http://www.legislation.gov.uk/ukpga/2004/35/bodyPensions Act 2004An Act to make provision relating to pensions and financial planning for retirement and provision relating to entitlement to bereavement payments, and for connected purposes.texttext/xmlenStatute Law Database2025-04-09Expert Participation2024-11-18 Part 1The Pensions Regulator<Emphasis>Establishment</Emphasis>The Pensions Regulator1There shall be a body corporate called the Pensions Regulator (in this Act referred to as “the Regulator”).Membership of the Regulator21The Regulator is to consist of the following members—aa chairman appointed by the Secretary of State,bthe Chief Executive of the Regulator, andcat least five other persons appointed by the Secretary of State after consulting the chairman.2The chairman must not be appointed from the staff of the Regulator or be the chairman of the Board of the Pension Protection Fund (see section 108).3At least two of the members appointed under subsection (1)(c) must be appointed from the staff of the Regulator.4In appointing persons under subsection (1)(c) the Secretary of State must secure that a majority of the members of the Regulator are non-executive members.5No member of the staff of the Board of the Pension Protection Fund is eligible for appointment as a member of the Regulator.6In this Part—areferences to executive members of the Regulator are to—ithe Chief Executive, andiithe members appointed under subsection (1)(c) from the staff of the Regulator, andbreferences to non-executive members of the Regulator are to members who are not executive members.Further provision about the Regulator3Schedule 1 makes further provision about the Regulator, including provision as to—the terms of appointment, tenure and remuneration of members,the appointment of the Chief Executive and other staff,the proceedings of the Regulator,its funding and accounts, andthe status and liability of the Regulator, its members and staff.<Emphasis>General provisions about functions</Emphasis>Regulator’s functions41The Regulator has—athe functions transferred to it from the Occupational Pensions Regulatory Authority by virtue of this Act or any provisions in force in Northern Ireland corresponding to this Act, andbany other functions conferred by, or by virtue of, this or any other enactment.2As regards the exercise of the Regulator’s functions—athe non-executive functions listed in subsection (4) of section 8 must, by virtue of subsection (2) of that section, be discharged by the committee established under that section,bthe functions mentioned in the following provisions are exercisable only by the Determinations Panel—isection 10(1) (the power in certain circumstances to determine whether to exercise the functions listed in Schedule 2 and to exercise them), andiisection 99(10) (the functions concerning the compulsory review of certain determinations), andcthe exercise of other functions of the Regulator may be delegated by the Regulator under paragraph 20 of Schedule 1.3Subsection (2) is subject to any regulations made by the Secretary of State under paragraph 21 of Schedule 1 (power to limit or permit delegation of functions).Regulator’s objectives51The main objectives of the Regulator in exercising its functions are—ato protect the benefits under occupational pension schemes of, or in respect of, members of such schemes,bto protect the benefits under personal pension schemes of, or in respect of, members of such schemes within subsection (2),cto reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund (see Part 2), czain relation to the exercise of its functions under Part 3 only, to minimise any adverse impact on the sustainable growth of an employer,cato maximise compliance with the duties under Chapter 1 of Part 1 (and the safeguards in sections 50 and 54) of the Pensions Act 2008, anddto promote, and to improve understanding of, the good administration of work-based pension schemes.2For the purposes of subsection (1)(b) the members of personal pension schemes within this subsection are—athe members who are employees in respect of whom direct payment arrangements exist, andbwhere the scheme is a stakeholder pension scheme, any other members.3In this section—“stakeholder pension scheme” means a personal pension scheme which is or has been registered under section 2 of the Welfare Reform and Pensions Act 1999 (c. 30) (register of stakeholder schemes);“work-based pension scheme” means—an occupational pension scheme,a personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are employees, ora stakeholder pension scheme.Supplementary powers6The Regulator may do anything (except borrow money) which—ais calculated to facilitate the exercise of its functions, orbis incidental or conducive to their exercise.Transfer of <Acronym Expansion="Occupational Pensions Regulatory Authority">OPRA</Acronym>’s functions to the Regulator71Subject to the provisions of this Act, the functions of the Occupational Pensions Regulatory Authority (“OPRA”) conferred by or by virtue of—athe Pension Schemes Act 1993 (c. 48),bthe Pensions Act 1995 (c. 26), andcthe Welfare Reform and Pensions Act 1999,are hereby transferred to the Regulator.2Accordingly—ain section 181(1) of the Pension Schemes Act 1993 (which defines “the Regulatory Authority” to mean OPRA), for the definition of “the Regulatory Authority” substitute—“the Regulatory Authority” means the Pensions Regulator;,bin section 124(1) of the Pensions Act 1995 (which defines “the Authority”, in Part 1 of that Act, to mean OPRA), for the definition of “the Authority” substitute—“the Authority” means the Pensions Regulator,,cin section 8(1) of the Welfare Reform and Pensions Act 1999 (c. 30) (which defines “the Authority”, in Part 1 of that Act to mean OPRA), for the definition of “the Authority” substitute—“the Authority” means the Pensions Regulator;, anddin section 33 of that Act (time for discharge of pension credit liability), in subsection (5) for “the Occupational Pensions Regulatory Authority” substitute “ the Pensions Regulator ”.<Emphasis>Non-executive functions</Emphasis>Non-executive functions81The functions listed in subsection (4) (in this Part referred to as “the non-executive functions”) are functions of the Regulator.2The Regulator must establish a committee to discharge the non-executive functions on its behalf.3Only non-executive members of the Regulator may be members of the committee.4The non-executive functions are—athe duty to keep under review the question whether the Regulator’s internal financial controls secure the proper conduct of its financial affairs;bthe duty to determine under paragraph 8(4)(b) of Schedule 1, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under paragraph 8(4)(a) of that Schedule.5The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Regulator’s annual report to the Secretary of State under section 11.6The committee’s report must relate to the same period as that covered by the Regulator’s report.7The committee may establish sub-committees, and the members of any such sub-committee—amay include persons who are not members of the committee or of the Regulator, butbmust not include persons who are executive members or other staff of the Regulator.8The committee may authorise any of its members or any of its sub-committees to discharge on its behalf—aany of the non-executive functions;bthe duty to prepare a report under subsection (5).9The committee (or any of its sub-committees) may be authorised under paragraph 20(1) of Schedule 1 to exercise further functions of the Regulator.10This section is subject to any regulations made by the Secretary of State under paragraph 21 of Schedule 1 (power to limit or permit delegation of functions).<Emphasis>The Determinations Panel</Emphasis>The Determinations Panel91The Regulator must establish and maintain a committee consisting of—aa chairman, andbat least six other persons,(in this Part referred to as “the Determinations Panel”).2The Regulator must appoint as the chairman of the Panel the person nominated in accordance with paragraph 11 of Schedule 1 (nomination by a committee established by the chairman of the Regulator).3The chairman of the Panel must—adecide the number of persons to be appointed as the other members of the Panel, andbnominate a person suitable for each of those appointments.4The Regulator must then appoint as the other members of the Panel the persons nominated by the chairman of the Panel.5The following are ineligible for appointment as members of the Panel—aany member of the Regulator;bany member of the staff of the Regulator;cany member of the Board of the Pension Protection Fund;dany member of the staff of that Board.6The Panel may establish sub-committees consisting of members of the Panel.7Further provision about the Panel is made in Schedule 1, including provision as to the terms of appointment, tenure and remuneration of members and as to its procedure.Functions exercisable by the Determinations Panel101The Determinations Panel is to exercise on behalf of the Regulator—athe power to determine, in the circumstances described in subsection (2), whether to exercise a reserved regulatory function, andbwhere it so determines to exercise a reserved regulatory function, the power to exercise the function in question.2Those circumstances are—awhere the Regulator considers that the exercise of the reserved regulatory function may be appropriate, orbwhere an application is made under, or by virtue of, any of the provisions listed in subsection (6) for the Regulator to exercise the reserved regulatory function.3Where subsection (1) applies, the powers mentioned in that subsection are not otherwise exercisable by or on behalf of the Regulator.4For the purposes of this Part, a function of the Regulator is a “reserved regulatory function” if it is a function listed in Schedule 2.5Regulations may amend Schedule 2 by—aadding any function of the Regulator conferred by, or by virtue of, this or any other enactment,bomitting any such function, orcaltering the description of any such function contained in that Schedule.6The provisions referred to in subsection (2)(b) are—asection 20(10) (application to permit payments out of an account that is subject to a restraining order);bsection 26(2) (application for order validating action taken in contravention of freezing order);csection 41(7) (application for the issue of a revised contribution notice under section 41(9));dsection 50(7) (application for the issue of a revised contribution notice under section 50(9));esection 3(3) of the Pensions Act 1995 (c. 26) (application for revocation of prohibition order);easection 3A(3) of that Act (application for waiver of prohibition);fsection 4(5) of that Act (application for revocation of a suspension order);gsection 7(5A) of that Act (application for appointment of a trustee under section 7(3)(a) or (c) of that Act);hsection 29(5) of that Act (application for waiver of disqualification);hasection 58(7) of that Act (power of the Regulator in prescribed circumstances to extend or further extend the period referred to in section 58(6) of that Act in relation to a schedule of contributions);hbsection 60(7) of that Act (power of the Regulator in prescribed circumstances to extend or further extend the period applicable under section 60(3) of that Act in relation to securing an increase in value);isection 69(1) of that Act (application for order authorising modification or modifying a scheme);jsection 71A(2) of that Act (application for modifying a scheme to secure winding up);ksection 99(4A) of the Pension Schemes Act 1993 (c. 48) (application for extension under section 99(4) of that Act of a period for compliance);lsection 101J(6)(a) of that Act (application for extension under section 101J(2) of that Act of a period for compliance).7Regulations may amend subsection (6) by—aadding any provision of this or any other enactment to the list in that subsection, orbomitting or altering the description of any provision mentioned in that list.8The Panel may be authorised under paragraph 20(4) or (6) of Schedule 1 to exercise further functions of the Regulator on behalf of the Regulator.9The Panel may authorise any of its members or any of its sub-committees to exercise on its behalf—aany of the functions of the Regulator which are exercisable by the Panel on behalf of the Regulator, orbany of the functions of the Panel under section 93(3), section 99(11) and paragraph 18(2) of Schedule 1 (procedure).10This section is subject to any regulations made by the Secretary of State under paragraph 21 of Schedule 1 (power to limit or permit delegation of functions).<Emphasis>Annual report</Emphasis>Annual reports to Secretary of State111The Regulator must prepare a report for each financial year.2Each report—amust deal with the activities of the Regulator in the financial year for which it is prepared, including the matters mentioned in subsection (3), andbmust include the report prepared under subsection (5) of section 8 by the committee established under that section.3The matters referred to in subsection (2)(a) are—athe strategic direction of the Regulator and the manner in which it has been kept under review;bthe steps taken to scrutinise the performance of the Chief Executive in securing that the Regulator’s functions are exercised efficiently and effectively;cthe Regulator’s objectives and targets (including its main objectives as set out in section 5 or in any corresponding provision in force in Northern Ireland) and the steps taken to monitor the extent to which they are being met;dthe exercise of the Regulator's functions in relation to public service pension schemes.4The Regulator must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.5The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.6In this section “financial year” means—athe period beginning with the date on which the Regulator is established and ending with the next following 31st March, andbeach successive period of 12 months.<Emphasis>Provision of information, education and assistance</Emphasis>Provision of information, education and assistance121The Regulator may provide such information, education and assistance as it considers appropriate to those involved in—athe administration of work-based pension schemes, orbadvising the trustees or managers in relation to such schemes as to their operation.2To the extent that it is not authorised to do so under subsection (1), the Regulator may also provide such information, education and assistance as it considers appropriate to—aemployers in relation to work-based pension schemes,bpersons involved in advising such employers as to the operation of such schemes, orcpersons upon whom duties are imposed by or by virtue of section 238 (information and advice to employees).3For the purposes of subsection (2), “employers in relation to work-based pension schemes” means, in the case of stakeholder pension schemes, the persons upon whom duties are imposed by or by virtue of section 3 of the Welfare Reform and Pensions Act 1999 (c. 30) (duty of employers to facilitate access to stakeholder pension schemes).4In this section—“assistance” does not include financial assistance;“stakeholder pension scheme” and “work-based pension scheme” have the same meaning as in section 5 (Regulator’s objectives).