</num><intro>The Secretary of State may by regulations—</intro><level class="pa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-1"><num>(1)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-96-1-a"><num>(a)</num><content>apply any superfunds legislation, with or without modifications, t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-1-a"><num>(a)</num><content>apply any superfunds legislation, with or without modifications, to a similar structure;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-1-b"><num>(b)</num><content>make, in relation to a similar structure, provision that is similar to or that corresponds to any superfunds legislation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-2"><num>(2)</num><content>“<term refersTo="#term-superfunds-legislation" eId="term-superfunds-legislation">Superfunds legislation</term>” means provision made by this Act (including provision amending other legis

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-3"><num>(3)</num><intro>“<term refersTo="#term-similar-structure" eId="term-similar-structure">Similar structure</term>” means arrangements to which this Part does not (ignoring this section) apply but that invol

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-3-a"><num>(a)</num><content>that has defined-benefit liabilities, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-3-b"><num>(b)</num><content>that is not supported by a substantive employer covenant</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-4"><num>(4)</num><content>The power under <ref href="#section-96-1">subsection (1)</ref> can be exercised so as to amend an Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-5"><num>(5)</num><content>Regulations under <ref href="#section-96-1">subsection (1)</ref> are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97"><num>97</num><heading>Construction of “occupational pension scheme” and “<term refersTo="#term-employer" eId="term-employer">employer</term>” in relation to superfund schemes</heading><subsection eId="section-97-1"><n

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-1"><num>(1)</num><intro>This section applies to a pension scheme—</intro><level class="para1" eId="section-97-1-a"><num>(a)</num><content>that is established for the purpose of receiving superfund transfer

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-1-a"><num>(a)</num><content>that is established for the purpose of receiving superfund transfers, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-1-b"><num>(b)</num><content>that, immediately after it is established, is capable of having effect so as to provide benefits to or in respect of people with service in employment of a description.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-2"><num>(2)</num><content>For the purposes of the definition of “occupational pension scheme” in section 1(1) of the Pension Schemes Act 1993, the scheme is assumed to meet the condition in paragraph (a) of that

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-3"><num>(3)</num><content>For the purposes of the definitions of “employer” in <ref eId="c00108" href="https://www.legislation.gov.uk/ukpga/1995/26/section/124">section 124</ref><ref eId="c00109" href="https://ww

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-4"><num>(4)</num><intro>If—</intro><level class="para1" eId="section-97-4-a"><num>(a)</num><content>the scheme includes more than one section, and</content></level><level class="para1" eId="section-97-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-4-a"><num>(a)</num><content>the scheme includes more than one section, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-4-b"><num>(b)</num><content>a section of the scheme is, immediately after the section comes into being, capable of having effect so as to provide benefits to or in respect of people with service in emplo

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-98"><num>98</num><heading>Consequential amendments</heading><subsection eId="section-98-1"><num>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-98-1"><num>(1)</num><content><mod>In the Pensions Act 1995, in section 75 (deficiencies in

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-98-2"><num>(2)</num><content><mod>In the Occupational Pension Schemes (Preservation of Ben

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98-3"><num>(3)</num><content>See also <ref href="#schedule">the Schedule</ref>, which contains amendments to the Pensions Act 2004 that (in some cases) are consequential on this Part.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-99"><num>99</num><heading>Transitional provision</heading><subsection eId="section-99-1"><num>(1)</num><intro>The provision that may be made by virtue of <ref href="#section-133">section 133</ref><ref href="#section-13

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-99-1"><num>(1)</num><intro>The provision that may be made by virtue of <ref href="#section-133">section 133</ref><ref href="#section-133-13">(13)</ref><ref href="#section-133-13-a">(a)</ref> (power to make transitio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-99-1-a"><num>(a)</num><content>for a provision of this Part not to apply to, or to apply differently in respect of, a superfund that has been authorised under the interim regime;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-99-1-b"><num>(b)</num><content>for a superfund that has been authorised under the interim regime to be treated for the purposes of any provision of Chapter 4 or 5 as an operating superfund.</content></l

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-99-2"><num>(2)</num><content>For the purposes of <ref href="#section-99-1">subsection (1)</ref>, a superfund is “authorised under the interim regime” if its name has been published on the Regulator’s website as a re

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100"><num>100</num><heading>Interpretation of Part</heading><subsection eId="section-100-1"><num>(1)</num><intro>In <ref href="#part-3">this Part</ref>—</intro><hcontainer name="definition"><content>“<term refer

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-1"><num>(1)</num><intro>In <ref href="#part-3">this Part</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-approved-response-plan" eId="term-approved-response-plan">approved resp

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-public-service-scheme" eId="term-public-service-scheme">public service scheme</term>” means—</intro><level class="para1"><num>(a)</num><content>a pension scheme established

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-2"><num>(2)</num><intro>References in <ref href="#part-3">this Part</ref> to a transfer of liabilities from one pension scheme to another are to any transaction whereby—</intro><level class="para1" eId="sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-2-a"><num>(a)</num><content>a person who has present or future rights to receive defined benefits under the first scheme ceases to have those rights, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-2-b"><num>(b)</num><content>that person instead acquires present or future rights to receive defined benefits under the second scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-3"><num>(3)</num><content>The Secretary of State may by regulations amend <ref href="#section-100">this section</ref> for the purpose of changing the definition of “superfund group”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-4"><num>(4)</num><content>Regulations under <ref href="#section-100-3">subsection (3)</ref> are subject to the affirmative procedure.</content></subsection>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-4"><num>Part 4</num><heading>Miscellaneous</heading><chapter eId="part-4-chapter-1"><num>Chapter 1</nu

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-4-chapter-1"><num>Chapter 1</num><heading>Validity of certain alterations to salary-related contracted-out pension schemes</heading><hcontainer name="crosshead

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-4-chapter-1-crossheading-schemes-in-great-britain"><heading>Schemes in Great Britain</heading><section eId="section-10

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101"><num>101</num><heading>Sections <ref href="#section-101">101</ref> to <ref href="#section-104">104</ref>: interpretation and scope</heading><subsection eId="section-101-1"><num>(1)</num><content>The following prov

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-1"><num>(1)</num><content>The following provisions of <ref href="#section-101">this section</ref> have effect for the purposes of <ref href="#section-101">this section</ref> and <ref href="#section-102">se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-2"><num>(2)</num><content>“<term refersTo="#term-gb-scheme" eId="term-gb-scheme">GB scheme</term>” means an occupational pension scheme that was a salary-related contracted-out scheme in England and Wales or Sco

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-3"><num>(3)</num><intro>“<term refersTo="#term-scheme-actuary" eId="term-scheme-actuary">Scheme actuary</term>”, in relation to a GB scheme, means—</intro><level class="para1" eId="section-101-3-a"><num>(a)<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-3-a"><num>(a)</num><content>the person for the time being appointed as actuary for the scheme under <ref eId="c00127" href="https://www.legislation.gov.uk/ukpga/1995/26/section/47">section 47</ref> of t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-3-b"><num>(b)</num><content>if there is no person so appointed, a Fellow of the Institute and Faculty of Actuaries appointed by the trustees or managers of the scheme to carry out the functions of the s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-4"><num>(4)</num><content>“<term refersTo="#term-section-371" eId="term-section-371">Section 37(1)</term>” refers to <ref eId="c00129" href="https://www.legislation.gov.uk/ukpga/1993/48/section/37">section 37</r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-5"><num>(5)</num><content>“<term refersTo="#term-regulation-42" eId="term-regulation-42">Regulation 42</term>” refers to <ref eId="c00132" href="https://www.legislation.gov.uk/uksi/1996/1172/regulation/42">regul

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-6"><num>(6)</num><content>References to non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42 include non-compliance with the requirement in either paragraph (2)(a) or (2)(b) (as well

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-7"><num>(7)</num><intro>An alteration purporting to have been made to the rules of a GB scheme is a “potentially remediable alteration” if—</intro><level class="para1" eId="section-101-7-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-7-a"><num>(a)</num><content>by virtue of <ref href="#section-37">section 37</ref><ref href="#section-37-1">(1)</ref> and paragraphs (1) and (2) of regulation 42 (as they had effect at the time), the alt

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-7-b"><num>(b)</num><content>it was treated by the trustees or managers of the scheme, after it was purportedly made, as a valid alteration,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-7-c"><num>(c)</num><content>no positive action has been taken by the trustees or managers of the scheme on the basis that they consider the alteration to be void (and so of no legal effect) by reason of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-7-d"><num>(d)</num><content>it is not excluded from the scope of remediation under <ref href="#section-102">sections 102</ref> and <ref href="#section-103">103</ref> (see subsection (9)).</content><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-8"><num>(8)</num><intro>In <ref href="#section-101-7">subsection (7)</ref><ref href="#section-101-7-c">(c)</ref> “<term refersTo="#term-positive-action" eId="term-positive-action">positive action</term>”, in rel

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-8-a"><num>(a)</num><content>notifying any members of the scheme in writing to the effect that the trustees or managers consider the alteration to be void (by reason of non-compliance with the requiremen

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-8-b"><num>(b)</num><content>notifying any members of the scheme in writing (in consequence of the trustees or managers being of the view mentioned in <ref href="#section-101-7">subsection (7)</ref><ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-9"><num>(9)</num><intro>An alteration purporting to have been made to the rules of a GB scheme is excluded from the scope of remediation under sections <ref href="#section-102">102</ref> and <ref href="#section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-9-a"><num>(a)</num><content>has, before <ref href="#section-101">this section</ref> comes into force, been determined by the court in qualifying legal proceedings,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-9-b"><num>(b)</num><content>was in issue on or before 5 June 2025 in qualifying legal proceedings, but has been settled by agreement between the parties at any time before <ref href="#section-101">this

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-9-c"><num>(c)</num><content>was in issue on or before 5 June 2025 in qualifying legal proceedings and remains in issue in those proceedings when <ref href="#section-101">this section</ref> comes into fo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-101-10"><num>(10)</num><intro>In subsection <ref href="#section-101-9">(9)</ref> “<term refersTo="#term-legal-proceedings" eId="term-legal-proceedings">legal proceedings</term>” means proceedings for the determinati

