http://www.legislation.gov.uk/ukpga/1995/26/section/35Pensions Act 1995An Act to amend the law about pensions and for connected purposes.1995-07-19texttext/xmlenStatute Law Database2026-08-04Expert Participation2026-07-31 Pensions Act 1995s. 175(2)(ca)Pensions Act 2004s. 240(2)s. 313s. 322(1)Pensions Act 1995s. 37(1A)(b)Pension Schemes Act 2015Sch. 2 para. 7(b)s. 87s. 89(4)(a)Pensions Act 1995s. 51(5A)-(5C)Pension Schemes Act 2015s. 43(1)s. 87s. 89(4)(a)Pensions Act 1995s. 51(7A)Pension Schemes Act 2015s. 41(1)(b)s. 87s. 89(4)(a)Pensions Act 1995s. 51(9)(10)Pension Schemes Act 2015s. 42(3)s. 87s. 89(4)(a)Pensions Act 1995s. 67A(3)(aa)-(ac)Pension Schemes Act 2015s. 45(3)s. 87s. 89(4)(a)Pensions Act 1995s. 67A(9)(a)(viii)-(x)Pension Schemes Act 2015s. 45(6)(a)s. 87s. 89(4)(a)Pensions Act 1995s. 67A(9)(b)(vi)-(viii)Pension Schemes Act 2015s. 45(6)(b)s. 87s. 89(4)(a)Pensions Act 1995s. 73(2)(2A)Pension Schemes Act 2015Sch. 2 para. 11s. 87s. 89(4)(a)Pensions Act 1995s. 75(1)-(1B)Pension Schemes Act 2015Sch. 2 para. 12s. 87s. 89(4)(a)Pensions Act 1995s. 175(2)(za)Pension Schemes Act 2015s. 43(2)s. 87s. 89(4)(a)Pensions Act 1995s. 75(1B)Pension Schemes Act 2026s. 98(1)s. 133(7)Pensions Act 1995Blanket amendmentThe Treaty of Lisbon (Changes in Terminology) Order 2011art. 3 6art. 3(2)art. 3(3) 4(2) 6(4)(5)art. 2 Part I351The trustees of a trust scheme must secure—athat a statement of investment principles is prepared and maintained for the scheme, andbthat the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.2In this section “statement of investment principles”, in relation to a trust scheme, means a written statement of the investment principles governing decisions about investments for the purposes of the scheme.3Before preparing or revising a statement of investment principles, the trustees of a trust scheme must comply with any prescribed requirements.4A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.5Neither a trust scheme nor a statement of investment principles may impose restrictions (however expressed) on any power to make investments by reference to the consent of the employer.6If in the case of a trust scheme—aa statement of investment principles has not been prepared, is not being maintained or has not been reviewed or revised, as required by this section, orbthe trustees have not complied with the obligation imposed on them by subsection (3),section 10 applies to any trustee who has failed to take all reasonable steps to secure compliance.7Regulations may provide that this section is not to apply to any scheme which is of a prescribed description.Pt. I modified (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), regs. 1, 2S. 35 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. VPt. I applied (with modifications) (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 2S. 35 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3Ss. 32-36 modified (11.11.1999 for specified purposes, 1.10.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 1 para. 1(1)(2)(b)(iii); S.I. 2000/1047, art. 2(2)(c), Sch. Pt. IIIPt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1S. 35 substituted (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 244, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1S. 35(1)-(4) applied (24.10.2011) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 7(4); S.I. 2011/2485, art. 2(1)(2)(b)(i)S. 35 excluded (30.12.2005) by The Occupational Pension Schemes (Investment) Regulations 2005 (S.I. 2005/3378), regs. 1(1), 6 (as amended (6.4.2023 with effect in accordance with reg. 1(10) of the amending S.I.) by S.I. 2023/399, regs. 1(3), 3(4))