<Emphasis>New powers in respect of occupational and personal pension schemes</Emphasis>Improvement notices131If the Regulator is of the opinion that a person—ais contravening one or more provisions of the pensions legislation, orbhas contravened one or more of those provisions in circumstances that make it likely that the contravention will continue or be repeated,it may issue a notice (an “improvement notice”) to that person directing him to take, or refrain from taking, such steps as are specified in the notice in order to remedy or prevent a recurrence of the contravention.2An improvement notice must—astate that the Regulator is of that opinion and specify the provision or provisions of the pensions legislation in question,bcontain a statement of the matters which it is asserted constitute the contravention and of the evidence on which that opinion is based, andcin respect of each step specified in the notice, state the period (being a period of not less than 21 days beginning with the date of the notice) within which it must be complied with.3Directions in an improvement notice—amay be framed to any extent by reference to a code of practice issued by the Regulator under section 90 or 90A , andbmay be framed so as to afford the person to whom the notice is issued a choice between different ways of remedying or preventing the recurrence of the contravention.4Directions in an improvement notice may be expressed to be conditional on compliance by a third party with a specified direction, or specified directions, contained in a notice under section 14 (third party notices).5An improvement notice may direct the person to whom it is issued to inform the Regulator, within such period as may be specified in the notice, of how he has complied, or is complying, with the notice.6Where a contravention of a provision of the pensions legislation consists of a failure to take action within a time limit, for the purposes of this section the contravention continues until such time as the action is taken.7In this section “pensions legislation” means any enactment contained in or made by virtue of any of the following—athe Pension Schemes Act 1993 (c. 48),bPart 1 of the Pensions Act 1995 (c. 26), other than sections 62 to 66A of that Act (equal treatment),cPart 1 or section 33 of the Welfare Reform and Pensions Act 1999 (c. 30), ...dthis Act ...esection 5(4) (pension board: conflicts of interest and representation), 6 (pension board: information), 14 (information about benefits) or 16 (records) of the Public Service Pensions Act 2013, ...fparagraph 2 of Schedule 18 to the Pensions Act 2014 (c.19), ...gthe Pension Schemes Act 2015,hPart 1 of the Pension Schemes Act 2017,iPart 1 of the Pension Schemes Act 2021.8If the trustees or managers of an occupational or personal pension scheme fail to comply with an improvement notice issued to them, section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.9That section also applies to any other person who, without reasonable excuse, fails to comply with an improvement notice issued to him.Third party notices141Where the Regulator is of the opinion that—aa person—iis contravening one or more provisions of the pensions legislation, oriihas contravened one or more of those provisions in circumstances that make it likely that the contravention will continue or be repeated,bthe contravention is or was, wholly or partly, a result of a failure of another person (“the third party”) to do any thing, andcthat failure is not itself a contravention of the pensions legislation,the Regulator may issue a notice (a “third party notice”) directing the third party to take, or refrain from taking, such steps as are specified in the notice in order to remedy or prevent a recurrence of his failure.2A third party notice must—astate that the Regulator is of that opinion and specify the provision or provisions of the pensions legislation in question,bcontain a statement of—ithe matters which it is asserted constitute the contravention of the provision or provisions, andiithe matters which it is asserted constitute the failure by the third party,and the evidence on which that opinion is based, andcin respect of each step specified in the notice, state the period (being a period of not less than 21 days beginning with the date of the notice) within which it must be complied with.3Directions in a third party notice may be framed so as to afford the third party a choice between different ways of remedying or preventing the recurrence of his failure.4A third party notice may direct the third party to inform the Regulator, within such period as may be specified in the notice, of how he has complied, or is complying, with the notice.5Where a contravention of a provision of the pensions legislation consists of a failure to take action within a time limit, for the purposes of this section the contravention continues until such time as the action is taken.6Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a person who, without reasonable excuse, fails to comply with a third party notice issued to him.7No duty to which a person is subject is to be regarded as contravened merely because of anything required to be done in compliance with a third party notice.This is subject to section 311 (protected items).8In this section “pensions legislation” has the same meaning as in section 13.<Addition ChangeId="key-b790248300f4575b0d3870c8a2839bc4-1597085616017" CommentaryRef="key-b790248300f4575b0d3870c8a2839bc4">Appointment of skilled person to assist public service pension scheme</Addition>14A1The Regulator may, if it considers it desirable for the purpose of ensuring compliance with pensions legislation, appoint a person to assist the pension board of a public service pension scheme in the discharge of its functions.2A person appointed under this section may be any person appearing to the Regulator to have the necessary skills.3The pension board of a public service pension scheme must have regard to the advice of a person appointed under this section.4The costs of a person appointed under this section are to be met by the scheme manager of the scheme.5In subsection (1) “pensions legislation” has the same meaning as in section 13.Injunctions and interdicts151If, on the application of the Regulator, the court is satisfied that—athere is a reasonable likelihood that a particular person will do any act which constitutes a misuse or misappropriation of any of the assets of an occupational or personal pension scheme, orba particular person has done any such act and there is a reasonable likelihood that he will continue or repeat the act in question or do a similar act,the court may grant an injunction restraining him from doing so or, in Scotland, an interdict prohibiting him from doing so.2The jurisdiction conferred by this section is exercisable by the High Court or the Court of Session.Restitution161If, on the application of the Regulator, the court is satisfied that there has been a misuse or misappropriation of any of the assets of an occupational or personal pension scheme, it may order any person involved to take such steps as the court may direct for restoring the parties to the position in which they were before the misuse or misappropriation occurred.2For this purpose a person is “involved” if he appears to the court to have been knowingly concerned in the misuse or misappropriation of the assets.3The jurisdiction conferred by this section is exercisable by the High Court or the Court of Session.Power of the Regulator to recover unpaid contributions171Where any employer contribution payable towards an occupational or personal pension scheme is not paid on or before its due date, the Regulator may, on behalf of the trustees or managers of the scheme, exercise such powers as the trustees or managers have to recover that contribution.2For the purposes of subsection (1), any employer contribution payable towards a personal pension scheme which is not paid on or before its due date is, if not a debt due from the employer to the trustees or managers apart from this subsection, to be treated as if it were such a debt.3In this section—“due date”—in relation to employer contributions payable towards an occupational pension scheme in accordance with a schedule of contributions under section 227, has the same meaning as in section 228,in relation to employer contributions payable in accordance with a payment schedule under section 87 of the Pensions Act 1995 (c. 26) (schedules of payments to money purchase schemes), has the meaning given by subsection (2)(c) of that section, ...in relation to employer contributions payable towards a personal pension scheme, has the same meaning as in section 111A of the Pension Schemes Act 1993 (c. 48) (monitoring of employer payments to personal pension schemes); andin relation to employer contributions payable under a public service pension scheme, the date on which the contributions are due under the scheme; “employer contribution”—in relation to an occupational pension scheme other than a public service pension scheme, means any contribution payable by or on behalf of the employer towards the scheme in accordance with a schedule of contributions under section 227 of this Act or a payment schedule under section 87 of the Pensions Act 1995 (c. 26) (schedules of payments to money purchase schemes) whether—on the employer’s own account (but in respect of one or more employees), oron behalf of an employee out of deductions from the employee’s earnings, ...in relation to a personal pension scheme, means any contribution payable towards the scheme under direct payment arrangements andin relation to a public service pension scheme, means any contributions payable under the scheme by the employer. Pension liberation: interpretation181In this section and sections 19 to 21—a“pension scheme” means an occupational pension scheme or a personal pension scheme,b“deposit-taker” has the meaning given by subsections (8A) and (8B) of section 49 of the Pensions Act 1995, except that, for the purposes of this definition, subsection (8A)(c) of that section has effect with the omission of the words from “or” to the end,creferences to money liberated from a pension scheme are to be read in accordance with subsection (2),d“liberated member”, in relation to money liberated from a pension scheme, means the member of the pension scheme who is referred to in subsection (2)(a), ande“restraining order” means a restraining order under section 20.2Money is to be taken to have been liberated from a pension scheme if—athe money directly or indirectly represents an amount that, in respect of accrued rights or an entitlement of a member of a pension scheme, has been transferred out of the scheme in pursuance of—ia relevant statutory provision, oriia provision of the scheme rules, other than a relevant statutory provision,bthe trustees or managers of the scheme transferred the amount out of the scheme on the basis that a third party (“the liberator”) would secure that the amount was used in an authorised way,cthe amount has not been used in an authorised way, anddthe liberator has not secured, and is not likely to secure, that the amount will be used in an authorised way.3The following are “relevant statutory provisions” for the purposes of subsection (2)—asection 94 of the Pension Schemes Act 1993 (right to cash equivalent under Chapter 1 of Part 4ZA of that Act);bsection 101AB(1)(a) of that Act (right to cash transfer sum under Chapter 2 of Part 4ZA of that Act);csection 101F(1) of that Act (right to cash equivalent of pension credit benefit).4In subsection (2) “authorised way” means—awhere the amount concerned is transferred out of the scheme in pursuance of a provision mentioned in subsection (3)(a), a way specified in ... section 95 of the Pension Schemes Act 1993;bwhere that amount is transferred out in pursuance of the provision mentioned in subsection (3)(b), a way specified in section 101AE(2) of that Act;cwhere that amount is transferred out in pursuance of the provision mentioned in subsection (3)(c), a way specified in subsection (2) or, as the case may be, subsection (3) of section 101F of that Act;dwhere that amount is transferred out in pursuance of a provision of the kind mentioned in subsection (2)(a)(ii), a way that is authorised by the scheme rules for amounts transferred out in pursuance of that provision.5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pension liberation: court’s power to order restitution191This section applies where money has been liberated from a pension scheme.2In this section “recoverable property” means (subject to subsection (3))—athe money or any of it, orbproperty (of any kind and wherever situated) that, directly or indirectly, represents any of the money.3Where a person acquires the beneficial interest in recoverable property in good faith, for value and without notice that the property is, or (as the case may be) represents, money liberated from a pension scheme—athe property ceases to be recoverable property, andbno property that subsequently represents it is recoverable property.4The court, on the application of the Regulator, may make such order as the court thinks just and convenient for the purpose of securing that recoverable property, or money representing its value or proceeds of its sale, is transferred—atowards a pension scheme,btowards an annuity or insurance policy, orcto the liberated member.5An order under subsection (4) may (in particular) direct a person who holds recoverable property, or has any degree of control over recoverable property, to take steps for the purpose mentioned in that subsection.6Where the court makes an order under paragraph (a) of subsection (4), it may by order direct the trustees or managers of the scheme referred to in that paragraph—ato take steps for the purpose mentioned in that subsection;bto apply the property or money transferred, in such manner as the court may direct, for the purpose of providing benefits under that scheme to or in respect of the liberated member.7Regulations may modify any of the provisions of the Pension Schemes Act 1993 (c. 48) as it applies in relation to cases where an order is made under subsection (6).8The jurisdiction conferred by this section is exercisable by the High Court or the Court of Session.9The generality of the jurisdiction conferred by section 16 is not to be taken to be prejudiced by this section.10The generality of the jurisdiction conferred by this section is not to be taken to be prejudiced by section 21.Pension liberation: restraining orders201The Regulator may make a restraining order in relation to an account with a deposit-taker if—ait is satisfied that the account contains money which has been liberated from a pension scheme,bit is satisfied that the account is held by or on behalf of—ithe liberator, oriia person who has to, or in practice is likely to, ensure that the account is operated in accordance with the liberator’s directions, andcthe order is made pending consideration being given to the making of one or more repatriation orders in relation to the account under section 21.2A restraining order is an order directing that no credit or debit of any amount may be made to the account concerned (“the restrained account”) during the period for which the order has effect.3A restraining order must—aspecify the name of the deposit-taker in respect of which it is made,bidentify the account in respect of which it is made, andccontain such other information as may be prescribed.4A restraining order—atakes effect when the deposit-taker concerned is notified by the Regulator of the making of the order, andb(subject to subsection (7)) ceases to have effect through expiry of time at the end of the six months beginning with the day when it is made.5The Regulator may, at a time when a restraining order has effect, make an order extending (or further extending) the restraining order.6An order under subsection (5) (an “extension order”) takes effect—awhen the deposit-taker concerned is notified by the Regulator of the making of the order, butbonly if notification under paragraph (a) occurs at a time when the restraining order concerned has effect.7Where an extension order takes effect—athe restraining order concerned does not cease to have effect through expiry of time until the end of the six months beginning with the time when it would have ceased to have effect through expiry of time had it not been extended, butbfor so long as the extension order has effect, no further extension order can take effect before that time in relation to the restraining order.8A restraining order does not prevent the crediting to the restrained account of an amount representing interest payable by the deposit-taker on any amount which is, or has been, in the account.9Where a restraining order