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-10-a"><num>(a)</num><content>they will determine a dispute as to the rules of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-101-10-b"><num>(b)</num><intro>the parties are (or include)—</intro><level class="para2" eId="section-101-10-b-i"><num>(i)</num><content>the trustees or managers of the scheme, and</content></lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-101-10-b-i"><num>(i)</num><content>the trustees or managers of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-101-10-b-ii"><num>(ii)</num><content>one or more members or other beneficiaries of the scheme (or a person acting on behalf of one or more members or other beneficiaries).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102"><num>102</num><heading>Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes</heading><subsection eId="section-102-1"><num>(1)</num><content>This section applies t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-1"><num>(1)</num><content>This section applies to any potentially remediable alteration purportedly made to a GB scheme other than a potentially remediable alteration to which section <ref href="#section-103">10

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-2"><num>(2)</num><content>If the conditions mentioned in subsection <ref href="#section-102-3">(3)</ref> are met in relation to it, the alteration is to be treated for all purposes as having met the requirements

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-3"><num>(3)</num><intro>The conditions are—</intro><level class="para1" eId="section-102-3-a"><num>(a)</num><content>that the trustees or managers of the scheme have made a request in writing to the schem

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-3-a"><num>(a)</num><content>that the trustees or managers of the scheme have made a request in writing to the scheme actuary for the actuary to consider whether or not, on the assumption that it was val

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-3-b"><num>(b)</num><content>that the scheme actuary has confirmed to the trustees or managers in writing that in the actuary’s opinion it is reasonable to conclude that, on the assumption that it was va

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-4"><num>(4)</num><intro>A scheme actuary who has received a request as mentioned in subsection <ref href="#section-102-3">(3)</ref><ref href="#section-102-3-a">(a)</ref> in relation to a potentially remediable a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-4-a"><num>(a)</num><content>may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject-matter o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-4-b"><num>(b)</num><content>may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-5"><num>(5)</num><content>A condition mentioned in subsection <ref href="#section-102-3">(3)</ref> may be met by action taken before (as well as action taken after) this section comes into force.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-6"><num>(6)</num><intro>Subsection <ref href="#section-102-7">(7)</ref> applies to a scheme if —</intro><level class="para1" eId="section-102-6-a"><num>(a)</num><content>there is an assessment period in r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-6-a"><num>(a)</num><content>there is an assessment period in relation to the scheme within the meaning of Part 2 of the Pensions Act 2004, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-6-b"><num>(b)</num><content>the scheme is operating as a closed scheme under section 153 of that Act.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-7"><num>(7)</num><intro>The powers of the Board of the Pension Protection Fund under section 134 and section 155 of the Pensions Act 2004 to give directions includes power to give a direction to the trustees or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-7-a"><num>(a)</num><content>to make a request under subsection <ref href="#section-102-3">(3)</ref><ref href="#section-102-3-a">(a)</ref> above in relation to a potentially remediable alteration to the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-7-b"><num>(b)</num><content>to take any necessary action to enable or facilitate the making of a decision by the scheme actuary as to whether to give the confirmation described in subsection <ref href="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-8"><num>(8)</num><content>This section has effect, in relation to a potentially remediable alteration purportedly made to a public service scheme, as if the references in subsections <ref href="#section-102-3">(

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-9"><num>(9)</num><intro>In subsection <ref href="#section-102-8">(8)</ref>—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-public-service-scheme" eId="term-public-service-scheme">publi

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-103"><num>103</num><heading>Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases</heading><subsection eId="section-103-1"><num>(1)</num><intro>Th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-103-1"><num>(1)</num><intro>This section applies to any potentially remediable alteration purportedly made to the rules of—</intro><level class="para1" eId="section-103-1-a"><num>(a)</num><content>a GB scheme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-103-1-a"><num>(a)</num><content>a GB scheme, or a part of a GB scheme, which has been wound up before this section comes into force,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-103-1-b"><num>(b)</num><content>a GB scheme, or a part of a GB scheme, for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance with

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-103-1-c"><num>(c)</num><content>a GB scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (<ref eId="c00135" href="http://www.legi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-103-2"><num>(2)</num><content>The alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104"><num>104</num><heading>Powers to amend provisions of Chapter 1 etc: Great Britain</heading><subsection eId="section-104-1"><num>(1)</num><content>The Secretary of State may by regulations amend any of sections <re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-1"><num>(1)</num><content>The Secretary of State may by regulations amend any of sections <ref href="#section-101">101</ref>, <ref href="#section-102">102</ref> and <ref href="#section-103">103</ref> for the pur

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-2"><num>(2)</num><content>In <ref href="#section-104-1">subsection (1)</ref> “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in the regulations; and a specified descripti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-3"><num>(3)</num><content>Regulations under <ref href="#section-104-1">subsection (1)</ref> are subject to the negative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-4"><num>(4)</num><content>The Secretary of State may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of this Chapter (other than this secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-5"><num>(5)</num><content>Regulations under <ref href="#section-104-4">subsection (4)</ref> may amend any Act passed before or in the same Session as this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-6"><num>(6)</num><content>Regulations under <ref href="#section-104-4">subsection (4)</ref> are subject to the affirmative procedure if they contain provision made under subsection (5); otherwise they are subjec

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-4-chapter-1-crossheading-schemes-in-northern-ireland"><heading>Schemes in Northern Ireland</heading><section eId="sect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105"><num>105</num><heading>Sections <ref href="#section-105">105</ref> to <ref href="#section-108">108</ref>: interpretation and scope</heading><subsection eId="section-105-1"><num>(1)</num><content>The provisions of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-1"><num>(1)</num><content>The provisions of this section have effect for the purposes of this section and sections <ref href="#section-106">106</ref> to <ref href="#section-108">108</ref>.</content></subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-2"><num>(2)</num><content>“<term refersTo="#term-ni-scheme" eId="term-ni-scheme">NI scheme</term>” means an occupational pension scheme that was a salary-related contracted-out scheme in Northern Ireland; and fo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-3"><num>(3)</num><intro>“<term refersTo="#term-scheme-actuary" eId="term-scheme-actuary">Scheme actuary</term>”, in relation to an NI scheme, means—</intro><level class="para1" eId="section-105-3-a"><num>(a)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-3-a"><num>(a)</num><content>the person for the time being appointed as actuary for the scheme under Article 47 of the Pensions (Northern Ireland) Order 1995 (<ref eId="c00136" href="http://www.legislati

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-3-b"><num>(b)</num><content>if there is no person so appointed, a Fellow of the Institute and Faculty of Actuaries appointed by the trustees or managers of the scheme to carry out the functions of the s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-4"><num>(4)</num><content>“<term refersTo="#term-section-331" eId="term-section-331">Section 33(1)</term>” refers to section 33(1) of the Pension Schemes (Northern Ireland) Act 1993 (prohibition of alterations t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-5"><num>(5)</num><content>“<term refersTo="#term-regulation-42" eId="term-regulation-42">Regulation 42</term>” refers to regulation 42 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-6"><num>(6)</num><content>References to non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42 include non-compliance with the requirement in either paragraph (2)(a) or (2)(b) (as well

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-7"><num>(7)</num><intro>An alteration purporting to have been made to the rules of an NI scheme is a “potentially remediable alteration” if—</intro><level class="para1" eId="section-105-7-a"><num>(a)</num><c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-7-a"><num>(a)</num><content>by virtue of section 33(1) and paragraphs (1) and (2) of regulation 42 (as they had effect at the time), the alteration could not be made unless the requirements of paragraph

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-7-b"><num>(b)</num><content>it was treated by the trustees or managers of the scheme, after it was purportedly made, as a valid alteration,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-7-c"><num>(c)</num><content>no positive action has been taken by the trustees or managers of the scheme on the basis that they consider the alteration to be void (and so of no legal effect) by reason of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-7-d"><num>(d)</num><content>it is not excluded from the scope of remediation under <ref href="#section-106">sections 106</ref> and <ref href="#section-107">107</ref> (see subsection (9)).</content><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-8"><num>(8)</num><intro>In <ref href="#section-105-7">subsection (7)</ref><ref href="#section-105-7-c">(c)</ref> “<term refersTo="#term-positive-action" eId="term-positive-action">positive action</term>”, in rel

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-8-a"><num>(a)</num><content>notifying any members of the scheme in writing to the effect that the trustees or managers consider the alteration to be void (by reason of non-compliance with the requiremen

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-8-b"><num>(b)</num><content>notifying any members of the scheme in writing (in consequence of the trustees or managers being of the view mentioned in <ref href="#section-105-7">subsection (7)</ref><ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-9"><num>(9)</num><intro>An alteration purporting to have been made to the rules of an NI scheme is excluded from the scope of remediation under sections <ref href="#section-106">106</ref> and <ref href="#section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-9-a"><num>(a)</num><content>has, before this section comes into force, been determined by the court in qualifying legal proceedings,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-9-b"><num>(b)</num><content>was in issue on or before 5 June 2025 in qualifying legal proceedings, but has been settled by agreement between the parties at any time before this section comes into force,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-9-c"><num>(c)</num><content>was in issue on or before 5 June 2025 in qualifying legal proceedings and remains in issue in those proceedings when this section comes into force.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-10"><num>(10)</num><intro>In subsection <ref href="#section-105-9">(9)</ref> “<term refersTo="#term-legal-proceedings" eId="term-legal-proceedings">legal proceedings</term>” means proceedings for the determinati

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-10-a"><num>(a)</num><content>they will determine a dispute as to the rules of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-105-10-b"><num>(b)</num><intro>the parties are (or include)—</intro><level class="para2" eId="section-105-10-b-i"><num>(i)</num><content>the trustees or managers of the scheme, and</content></lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-105-10-b-i"><num>(i)</num><content>the trustees or managers of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-105-10-b-ii"><num>(ii)</num><content>one or more members or other beneficiaries of the scheme (or a person acting on behalf of one or more members or other beneficiaries).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106"><num>106</num><heading>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</heading><subsection eId="section-106-1"><num>(1)</num><content>This section applies t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-1"><num>(1)</num><content>This section applies to any potentially remediable alteration purportedly made to an NI scheme other than a potentially remediable alteration to which section <ref href="#section-107">1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-2"><num>(2)</num><content>If the conditions mentioned in subsection <ref href="#section-106-3">(3)</ref> are met in relation to it, the alteration is to be treated for all purposes as having met the requirements

