F1Part 7AUnilateral changes to pension schemes

117HTreasury regulations

(1)

The Treasury may by regulations—

(a)

provide that section 117B(1) does not apply in relation to unilateral changes of a description specified in the regulations;

(b)

amend section 117D (best interests test);

(c)

prescribe further conditions (in addition to those in sections 117D to 117F) that must be met in relation to a unilateral change for it to be permitted under section 117B(1);

(d)

require the FCA to make general rules in compliance with section 117E(4)(b) that require the inclusion, in the terms of an appointment under that section, of a term providing that members of the pension scheme may in their own right enforce the terms of appointment under section 1 of the Contracts (Rights of Third Parties) Act 1999;

(e)

disapply any legislation, or require the FCA to disapply any general rule, so far as it restricts or otherwise affects the power in section 117B(1);

(f)

make provision consequential on this Part.

(2)

The Treasury must by regulations require the FCA to include provision of a description specified in the regulations in general rules made in compliance with section 117E(4)(a) (how to determine whether a person is independent), alongside any other provision included in such general rules.

(3)

Regulations under subsection (2) must in particular require the FCA to include in such general rules provision designed to ensure that the independent person does not have a conflict of interest.

(4)

The power to make regulations under subsection (1) is capable of being exercised so as to amend or repeal any provision of primary legislation.