has effect, the deposit-taker must return to the payer any money credited to the restrained account in breach of the order.10Where a restraining order has effect, the Regulator may, on an application made by or with the consent of the person by whom the restrained account is held, by order permit a payment specified in the order to be made out of the account if the Regulator is satisfied—athat the payment will be made for the purpose of enabling—iany individual to meet his reasonable living expenses, oriiany person to carry on a trade, business, profession or occupation,bthat the beneficial interest in the money out of which the payment will be made belongs—ito the individual, or person, concerned, oriito a person who consents to the making of the payment, andcthat the money out of which the payment will be made is not money liberated from a pension scheme.11Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a deposit-taker who, without reasonable excuse, fails to comply with any obligation imposed by a restraining order or by this section.Pension liberation: repatriation orders211Subsections (2) and (3) apply where—aa restraining order has effect, andbthe Regulator is satisfied that the restrained account contains an amount of money liberated from a pension scheme.2The Regulator may by order—adirect the deposit-taker concerned to pay from the account a sum not exceeding that amount—itowards a pension scheme,iitowards an annuity or insurance policy, oriiito the liberated member, andbwhere it makes an order under paragraph (a)(i), direct the trustees or managers of the scheme to apply the sum, in such manner as the Regulator may direct, for the purpose of providing benefits under the scheme to or in respect of the liberated member.3If it appears to the Regulator, on taking an overall view of transactions taking place before the restraining order was made, that there are two or more individuals each of whom is a person who is or may be the liberated member in relation to some of the money, the Regulator may determine the sums to be paid from the restrained account under subsection (2) on any basis that appears to the Regulator to be just and reasonable.4Regulations may modify any of the provisions of the Pension Schemes Act 1993 (c. 48) as it applies in relation to cases where an order is made under subsection (2)(b).5Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a deposit-taker who, without reasonable excuse, fails to comply with a direction given to him under subsection (2)(a).6If the trustees or managers of a pension scheme fail to comply with a direction given to them under subsection (2)(b), that section applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.7In this section “restrained account” has the meaning given by section 20.<Emphasis>Powers in relation to winding up of occupational pension schemes</Emphasis>Powers to wind up occupational pension schemes22In section 11 of the Pensions Act 1995 (powers to wind up occupational pension schemes)—aomit subsection (3),bbefore subsection (4) insert—3AThe Authority may, during an assessment period (within the meaning of section 132 of the Pensions Act 2004 (meaning of “assessment period” for the purposes of Part 2 of that Act)) in relation to an occupational pension scheme, by order direct the scheme to be wound up if they are satisfied that it is necessary to do so in order—ato ensure that the scheme’s protected liabilities do not exceed its assets, orbif those liabilities do exceed its assets, to keep the excess to a minimum.3BIn subsection (3A)—a“protected liabilities” has the meaning given by section 131 of the Pensions Act 2004, andbreferences to the assets of the scheme are references to those assets excluding any assets representing the value of any rights in respect of money purchase benefits (within the meaning of that Act) under the scheme.,cat the end of subsection (4) insert— “ This subsection is subject to sections 28, 135 and 219 of the Pensions Act 2004 (winding up order made when freezing order has effect in relation to scheme, during assessment period under Part 2 of that Act etc). ”, anddafter subsection (6) insert—6ASubsection (6) does not have effect to authorise the Authority to make an order as mentioned in paragraph (a) or (b) of that subsection, if their doing so would be unlawful as a result of section 6(1) of the Human Rights Act 1998 (unlawful for public authority to act in contravention of a Convention right).Freezing orders231This section applies to an occupational pension scheme which is not a money purchase scheme.2The Regulator may make a freezing order in relation to such a scheme if and only if—athe order is made pending consideration being given to the making of an order in relation to the scheme under section 11(1)(c) of the Pensions Act 1995 (c. 26) (power to wind up schemes where necessary to protect the generality of members), andbthe Regulator is satisfied that—ithere is, or is likely to be if the order is not made, an immediate risk to the interests of members under the scheme or the assets of the scheme, andiiit is necessary to make the freezing order to protect the interests of the generality of the members of the scheme.But no freezing order may be made in relation to a scheme during an assessment period (within the meaning of section 132) in relation to the scheme (see section 135(11)).3A freezing order is an order directing that during the period for which it has effect—ano benefits are to accrue under the scheme rules to, or in respect of, members of the scheme, andbwinding up of the scheme may not begin.4A freezing order may also contain one or more of the following directions which have effect during the period for which the order has effect—aa direction that no new members, or no specified classes of new member, are to be admitted to the scheme;ba direction that—ino further contributions or payments, oriino further specified contributions or payments,are to be paid towards the scheme by or on behalf of the employer, any members or any specified members of the scheme;ca direction that any amount or any specified amount which—icorresponds to any contribution which would be due to be paid towards the scheme on behalf of a member but for a direction under paragraph (b), andiihas been deducted from a payment of any earnings in respect of an employment,is to be repaid to the member in question by the employer;da direction that no benefits, or no specified benefits, are to be paid to or in respect of any members or any specified members under the scheme rules;ea direction that payments of all benefits or specified benefits under the scheme rules to or in respect of all the members or specified members may only be made from the scheme if they are reduced in a specified manner or by a specified amount;fa direction that—ino transfers or no specified transfers of, or no transfer payments or no specified transfer payments in respect of, any member’s rights under the scheme rules are to be made from the scheme, oriino other steps or no specified other steps are to be taken to discharge any liability of the scheme to or in respect of a member of the scheme in respect of pensions or other benefits;ga direction that no statements of entitlement are to be provided to members of the scheme under section 93A of the Pension Schemes Act 1993 (c. 48) (benefits other than money purchase: right to statement of entitlement);ha direction that—ino refunds of, or no specified refunds of, or in respect of, contributions paid by or in respect of a member towards the scheme are to be made from the scheme, oriirefunds or specified refunds of, or in respect of, contributions paid by or in respect of a member towards the scheme may only be made from the scheme if they are determined in a specified manner and satisfy such other conditions as may be specified.5In subsection (4)(b)—athe references to contributions do not include contributions due to be paid before the order takes effect, andbthe references to payments towards a scheme include payments in respect of pension credits where the person entitled to the credit is a member of the scheme.6A freezing order may not contain a direction under subsection (4)(d) or (e) which reduces the benefits payable to or in respect of a member, for the period during which the order has effect, below the level to which the trustees or managers of the scheme would have power to reduce them if a winding up of the scheme had begun at the time when the freezing order took effect.7A direction under subsection (4)(f) may, in particular, provide that transfers or specified transfers of, or transfer payments or specified transfer payments in respect of, any member’s rights under the scheme rules may not be made from the scheme unless the amounts paid out from the scheme in respect of the transfers or transfer payments are determined in a specified manner and the transfer or transfer payments satisfy such other conditions as may be specified.8A freezing order may also require the trustees or managers of the scheme to obtain an actuarial valuation within a specified period.9A freezing order containing such a requirement must specify—athe date by reference to which the assets and liabilities are to be valued,bthe assets and liabilities which are to be taken into account,cthe manner in which the valuation must be prepared,dthe information and statements which it must contain, andeany other requirements that the valuation must satisfy.10For the purposes of subsection (8)—“an actuarial valuation” means a written valuation of the scheme’s assets and liabilities prepared and signed by the actuary;“the actuary” means—the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (c. 26) (professional advisers) in relation to the scheme, orif no such actuary has been appointed—a person with prescribed qualifications or experience, ora person approved by the Secretary of State.11In this section “specified” means specified in the freezing order.Consequences of freezing order241If a freezing order is made in relation to a scheme any action taken in contravention of the order is void except to the extent that the action is validated by an order under section 26.2A freezing order in relation to a scheme does not prevent any increase in a benefit which is an increase which would otherwise accrue in accordance with the scheme or any enactment during the period for which the order has effect, unless the order contains a direction to the contrary.3A freezing order in relation to a scheme does not prevent the scheme being wound up in pursuance of an order under section 11 of the Pensions Act 1995 (power to wind up occupational pension schemes).4If a freezing order contains a direction under section 23(4)(b) that no further contributions, or no further specified contributions, are to be paid towards a scheme during the period for which the order has effect—aany contributions which are the subject of the direction and which would otherwise be due to be paid towards the scheme during that period are to be treated as if they do not fall due, andbany obligation to pay those contributions (including any obligation under section 49(8) of the Pensions Act 1995 to pay amounts deducted corresponding to such contributions) is to be treated as if it does not arise.5If a freezing order contains a direction under section 23(4)(f) (no transfers or discharge of member’s rights) it does not prevent—agiving effect to a pension sharing order or provision, orbgiving effect to a pension earmarking order in a case where—ithe order requires a payment to be made if a payment in respect of any benefits under the scheme becomes due to a person, andiia direction under section 23(4)(d) or (e) does not prevent the payment becoming due.6For the purposes of subsection (5)—“pension sharing order or provision” means an order or provision falling within section 28(1) of the Welfare Reform and Pensions Act 1999 (c. 30) (activation of pension sharing);“pension earmarking order” means—an order under section 23 of the Matrimonial Causes Act 1973 (c. 18) (financial provision orders in connection with divorce etc) so far as it includes provision made by virtue of section 25B or 25C of that Act (powers to include provision about pensions), an order under Part 1 (financial provision in connection with dissolution, nullity or separation) of Schedule 5 to the Civil Partnership Act 2004 (c. 33) (financial relief in the High Court or a county court etc.) so far as it includes provision made by virtue of paragraphs 25 and 26 of Part 6 of that Schedule (powers to include provisions about pensions), an order under section 12A(2) or (3) of the Family Law (Scotland) Act 1985 (c. 37) (powers in relation to pension lump sums when making a capital sum order), ...an order under Article 25 of the Matrimonial Causes (Northern Ireland) Order 1978 (S.I. 1978/1045 (N.I.15)) so far as it includes provision made by virtue of Article 27B or 27C of that Order (Northern Ireland powers corresponding to those mentioned in paragraph (a)) , or an order under Part 1 (financial provision in connection with dissolution, nullity or separation) of Schedule 15 to the Civil Partnership Act 2004 (financial relief in the High Court or a county court etc.: Northern Ireland) so far as it includes provision made by virtue of paragraphs 20 and 21 of Part 5 of that Schedule (powers to include provisions about pensions) 7Regulations may modify any provisions of—aChapter 1 of Part 4ZA of the Pension Schemes Act 1993 (transfer rights: general), orbChapter 2 of that Part (early leavers: cash transfer sums and contribution refunds),in their application to an occupational pension scheme in relation to which a freezing order is made containing a direction under section 23(4)(f), (g) or (h) (no transfers etc in respect of member’s rights or refunds of contributions etc from the scheme).8Disregarding subsection (1), if a freezing order made in relation to a scheme is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.9Subsection (8) does not apply in the case of non-compliance with a direction under section 23(4)(c) (direction that certain deducted contributions are to be repaid by the employer).10In such a case, section 10 of the Pensions Act 1995 (civil penalties) applies to an employer who, without reasonable excuse, fails to repay an amount as required by the direction.Period of effect etc of freezing order251A freezing order must specify the period for which it has effect.2The period specified must not exceed three months.3The Regulator may on one or more occasions by order extend the period for which the order has effect.4But the total period for which the order has effect must not exceed six months.5This section is subject to sections 27, 28 and 29 (effect of winding up and assessment period on freezing orders).Validation of action in contravention of freezing order261If a freezing order is made in relation to a scheme, the Regulator may by order validate action taken in contravention of the order.2Any of the following persons may apply to the Regulator for an order under this section validating particular action—athe trustees or managers of the scheme;bany person directly affected by the action.Effect of determination to wind up scheme on freezing order271This section applies where—athe Regulator determines to make an order under section 11 of the Pensions Act 1995 (c. 26) (power to wind up occupational pension schemes) in relation to a scheme (“a winding up order”),bthat determination is made during the period for which a freezing order has effect in relation to the scheme,cthe case is not one to which the special procedure in section 98 applies (immediate exercise of powers where immediate risk to assets etc), anddthe winding up order accordingly cannot be made until the expiry of the period specified in section 96(5) (no exercise during period of referral to the Tribunal etc).2In such a case the freezing order is to continue to have effect until—awhere the winding up order is made, it ceases to have effect under section 28 from the time