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-3"><num>(3)</num><intro>The conditions are—</intro><level class="para1" eId="section-106-3-a"><num>(a)</num><content>that the trustees or managers of the scheme have made a request in writing to the schem

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-3-a"><num>(a)</num><content>that the trustees or managers of the scheme have made a request in writing to the scheme actuary for the actuary to consider whether or not, on the assumption that it was val

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-3-b"><num>(b)</num><content>that the scheme actuary has confirmed to the trustees or managers in writing that in the actuary’s opinion it is reasonable to conclude that, on the assumption that it was va

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-4"><num>(4)</num><intro>A scheme actuary who has received a request as mentioned in subsection (3)(a) in relation to a potentially remediable alteration to a scheme—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-4-a"><num>(a)</num><content>may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject-matter o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-4-b"><num>(b)</num><content>may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-5"><num>(5)</num><content>A condition mentioned in <ref href="#section-106-3">subsection (3)</ref> may be met by action taken before (as well as action taken after) this section comes into force.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-6"><num>(6)</num><intro>Subsection <ref href="#section-106-7">(7)</ref> applies to an NI scheme if —</intro><level class="para1" eId="section-106-6-a"><num>(a)</num><content>there is an assessment period

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-6-a"><num>(a)</num><content>there is an assessment period in relation to the scheme within the meaning of Part 3 of the Pensions (Northern Ireland) Order 2005 (<ref eId="c00138" href="http://www.legisla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-6-b"><num>(b)</num><content>the scheme is operating as a closed scheme under Article 137 of that Order.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-7"><num>(7)</num><intro>The powers of the Board of the Pension Protection Fund under Article 118 and 139 of the Pensions (Northern Ireland) Order 2005 to give directions include power to give a direction to the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-7-a"><num>(a)</num><content>to make a request under subsection (3)(a) in relation to a potentially remediable alteration to the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-106-7-b"><num>(b)</num><content>to take any necessary action to enable or facilitate the making of a decision by the actuary as to whether to give the confirmation described in subsection (3)(b) in relation

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-8"><num>(8)</num><content>This section has effect, in relation to a potentially remediable alteration purportedly made to a public service scheme, as if the references in subsections <ref href="#section-106-3">(

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-9"><num>(9)</num><intro>In <ref href="#section-106-8">subsection (8)</ref>—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-public-service-scheme" eId="term-public-service-scheme">publi

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-107"><num>107</num><heading>Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</heading><subsection eId="section-107-1"><num>(1)</num><intro>Th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-107-1"><num>(1)</num><intro>This section applies to any potentially remediable alteration purportedly made to the rules of—</intro><level class="para1" eId="section-107-1-a"><num>(a)</num><content>an NI schem

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-107-1-a"><num>(a)</num><content>an NI scheme, or a part of an NI scheme, which has been wound up before this section comes into force,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-107-1-b"><num>(b)</num><content>an NI scheme, or a part of an NI scheme, for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance wi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-107-1-c"><num>(c)</num><content>an NI scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (<ref eId="c00140" href="http://www.leg

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-107-2"><num>(2)</num><content>The alteration is be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been a v

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108"><num>108</num><heading>Powers to amend Chapter 1 etc: Northern Ireland</heading><subsection eId="section-108-1"><num>(1)</num><content>The Department for Communities in Northern Ireland may by regulations amend an

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-1"><num>(1)</num><content>The Department for Communities in Northern Ireland may by regulations amend any of <ref href="#section-105">sections 105</ref>, <ref href="#section-106">106</ref> and <ref href="#sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-2"><num>(2)</num><content>In <ref href="#section-108-1">subsection (1)</ref> “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in the regulations; and a specified descripti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-3"><num>(3)</num><content>Regulations under <ref href="#section-108-1">subsection (1)</ref> are subject to negative resolution.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-4"><num>(4)</num><content>The Department for Communities in Northern Ireland may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of <ref hr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-5"><num>(5)</num><content>Regulations under <ref href="#section-108-4">subsection (4)</ref> may amend Northern Ireland legislation, or an Act of Parliament, passed or made before or in the same Session as this A

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-6"><num>(6)</num><intro>Regulations under <ref href="#section-108-4">subsection (4)</ref> which contain provision made under <ref href="#section-108-5">subsection (5)</ref>—</intro><level class="para1" eId="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-108-6-a"><num>(a)</num><content>must be laid before the Northern Ireland Assembly after being made,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-108-6-b"><num>(b)</num><content>take effect on such date as may be specified in the regulations, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-108-6-c"><num>(c)</num><content>cease to have effect on the expiry of the period of six months beginning with the day on which they take effect, unless the regulations have been approved during that period

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-7"><num>(7)</num><content>Regulations under <ref href="#section-108-4">subsection (4)</ref> which do not contain provision made under <ref href="#section-108-5">subsection (5)</ref> are subject to negative resol

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-8"><num>(8)</num><content>In <ref href="#section-108">this section</ref> “<term refersTo="#term-subject-to-negative-resolution" eId="term-subject-to-negative-resolution">subject to negative resolution</term>” ha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-9"><num>(9)</num><content>The power of the Department for Communities in Northern Ireland to make regulations under <ref href="#section-108">this section</ref> is exercisable by statutory rule for the purposes o

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-4-chapter-2"><num>Chapter 2</num><heading>Pension compensation: indexation</heading><section eId="s

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109"><num>109</num><heading>Indexation of periodic compensation for pre-1997 service: Great Brit

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-109-1"><num>(1)</num><content>Schedule 7 to the Pensions Act 2004 (pension compensation provisions) is amended in accordance with subsections <ref href="#section-109-2">(2)</ref> and <ref href="#section-109-3">(3)</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109-2"><num>(2)</num><intro>In paragraph 28—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-2-a"><num>(a)</num><content><mod>for sub-paragraph (2) substitute—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-2-b"><num>(b)</num><intro>in sub-paragraph (3)—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-109-2-b-i"><num>(i)</num><content><mod>in the opening words for “sub-paragraph (2)” substitute <quotedText>“sub-paragraphs <ref href="#d25e18268">(2)</ref> to <ref href="#d25e18400">(2E)</ref>”</quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-109-2-b-ii"><num>(ii)</num><content><mod>for both definitions of “underlying rate

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-109-2-c"><num>(c)</num><intro>in sub-paragraph (5)—</intro><level class="para2" eId="section-109-2-c-i"><num>(i)</num><content><mod>in paragraph (a), for “sub-paragraph (2), each definition of “under

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-109-2-c-i"><num>(i)</num><content><mod>in paragraph (a), for “sub-paragraph (2), each definition of “underlying rate”” substitute <quotedText>“sub-paragraphs <ref href="#d25e18364">(2C)</ref> to <ref href="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-109-2-c-ii"><num>(ii)</num><content><mod>in paragraph (c), for “sub-paragraph (2), the definition of “underlying rate”” substitute <quotedText>“sub-paragraphs <ref href="#d25e18364">(2C)</ref> to <ref href=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-2-d"><num>(d)</num><content><mod>in sub-paragraph (6), before the definition

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-109-2-e"><num>(e)</num><content><mod>in sub-paragraph (7), for “and “pre-1997 service”” substitute <quotedText>“, “pre-1997 service” and “GMP indexed service””</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109-3"><num>(3)</num><content><mod>In paragraph 29, for sub-paragraph (2) substitute—<quot

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-109-4"><num>(4)</num><content>Schedule 5 to the Pensions Act 2008 (pension compensation payable on discharge of pension compensation credit) is amended in accordance with subsections <ref href="#section-109-5">(5)</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109-5"><num>(5)</num><intro>In paragraph 17—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-5-a"><num>(a)</num><content><mod>for sub-paragraph (2) substitute—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-109-5-b"><num>(b)</num><content><mod>in sub-paragraph (3), for “(2)” substitute <quotedText>“<ref href="#d25e18935">(2E)</ref>, <ref href="#d25e18941">(2F)</ref>, <ref href="#d25e18947">(2G)</ref> or <ref h

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-5-c"><num>(c)</num><content><mod>after sub-paragraph (3) insert—<quotedStruct

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-5-d"><num>(d)</num><intro>in sub-paragraph (4)—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-109-5-d-i"><num>(i)</num><content><mod>in the opening words, for “sub-paragraph (2)” substitute <quotedText>“sub-paragraphs (2) to <ref href="#d25e18953">(2H)</ref>”</quotedText>;</mod></content></level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-109-5-d-ii"><num>(ii)</num><content><mod>for the definition of “the underlying ra

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-109-5-e"><num>(e)</num><content>omit sub-paragraphs (5) and (6);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-5-f"><num>(f)</num><content><mod>before sub-paragraph (7) insert—<quotedStruc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-109-5-g"><num>(g)</num><content><mod>in sub-paragraph (7), for ““the underlying rate”” substitute <quotedText>““the general underlying rate”, the definition of “the notional pre-1997 underlying rate”, the d

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-109-5-h"><num>(h)</num><content><mod>in sub-paragraph (9), for the definition of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109-6"><num>(6)</num><content><mod>In paragraph 20, in sub-paragraph (1)(b), for “for the

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110"><num>110</num><heading>Indexation of periodic compensation for pre-1997 service: Northern I

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-110-1"><num>(1)</num><content>Schedule 6 to the Pensions (Northern Ireland) Order 2005 (<ref eId="c00146" href="http://www.legislation.gov.uk/id/nisi/2005/255">S.I. 2005/255 (N.I. 1)</ref>) (pension compensation pro

