Pension Schemes Act 2021

79 Duty to notify the Pensions Regulator of significant events

(1) Where a person mentioned in subsection (2) becomes aware of the fact that a significant event has occurred in relation to an authorised collective money purchase scheme, the person must (subject to subsections (6) and (7)) give notice of that fact, in writing, to the Pensions Regulator as soon as reasonably practicable.

(2) The persons are—

(a) a trustee of the scheme;

(b) an employer in relation to the scheme;

(c) a person who (alone or with others) has power to appoint or remove a trustee;

(d) a person who (alone or with others) has power to vary the provisions of the scheme;

(e) a person who provides legal, financial or actuarial advice in relation to the scheme;

(f) a person who manages the scheme administration services;

(g) a person acting in a capacity specified in regulations made by the Department.

(3) The Department must make regulations setting out the events that constitute significant events for the purposes of this section.

(4) The Department may by regulations specify further information that is to be provided by a person required to give notice under this section.

(5) Except as provided by subsections (6) and (7), the disclosure of information under this section does not breach—

(a) any obligation of confidence owed by the person making the disclosure, or

(b) any other restriction on the disclosure of information (however imposed).

(6) This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information would do so, take into account the duty imposed by this section).

(7) A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege could be maintained in legal proceedings.

(8) Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a requirement imposed by or under this section.

(9) The first regulations under subsection (3) are subject to confirmatory procedure.

(10) Subsequent regulations under subsection (3), and regulations under subsection (2)(g) or (4), are subject to negative resolution.