when that order is made, orbthe determination to make the winding up order is revoked.3Subsection (2) is subject to the Regulator’s power under section 101 to revoke the freezing order at any time.Effect of winding up order on freezing order281This section applies where—aan order is made under section 11 of the Pensions Act 1995 (“the 1995 Act”) (power to wind up occupational pension schemes) in relation to a scheme, andbthe order is made during the period for which a freezing order has effect in relation to the scheme.2In such a case—athe winding up of the scheme in pursuance of the order under section 11 of the 1995 Act is to be taken as beginning at the time when the freezing order took effect, andbthe freezing order ceases to have effect from the time when the order under section 11 of the 1995 Act is made.3The Regulator may by order direct any specified person—ato take such specified steps as it considers are necessary as a result of the winding up of the scheme being deemed under subsection (2)(a) to have begun at the time when the freezing order took effect, andbto take those steps within a specified period.4If the trustees or managers of a scheme fail to comply with a direction to them contained in an order under this section, section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.5That section also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under this section.6In this section “specified” means specified in an order under this section.Effect of assessment period under Part 2 on freezing order29Where an assessment period (within the meaning of section 132) begins in relation to a scheme, any freezing order in relation to the scheme ceases to have effect when the assessment period begins.Power to give a direction where freezing order ceases to have effect301This section applies where—athe Regulator revokes a freezing order in relation to a scheme or it otherwise ceases to have effect, andbat the time when the freezing order ceases to have effect, the Regulator has not made an order under section 11 of the Pensions Act 1995 (c. 26) (“the 1995 Act”) in relation to the scheme.2In such a case the Regulator may make an order under this section in relation to the scheme containing a direction that, if specified conditions are met, specified benefits are to accrue under the scheme rules to, or in respect of, specified members of the scheme in respect of specified periods of service being service in employment which but for the freezing order would have qualified the member in question for those benefits under the scheme rules.3The conditions mentioned in subsection (2) may include—aa requirement that specified benefits do not accrue to, or in respect of, a member or a specified member unless a contribution of a specified amount is paid by or on behalf of the member towards the scheme within a specified period;ba requirement that a contribution of a specified amount must be paid by or on behalf of the employer within a specified period;ca requirement that such contributions as are specified under paragraph (a) or (b) are to be accepted for the period for which the freezing order had effect or any part of that period.4Where the freezing order contained a direction under section 23(4)(d) or (e) and any amount of any benefit under the scheme rules was not paid as a result of the direction—athe direction does not affect any entitlement to that benefit, andbany benefit to which a member, or a person in respect of a member, remains entitled at the end of the period for which the freezing order had effect is an amount which falls due to the member or, as the case may be, the person at the end of that period.5If an order made under this section in relation to a scheme is not complied with, section 10 of the 1995 Act (civil penalties) applies to a trustee or a manager of the scheme who has failed to take all reasonable steps to secure compliance.6Subsection (7) applies if—aan order is made under this section in relation to a scheme,bthe order contains a requirement as described in subsection (3)(b) that a contribution of a specified amount must be paid by or on behalf of the employer within a specified period, andcthe contribution is not paid within that period.7In such a case—asection 10 of the 1995 Act applies to the employer if he has failed, without reasonable excuse, to secure compliance,bthe amount which for the time being remains unpaid after the end of the specified period is to be treated as a debt due from the employer to the trustees or managers of the scheme, andcexcept in prescribed circumstances, the trustees or managers must, within a prescribed period, give notice of the failure to pay to the Regulator and to the member.8If in any case subsection (7)(c) is not complied with, section 10 of the 1995 Act applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.9In this section “specified” means specified in an order under this section.Notification of trustees, managers, employers and members311This section applies where—aa freezing order is made in relation to a scheme,ban order is made under section 26 validating action taken in contravention of a freezing order made in relation to a scheme,can order is made under section 28 directing specified steps to be taken following the winding up of a scheme, ordan order is made under section 30 in relation to a scheme where a freezing order ceases to have effect.2The Regulator must, as soon as reasonably practicable after the order has been made, notify—athe trustees or managers of the scheme, andbthe employer in relation to the scheme,of the fact that the order has been made and of its effect.3The Regulator may by order direct the trustees or managers of the scheme to notify—aall the members of the scheme, orbthe members of the scheme specified in the order,of the fact that the order mentioned in subsection (1) has been made and of its effect.4Notification is to be within the period and in the manner specified in the order under subsection (3).5If the trustees or managers of a scheme fail to comply with a direction to them contained in an order made under subsection (3), section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.Sections 23 to 31: supplementary321An order may be made in relation to a scheme under any of sections 23, 25, 26, 28, 30 and 31—ain spite of any enactment or rule of law, or any rule of the scheme, which would otherwise operate to prevent the order being made, andbwithout regard to any such enactment, rule of law or rule of the scheme as would otherwise require, or might otherwise be taken to require, the implementation of any procedure or the obtaining of any consent, with a view to the making of the order.2Subsection (1) does not have effect to authorise the Regulator to make an order as mentioned in that subsection if its doing so would be unlawful as a result of section 6(1) of the Human Rights Act 1998 (c. 42) (unlawful for public authority to act in contravention of a Convention right).<Emphasis>Trustees of occupational pension schemes</Emphasis>Prohibition orders33For section 3 of the Pensions Act 1995 (c. 26) (prohibition orders) substitute—Prohibition orders31The Authority may by order prohibit a person from being a trustee of—aa particular trust scheme,ba particular description of trust schemes, orctrust schemes in general,if they are satisfied that he is not a fit and proper person to be a trustee of the scheme or schemes to which the order relates.2Where a prohibition order is made under subsection (1) against a person in respect of one or more schemes of which he is a trustee, the order has the effect of removing him.3The Authority may, on the application of any person prohibited under this section, by order revoke the order either generally or in relation to a particular scheme or description of schemes.4An application under subsection (3) may not be made—aduring the period within which the determination to exercise the power to make the prohibition order may be referred to the Tribunal under section 96(3) or 99(7) of the Pensions Act 2004, andbif the determination is so referred, until the reference, and any appeal against the Tribunal’s determination, has been finally disposed of.5A revocation made at any time under this section cannot affect anything done before that time.6The Authority must prepare and publish a statement of the policies they intend to adopt in relation to the exercise of their powers under this section.7The Authority may revise any statement published under subsection (6) and must publish any revised statement.8In this section “the Tribunal” means the Pensions Regulator Tribunal established under section 102 of the Pensions Act 2004.Suspension orders 34In section 4 of the Pensions Act 1995 (c. 26) (suspension orders)—aafter subsection (1)(a) insert—aapending consideration being given to the institution of proceedings against him for an offence involving dishonesty or deception,,bin subsection (2)—iin paragraph (a) after “paragraph (a)” insert “ or (aa) ”,iiafter “have effect” insert “ in relation to a trust scheme ”, andiiiafter “section 3(1)” insert “ in relation to that scheme ”,cafter subsection (5) insert—5AAn application under subsection (5) may not be made—aduring the period within which the determination to exercise the power to make an order under subsection (1) may be referred to the Tribunal under section 96(3) or 99(7) of the Pensions Act 2004, andbif the determination is so referred, until the reference, and any appeal against the Tribunal’s determination, has been finally disposed of., andd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Appointments of trustees by the Regulator351In section 7 of the Pensions Act 1995 (appointment of trustees)—aomit subsection (4), andbafter subsection (5) insert—5AAn application may be made to the Authority in relation to a trust scheme by—athe trustees of the scheme,bthe employer, orcany member of the scheme,for the appointment of a trustee of the scheme under subsection (3)(a) or (c).2In section 8 of that Act (consequences of appointment of trustees under section 7), for subsections (1) and (2) substitute—1An order under section 7 appointing a trustee may provide for any fees and expenses of trustees appointed under the order to be paid—aby the employer,bout of the resources of the scheme, orcpartly by the employer and partly out of those resources.2Such an order may also provide that an amount equal to the amount (if any) paid out of the resources of the scheme by virtue of subsection (1)(b) or (c) is to be treated for all purposes as a debt due from the employer to the trustees of the scheme.Independent trustees361Part 1 of the Pensions Act 1995 (c. 26) (occupational pension schemes) is amended as follows.2In section 22 (circumstances in which provisions relating to independent trustees apply)—ain subsection (1)(b) omit “or” at the end of sub-paragraph (i) and after that sub-paragraph insert—iathe interim receiver of the property of a person who is the employer in relation to the scheme, or,bin subsection (2), after “a scheme” insert “ by virtue of subsection (1) ”,cafter subsection (2) insert—2ATo the extent that it does not already apply by virtue of subsection (1), this section also applies in relation to a trust scheme—aat any time during an assessment period (within the meaning of section 132 of the Pensions Act 2004) in relation to the scheme, andbat any time, not within paragraph (a), when the scheme is authorised under section 153 of that Act (closed schemes) to continue as a closed scheme., anddafter subsection (2A) (inserted by paragraph (c) above) insert—2BThe responsible person must, as soon as reasonably practicable, give notice of an event within subsection (2C) to—athe Authority,bthe Board of the Pension Protection Fund, andcthe trustees of the scheme.2CThe events are—athe practitioner beginning to act as mentioned in subsection (1)(a), if immediately before he does so this section does not apply in relation to the scheme;bthe practitioner ceasing to so act, if immediately after he does so this section does not apply in relation to the scheme;cthe official receiver beginning to act in a capacity mentioned in subsection (1)(b)(i), (ia) or (ii), if immediately before he does so this section does not apply in relation to the scheme;dthe official receiver ceasing to act in such a capacity, if immediately after he does so this section does not apply in relation to the scheme.2DFor the purposes of subsection (2B) “the responsible person” means—ain the case of an event within subsection (2C)(a) or (b) the practitioner, andbin the case of an event within subsection (2C)(c) or (d), the official receiver.2ERegulations may require prescribed persons in prescribed circumstances where this section begins or ceases to apply in relation to a trust scheme by virtue of subsection (2A) to give a notice to that effect to—athe Authority,bthe Board of the Pension Protection Fund, andcthe trustees of the scheme.2FA notice under subsection (2B), or regulations under subsection (2E), must be in writing and contain such information as may be prescribed.3For sections 23 and 24 (appointment of independent trustees) substitute—Power to appoint independent trustees231While section 22 applies in relation to a trust scheme, the Authority may by order appoint as a trustee of the scheme a person who—ais an independent person in relation to the scheme, andbis registered in the register maintained by the Authority in accordance with regulations under subsection (4).2In relation to a particular trust scheme, no more than one trustee may at any time be an independent trustee appointed under subsection (1).3For the purposes of this section a person is independent in relation to a trust scheme only if—ahe has no interest in the assets of the employer or of the scheme otherwise than as trustee of the scheme,bhe is neither connected with, nor an associate of—ithe employer,iiany person for the time being acting as an insolvency practitioner in relation to the employer, oriiithe official receiver acting in any of the capacities mentioned in section 22(1)(b) in relation to the employer, andche satisfies any prescribed requirements;and any reference in this Part to an independent trustee is to be construed accordingly.4Regulations must provide for the Authority to compile and maintain a register of persons who satisfy the prescribed conditions for registration.5Regulations under subsection (4) may provide—afor copies of the register or of extracts from it to be provided to prescribed persons in prescribed circumstances;bfor the inspection of the register by prescribed persons in prescribed circumstances.6The circumstances which may be prescribed under subsection (5)(a) or (b) include the payment by the person to whom the copy is to be provided, or by whom the register is to be inspected, of such reasonable fee as may be determined by the Authority.7This section is without prejudice to the powers conferred by section 7.4In section 25 (appointment and powers of independent trustees: further provisions)—afor subsection (4)(a) substitute—ahe must as soon as reasonably practicable give written notice of that fact to the Authority, and,bafter subsection (5) insert—5ASection 10 applies to any person who, without reasonable excuse, fails to comply with subsection (4)(a)., andcfor subsection (6) substitute—6An order under section 23(1) may provide for any fees and expenses of the trustee appointed under the order to be paid—aby the employer,bout of the resources of the scheme, orcpartly by the employer and partly out of those resources.7Such an order may also provide that an amount equal to the amount (if any) paid out of the resources of the scheme by virtue of subsection (6)(b) or (c) is to be treated for all purposes as a debt due from the employer to the trustees of the scheme.8Where, by virtue of subsection (6)(b) or (c), an order makes provision for any fees or expenses of the trustee appointed under the order to be paid out of the resources of the scheme, the trustee is entitled to be so paid in priority to all other claims falling to be met out of the scheme’s resources.Disqualification37In section 30 of the Pensions Act 1995 (c. 26) (consequences of disqualification under section 29), for subsection (1) substitute—1Where a person who is a trustee of a trust scheme becomes disqualified under section 29 in relation to the scheme, his becoming so disqualified has the effect of removing him as a trustee.