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110-2"><num>(2)</num><intro>In paragraph 28—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-2-a"><num>(a)</num><content><mod>for sub-paragraph (2) substitute—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-2-b"><num>(b)</num><intro>in sub-paragraph (3)—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-110-2-b-i"><num>(i)</num><content><mod>in the opening words for “sub-paragraph (2)” substitute <quotedText>“sub-paragraphs <ref href="#d25e19374">(2)</ref> to <ref href="#d25e19506">(2E)</ref>”</quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-110-2-b-ii"><num>(ii)</num><content><mod>for both definitions of “underlying rate

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-2-c"><num>(c)</num><intro>in sub-paragraph (5)—</intro><level class="para2" eId="section-110-2-c-i"><num>(i)</num><content><mod>in paragraph (a), for “sub-paragraph (2), each definition of “under

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-110-2-c-i"><num>(i)</num><content><mod>in paragraph (a), for “sub-paragraph (2), each definition of “underlying rate”” substitute <quotedText>“sub-paragraphs <ref href="#d25e19470">(2C)</ref> to <ref href="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-110-2-c-ii"><num>(ii)</num><content><mod>in paragraph (c), for “sub-paragraph (2), the definition of “underlying rate”” substitute <quotedText>“sub-paragraphs <ref href="#d25e19470">(2C)</ref> to <ref href=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-2-d"><num>(d)</num><content><mod>in sub-paragraph (6), before the definition

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-2-e"><num>(e)</num><content><mod>in sub-paragraph (7), for “and “pre-1997 service”” substitute <quotedText>“, “pre-1997 service” and “GMP indexed service””</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110-3"><num>(3)</num><content><mod>In paragraph 29, for sub-paragraph (2) substitute—<quot

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-110-4"><num>(4)</num><content>Schedule 4 to the Pensions (No.2) Act (Northern Ireland) 2008 (pension compensation payable on discharge of pension compensation credit) is amended in accordance with subsections <ref h

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110-5"><num>(5)</num><intro>In paragraph 17—</intro><level class="para1" eId="section-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-5-a"><num>(a)</num><content><mod>for sub-paragraph (2) substitute—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-5-b"><num>(b)</num><content><mod>in sub-paragraph (3), for “(2)” substitute <quotedText>“<ref href="#d25e20041">(2E)</ref>, <ref href="#d25e20047">(2F)</ref>, <ref href="#d25e20053">(2G)</ref> or <ref h

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-5-c"><num>(c)</num><content><mod>after sub-paragraph (3) insert—<quotedStruct

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-5-d"><num>(d)</num><intro>in sub-paragraph (4)—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-110-5-d-i"><num>(i)</num><content><mod>in the opening words, for “sub-paragraph (2)” substitute <quotedText>“sub-paragraphs (2) to <ref href="#d25e20059">(2H)</ref>”</quotedText>;</mod></content></level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-110-5-d-ii"><num>(ii)</num><content><mod>for the definition of “the underlying ra

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-5-e"><num>(e)</num><content>omit sub-paragraphs (5) and (6);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-5-f"><num>(f)</num><content><mod>before sub-paragraph (7) insert—<quotedStruc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-5-g"><num>(g)</num><content><mod>in sub-paragraph (7), for ““the underlying rate”” substitute <quotedText>““the general underlying rate”, the definition of “the notional pre-1997 underlying rate”, the d

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-5-h"><num>(h)</num><content><mod>for sub-paragraph (9) substitute—<quotedStru

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110-6"><num>(6)</num><content><mod>In paragraph 20, in sub-paragraph (1)(b), for “for the

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111"><num>111</num><heading>Financial Assistance Scheme: indexation of payments for pre-1997 ser

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-1"><num>(1)</num><content>The Financial Assistance Scheme Regulations 2005 (<ref eId="c00147" href="http://www.legislation.gov.uk/id/uksi/2005/1986">S.I. 2005/1986</ref>) are amended as follows.</content></s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-2"><num>(2)</num><content><mod>In paragraph 7(1)(b) of Schedule 2 (determination of annual and initial payments), after “(b)(i)” insert <quotedText>“, <ref href="#d25e20544">(ia)</ref> and <ref href="#d25e20553"

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-3"><num>(3)</num><content>Paragraph 9 of that Schedule is amended in accordance with subsections <ref href="#section-111-4">(4)</ref> to <ref href="#section-111-6">(6)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-4"><num>(4)</num><intro>In sub-paragraph (2)—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-4-a"><num>(a)</num><content><mod>in paragraph (a) of the definition of “under

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-4-b"><num>(b)</num><intro>in paragraph (b) of the definition of “underlying r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-111-4-b-i"><num>(i)</num><content>omit the “and” at the end of sub-paragraph (i);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-111-4-b-ii"><num>(ii)</num><content><mod>after that sub-paragraph insert—<quotedS

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-4-c"><num>(c)</num><content><mod>after the definition of “post-1997 service”

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-5"><num>(5)</num><content><mod>After sub-paragraph (2) insert—<quotedStructure startQu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-6"><num>(6)</num><intro>In sub-paragraph (3)—</intro><level class="para1" eId="section-111-6-a"><num>(a)</num><content><mod>after “attributable to” insert <quotedText>“pre-1997 service or”</quotedText>;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-111-6-a"><num>(a)</num><content><mod>after “attributable to” insert <quotedText>“pre-1997 service or”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-111-6-b"><num>(b)</num><content><mod>for “that amount” substitute <quotedText>“the amount in question”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-7"><num>(7)</num><content><mod>In paragraph 7(1)(b) of Schedule 2A (determination of ill health and interim ill health payments), after “(b)(i)” insert <quotedText>“, <ref href="#d25e20544">(ia)</ref> and <ref h

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-8"><num>(8)</num><content>Paragraph 9 of that Schedule is amended in accordance with subsections <ref href="#section-111-9">(9)</ref> to <ref href="#section-111-11">(11)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-9"><num>(9)</num><intro>In sub-paragraph (2)—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-9-a"><num>(a)</num><content><mod>after the definition of “E” insert—<quotedSt

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-9-b"><num>(b)</num><content><mod>after the definition of “post-1997 service”

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-9-c"><num>(c)</num><content><mod>in paragraph (a) of the definition of “under

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-9-d"><num>(d)</num><intro>in paragraph (b) of the definition of “underlying r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-111-9-d-i"><num>(i)</num><content>omit the “and” at the end of sub-paragraph (i);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-111-9-d-ii"><num>(ii)</num><content><mod>after that sub-paragraph insert—<quotedS

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-10"><num>(10)</num><content><mod>After sub-paragraph (2) insert—<quotedStructure start

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-11"><num>(11)</num><intro>In sub-paragraph (3)—</intro><level class="para1" eId="section-111-11-a"><num>(a)</num><content><mod>after “attributable to” insert <quotedText>“pre-1997 service or”</quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-111-11-a"><num>(a)</num><content><mod>after “attributable to” insert <quotedText>“pre-1997 service or”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-111-11-b"><num>(b)</num><content><mod>for “that amount” substitute <quotedText>“the amount in question”</quotedText>.</mod></content></level>

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-4-chapter-3"><num>Chapter 3</num><heading>AWE Pension Scheme</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-chapter-3-crossheading-new-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-4-chapter-3-crossheading-new-public-pension-schemes"><heading>New public pension schemes</heading><section eId="sectio

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112"><num>112</num><heading>Establishment of new public schemes and transfer of rights</heading><subsection eId="section-112-1"><num>(1)</num><content>The Secretary of State may by regulations establish one or more sch

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112-1"><num>(1)</num><content>The Secretary of State may by regulations establish one or more schemes (“new public schemes”) which provide for pensions or other benefits to be payable to or in respect of persons who

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112-2"><num>(2)</num><content>The Secretary of State may by regulations make provision for the transfer of qualifying accrued rights to a new public scheme (without the need for any approval or consent of the truste

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112-3"><num>(3)</num><content>Regulations under <ref href="#section-112-2">subsection (2)</ref> may include provision for the discharge of liabilities in respect of qualifying accrued rights that are transferred.</p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112-4"><num>(4)</num><intro>In this Chapter—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-qualifying-accrued-rights" eId="term-qualifying-accrued-rights">qualifying accrued rights</term>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112-5"><num>(5)</num><intro>For the purposes of the definition of “qualifying accrued rights”—</intro><level class="para1" eId="section-112-5-a"><num>(a)</num><content>references to pensions or other benefits

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-112-5-a"><num>(a)</num><content>references to pensions or other benefits (including future benefits) includes money purchase benefits, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-112-5-b"><num>(b)</num><content>references to a right include a pension credit right.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-112-6"><num>(6)</num><content>Regulations under <ref href="#section-112-4">subsection (4)</ref> specifying or describing a date for the purposes of the definition of “the qualifying time” may make provision for the

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113"><num>113</num><heading>New public schemes: further provision</heading><subsection eId="section-113-1"><num>(1)</num><intro>A new public scheme may include provision—</intro><level class="para1" eId="section-11

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113-1"><num>(1)</num><intro>A new public scheme may include provision—</intro><level class="para1" eId="section-113-1-a"><num>(a)</num><content>for pensions or other benefits to be payable to or in respect of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-1-a"><num>(a)</num><content>for pensions or other benefits to be payable to or in respect of some or all persons described in <ref href="#section-112">section 112</ref><ref href="#section-112-1">(1)</re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-1-b"><num>(b)</num><content>for the provision of money purchase benefits or benefits that are not money purchase benefits (or both);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-1-c"><num>(c)</num><content>for increasing in particular circumstances the amounts payable in respect of qualifying accrued rights;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-1-d"><num>(d)</num><content>for the payment or receipt of transfer values or other lump sum payments for the purpose of creating rights to benefits under a new public scheme or otherwise;</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-1-e"><num>(e)</num><content>in relation to any persons who are active members of the AWE Pension Scheme which differs from the provision made in relation to persons who are deferred members of the AWE P

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113-2"><num>(2)</num><intro>Regulations under <ref href="#section-112">section 112</ref><ref href="#section-112-1">(1)</ref> may—</intro><level class="para1" eId="section-113-2-a"><num>(a)</num><content>provi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-2-a"><num>(a)</num><content>provide for a new public scheme to be treated as an occupational pension scheme, a previously contracted-out scheme or another type of occupational pension scheme for the pur

