PART 9A

Rules and Guidance
CHAPTER 1

Rule-making powers

General rule-making powers of the FCA and the PRA

FCA general rules: disclosure of information about the availability of pensions guidance
137FB
1
The FCA must make general rules requiring information about the availability of pensions guidance to be given by the trustees or managers of a relevant pension scheme to members of the scheme, and survivors of members of the scheme, with subsisting rights in respect of any flexible benefits.
1A
The FCA must also make general rules requiring the trustees or managers of a relevant pension scheme to take the steps mentioned in subsections (1B) and (1C) in relation to an application from a member or survivor—
a
to transfer any rights accrued under the scheme, or
b
to start receiving benefits provided by the scheme.
1B
As part of the application process, the trustees or managers must ensure that—
a
the member or survivor is referred to appropriate pensions guidance, and
b
the member or survivor is provided with an explanation of the nature and purpose of such guidance.
1C
Before proceeding with the application, the trustees or managers must ensure that the member or survivor has either received appropriate pensions guidance or has opted out of receiving such guidance.
1D
The rules may—
a
specify what constitutes appropriate pensions guidance;
b
make further provision about how the trustees or managers must comply with the duties in subsections (1B) and (1C) (such as provision about methods of communication and time limits);
c
make further provision about how, and to whom, a member or survivor may indicate that they have received or opted out of receiving appropriate pensions guidance for the purposes of subsection (1C);
d
specify what the duties of the trustees or managers are in the situation where a member or survivor does not respond to a communication that is made for the purposes of complying with the duty in subsection (1C);
e
provide for exceptions to the duties in subsections (1B) and (1C) in specified cases.
2
Before the FCA publishes a draft of any rules to be made by virtue of
subsection (1)
, it must consult—
a
the Secretary of State, and
b
the Treasury.
2A
Before the FCA publishes a draft of any rules to be made by virtue of subsection (1A), it must consult—
a
the Secretary of State, and
b
the Money and Pensions Service.
3
In determining what provision to include in
rules to be made by virtue of subsection (1)
, the FCA must have regard to any regulations that are for the time being in force under section 113 of the Pension Schemes Act 1993 concerning the giving of information about the availability of pensions guidance to members of pension schemes, and survivors of members of pension schemes, with subsisting rights in respect of any flexible benefits.
3A
In determining what provision to include in rules to be made by virtue of subsection (1A), the FCA must have regard to any regulations that are for the time being in force under section 113B of the Pension Schemes Act 1993 (occupational pension schemes: requirements to refer members to guidance
etc
).
4
In this section—
- “
flexible benefit
” has the meaning given by section 74 of the Pension Schemes Act 2015;
- “
pensions guidance
” means information or guidance provided by any person in pursuance of the requirements mentioned in section 4 of the Financial Guidance and Claims Act 2018 (information
etc
about flexible benefits under pension schemes);
- “
relevant pension scheme
” means a pension scheme set up by a person with permission under this Act to establish—
  1. a personal pension scheme within the meaning of an order under section 22, or
  2. a stakeholder pension scheme within the meaning of such an order;
- “
subsisting right
” has the meaning given by section 76 of the Pension Schemes Act 2015;
- “
survivor
” has the meaning given by section 76 of the Pension Schemes Act 2015.
S. 137FB(2A) inserted (5.7.2021) by Financial Guidance and Claims Act 2018 (c. 10), ss. 18(4), 37(5) (as amended by S.I. 2019/383, reg. 1(1), Sch. para. 11); S.I. 2021/764, reg. 2(c)
S. 137FB(1A)-(1D) inserted (5.7.2021 for specified purposes, 1.6.2022 in so far as not already in force) by Financial Guidance and Claims Act 2018 (c. 10), ss. 18(2), 37(5); S.I. 2021/764, reg. 2(b); S.I. 2022/509, reg. 2(a)
Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))
S. 137FB inserted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 6 (with s. 87, Sch. 3 para. 18(1))
Pt. 9A applied (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 4, Sch. 3 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 27(a) and S.I. 2020/1385, regs. 1(2), 54(2))
Words in s. 137FB(4) substituted (1.1.2019) by Financial Guidance and Claims Act 2018 (c. 10), ss. 18(7), 37(5); S.I. 2018/1330, reg. 2(f)
Words in s. 137FB(3) substituted (5.7.2021) by Financial Guidance and Claims Act 2018 (c. 10), ss. 18(5), 37(5); S.I. 2021/764, reg. 2(c)
S. 137FB(3A) inserted (5.7.2021) by Financial Guidance and Claims Act 2018 (c. 10), ss. 18(6), 37(5); S.I. 2021/764, reg. 2(c)
Words in s. 137FB(2) substituted (5.7.2021) by Financial Guidance and Claims Act 2018 (c. 10), ss. 18(3), 37(5); S.I. 2021/764, reg. 2(c)
Pt. 9A applied (with modifications) (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 74 (as amended by S.I. 2020/1385, regs. 1(4), 52(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 9A applied (with modifications) (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 35 (as amended by S.I. 2020/1385, regs. 1(4), 56(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.