<Emphasis>Contribution notices where avoidance of employer debt</Emphasis><CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Contribution notices where avoidance of employer debt381This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2The Regulator may issue a notice to a person stating that the person is under a liability to pay the sum specified in the notice (a “contribution notice”)—ato the trustees or managers of the scheme, orbwhere the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection), to the Board.3The Regulator may issue a contribution notice to a person only if—athe Regulator is of the opinion that the person was a party to an act or a deliberate failure to act which falls within subsection (5),bthe person was at any time in the relevant period—ithe employer in relation to the scheme, oriia person connected with, or an associate of, the employer,cthe Regulator is of the opinion that the person, in being a party to the act or failure, was not acting in accordance with his functions as an insolvency practitioner in relation to another person, anddthe Regulator is of the opinion that it is reasonable to impose liability on the person to pay the sum specified in the notice, having regard to—ithe extent to which, in all the circumstances of the case, it was reasonable for the person to act, or fail to act, in the way that the person did, andiisuch other matters as the Regulator considers relevant, including (where relevant) the matters falling within subsection (7).4But the Regulator may not issue a contribution notice, in such circumstances as may be prescribed, to a person of a prescribed description.5An act or a failure to act falls within this subsection if—athe Regulator is of the opinion that the material detriment test , the employer insolvency test or the employer resources test is met in relation to the act or failure (see sections 38A, 38C and 38E) or that the main purpose or one of the main purposes of the act or failure was—ito prevent the recovery of the whole or any part of a debt which was, or might become, due from the employer in relation to the scheme under section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets), orii... to prevent such a debt becoming due, to compromise or otherwise settle such a debt, or to reduce the amount of such a debt which would otherwise become due,bit is an act which occurred, or a failure to act which first occurred—ion or after 27th April 2004, andiibefore any assumption of responsibility for the scheme by the Board in accordance with Chapter 3 of Part 2, andcit is either—ian act which occurred during the period of six years ending with the giving of a warning notice in respect of the contribution notice in question, oriia failure which first occurred during, or continued for the whole or part of, that period.6For the purposes of subsection (3)—athe parties to an act or a deliberate failure include those persons who knowingly assist in the act or failure, andb“the relevant period” means the period which—ibegins with the time when the act falling within subsection (5) occurs or the failure to act falling within that subsection first occurs, andiiends with the giving of a warning notice in respect of the contribution notice in question.7 The matters within this subsection are— athe degree of involvement of the person in the act or failure to act which falls within subsection (5),bthe relationship which the person has or has had with the employer (including, where the employer is a company within the meaning of subsection (11) of section 435 of the Insolvency Act 1986 (c. 45), whether the person has or has had control of the employer within the meaning of subsection (10) of that section),cany connection or involvement which the person has or has had with the scheme,dif the act or failure to act was a notifiable event for the purposes of section 69 (duty to notify the Regulator of certain events), any failure by the person to comply with any obligation imposed on the person by subsection (1) of that section to give the Regulator notice of the event,eall the purposes of the act or failure to act (including whether a purpose of the act or failure was to prevent or limit loss of employment),eathe value of any benefits which directly or indirectly the person receives, or is entitled to receive, from the employer or under the scheme;ebthe likelihood of relevant creditors being paid and the extent to which they are likely to be paid;ecthe effect of the act or failure to act on the value of the assets or liabilities of the scheme or any relevant transferee scheme,fthe financial circumstances of the person, andgsuch other matters as may be prescribed.7AIn subsection (7)(eb) “relevant creditors” means—acreditors of the employer, andbcreditors of any other person who has incurred a liability or other obligation (including one that is contingent or otherwise might fall due) to make a payment, or transfer an asset, to the scheme.7BIn subsection (7)(ec) “relevant transferee scheme” and the reference to the assets or liabilities of any relevant transferee scheme have the same meaning as in section 38A.8For the purposes of this section references to a debt due under section 75 of the Pensions Act 1995 (c. 26) include a contingent debt under that section.9Accordingly, in the case of such a contingent debt, the reference in subsection (5)(a)(ii) to preventing a debt becoming due is to be read as including a reference to preventing the occurrence of any of the events specified in section 75(4C)(a) or (b) of that Act upon which the debt is contingent.10For the purposes of this section—asection 249 of the Insolvency Act 1986 (connected persons) applies as it applies for the purposes of any provision of the first Group of Parts of that Act,bsection 435 of that Act (associated persons) applies as it applies for the purposes of that Act, andcsection 229 of the Bankruptcy (Scotland) Act 2016 (associated persons) applies as it applies for the purposes of that Act.11For the purposes of this section “insolvency practitioner”, in relation to a person, means—aa person acting as an insolvency practitioner, in relation to that person, in accordance with section 388 of the Insolvency Act 1986, orban insolvency practitioner within the meaning of section 121(9)(b) (persons of a prescribed description).12Subsection (13) applies if the Regulator is of the opinion that—aa person was a party to a series of acts or failures to act,beach of the acts or failures in the series falls within subsection (5)(b) and (c), andcthe material detriment test , the employer insolvency test or the employer resources test is met in relation to the series, or the main purpose or one of the main purposes of the series was as mentioned in subsection (5)(a)(i) or (ii).13The series of acts or failures to act is to be regarded as an act or failure to act falling within subsection (5) (and, accordingly, the reference in subsection (6)(b)(i) to the act or failure to act falling with subsection (5) is to the first of the acts or failures to act in the series).14In this section “a warning notice” means a notice given as mentioned in section 96(2)(a).<Addition ChangeId="key-9098695fa1910af70de0317a13b9d922-1583868644863" CommentaryRef="key-9098695fa1910af70de0317a13b9d922">Section 38 contribution notice: meaning of “material detriment test”</Addition>38A1For the purposes of section 38 the material detriment test is met in relation to an act or failure if the Regulator is of the opinion that the act or failure has detrimentally affected in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise).2In this section any reference to accrued scheme benefits being received is a reference to benefits the rights to which have accrued by the relevant time being received by, or in respect of, the persons who were members of the scheme before that time.3In this section “the relevant time” means—ain the case of an act, the time of the act, orbin the case of a failure—ithe time when the failure occurred, oriiwhere the failure continued for a period of time, the time which the Regulator determines and which falls within that period;and, in the case of acts or failures to act forming part of a series, any reference in this subsection to an act or failure is a reference to the last of the acts or failures in that series.4In deciding for the purposes of section 38 whether the material detriment test is met in relation to an act or failure, the Regulator must have regard to such matters as it considers relevant, including (where relevant)—athe value of the assets or liabilities of the scheme or of any relevant transferee scheme,bthe effect of the act or failure on the value of those assets or liabilities,cthe scheme obligations of any person,dthe effect of the act or failure on any of those obligations (including whether the act or failure causes the country or territory in which any of those obligations would fall to be enforced to be different),ethe extent to which any person is likely to be able to discharge any scheme obligation in any circumstances (including in the event of insolvency or bankruptcy),fthe extent to which the act or failure has affected, or might affect, the extent to which any person is likely to be able to do as mentioned in paragraph (e), andgsuch other matters as may be prescribed.5In subsection (4) “scheme obligation” means a liability or other obligation (including one that is contingent or otherwise might fall due) to make a payment, or transfer an asset, to—athe scheme, orbany relevant transferee scheme in respect of any persons who were members of the scheme before the relevant time.6In this section—a“relevant transferee scheme” means any work-based pension scheme to which any accrued rights to benefits under the scheme are transferred;bany reference to the assets or liabilities of any relevant transferee scheme is a reference to those assets or liabilities so far as relating to persons who were members of the scheme before the relevant time.7For the purposes of subsection (6)(a) the reference to the transfer of accrued rights of members of a pension scheme to another pension scheme includes a reference to the extinguishing of those accrued rights in consequence of the obligation to make a payment, or transfer an asset, to that other scheme.8In this section—a“work-based pension scheme” has the meaning given by section 5(3);bany reference to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the Pensions Act 1995 (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued).9In deciding for the purposes of this section whether an act or failure has detrimentally affected in a material way the likelihood of accrued scheme benefits being received, the following provisions of this Act are to be disregarded—aChapter 3 of Part 2 (the Board of the Pension Protection Fund: pension protection), andbsection 286 (the financial assistance scheme for members of certain pension schemes).10Regulations may amend any provision of subsections (4) to (8).<Addition ChangeId="key-9098695fa1910af70de0317a13b9d922-1583868644863" CommentaryRef="key-9098695fa1910af70de0317a13b9d922">Section 38 contribution notice issued by reference to material detriment test: defence</Addition>38B1This section applies where—aa warning notice is given to any person (“P”) in respect of a contribution notice under section 38, andbthe contribution notice under consideration would be issued wholly or partly by reference to the Regulator's opinion that the material detriment test is met in relation to an act or deliberate failure to act to which P was a party.2If the Regulator is satisfied that P has shown that—aconditions A and C are met, andbwhere applicable, condition B is met,the Regulator must not issue the contribution notice by reference to its being of the opinion mentioned in subsection (1)(b).3Condition A is that, before becoming a party to the act or failure, P gave due consideration to the extent to which the act or failure might detrimentally affect in a material way the likelihood of accrued scheme benefits being received.4Condition B is that, in any case where as a result of that consideration P considered that the act or failure might have such an effect, P took all reasonable steps to eliminate or minimise the potential detrimental effects that the act or failure might have on the likelihood of accrued scheme benefits being received.5Condition C is that, having regard to all relevant circumstances prevailing at the relevant time, it was reasonable for P to conclude that the act or failure would not detrimentally affect in a material way the likelihood of accrued scheme benefits being received.6P is to be regarded as giving the consideration mentioned in condition A only if P has made the enquiries, and done the other acts, that a reasonably diligent person would have made or done in the circumstances.7For the purposes of condition C—a“the relevant time” means the time at which the act occurred or the failure to act first occurred;bthe reference to the circumstances mentioned in that condition is a reference to those circumstances of which P was aware, or ought reasonably to have been aware, at that time (including acts or failures to act which have occurred before that time and P's expectation at that time of other acts or failures to act occurring).8In the case of acts or failures to act forming part of a series, P is to be regarded as having shown the matters mentioned in subsection (2) if P shows in the case of each of the acts or failures in the series that—aconditions A and C are met, and (where applicable) condition B is met, in relation to the act or failure, orbthe act or failure was one of a number of acts or failures (a “group” of acts or failures) selected by P in relation to which the following matters are shown.9The matters to be shown are that—abefore becoming a party to the first of the acts or failures in the group, condition A is met in relation to the effect of the acts or failures in the group taken together,bcondition B is (where applicable) met in relation to that effect, andccondition C is then met in relation to each of the acts or failures in the group (determined at the time at which each act or failure concerned occurred or first occurred).10If at any time P considers that condition C will not be met in relation to any particular act or failure in the group—athe previous acts or failures in the group are to be regarded as a separate group for the purposes of subsection (8), andbP may then select another group consisting of the particular act or failure concerned, and any subsequent act or failure, in relation to which P shows the matters mentioned in subsection (9).Nothing in paragraph (b) is to be read as preventing P from showing the matters mentioned in subsection (8)(a).11If—aP is unable to show in the case of each of the acts or failures in the series that the matters set out in subsection (8)(a) or (b) are met, butbdoes show in the case of some of them that those matters are met,the acts or failures within paragraph (b) are not to count for the purposes of section 38A as acts or failures to act in the series.12In this section—a“a warning notice” means a notice given as mentioned in section 96(2)(a);ba reference to a party to an act or failure to act includes a reference to a person who knowingly assists in the act or failure;cany reference to the accrued scheme benefits being received has the same meaning as in section 38A;and subsection (9) of section 38A applies for the purposes of conditions A to C as it applies for the purposes of that section.13Regulations may amend this section.