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-2-b"><num>(b)</num><content>provide for the enactment to apply in relation to a new public scheme subject to modifications specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113-3"><num>(3)</num><content>Regulations under <ref href="#section-112">section 112</ref><ref href="#section-112-1">(1)</ref> amending a new public scheme may make retrospective provision.</content></subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113-4"><num>(4)</num><intro>Regulations under <ref href="#section-112">section 112</ref><ref href="#section-112-1">(1)</ref> may—</intro><level class="para1" eId="section-113-4-a"><num>(a)</num><content>confe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-4-a"><num>(a)</num><content>confer functions on the Secretary of State or another person;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-4-b"><num>(b)</num><content>provide for a person to exercise a discretion in dealing with a matter.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113-5"><num>(5)</num><intro>The Secretary of State may—</intro><level class="para1" eId="section-113-5-a"><num>(a)</num><content>make arrangements for a new public scheme to be administered by any person;

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-5-a"><num>(a)</num><content>make arrangements for a new public scheme to be administered by any person;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-113-5-b"><num>(b)</num><content>delegate to any person a function exercisable by the Secretary of State under a new public scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-113-6"><num>(6)</num><content>In <ref href="#section-113">this section</ref>, a “<term refersTo="#term-previously-contracted-out-scheme" eId="term-previously-contracted-out-scheme">previously contracted-out scheme</

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114"><num>114</num><heading>Protection against adverse treatment: transfer of rights</heading><subsection eId="section-114-1"><num>(1)</num><intro>When making regulations under <ref href="#section-112">section 112</ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-1"><num>(1)</num><intro>When making regulations under <ref href="#section-112">section 112</ref> which transfer qualifying accrued rights to a new public scheme, the Secretary of State must ensure that the follo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-1-a"><num>(a)</num><content>the general scheme requirement (see <ref href="#section-114-2">subsection (2)</ref>), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-1-b"><num>(b)</num><content>where the qualifying accrued rights transferred are a person’s rights or entitlements to money purchase benefits other than pensions in payment, the money purchase requiremen

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-2"><num>(2)</num><content>The general scheme requirement is that, so far as relevant to the qualifying accrued rights transferred by the regulations, the provision in the new public scheme immediately after the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-3"><num>(3)</num><content>The money purchase requirement is that the value of the rights or entitlements to money purchase benefits, other than pensions in payment, that a person has under the new public scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-4"><num>(4)</num><content>The Secretary of State may by regulations make provision about the determination of the value of rights or entitlements for the purposes of <ref href="#section-114-3">subsection (3)</re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-5"><num>(5)</num><intro>Regulations under <ref href="#section-114-4">subsection (4)</ref> may, among other things—</intro><level class="para1" eId="section-114-5-a"><num>(a)</num><content>make provision a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-5-a"><num>(a)</num><content>make provision about the person by whom, and the manner in which, the value of rights or entitlements is to be determined,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-5-b"><num>(b)</num><content>make provision about the date or period by reference to which the value of the qualifying accrued rights transferred is to be determined (subject to <ref href="#section-114-6

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-5-c"><num>(c)</num><content>make provision that applies generally or only for a specific purpose (for example, in relation to a particular transfer).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-6"><num>(6)</num><content>Regulations under <ref href="#section-114-4">subsection (4)</ref> may not make provision for the value of the qualifying accrued rights transferred to be determined by reference to a da

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-7"><num>(7)</num><content><ref href="#section-114-1">Subsection (1)</ref> does not require provision to be included in a new public scheme if the Secretary of State is of the opinion that the provision would be

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-114-8"><num>(8)</num><intro>Nothing in <ref href="#section-114-1">subsections (1)</ref> to <ref href="#section-114-3">(3)</ref> is to be read as—</intro><level class="para1" eId="section-114-8-a"><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-8-a"><num>(a)</num><content>requiring particular provisions of a new public scheme to take a particular form,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-8-b"><num>(b)</num><content>requiring a new public scheme to be established in a particular way,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-8-c"><num>(c)</num><content>requiring any power or duty conferred or imposed by a new public scheme to be exercised or performed in a particular way, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-114-8-d"><num>(d)</num><content>affecting any power of any person to amend a new public scheme.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115"><num>115</num><heading>Protection against adverse treatment: amendment of new public schemes</heading><subsection eId="section-115-1"><num>(1)</num><intro>The Secretary of State may not make regulations under <ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-1"><num>(1)</num><intro>The Secretary of State may not make regulations under <ref href="#section-112">section 112</ref> amending a new public scheme unless—</intro><level class="para1" eId="section-115-1-a"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-1-a"><num>(a)</num><content>in a case where the amendment, on coming into force, would or might adversely affect subsisting rights at that time, the consent requirements or the procedure requirements ar

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-1-b"><num>(b)</num><content>in any other case, the consultation requirements are satisfied in relation to the amendment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-2"><num>(2)</num><content>The consent requirements are requirements specified or described in regulations made by the Secretary of State for the purpose of obtaining the consent of interested persons, or their r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-3"><num>(3)</num><content>The consultation requirements are requirements specified or described in regulations made by the Secretary of State for the purpose of consulting interested persons, or their representa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-4"><num>(4)</num><intro>The procedure requirements are requirements which—</intro><level class="para1" eId="section-115-4-a"><num>(a)</num><content>are specified or described in regulations made by the Se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-4-a"><num>(a)</num><content>are specified or described in regulations made by the Secretary of State for steps to be taken before amending a new public scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-4-b"><num>(b)</num><content>are not requirements for the purpose of obtaining the consent of, or consulting, interested persons or their representatives.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-5"><num>(5)</num><intro>In <ref href="#section-115">this section</ref>, “<term refersTo="#term-subsisting-rights" eId="term-subsisting-rights">subsisting rights</term>”, in relation to any time, means—</intr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-5-a"><num>(a)</num><content>any right to future benefits under a new public scheme which, at that time, has accrued to or in respect of a member of the scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-5-b"><num>(b)</num><content>any entitlement under a new public scheme to the present payment of a pension or other benefit which a member of the scheme has at that time, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-5-c"><num>(c)</num><content>any entitlement to benefits, or rights to future benefits, under a new public scheme which a survivor of a member of the scheme has at that time in respect of the member.

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-6"><num>(6)</num><intro>For the purposes of the definition of “subsisting rights”—</intro><level class="para1" eId="section-115-6-a"><num>(a)</num><content>references to pensions or other benefits (includ

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-6-a"><num>(a)</num><content>references to pensions or other benefits (including future benefits) include money purchase benefits, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-115-6-b"><num>(b)</num><content>references to a right include a pension credit right.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-115-7"><num>(7)</num><content>In <ref href="#section-115">this section</ref>, “<term refersTo="#term-interested-persons" eId="term-interested-persons">interested persons</term>”, in relation to an amendment of a sch

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116"><num>116</num><heading>Transfer of assets and liabilities</heading><subsection eId="section-116-1"><num>(1)</num><intro>The Secretary of State may by regulations provide for the transfer of assets or liabilities o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116-1"><num>(1)</num><intro>The Secretary of State may by regulations provide for the transfer of assets or liabilities of the AWE Pension Scheme (without the need for any approval or consent of the trustee company

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-1-a"><num>(a)</num><content>the Secretary of State,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-1-b"><num>(b)</num><content>a nominee of the Secretary of State or the Treasury, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-1-c"><num>(c)</num><content>a company established by the Secretary of State or the Treasury for the purpose of holding the assets or the liabilities pending their disposal or discharge.</content></l

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116-2"><num>(2)</num><intro>Where any assets of the AWE Pension Scheme are transferred before regulations under <ref href="#section-112">section 112</ref><ref href="#section-112-2">(2)</ref> are made, regulations un

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-2-a"><num>(a)</num><content>securing the ability of the trustee company to meet any liability it has, or may have, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-2-b"><num>(b)</num><content>securing that any such liability is to be met by the Secretary of State or the Treasury.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116-3"><num>(3)</num><intro>The regulations may in connection with those purposes, or otherwise in connection with a transfer of assets or liabilities under the regulations—</intro><level class="para1" eId="sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-3-a"><num>(a)</num><content>make provision for the Secretary of State or the Treasury to give directions to the trustee company or AWE PLC;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-3-b"><num>(b)</num><content>exempt the trustee company, or AWE PLC, from liability in connection with acts or omissions pursuant to any such directions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-3-c"><num>(c)</num><content>disapply (to such extent as is specified) any specified statutory provision or rule of law;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-3-d"><num>(d)</num><content>provide for any specified statutory provision to apply (whether or not it would otherwise apply) with specified modifications;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-116-3-e"><num>(e)</num><content>impose a moratorium on the commencement or continuation of proceedings or other legal processes of any specified description.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116-4"><num>(4)</num><content>“<term refersTo="#term-specified" eId="term-specified">Specified</term>” means specified in the regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116-5"><num>(5)</num><content>Regulations under <ref href="#section-116">this section</ref> may include provision for the making of payments into the Consolidated Fund.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-4-chapter-3-crossheading-supplementary"><heading>Supplementary</heading><section eId="section-117"><num>117</num><head

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117"><num>117</num><heading>Taxation</heading><subsection eId="section-117-1"><num>(1)</num><intro>The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117-1"><num>(1)</num><intro>The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-1-a"><num>(a)</num><content>a new public scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-1-b"><num>(b)</num><content>members of a new public scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-1-c"><num>(c)</num><content>persons who have survived a member of a new public scheme and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-1-d"><num>(d)</num><content>a person within <ref href="#section-116">section 116</ref><ref href="#section-116-1">(1)</ref><ref href="#section-116-1-a">(a)</ref>, <ref href="#section-116-1-b">(b)</ref> o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117-2"><num>(2)</num><content>Regulations under <ref href="#section-117-1">subsection (1)</ref> may include provision for treating a new public scheme as a registered pension scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117-3"><num>(3)</num><intro>The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to, or in connection with, anything

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-3-a"><num>(a)</num><content>the AWE Pension Scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-3-b"><num>(b)</num><content>the trustee company;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-3-d"><num>(d)</num><content>the Secretary of State;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-3-e"><num>(e)</num><content>a qualifying person;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-3-f"><num>(f)</num><content>a person who has survived a qualifying person and who has an entitlement to benefits, or a right to future benefits, under the scheme in respect of the qualifying person.

