Pension Schemes Act 2021

74 Powers of the Pensions Regulator

(1) The powers conferred by this section are exercisable where it appears to the Pensions Regulator (as a result of a report made to it or otherwise) that the trustees of a collective money purchase scheme have without good reason—

(a) failed to comply with a requirement imposed by or under this Part to obtain an actuarial valuation, or

(b) failed to secure that any adjustment to the rate or amount of benefits provided under the scheme which is required in accordance with the scheme rules—

(i) is made in accordance with the most recent actuarial valuation, and

(ii) takes effect in accordance with the scheme rules.

(2) The Pensions Regulator may direct the trustees—

(a) to obtain an actuarial valuation;

(b) to take such other steps as the Pensions Regulator considers appropriate to remedy or mitigate the failure.

(3) A direction under subsection (2)(a) must—

(a) specify the period within which the valuation is to be obtained;

(b) specify the date by reference to which the matters to be set out in the actuarial valuation are to be determined;

(c) contain such other information as the Department may specify in regulations.

(4) In exercising a power conferred by this section, the Pensions Regulator must comply with any requirements specified in regulations made by the Department.

(5) Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a direction under this section.

(6) Regulations under this section are subject to negative resolution.

(7) The powers conferred by this section are in addition to any powers exercisable by the Pensions Regulator under any other statutory provision.