<Addition ChangeId="key-376b9d523467ea06ac1b9fc28087194e-1638283649241" CommentaryRef="key-376b9d523467ea06ac1b9fc28087194e">Section 38 contribution notice: meaning of “employer insolvency test”</Addition>38C1For the purposes of section 38 the employer insolvency test is met in relation to an act or failure to act if the Regulator is of the opinion that—aimmediately after the relevant time, the value of the assets of the scheme was less than the amount of the liabilities of the scheme, andbif a debt under section 75(4) of the Pensions Act 1995 (deficiencies in scheme assets: employer insolvency etc) had fallen due from the employer to the scheme immediately after the relevant time, the act or failure would have materially reduced the amount of the debt likely to be recovered by the scheme.2For the purposes of subsection (1)—athe value of the assets of the scheme immediately after the relevant time is the value which the Regulator estimates to be their value,bthe amount of the liabilities of the scheme immediately after the relevant time is the amount which the Regulator estimates to be the amount of those liabilities, andcthe amount of the debt is the amount which the Regulator estimates to be the amount of the debt under section 75(4) of the Pensions Act 1995 that would have fallen due immediately after the relevant time.3When estimating the value and the amounts referred to in subsection (2), the Regulator must take into account how assets and liabilities, and their value or amount, are determined and calculated for the purposes of section 75(4) of the Pensions Act 1995.4When estimating—athe value of the assets of the scheme immediately after the relevant time, andbthe amount of the debt under section 75(4) of the Pensions Act 1995 falling due immediately after the relevant time,the Regulator must disregard the amount of any debt due immediately after the relevant time from the employer under section 75 of the Pensions Act 1995.5In this section “the relevant time” means—ain the case of an act, the time of the act, orbin the case of a failure to act—ithe time when the failure occurred, oriiwhere the failure continued for a period of time, the time which the Regulator determines and which falls within that period;and, in the case of acts or failures to act forming part of a series, any reference in this subsection to an act or failure to act is a reference to the last of the acts or failures in that series.<Addition ChangeId="key-376b9d523467ea06ac1b9fc28087194e-1638283649241" CommentaryRef="key-376b9d523467ea06ac1b9fc28087194e">Section 38 contribution notice issued by reference to employer insolvency test: defence</Addition>38D1This section applies where—aa warning notice is given to any person (“P”) in respect of a contribution notice under section 38, andbthe contribution notice under consideration would be issued wholly or partly by reference to the Regulator's opinion that the employer insolvency test is met in relation to an act or deliberate failure to act to which P was a party.2If the Regulator is satisfied that P has shown that—aconditions A and C are met, andbwhere applicable, condition B is met,the Regulator must not issue the contribution notice by reference to its being of the opinion mentioned in subsection (1)(b).3If the Regulator is satisfied that P or another person has shown that condition D is met, the Regulator must not issue the contribution notice by reference to its being of the opinion mentioned in subsection (1)(b).4Condition A is that, before becoming a party to the act or failure, P gave due consideration to the extent to which, if a debt under section 75(4) of the Pensions Act 1995 were to fall due from the employer to the scheme—aimmediately after the act or failure, orbwhere the failure might continue for a period of time, at any time within that period,the act or failure might materially reduce the amount of the debt likely to be recovered by the scheme.5Condition B is that, in any case where as a result of that consideration P considered that the act or failure might have such an effect, P took all reasonable steps to eliminate or minimise the potential for the act or failure to have such an effect.6Condition C is that, having regard to all relevant circumstances prevailing at the time of the act or at the time when the failure to act first occurred, it was reasonable for P to conclude that, if a debt under section 75(4) of the Pensions Act 1995 were to fall due from the employer to the scheme—aimmediately after the act or failure, orbwhere the failure might continue for a period of time, at any time within that period,the act or failure would not materially reduce the amount of the debt likely to be recovered by the scheme.7Condition D is that, immediately after the relevant time, the value of the assets of the scheme equalled or was more than the amount at that time of the liabilities of the scheme.8P is to be regarded as giving the consideration mentioned in condition A only if P has made the enquiries, and done the other acts, that a reasonably diligent person would have made or done in the circumstances.9For the purposes of condition C the reference to the circumstances mentioned in that condition is a reference to those circumstances of which P was aware, or ought reasonably to have been aware, at the time of the act or the time when the failure to act first occurred (including acts or failures to act which have occurred before that time and P's expectation at that time of other acts or failures to act occurring).10For the purposes of conditions A, C and D the amount of any debt due at the time in question from the employer under section 75 of the Pensions Act 1995 is to be disregarded.11In the case of acts or failures to act forming part of a series, P is to be regarded as having shown the matters mentioned in subsection (2) if P shows in the case of each of the acts or failures in the series that—aconditions A and C are met, and (where applicable) condition B is met, in relation to the act or failure, orbthe act or failure was one of a number of acts or failures (a “group” of acts or failures) selected by P in relation to which the following matters are shown.12The matters to be shown are that—abefore becoming a party to the first of the acts or failures in the group, condition A is met in relation to the effect of the acts or failures in the group taken together,bcondition B is (where applicable) met in relation to that effect, andccondition C is then met in relation to each of the acts or failures in the group (determined at the time at which each act or failure concerned occurred or first occurred).13If at any time P considers that condition C will not be met in relation to any particular act or failure in the group—athe previous acts or failures in the group are to be regarded as a separate group for the purposes of subsection (11), andbP may then select another group consisting of the particular act or failure concerned, and any subsequent act or failure, in relation to which P shows the matters mentioned in subsection (12).Nothing in paragraph (b) is to be read as preventing P from showing the matters mentioned in subsection (11)(a).14If—aP is unable to show in the case of each of the acts or failures in the series that the matters set out in subsection (11)(a) or (b) are met, butbdoes show in the case of some of them that those matters are met,the acts or failures within paragraph (b) are not to count for the purposes of section 38C as acts or failures to act in the series.15In this section—a“the relevant time” has the meaning given by section 38C;b“a warning notice” means a notice given as mentioned in section 96(2)(a);ca reference to a party to an act or failure to act includes a reference to a person who knowingly assists in the act or failure.<Addition ChangeId="key-70a79d1c55306036437d739daff516a4-1637353362722" CommentaryRef="key-70a79d1c55306036437d739daff516a4">Section 38 contribution notice: meaning of “employer resources test”</Addition>38E1For the purposes of section 38 the employer resources test is met in relation to an act or failure to act if the Regulator is of the opinion that—athe act or failure reduced the value of the resources of the employer, andbthat reduction was a material reduction relative to the estimated section 75 debt in relation to the scheme.2For the purposes of this section—awhat constitutes the resources of the employer is to be determined in accordance with regulations;bthe value of the resources of the employer is to be determined, calculated and verified in a prescribed manner.3In this section the “estimated section 75 debt” means the amount which the Regulator estimates to be the amount of the debt which would become due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets) if—asection 75(2) applied, andbthe time designated by the trustees or managers of the scheme for the purposes of section 75(2) were the relevant time.4When calculating the estimated section 75 debt under subsection (3), the amount of any debt due at the relevant time from the employer under section 75 of the Pensions Act 1995 is to be disregarded.5In this section “the relevant time” means—ain a case where the act or failure to act forms part of a series of acts or failures to act, the time immediately before the first of the acts occurred or the first of the failures to act first occurred;bin any other case, the time immediately before the act occurred or the failure to act first occurred.<Addition ChangeId="key-70a79d1c55306036437d739daff516a4-1637353362722" CommentaryRef="key-70a79d1c55306036437d739daff516a4">Section 38 contribution notice issued by reference to employer resources test: defence</Addition>38F1This section applies where—aa warning notice is given to any person (“P”) in respect of a contribution notice under section 38, andbthe contribution notice under consideration would be issued wholly or partly by reference to the Regulator's opinion that the employer resources test is met in relation to an act or deliberate failure to act to which P was a party.2If the Regulator is satisfied that P has shown that—aconditions A and C are met, andbwhere applicable, condition B is met,the Regulator must not issue the contribution notice by reference to its being of the opinion mentioned in subsection (1)(b).3Condition A is that, before becoming a party to the act or failure, P gave due consideration to the extent to which the act or failure might reduce the value of the resources of the employer relative to the estimated section 75 debt in relation to the scheme.4Condition B is that, in any case where as a result of that consideration P considered that the act or failure might have such an effect, P took all reasonable steps to eliminate or minimise the potential for the act or failure to have such an effect.5Condition C is that, having regard to all relevant circumstances prevailing at the time of the act or at the time when the failure to act first occurred, it was reasonable for P to conclude that the act or failure would not bring about a reduction in the value of the resources of the employer that would be a material reduction relative to the estimated section 75 debt in relation to the scheme.6P is to be regarded as giving the consideration mentioned in condition A only if P has made the enquiries, and done the other acts, that a reasonably diligent person would have made or done in the circumstances.7For the purposes of condition C the reference to the circumstances mentioned in that condition is a reference to those circumstances of which P was aware, or ought reasonably to have been aware, at the time of the act or the time when the failure to act first occurred (including acts or failures to act which have occurred before that time and P's expectation at that time of other acts or failures to act occurring).8For the purposes of conditions A and C—athe “estimated section 75 debt” means the amount which is a reasonable estimate of the amount of the debt which would become due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets) if—isection 75(2) applied, andiithe time designated by the trustees or managers of the scheme for the purposes of section 75(2) were the time immediately before the act occurred or the failure to act first occurred;bthe amount of any debt due at the time in question from the employer under section 75 of the Pensions Act 1995 is to be disregarded.9In the case of acts or failures to act forming part of a series, P is to be regarded as having shown the matters mentioned in subsection (2) if P shows in the case of each of the acts or failures in the series that—aconditions A and C are met, and (where applicable) condition B is met, in relation to the act or failure, orbthe act or failure was one of a number of acts or failures (a “group” of acts or failures) selected by P in relation to which the following matters are shown.10The matters to be shown are that—abefore becoming a party to the first of the acts or failures in the group, condition A is met in relation to the effect of the acts or failures in the group taken together,bcondition B is (where applicable) met in relation to that effect, andccondition C is then met in relation to each of the acts or failures in the group (determined at the time at which each act or failure concerned occurred or first occurred).11If at any time P considers that condition C will not be met in relation to any particular act or failure in the group—athe previous acts or failures in the group are to be regarded as a separate group for the purposes of subsection (9), andbP may then select another group consisting of the particular act or failure concerned, and any subsequent act or failure, in relation to which P shows the matters mentioned in subsection (10).Nothing in paragraph (b) is to be read as preventing P from showing the matters mentioned in subsection (9)(a).12If—aP is unable to show in the case of each of the acts or failures in the series that the matters set out in subsection (9)(a) or (b) are met, butbdoes show in the case of some of them that those matters are met,the acts or failures within paragraph (b) are not to count for the purposes of section 38E as acts or failures to act in the series.13In this section—asection 38E(2) (the resources of the employer and their value) has effect for the purpose of this section as it has effect for the purposes of section 38E;b“a warning notice” means a notice given as mentioned in section 96(2)(a);ca reference to a party to an act or failure to act includes a reference to a person who knowingly assists in the act or failure.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>The sum specified in a section 38 contribution notice391The sum specified by the Regulator in a contribution notice under section 38 may be either the whole or a specified part of the shortfall sum in relation to the scheme.2Subject to subsection (3), the shortfall sum in relation to a scheme is—ain a case where, at the relevant time, a debt was due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (c. 26) (“the 1995 Act”) (deficiencies in the scheme assets), the amount which the Regulator estimates to be the amount of that debt at that time, andbin a case where, at the relevant time, no such debt was due, the amount which the Regulator estimates to be the amount of the debt under section 75 of the 1995 Act which would become due if—isubsection (2) of that section applied, andiithe time designated by the trustees or managers of the scheme for the purposes of that subsection were the relevant time.3Where the Regulator is satisfied that the act or failure to act falling within section 38(5) resulted—ain a case falling within paragraph (a) of subsection (2), in the amount of the debt which became due under section 75 of the 1995 Act being less than it would otherwise have been, orbin a case falling within paragraph (b) of subsection (2), in the amount of any such debt calculated for the purposes of that paragraph being less than it would otherwise have been,the Regulator may increase the amounts calculated under subsection (2)(a) or (b) by such amount as the Regulator considers appropriate.4For the purposes of this section “the relevant time” means the end of the scheme year which ended most recently before the day on which the Regulator gives a determination notice under section 96(2)(d) in respect of an intended contribution notice under section 38.4A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5For the purposes of this section—areferences to a debt due under section 75 of the 1995 Act include a contingent debt under that section, andbreferences to the amount of such a debt include the amount of such a contingent debt.