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117-4"><num>(4)</num><intro>Regulations under <ref href="#section-117-1">subsection (1)</ref> or <ref href="#section-117-3">(3)</ref> may include provision for any of the following—</intro><level class="para1" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-4-a"><num>(a)</num><content>a tax provision not to apply or to apply with modifications;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-4-b"><num>(b)</num><content>anything done to have or not to have a specified consequence for the purposes of a tax provision;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-4-c"><num>(c)</num><content>the withdrawal of relief and the charging of a relevant tax.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117-5"><num>(5)</num><content>Provision made by regulations under <ref href="#section-117-1">subsection (1)</ref> or <ref href="#section-117-3">(3)</ref>, other than provision withdrawing a relief or charging a rele

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117-6"><num>(6)</num><intro>In <ref href="#section-117">this section</ref>—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-relevant-tax" eId="term-relevant-tax">relevant tax</term>” means—

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118"><num>118</num><heading>Information</heading><subsection eId="section-118-1"><num>(1)</num><content>The Secretary of State may by regulations make provision requiring a person specified or described in the regulati

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-1"><num>(1)</num><content>The Secretary of State may by regulations make provision requiring a person specified or described in the regulations to give the Secretary of State a document or other information spec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-2"><num>(2)</num><intro>Regulations under <ref href="#section-118-1">subsection (1)</ref> may only make provision in respect of documents or other information which the Secretary of State reasonably requires for

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-2-a"><num>(a)</num><content>making regulations under this Chapter, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-2-b"><num>(b)</num><content>establishing or administering a new public scheme, including transferring qualifying accrued rights to such a scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-3"><num>(3)</num><intro>Regulations under <ref href="#section-118-1">subsection (1)</ref> may, among other things, include—</intro><level class="para1" eId="section-118-3-a"><num>(a)</num><content>provisi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-3-a"><num>(a)</num><content>provision about the time when the document or other information must be given;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-3-b"><num>(b)</num><content>provision about the form and manner in which it must be given;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-3-c"><num>(c)</num><content>provision for the imposition of a financial penalty on a person who, without reasonable excuse, fails to comply with a requirement imposed by the regulations (including provi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-4"><num>(4)</num><intro>For the purposes of facilitating the establishment or administration of a new public scheme, including the transfer of qualifying accrued rights to such a scheme, information described in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-4-a"><num>(a)</num><content>the Secretary of State;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-4-b"><num>(b)</num><content>the Treasury;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-4-c"><num>(c)</num><content>a trustee company of the AWE Pension Scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-4-d"><num>(d)</num><content>a person who exercises functions under the AWE Pension Scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-4-f"><num>(f)</num><content>a person who administers, or exercises functions under, a new public scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-5"><num>(5)</num><intro>The information is information relating to—</intro><level class="para1" eId="section-118-5-a"><num>(a)</num><content>rights or entitlements to pensions or other benefits under the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-5-a"><num>(a)</num><content>rights or entitlements to pensions or other benefits under the AWE Pension Scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-5-b"><num>(b)</num><content>the administration of the AWE Pension Scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-5-c"><num>(c)</num><content>rights or entitlements to pensions or other benefits under a new public scheme, so far as they are rights or entitlements of, or in respect of, qualifying persons;</conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-5-d"><num>(d)</num><content>the administration of a new public scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-6"><num>(6)</num><intro>The disclosure of information in accordance with <ref href="#section-118">this section</ref>, or regulations made under <ref href="#section-118">this section</ref>, does not breach—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-6-a"><num>(a)</num><content>any obligation of confidence owed by a person in relation to that information, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-118-6-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119"><num>119</num><heading>Regulations</heading><subsection eId="section-119-1"><num>(1)</num><intro>The Secretary of State must consult the trustee company before making—</intro><level class="para1" eId="section-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-1"><num>(1)</num><intro>The Secretary of State must consult the trustee company before making—</intro><level class="para1" eId="section-119-1-a"><num>(a)</num><content>regulations under <ref href="#sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-119-1-a"><num>(a)</num><content>regulations under <ref href="#section-112">section 112</ref> which establish a new public scheme or transfer qualifying accrued rights to a new public scheme, or</content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-119-1-b"><num>(b)</num><content>regulations under <ref href="#section-116">section 116</ref> which make provision for the transfer of assets or liabilities.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-2"><num>(2)</num><content>The Secretary of State may not make regulations under any provision of this Chapter, other than under <ref href="#section-118">section 118</ref><ref href="#section-118-1">(1)</ref>, unl

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-3"><num>(3)</num><intro>Regulations under <ref href="#section-112">section 112</ref> are subject to the affirmative procedure if—</intro><level class="para1" eId="section-119-3-a"><num>(a)</num><content>t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-119-3-a"><num>(a)</num><content>the making of the regulations is subject to the consent requirements (see <ref href="#section-115">section 115</ref>), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-119-3-b"><num>(b)</num><content>the regulations make provision which has retrospective effect.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-4"><num>(4)</num><content>Regulations under <ref href="#section-116">section 116</ref> are subject to the affirmative procedure if they make provision falling with subsection <ref href="#section-116-3">(3)</ref>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-5"><num>(5)</num><content>Regulations under <ref href="#section-118">section 118</ref><ref href="#section-118-1">(1)</ref> are subject to the affirmative procedure if they make provision about the amount of a fi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-6"><num>(6)</num><content>A statutory instrument containing regulations under <ref href="#section-117">section 117</ref> is subject to annulment in pursuance of a resolution of the House of Commons.</content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-7"><num>(7)</num><content>Any other regulations under this Chapter are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-120"><num>120</num><heading>Interpretation</heading><intro>In this Chapter—</intro><hcontainer name="definition"><content>“<term refersTo="#term-active-member" eId="term-active-member">active member</term>” has

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-4-chapter-4"><num>Chapter 4</num><heading>Other miscellaneous provision</heading><section eId="sect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121"><num>121</num><heading>Alienation or forfeiture of occupational pension</heading><subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-121-1"><num>(1)</num><content>The <ref eId="c00164" href="https://www.legislation.gov.uk/ukpga/1995/26/contents">Pensions Act 1995</ref> is amended in accordance with <ref href="#section-121-2">subsections (2)</ref>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121-2"><num>(2)</num><intro>In <ref eId="c00165" href="https://www.legislation.gov.uk/ukpg

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-121-2-a"><num>(a)</num><intro>in <ref eId="c00166" href="https://www.legislation.gov.uk/ukpga/1995/26/section/91">subsection (6)</ref>, in the words after <ref eId="c00167" href="https://www.legislation.gov

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-121-2-a-i"><num>(i)</num><content><mod>for “there is a dispute as to its amount” substitute <quotedText>“a dispute has arisen as to the amount of the monetary obligation in question”</quotedText>;</mod>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-121-2-a-ii"><num>(ii)</num><content><mod>for the words from “the obligation in question” to the end substitute <quotedText>“one of the following conditions is met.”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-121-2-b"><num>(b)</num><content><mod>after <ref eId="c00168" href="https://www.le

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121-3"><num>(3)</num><intro>In <ref eId="c00173" href="https://www.legislation.gov.uk/ukpg

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-121-3-a"><num>(a)</num><content><mod>for “there is a dispute” substitute <quotedText>“a dispute has arisen”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-121-3-b"><num>(b)</num><content><mod>for the words from “the obligation has becom

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-121-4"><num>(4)</num><content>The <ref eId="c00179" href="https://www.legislation.gov.uk/nisi/1995/3213/contents">Pensions (Northern Ireland) Order 1995</ref> is amended in accordance with <ref href="#section-121-5"

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121-5"><num>(5)</num><intro>In <ref eId="c00180" href="https://www.legislation.gov.uk/nisi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-121-5-a"><num>(a)</num><intro>in <ref eId="c00181" href="https://www.legislation.gov.uk/nisi/1995/3213/article/89">paragraph (6)</ref>, in the words after <ref eId="c00182" href="https://www.legislation.gov

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-121-5-a-i"><num>(i)</num><content><mod>for “there is a dispute as to its amount” substitute <quotedText>“a dispute has arisen as to the amount of the monetary obligation in question”</quotedText>;</mod>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-121-5-a-ii"><num>(ii)</num><content><mod>for the words from “the obligation in question” to the end substitute <quotedText>“one of the following conditions is met.”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-121-5-b"><num>(b)</num><content><mod>after <ref eId="c00183" href="https://www.le

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121-6"><num>(6)</num><intro>In <ref eId="c00188" href="https://www.legislation.gov.uk/nisi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-121-6-a"><num>(a)</num><content><mod>for “there is a dispute” substitute <quotedText>“a dispute has arisen”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-121-6-b"><num>(b)</num><content><mod>for the words from “the obligation has becom

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-122"><num>122</num><heading>Terminal illness</heading><intro><mod>In the following provisions (which relate to the life expectancy required for a person to be regarded as “terminally ill” for purposes relating to compe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-122-a"><num>(a)</num><content>in the Pensions Act 2004, in Schedule 7, paragraph 25B(3);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-122-b"><num>(b)</num><content>in the Pensions (Northern Ireland) Order 2005 (<ref eId="c00194" href="http://www.legislation.gov.uk/id/nisi/2005/255">S.I. 2005/255 (N.I. 1)</ref>), in Schedule 6, paragraph 2

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-122-c"><num>(c)</num><content>in the Pensions Act 2008, in Schedule 5, paragraph 12(3);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-122-d"><num>(d)</num><content>in the Pensions (No. 2) Act (Northern Ireland) <ref eId="c00195" href="http://www.legislation.gov.uk/id/nia/2008/13">2008 (c.13 (N.I.))</ref>, in Schedule 4, paragraph 12(3);</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-122-e"><num>(e)</num><content>in the Financial Assistance Scheme Regulations 2005 (<ref eId="c00196" href="http://www.legislation.gov.uk/id/uksi/2005/1986">S.I. 2005/1986</ref>), regulations 2(9) and 17(3D)

