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Pension Schemes Act 2015

Pension Schemes Act 2015

2015 CHAPTER 8

Commentary on Sections

Part 2 – Collective Benefits

Section 30: Requirement to obtain actuarial adviceSection 31: Sub-delegationSection 32: Publication of documents etcSection 33: Enforcement

94.Section 30 provides that regulations may require trustees or managers to consult an actuary who has specified qualifications or meets other specified requirements before making a specified decision or taking other specified steps.

95.Section 31 provides a power for regulations to confer discretion on a person in relation to the provisions in Part 2 of the Act, for example regulations may make provision for the methods or assumptions to be used by an actuary but leave some discretion about these matters to the actuary.

96.Section 32 provides that where regulations made under Part 2 of the Act require the trustees or managers to prepare or obtain a document or to have a policy, regulations may also impose requirements about the publication of that document or policy and require copies of that document or policy to be sent to certain persons.

97.Section 33 provides a power for the regulations made under this Part of the Act to provide for civil penalties to apply where a person breaches requirements in those regulations.

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Asesiadau Effaith

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.

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