<Addition ChangeId="key-8cc2fe9b28a0e4e769f614a3095a1efb-1583868906413" CommentaryRef="key-8cc2fe9b28a0e4e769f614a3095a1efb">Section 38 contribution notice: transfer of members of the scheme</Addition>39A1This section applies where—athe Regulator is of the opinion that in relation to a scheme (“the initial scheme”) in relation to which section 38 applies—ian act or failure to act falling within subsection (5) of that section has occurred (or first occurred) at any time, andiithe other conditions in that section for issuing a contribution notice are met in relation to the initial scheme (or, but for any transfer falling within paragraph (b), would be met), andbthe accrued rights of at least two persons who were members of the initial scheme are transferred at that or any subsequent time to one or more work-based pension schemes (whether by virtue of the act or otherwise).2The Regulator may issue a contribution notice under section 38 in relation to any transferee scheme (and, accordingly, any reference in section 40 or 41 to the scheme is to the transferee scheme).3In the case of any contribution notice issued by virtue of subsection (2) to any transferee scheme which is not within subsection (5)(a) or (b), section 39 has effect as if any reference in that section to the scheme were a reference to whichever of—athe initial scheme, andbthe transferee scheme,the Regulator determines to be more appropriate in the circumstances.4In any case where section 39 has effect in relation to the transferee scheme by virtue of subsection (3), any reference in that section to a debt under section 75 of the 1995 Act is a reference to so much of that debt as, in the Regulator's opinion, is attributable to those members of the transferee scheme who were members of the initial scheme.5In the case of any contribution notice issued by virtue of subsection (2) to any transferee scheme which is—aa scheme to which section 75 of the 1995 Act does not apply, orba scheme to which that section does apply in a case where the liabilities of the scheme that would be taken into account for the purposes of that section do not relate to the members of the initial scheme,the sum specified by the Regulator in the notice is determined in accordance with regulations (and not in accordance with section 39).6The Regulator may also issue a direction to the trustees or managers of any transferee scheme requiring them to take specified steps to secure that the sum payable under the notice is applied for the benefit of the members of the transferee scheme who were members of the initial scheme.7If the trustees or managers fail to comply with a direction issued to them under subsection (6), section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.<Addition ChangeId="key-8cc2fe9b28a0e4e769f614a3095a1efb-1583868906413" CommentaryRef="key-8cc2fe9b28a0e4e769f614a3095a1efb">Section 39A: supplemental</Addition>39B1In section 39A a “transferee scheme”, in relation to any time, means any work-based pension scheme—ato which the accrued rights of at least two persons who were members of the initial scheme have been transferred, andbof which any of those persons are members at that time.2For the purposes of section 39A(1) and subsection (1) above it does not matter whether any rights are transferred to a work-based pension scheme directly from the initial scheme or following one or more other transfers to other work-based pension schemes.3For the purposes of section 39A and this section references to the transfer of accrued rights of members of a pension scheme to another pension scheme include references to the extinguishing of those accrued rights in consequence of the obligation to make a payment, or transfer an asset, to that other scheme.4In section 39A and this section—a“the 1995 Act” means the Pensions Act 1995;b“work-based pension scheme” has the meaning given by section 5(3);cany reference to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the 1995 Act (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued).5Section 39A applies even if the initial scheme—ais wound up as a result of any transfer falling within subsection (1)(b) of that section, orbotherwise ceases to exist at the time of the transfer or at any subsequent time.6Accordingly, in any such case, in subsection (1) of that section—athe reference to a scheme to which section 38 applies is a reference to a scheme which was such a scheme before the transfer;bthe reference to any conditions in section 38 being met is a reference to any conditions in that section that, but for the transfer, would have been met in relation to the scheme.7Nothing in section 39A or this section is to be read as preventing the Regulator from issuing a contribution notice in relation to the initial scheme.8Regulations may make provision applying, with or without modifications, any provision made by or under section 39A or this section in relation to any scheme or other arrangement in any case where the accrued rights of persons who were members of the initial scheme are transferred or extinguished directly or indirectly in consequence of or otherwise in connection with—athe making of any payment at any time to or for the benefit of the scheme or other arrangement,bthe transfer of any asset at any time to or for the benefit of the scheme or other arrangement,cthe discharge (wholly or partly) at any time of any liability incurred by or on behalf of the scheme or other arrangement, ordthe incurring at any time of any obligation to do any act falling within paragraph (a) to (c).9Any reference in subsection (8)(a) to (d) to the doing of an act of any description at any time in relation to the scheme or other arrangement includes a reference to the doing of an act of that description at any previous time in relation to any other scheme or other arrangement.10Regulations under subsection (8) may—amake provision having effect in relation to any case where rights are transferred or extinguished on or after the date on which the Secretary of State publishes a statement of the intention to make the regulations; andbwithout prejudice to section 315(5), make consequential provision applying with modifications any provision of this Act which relates to contribution notices under section 38.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Content and effect of a section 38 contribution notice401This section applies where a contribution notice is issued to a person under section 38.2The contribution notice must—acontain a statement of the matters which it is asserted constitute the act or failure to act which falls within subsection (5) of section 38,bspecify the sum which the person is stated to be under a liability to pay, andcidentify any other persons to whom contribution notices have been or are issued as a result of the act or failure to act in question and the sums specified in each of those notices.2AWithout prejudice to subsections (3) and (7), the contribution notice must also specify a date for the purposes of sections 42A(2) and 42B(2) (sanctions for failure to comply with a contribution notice).3Where the contribution notice states that the person is under a liability to pay the sum specified in the notice to the trustees or managers of the scheme, the sum is to be treated as a debt due from the person to the trustees or managers of the scheme.4In such a case, the Regulator may, on behalf of the trustees or managers of the scheme, exercise such powers as the trustees or managers have to recover the debt.5But during any assessment period (within the meaning of section 132) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a contribution notice are exercisable by the Board of the Pension Protection Fund to the exclusion of the trustees or managers and the Regulator.6Where, by virtue of subsection (5), any amount is paid to the Board in respect of a debt due by virtue of a contribution notice, the Board must pay the amount to the trustees or managers of the scheme.7Where the contribution notice states that the person is under a liability to pay the sum specified in the notice to the Board, the sum is to be treated as a debt due from the person to the Board.8Where the contribution notice so specifies, the person to whom the notice is issued (“P”) is to be treated as jointly and severally liable for the debt with any persons specified in the notice who are persons to whom corresponding contribution notices are issued.9For the purposes of subsection (8), a corresponding contribution notice is a notice which—ais issued as a result of the same act or failure to act falling within subsection (5) of section 38 as the act or failure as a result of which P’s contribution notice is issued,bspecifies the same sum as is specified in P’s contribution notice,baspecifies the same date for the purposes of sections 42A(2) and 42B(2) as is specified in P's contribution notice, andcspecifies that the person to whom the contribution notice is issued is jointly and severally liable with P, or with P and other persons, for the debt in respect of that sum.10A debt due by virtue of a contribution notice is not to be taken into account for the purposes of section 75(2) and (4) of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets) when ascertaining the amount or value of the assets or liabilities of a scheme.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Section 38 contribution notice: relationship with employer debt411This section applies where a contribution notice is issued to a person (“P”) under section 38 and condition A or B is met.2Condition A is met if, at the time at which the contribution notice is issued, there is a debt due under section 75 of the Pensions Act 1995 (“the 1995 Act”) (deficiencies in the scheme assets) from the employer—ato the trustees or managers of the scheme, orbwhere the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection), to the Board.3Condition B is met if, after the contribution notice is issued but before the whole of the debt due by virtue of the notice is recovered, a debt becomes due from the employer to the trustees or managers of the scheme under section 75 of the 1995 Act.4The Regulator may issue a direction to the trustees or managers of the scheme not to take any or any further steps to recover the debt due to them under section 75 of the 1995 Act pending the recovery of all or a specified part of the debt due to them by virtue of the contribution notice.5If the trustees or managers fail to comply with a direction issued to them under subsection (4), section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.6Any sums paid—ato the trustees or managers of the scheme in respect of any debt due to them by virtue of the contribution notice, orbto the Board in respect of any debt due to it by virtue of the contribution notice,are to be treated as reducing the amount of the debt due to the trustees or managers or, as the case may be, to the Board under section 75 of the 1995 Act.7Where a sum is paid to the trustees or managers of the scheme or, as the case may be, to the Board in respect of the debt due under section 75 of the 1995 Act, P may make an application under this subsection to the Regulator for a reduction in the amount of the sum specified in P’s contribution notice.8An application under subsection (7) must be made as soon as reasonably practicable after the sum is paid to the trustees or managers or, as the case may be, to the Board in respect of the debt due under section 75 of the 1995 Act.8AAn application under subsection (7) may not be made after—athe date specified under section 40(2A) for the purposes of sections 42A(2) and 42B(2) (sanctions for failure to comply with a contribution notice), orbif a different date has effect instead of that date (see subsections (10A) and (11B)), that different date.9Where such an application is made to the Regulator, the Regulator may, if it is of the opinion that it is appropriate to do so—areduce the amount of the sum specified in P’s contribution notice by an amount which it considers reasonable, andbissue a revised contribution notice specifying the revised sum.10For the purposes of subsection (9), the Regulator must have regard to such matters as the Regulator considers relevant including, where relevant, the following matters—athe amount paid in respect of the debt due under section 75 of the 1995 Act since the contribution notice was issued,bany amounts paid in respect of the debt due by virtue of that contribution notice,cwhether contribution notices have been issued to other persons as a result of the same act or failure to act falling within subsection (5) of section 38 as the act or failure as a result of which P’s contribution notice was issued,dwhere such contribution notices have been issued, the sums specified in each of those notices and any amounts paid in respect of the debt due by virtue of those notices,ewhether P’s contribution notice specifies that P is jointly and severally liable for the debt with other persons, andfsuch other matters as may be prescribed.10AWhere an application under subsection (7) is made to the Regulator, the Regulator may, if it is of the opinion that it is appropriate to do so—achange the date that has effect for the purposes of sections 42A(2) and 42B(2) (whether specified in the contribution notice or an earlier revised contribution notice), andbspecify the revised date in the revised contribution notice issued under subsection (9)(b) or, if the Regulator does not issue a revised contribution notice under subsection (9)(b), issue a revised contribution notice specifying the revised date.11Where—aP’s contribution notice specifies that P is jointly and severally liable for the debt with other persons, andba revised contribution notice is issued to P under subsection (9) specifying a revised sum,the Regulator must also issue revised contribution notices to those other persons specifying the revised sum and their joint and several liability with P for the debt in respect of that sum.11ASubsection (11B) applies where—aP's contribution notice specifies that P is jointly and severally liable for the debt with other persons, andbthe Regulator issues a revised contribution notice to P under subsection (9)(b) or (10A)(b) specifying a revised date for the purposes of sections 42A(2) and 42B(2).11BWhere this subsection applies, the Regulator must—achange the date that has effect for the purposes of sections 42A(2) and 42B(2) in the case of the contribution notices or revised contribution notices issued in respect of the debt to those other persons, andbspecify the revised date in the revised contribution notices issued to those other persons under subsection (11) or, if the Regulator does not issue revised contribution notices under subsection (11), issue revised contribution notices to those other persons specifying the revised date.12For the purposes of this section—areferences to a debt due under section 75 of the 1995 Act include a contingent debt under that section, andbreferences to the amount of such a debt include the amount of such a contingent debt.