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-123"><num>123</num><heading>Pension protection levies</heading><subsection eId="section-123-1"><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-2"><num>(2)</num><content>In section 113 (investment of funds), in subsection (2)(b), omit “174 or”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-3"><num>(3)</num><content><mod>For the italic heading before section 174 substitute <quotedText>“Pension protection levies”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-4"><num>(4)</num><content>Omit section 174 (initial levy).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-123-5"><num>(5)</num><intro>In section 175 (pension protection levies)—</intro><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-5-a"><num>(a)</num><content><mod>for subsection (1) substitute—<quotedStructu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-5-b"><num>(b)</num><content><mod>in subsection (3), after paragraph (a) inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-5-c"><num>(c)</num><content><mod>in subsection (5), in the words before paragraph (a), after “financial year” insert <quotedText>“for which it decides to impose the pension protection levies (or one of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-5-d"><num>(d)</num><content>omit subsection (7);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-5-e"><num>(e)</num><content><mod>before subsection (8) insert—<quotedStructur

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-5-f"><num>(f)</num><content>in subsection (8), omit the definition of “initial period”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-5-g"><num>(g)</num><intro>in subsection (10)—</intro><level class="para2" eId="section-123-5-g-i"><num>(i)</num><content><mod>in the words before paragraph (a), for “duty” substitute <quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-123-5-g-i"><num>(i)</num><content><mod>in the words before paragraph (a), for “duty” substitute <quotedText>“power”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-123-5-g-ii"><num>(ii)</num><content>omit paragraph (b) and the “and” before it.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-123-6"><num>(6)</num><intro>In section 176 (supplementary provisions about pension protect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-6-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-123-6-a-i"><num>(i)</num><content><mod>for paragraph (a) substitute—<quotedStruct

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-123-6-a-ii"><num>(ii)</num><content><mod>in paragraph (b), for “the pension protection levies” substitute <quotedText>“any pension protection levies”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-123-6-a-iii"><num>(iii)</num><content>omit paragraph (c) and the “or” before it;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-6-b"><num>(b)</num><content><mod>for subsection (2) substitute—<quotedStructu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-123-7"><num>(7)</num><intro>In section 177 (amounts to be raised by the pension protection

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-7-a"><num>(a)</num><content><mod>at the beginning insert—<quotedStructure sta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-7-b"><num>(b)</num><content><mod>in each of subsections (1), (2) and (3), for “a financial year” substitute <quotedText>“the financial year”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-7-c"><num>(c)</num><content>omit subsection (4);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-123-7-d"><num>(d)</num><content><mod>for subsection (5) substitute—<quotedStructu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-7-e"><num>(e)</num><content><mod>in subsection (8), for the words from “Regulations” to “(6),” substitute <quotedText>“An order under subsection (6)”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-7-f"><num>(f)</num><content>in subsection (9), omit paragraph (b) and the “and” before it.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-8"><num>(8)</num><intro>In section 178 (levy ceiling)—</intro><level class="para1" eId="section-123-8-a"><num>(a)</num><content>in subsection (1), omit “for which levies are required to be imposed under s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-8-a"><num>(a)</num><content>in subsection (1), omit “for which levies are required to be imposed under section 175”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-8-b"><num>(b)</num><content>omit subsection (2);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-8-c"><num>(c)</num><content>in subsection (3), in the words before paragraph (a), omit “after the first year for which levies are imposed under section 175”.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-9"><num>(9)</num><content>Omit section 180 (transitional provision now spent).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-10"><num>(10)</num><content>In section 181 (calculation, collection and recovery of levies), in subsection (1), omit paragraph (a) and the “and” after it.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123-11"><num>(11)</num><content>In section 316 (parliamentary control of subordinate legislation), in subsection (2), omit paragraph (c).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124"><num>124</num><heading>Pensions dashboards</heading><subsection eId="section-124-1"><num>(1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124-1"><num>(1)</num><intro>In section 4A of the Financial Guidance and Claims Act 2018 (s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-124-1-a"><num>(a)</num><intro>in subsection (2)—</intro><level class="para2"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-124-1-a-i"><num>(i)</num><content>omit the “and” after paragraph (b);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-124-1-a-ii"><num>(ii)</num><content><mod>after paragraph (c) insert—<quotedStruct

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-124-1-b"><num>(b)</num><content><mod>in subsection (6), at the appropriate place

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-124-2"><num>(2)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124-3"><num>(3)</num><intro>In section 203 (provision of information relating to the Pensi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-124-3-a"><num>(a)</num><content><mod>in subsection (1)(a), after “times” insert <quotedText>“or in prescribed circumstances”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-124-3-b"><num>(b)</num><content><mod>after subsection (1) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124-4"><num>(4)</num><content><mod>In section 238A (qualifying pensions dashboard service)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124-5"><num>(5)</num><content><mod>In section 238C (interpretation), in subsection (4), at

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125"><num>125</num><heading>Information to be given to pension schemes by employers</heading><su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-125-1"><num>(1)</num><content>Part 1 of the Pensions Act 2008 (pension scheme membership for jobholders) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-2"><num>(2)</num><content><mod>After section 11 (information to be given to the Pensio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-125-3"><num>(3)</num><content><mod>In section 34 (effect of failure to comply), in subsection (3), for “11” substitute <quotedText>“<ref href="#d25e23376">11A</ref>”</quotedText>.</mod></content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-126"><num>126</num><heading>Funding of the Board of the Pension Protection Fund</heading><subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-1"><num>(1)</num><content>The Pensions Act 2004 is amended in accordance with subsections <ref href="#section-126-2">(2)</ref> to <ref href="#section-126-5">(5)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-2"><num>(2)</num><content>Omit section 116 (power of Secretary of State to pay grants to Board of Pension Protection Fund).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-3"><num>(3)</num><content>Omit section 117 (power of Secretary of State to impose administration levy on pension schemes).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-126-4"><num>(4)</num><content><mod>In section 173 (Pension Protection Fund), in subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-126-5"><num>(5)</num><content><mod>In section 188 (fraud compensation fund), in subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-6"><num>(6)</num><content>No amount is payable to the Secretary of State by virtue of section 117 of the Pensions Act 2004 (administration levy) in respect of the financial years beginning with 1 April 2023 and

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-7"><num>(7)</num><content>In the Pensions Act 2008, in Schedule 10 (interest on late payment of levies), omit paragraph 3 (which makes an amendment about interest for late payment of the administration levy that

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-127"><num>127</num><heading>Funding of the Ombudsman for the Board of the Pension Protection Fun

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-127-1"><num>(1)</num><intro>In the Pension Schemes Act 1993, in section 175(1) (general le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-1-a"><num>(a)</num><content>omit the “or” at the end of paragraph (d);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-127-1-b"><num>(b)</num><content><mod> after that paragraph insert—<quotedStructur

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-127-2"><num>(2)</num><content>In section 209 of the Pensions Act 2004 (ombudsman for the Board of the Pension Protection Fund), omit subsections (7) and (8).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-128"><num>128</num><heading>Public service pension schemes</heading><subsection eId="section-128-1"><num>(1)</num><intro>The Government Actuary must, before the end of the period of 12 months beginning with the day on

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-128-1"><num>(1)</num><intro>The Government Actuary must, before the end of the period of 12 months beginning with the day on which this section comes into force—</intro><level class="para1" eId="section-128-1-a"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-1-a"><num>(a)</num><content>prepare and publish a document setting out cash flow projections for each of the next 50 years that cover the public service pension schemes within subsection <ref href="#sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-1-b"><num>(b)</num><content>provide the document to the Treasury and the Office for Budget Responsibility.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-128-2"><num>(2)</num><content>The Treasury must lay the document before Parliament.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-128-3"><num>(3)</num><intro>For the purposes of this section “<term refersTo="#term-cash-flow" eId="term-cash-flow">cash flow</term>” means—</intro><level class="para1" eId="section-128-3-a"><num>(a)</num><conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-3-a"><num>(a)</num><content>expenditure on benefits, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-3-b"><num>(b)</num><content>income from member contributions.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-128-4"><num>(4)</num><intro>The following public service pension schemes are within this subsection—</intro><level class="para1" eId="section-128-4-a"><num>(a)</num><intro>any scheme under section 1 of the Pu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-4-a"><num>(a)</num><intro>any scheme under section 1 of the Public Service Pensions Act 2013 (schemes for persons in public service) which—</intro><level class="para2" eId="section-128-4-a-i"><num>(

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-4-a-i"><num>(i)</num><content>is a defined benefits scheme (within the meaning of that Act), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-4-a-ii"><num>(ii)</num><content>is not a scheme for local government workers (within the meaning of that Act);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-4-b"><num>(b)</num><intro>any scheme under section 1 of the Public Service Pensions Act (Northern Ireland) 2014 (schemes for persons in public service) which—</intro><level class="para2" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-4-b-i"><num>(i)</num><content>is a defined benefits scheme (within the meaning of that Act), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-4-b-ii"><num>(ii)</num><content>is not a scheme for local government workers (within the meaning of that Act).</content></level>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-5"><num>Part 5</num><heading>General</heading><section eId="section-129"><num>129</num><heading>Amendments of Pensions Act 2004</heading><content>The Schedule amends the Pensions Act 2004 in consequence of or in connection w

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-129"><num>129</num><heading>Amendments of Pensions Act 2004</heading><content>The Schedule amends the Pensions Act 2004 in consequence of or in connection with this Act.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130"><num>130</num><heading>Regulations: general</heading><subsection eId="section-130-1"><num>(1)</num><content>Regulations under this Act are to be made by statutory instrument.</content></subsection><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-1"><num>(1)</num><content>Regulations under this Act are to be made by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-2"><num>(2)</num><content>A power to make regulations under this Act includes power to make incidental, supplementary, consequential or transitional provision.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-3"><num>(3)</num><intro>A power to make regulations under this Act may be exercised—</intro><level class="para1" eId="section-130-3-a"><num>(a)</num><content>either in relation to all cases to which the p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-3-a"><num>(a)</num><content>either in relation to all cases to which the power extends, or in relation to those cases subject to specified exceptions, or in relation to any specified cases or classes of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-3-b"><num>(b)</num><intro>so as to make, as respects the cases in relation to which it is exercised—</intro><level class="para2" eId="section-130-3-b-i"><num>(i)</num><content>the full provision

