Textual Amendments
F1Pt. 7A inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 49(2), 133(1)(4)(e)
(1)The provider of a pension scheme to which this Part applies may—
(a)amend the terms of the scheme as regards a description of pension pot held by the scheme,
(b)change the investments comprised in a description of pension pot held by the scheme,
(c)transfer a description of pension pot held by the scheme to a different pension scheme operated by the same provider, or
(d)transfer a description of pension pot held by the scheme to a pension scheme operated by a different provider.
(2)A change or transfer within subsection (1)(b) to (d) may be effected notwithstanding that it breaches a term of the pension scheme (such as a requirement for consent); and any such breach is to be disregarded for all purposes.
(3)Subsection (1) is subject to—
(a)subsection (5), sections 117D to 117F and any regulations under section 117H(1)(c), and
(b)any other provision of legislation (including any rule) which restricts or otherwise affects the provider’s power to do anything within subsection (1).
(4)In subsection (1)(c) and (d), a reference to a pension scheme to which a description of pension pot may be transferred includes a pension scheme to which this Part does not apply.
(5)A transfer to a pension scheme operated by a different provider may not be effected under subsection (1)(d) without the consent of that provider.
(6)A reference in this Part to the terms of a pension scheme is to the terms of any instrument or agreement—
(a)in which the scheme is comprised, or
(b)to which the provider of the scheme and any member are parties in connection with the scheme.
(7)In this Part, “unilateral change” means an amendment, change or transfer within any of paragraphs (a) to (d) of subsection (1).]