Pensions Act 2007 Explanatory Notes

Part 4: General

Section 24: Review of operation of Act

435.Section 24 places a statutory obligation on the Secretary of State to report to Parliament on the operation of the Act. This creates a formal mechanism by which the Secretary of State may be held to account for the way in which the Act’s provisions have been implemented or, in the case of those not yet in force by the latest date for the report (end of 2014), for the preparations for implementation.

436.Subsection (2) allows the Secretary of State to make further such reports should he consider this necessary.

Section 25: orders and regulations

437.Subsections (1) and (2) provide that orders and regulations under the Act must be made by statutory instrument and can make different provision for different cases.

438.Subsections (3) and (4) provide that the free-standing powers in sections 15(5) and 18(9) to make regulations relating to occupational pensions, are, other than in certain exceptional cases, subject to the pre-condition that consultation must take place with interested parties. This puts the position for these powers in line with those under other occupational pensions legislation.

Section 26: interpretation

439.This section defines certain terms used throughout the Act.

Section 27: Consequential provision etc., repeals and revocations

440.Subsection (1) provides that the Secretary of State may make such supplementary, incidental or consequential provision, or such transitory, transitional or saving provision, as he considers appropriate for the purposes of the Act.

441.Subsection (2) gives effect to Schedule 7, which contains repeals and revocations as a consequence of the measures in the Act.

442.Subsections (3) to (7) provide for when those repeals and revocations are to have effect. In essence, they are to have effect at the same time as the underlying provision in the Act with which they are associated.

Section 28: Financial provisions

443.This section provides for any expenditure incurred by the Secretary of State by virtue of the Act (for example in setting up the Personal Accounts Delivery Authority), and any increase in sums payable under other Acts which is attributable to the Act, to be paid out of money voted by Parliament. The section also makes provision for increased payments into the Consolidated Fund. These will occur as a result of section 165(5) of the SSAA1992, which provides for amounts to be paid into that Fund out of the National Insurance Fund which correspond to amounts paid out of voted money in respect of administrative expenses of the Secretary of State.

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