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-130-3-b-i"><num>(i)</num><content>the full provision to which the power extends or any less provision (whether by way of exception or otherwise),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-130-3-b-ii"><num>(ii)</num><content>the same provision for all cases in relation to which the power is exercised, or different provision for different cases or different classes of case or different provisi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-130-3-b-iii"><num>(iii)</num><content>any such provision either unconditionally or subject to any specified condition.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-4"><num>(4)</num><content>A power to make regulations under any provision of this Act does not restrict the width of any power to make regulations under any other provision of this Act or under any other enactme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-5"><num>(5)</num><content>This section does not apply to regulations under <ref href="#section-133">section 133</ref>.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131"><num>131</num><heading>Regulations: procedure</heading><subsection eId="section-131-1"><num>(1)</num><content>Where regulations under this Act are subject to “the affirmative procedure”, the regulations may not be

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-1"><num>(1)</num><content>Where regulations under this Act are subject to “the affirmative procedure”, the regulations may not be made unless a draft of the statutory instrument containing them has been laid bef

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-2"><num>(2)</num><content>Where regulations under this Act are subject to “the negative procedure”, the statutory instrument containing them is subject to annulment in pursuance of a resolution of either House o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-3"><num>(3)</num><content>Any provision that may be made by regulations under this Act subject to the negative procedure may instead be made by regulations subject to the affirmative procedure.</content></su

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132"><num>132</num><heading>Extent</heading><subsection eId="section-132-1"><num>(1)</num><content>Subject as follows, this Act extends to England and Wales and Scotland only.</content></subsection><subsection eId=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132-1"><num>(1)</num><content>Subject as follows, this Act extends to England and Wales and Scotland only.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132-2"><num>(2)</num><content>Sections <ref href="#section-105">105</ref> to <ref href="#section-108">108</ref> extend to Northern Ireland only.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132-3"><num>(3)</num><content><ref href="#part-4-chapter-3">Chapter 3</ref> of <ref href="#part-4">Part 4</ref> extends to England and Wales, Scotland and Northern Ireland.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132-4"><num>(4)</num><content>Section <ref href="#section-128">128</ref> extends to England and Wales, Scotland and Northern Ireland.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132-5"><num>(5)</num><content>Any amendment, repeal or revocation made by this Act has the same extent as the provision amended, repealed or revoked.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133"><num>133</num><heading>Commencement</heading><subsection eId="section-133-1"><num>(1)</num><content>Any provision of or amendment made by this Act, so far as it confers a power to make subordinate legislation, com

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-1"><num>(1)</num><content>Any provision of or amendment made by this Act, so far as it confers a power to make subordinate legislation, comes into force on the day on which this Act is passed.</content></sub

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-2"><num>(2)</num><content>So far as not brought into force under <ref href="#section-133-1">subsection (1)</ref>, this Act comes into force as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-3"><num>(3)</num><content><ref href="#part-1">Part 1</ref> comes into force on such day as the Secretary of State may by regulations appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-4"><num>(4)</num><intro><ref href="#part-2">Part 2</ref> comes into force as follows—</intro><level class="para1" eId="section-133-4-a"><num>(a)</num><content>Chapter <ref href="#part-2-chapter-1">1</ref>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-4-a"><num>(a)</num><content>Chapter <ref href="#part-2-chapter-1">1</ref> comes into force on such day as the Secretary of State may by regulations appoint;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-4-b"><num>(b)</num><content>Chapter <ref href="#part-2-chapter-2">2</ref> comes into force on the day on which this Act is passed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-4-c"><num>(c)</num><intro><ref href="#part-2-chapter-3">Chapter 3</ref> comes into force as follows—</intro><level class="para2" eId="section-133-4-c-i"><num>(i)</num><content>section 40, in resp

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-133-4-c-i"><num>(i)</num><content>section 40, in respect of the insertion of section 28K of the Pensions Act 2008 (report about effects of pension scheme consolidation), comes into force on the day on which

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-133-4-c-ii"><num>(ii)</num><content>the remaining provisions of Chapter 3 come into force on such day as the Secretary of State may by regulations appoint;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-4-d"><num>(d)</num><content><ref href="#part-2-chapter-4">Chapter 4</ref> comes into force on such day as the Secretary of State and the Treasury jointly may by regulations appoint;</content></level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-4-e"><num>(e)</num><content><ref href="#part-2-chapter-5">Chapter 5</ref> comes into force on such day as the Treasury may by regulations appoint;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-4-f"><num>(f)</num><content><ref href="#part-2-chapter-6">Chapter 6</ref> comes into force on such day as the Secretary of State may by regulations appoint.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-5"><num>(5)</num><intro>Regulations under <ref href="#section-133-4">subsection (4)</ref><ref href="#section-133-4-c">(c)</ref> may not provide for the following to come into force before 1 January 2030—</in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-5-a"><num>(a)</num><content><ref href="#section-40">section 40</ref><ref href="#section-40-4">(4)</ref>, in respect of the insertion of Condition 1 in section 20<ref href="#d25e5826">(1A)</ref> of the P

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-5-b"><num>(b)</num><content><ref href="#section-40">section 40</ref><ref href="#section-40-8">(8)</ref>, in respect of the insertion of section 26<ref href="#d25e6027">(7A)</ref> of that Act (group pers

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-6"><num>(6)</num><intro>If section <ref href="#section-40">40</ref> has not been brought into force before the end of 2032 in respect of the insertion of—</intro><level class="para1" eId="section-133-6-a"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-6-a"><num>(a)</num><content>Condition 2 in section 20<ref href="#d25e5826">(1A)</ref> of the Pensions Act 2008 (asset allocation requirement: Master Trusts), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-6-b"><num>(b)</num><content>subsection <ref href="#d25e6039">(7B)</ref> in section 26 of the Pensions Act 2008 (asset allocation requirement: group personal pension schemes),</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-7"><num>(7)</num><content><ref href="#part-3">Part 3</ref> comes into force on such day as the Secretary of State may by regulations appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-8"><num>(8)</num><content><ref href="#part-4-chapter-1">Chapter 1</ref> of <ref href="#part-4">Part 4</ref> comes into force on the day on which this Act is passed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-9"><num>(9)</num><content><ref href="#part-4-chapter-2">Chapter 2</ref> of <ref href="#part-4">Part 4</ref> comes into force on such day as the Secretary of State may by regulations appoint.</content></subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-10"><num>(10)</num><content><ref href="#part-4-chapter-3">Chapter 3</ref> of <ref href="#part-4">Part 4</ref> comes into force on the day on which this Act is passed (to the extent this is not already the case a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-11"><num>(11)</num><intro><ref href="#part-4-chapter-4">Chapter 4</ref> of Part 4 comes into force as follows—</intro><level class="para1" eId="section-133-11-a"><num>(a)</num><content>sections <ref href=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-11-a"><num>(a)</num><content>sections <ref href="#section-121">121</ref> and <ref href="#section-122">122</ref> come into force at the end of the period of two months beginning with the day on which thi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-11-b"><num>(b)</num><content>section <ref href="#section-123">123</ref> comes into force on such day as the Secretary of State may by regulations appoint;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-11-c"><num>(c)</num><content>sections <ref href="#section-124">124</ref> and <ref href="#section-125">125</ref> come into force on the day on which this Act is passed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-11-d"><num>(d)</num><intro>section <ref href="#section-126">126</ref>—</intro><level class="para2" eId="section-133-11-d-i"><num>(i)</num><content>comes into force on 1 April 2026, or,</conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-133-11-d-i"><num>(i)</num><content>comes into force on 1 April 2026, or,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-133-11-d-ii"><num>(ii)</num><content>if this Act is passed after that date, is treated as having come into force on that date;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-11-e"><num>(e)</num><content>section <ref href="#section-127">127</ref> is treated as having come into force on 1 April 2007;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-11-f"><num>(f)</num><content>section <ref href="#section-128">128</ref> comes into force on the day on which this Act is passed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-12"><num>(12)</num><intro><ref href="#part-5">This Part</ref> comes into force as follows—</intro><level class="para1" eId="section-133-12-a"><num>(a)</num><content>sections <ref href="#section-129">129</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-12-a"><num>(a)</num><content>sections <ref href="#section-129">129</ref> to <ref href="#section-134">134</ref> come into force on the day on which this Act is passed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-12-b"><num>(b)</num><content><ref href="#schedule">the Schedule</ref> comes into force on such day as the Secretary of State may by regulations appoint.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-13"><num>(13)</num><intro>Transitional or saving provision may by regulations be made—</intro><level class="para1" eId="section-133-13-a"><num>(a)</num><content>by the Secretary of State in connection wit

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-13-a"><num>(a)</num><content>by the Secretary of State in connection with the coming into force of any provision of this Act except <ref href="#part-2-chapter-5">Chapter 5</ref> of <ref href="#part-2">P

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-13-b"><num>(b)</num><content>by the Treasury in connection with the coming into force of any provision of <ref href="#part-2-chapter-5">Chapter 5</ref> of <ref href="#part-2">Part 2</ref>.</content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-133-14"><num>(14)</num><intro>Regulations under <ref href="#section-133">this section</ref>—</intro><level class="para1" eId="section-133-14-a"><num>(a)</num><content>may make different provision for differen

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-14-a"><num>(a)</num><content>may make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-133-14-b"><num>(b)</num><content>are to be made by statutory instrument.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-134"><num>134</num><heading>Short title</heading><content>This Act may be cited as the Pension Schemes Act 2026.</content></section>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedules" eId="schedules"><hcontainer name="schedule" eId="schedule"><num>Schedule<authorialNote cl