Pension Schemes Act 2021

22 Benefits adjustments

(1) This section applies where an adjustment to the rate or amount of benefits provided under a collective money purchase scheme is required in accordance with the scheme rules.

(2) The trustees must as soon as is reasonably practicable report in writing to the Pensions Regulator if the adjustment—

(a) is not made in accordance with the most recent actuarial valuation, or

(b) does not take effect in accordance with the scheme rules.

(3) A report under subsection (2) must—

(a) explain why the adjustment was not made in accordance with the most recent actuarial valuation or (as the case may be) does not take effect in accordance with the scheme rules;

(b) contain such other information as the Secretary of State may specify in regulations.

(4) Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this section.

(5) Regulations under subsection (3)(b) are subject to negative resolution procedure.