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 effect a unilateral change under section 117B(1) only if, before effecting it—
(a)the provider has appointed a person to review the proposed unilateral change, and
(b)the person appointed has given the provider a certificate under this section in relation to the proposed unilateral change.
(2)The person appointed must—
(a)be independent of the provider, and
(b)have such expertise as is specified in general rules made by the FCA.
(3)The certificate must certify that, in the opinion of the independent person—
(a)the pension scheme is a pension scheme to which this Part applies,
(b)the proposed unilateral change is within section 117B(1)(a) to (d),
(c)section 117B(1) is not disapplied in relation to the proposed unilateral change by regulations under section 117H(1)(a),
(d)any conditions prescribed under section 117H(1)(c) are met,
(e)the best interests test is met in relation to the proposed unilateral change, and
(f)the provider has complied with such other requirements as may be specified in general rules made by the FCA.
(4)The FCA must make general rules about appointments and certification under this section, including provision—
(a)for determining for the purposes of this section whether a person is independent of the provider of a pension scheme;
(b)specifying terms on which an appointment under this section must be made;
(c)about the form of a certificate and when it must be given.
(5)In this Part “the independent person”, in relation to a proposed unilateral change, means the person appointed under subsection (1)(a) to review it.]