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Section 38 contribution notice: clearance statements421An application may be made to the Regulator under this section for the issue of a clearance statement within paragraph (a), (b) or (c) of subsection (2) in relation to circumstances described in the application.2A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application—athe applicant would not be, for the purposes of subsection (3)(a) of section 38, a party to an act or a deliberate failure to act falling within subsection (5)(a) of that section,bit would not be reasonable to impose any liability on the applicant under a contribution notice issued under section 38, orcsuch requirements of that section as may be prescribed would not be satisfied in relation to the applicant.3Where an application is made under this section, the Regulator—amay request further information from the applicant;bmay invite the applicant to amend the application to modify the circumstances described.4Where an application is made under this section, the Regulator must as soon as reasonably practicable—adetermine whether to issue the clearance statement, andbwhere it determines to do so, issue the statement.5A clearance statement issued under this section binds the Regulator in relation to the exercise of the power to issue a contribution notice under section 38 to the applicant unless—athe circumstances in relation to which the exercise of the power under that section arises are not the same as the circumstances described in the application, andbthe difference in those circumstances is material to the exercise of the power.<Addition ChangeId="key-48866d7b11875ddd4dc2497ad0984a28-1638276451054" CommentaryRef="key-48866d7b11875ddd4dc2497ad0984a28">Offence of failing to comply with a section 38 contribution notice</Addition>42A1This section applies where a contribution notice is issued to a person under section 38.2If the person, without reasonable excuse, fails to pay the debt due by virtue of the contribution notice to—athe trustees or managers of the scheme, orbthe Board of the Pension Protection Fund (as the case may be),before the date specified in the contribution notice for the purposes of this subsection (see section 40(2A)), the person is guilty of an offence.3A person guilty of an offence under subsection (2) is liable—aon summary conviction in England and Wales, to a fine;bon summary conviction in Scotland, to a fine not exceeding level 5 on the standard scale.4Proceedings for an offence under subsection (2) may not be instituted if an application under section 41(7) has been made—ain relation to the contribution notice, orbin relation to a contribution notice which is a corresponding contribution notice for the purposes of section 40(8),and the application has not been determined, withdrawn or abandoned.5Proceedings for an offence under subsection (2) may be instituted in England and Wales only—aby the Regulator or the Secretary of State, orbby or with the consent of the Director of Public Prosecutions.<Addition ChangeId="key-fc06d46594015ad42b0affff21d4c097-1638276531435" CommentaryRef="key-fc06d46594015ad42b0affff21d4c097">Financial penalty for failure to comply with a section 38 contribution notice</Addition>42B1This section applies where a contribution notice is issued to a person under section 38.2Section 88A (financial penalties) applies to the person if the person, without reasonable excuse, fails to pay the debt due by virtue of the contribution notice to—athe trustees or managers of the scheme, orbthe Board of the Pension Protection Fund (as the case may be),before the date specified in the contribution notice for the purposes of this subsection (see section 40(2A)).3The Regulator may not issue a warning notice to the person in respect of the imposition of a penalty under section 88A as it applies by virtue of subsection (2) if an application under section 41(7) has been made—ain relation to the contribution notice, orbin relation to a contribution notice which is a corresponding contribution notice for the purposes of section 40(8),and the application has not been determined, withdrawn or abandoned.4In this section “warning notice” means a notice given as mentioned in section 96(2)(a).<Emphasis>Financial support directions</Emphasis><CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Financial support directions431This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2The Regulator may issue a financial support direction under this section in relation to such a scheme if the Regulator is of the opinion that the employer in relation to the scheme—ais a service company, orbis insufficiently resourced,at a time determined by the Regulator which falls within subsection (9) (“the relevant time”).3A financial support direction in relation to a scheme is a direction which requires the person or persons to whom it is issued to secure—athat financial support for the scheme is put in place within the period specified in the direction,bthat thereafter that financial support or other financial support remains in place while the scheme is in existence, andcthat the Regulator is notified in writing of prescribed events in respect of the financial support as soon as reasonably practicable after the event occurs.4A financial support direction in relation to a scheme may be issued to one or more persons.5But the Regulator may issue such a direction to a person only if—athe person is at the relevant time a person falling within subsection (6), andbthe Regulator is of the opinion that it is reasonable to impose the requirements of the direction on that person.6A person falls within this subsection if the person is—athe employer in relation to the scheme,ban individual who—iis an associate of an individual who is the employer, butiiis not an associate of that individual by reason only of being employed by him, orca person, other than an individual, who is connected with or an associate of the employer.7The Regulator, when deciding for the purposes of subsection (5)(b) whether it is reasonable to impose the requirements of a financial support direction on a particular person, must have regard to such matters as the Regulator considers relevant including, where relevant, the following matters—athe relationship which the person has or has had with the employer (including, where the employer is a company within the meaning of subsection (11) of section 435 of the Insolvency Act 1986 (c. 45), whether the person has or has had control of the employer within the meaning of subsection (10) of that section),bin the case of a person falling within subsection (6)(b) or (c), the value of any benefits received directly or indirectly by that person from the employer,cany connection or involvement which the person has or has had with the scheme,dthe financial circumstances of the person, andesuch other matters as may be prescribed.8A financial support direction must identify all the persons to whom the direction is issued.9A time falls within this subsection if it is a time which falls within a prescribed period which ends with the giving of a warning notice in respect of the financial support direction in question.10For the purposes of subsection (3), a scheme is in existence until it is wound up.11No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice given by virtue of subsection (3)(c).This is subject to section 311 (protected items).12In this section “a warning notice” means a notice given as mentioned in section 96(2)(a).<Addition ChangeId="key-96ac1b88f1611ec688025e414c3bb2cc-1583871313843" CommentaryRef="key-96ac1b88f1611ec688025e414c3bb2cc">Financial support directions: transfer of members of the scheme</Addition>43A1This section applies where—athe Regulator is of the opinion by reference to any time that the conditions in section 43 for issuing a financial support direction are met in relation to a scheme (“the initial scheme”) in relation to which that section applies (or, but for any transfer falling within paragraph (b), would be met), andbthe accrued rights of at least two persons who were members of the initial scheme are transferred at any subsequent time to one or more work-based pension schemes.2The Regulator may issue a financial support direction under that section in relation to any transferee scheme (and, accordingly, any reference in section 45 or any of sections 47 to 50 to the scheme is to the transferee scheme).3The Regulator may also issue a direction to the trustees or managers of any transferee scheme requiring them to take specified steps to secure that the financial support is put in place for the benefit of the members of the transferee scheme who were members of the initial scheme.4If the trustees or managers fail to comply with a direction issued to them under subsection (3), section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.<Addition ChangeId="key-96ac1b88f1611ec688025e414c3bb2cc-1583871313843" CommentaryRef="key-96ac1b88f1611ec688025e414c3bb2cc">Section 43A: supplemental</Addition>43B1In section 43A a “transferee scheme”, in relation to any time, means any work-based pension scheme—ato which the accrued rights of at least two persons who were members of the initial scheme have been transferred, andbof which any of those persons are members at that time.2For the purposes of section 43A(1) and subsection (1) above it does not matter whether any rights are transferred to a work-based pension scheme directly from the initial scheme or following one or more other transfers to other work-based pension schemes.3For the purposes of section 43A and this section references to the transfer of accrued rights of members of a pension scheme to another pension scheme include references to the extinguishing of those accrued rights in consequence of the obligation to make a payment, or transfer an asset, to that other scheme.4In section 43A and this section—a“the 1995 Act” means the Pensions Act 1995;b“work-based pension scheme” has the meaning given by section 5(3);cany reference to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the 1995 Act (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued).5Section 43A applies even if the initial scheme—ais wound up as a result of any transfer falling within subsection (1)(b) of that section, orbotherwise ceases to exist at the time of the transfer or at any subsequent time.6Accordingly, in any such case, in subsection (1) of that section—athe reference to a scheme to which section 43 applies is a reference to a scheme which was such a scheme before the transfer;bthe reference to any conditions in section 43 being met is a reference to any conditions in that section that, but for the transfer, would have been met in relation to the scheme.7Nothing in section 43A or this section is to be read as preventing the Regulator from issuing a financial support direction in relation to the initial scheme.8Regulations may make provision applying, with or without modifications, any provision made by section 43A or this section in relation to any scheme or other arrangement in any case where the accrued rights of persons who were members of the initial scheme are transferred or extinguished directly or indirectly in consequence of or otherwise in connection with—athe making of any payment at any time to or for the benefit of the scheme or other arrangement,bthe transfer of any asset at any time to or for the benefit of the scheme or other arrangement,cthe discharge (wholly or partly) at any time of any liability incurred by or on behalf of the scheme or other arrangement, ordthe incurring at any time of any obligation to do any act falling within paragraph (a) to (c).9Any reference in subsection (8)(a) to (d) to the doing of an act of any description at any time in relation to the scheme or other arrangement includes a reference to the doing of an act of that description at any previous time in relation to any other scheme or other arrangement.10Regulations under subsection (8) may—amake provision having effect in relation to any case where rights are transferred or extinguished on or after the date on which the Secretary of State publishes a statement of the intention to make the regulations; andbwithout prejudice to section 315(5), make consequential provision applying with modifications any provision of this Act which relates to financial support directions under section 43.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Meaning of “service company” and “insufficiently resourced”441This section applies for the purposes of section 43 (financial support directions).2An employer (“E”) is a “service company” at the relevant time if—aE is a company as defined in section 1(1) of the Companies Act 2006,bE is a member of a group of companies, andcE’s turnover, as shown in the latest available individual accounts for E prepared in accordance with Part 15 of that Act, is solely or principally derived from amounts charged for the provision of the services of employees of E to other members of that group.3The employer in relation to a scheme is insufficiently resourced at the relevant time if—aat that time the value of the resources of the employer is less than the amount which is a prescribed percentage of the estimated section 75 debt in relation to the scheme, andbcondition A or B is met.3ACondition A is met if—athere is at that time a person who falls within section 43(6)(b) or (c), andbthe value at that time of that person's resources is not less than the relevant deficit, that is to say the amount which is the difference between—ithe value of the resources of the employer, andiithe amount which is the prescribed percentage of the estimated section 75 debt.3BCondition B is met if—athere are at that time two or more persons who—ifall within section 43(6)(b) or (c), andiiare connected with, or associates of, each other, andbthe aggregate value at that time of the resources of the persons who fall within paragraph (a) (or any of them) is not less than the relevant deficit.4For the purposes of subsections (3) to (3B) —awhat constitutes the resources of a person is to be determined in accordance with regulations, andbthe value of a person’s resources is to be determined, calculated and verified in a prescribed manner.5In this section the “estimated section 75 debt”, in relation to a scheme, means the amount which the Regulator estimates to be the amount of the debt which would become due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets) if—asubsection (2) of that section applied, andbthe time designated by the trustees or managers of the scheme for the purposes of that subsection were the relevant time.6When calculating the estimated section 75 debt in relation to a scheme under subsection (5), the amount of any debt due at the relevant time from the employer under section 75 of the Pensions Act 1995 (c. 26) is to be disregarded.7In this section “the relevant time” has the same meaning as in section 43.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Meaning of “financial support”451For the purposes of section 43 (financial support directions), “financial support” for a scheme means one or more of the arrangements falling within subsection (2) the details of which are approved in a notice issued by the Regulator.2The arrangements falling within this subsection are—aan arrangement whereby, at any time when the employer is a member of a group of companies, all the members of the group are jointly and severally liable for the whole or part of the employer’s pension liabilities in relation to the scheme;ban arrangement whereby, at any time when the employer is a member of a group of companies, a company (within the meaning of section 1159 of the Companies Act 2006) which meets prescribed requirements and is the holding company of the group is liable for the whole or part of the employer’s pension liabilities in relation to the scheme;can arrangement which meets prescribed requirements and whereby additional financial resources are provided to the scheme;dsuch other arrangements as may be prescribed.3The Regulator may not issue a notice under subsection (1) approving the details of one or more arrangements falling within subsection (2) unless it is satisfied that the arrangement is, or the arrangements are, reasonable in the circumstances.4In subsection (2), “the employer’s pension liabilities” in relation to a scheme means—athe liabilities for any amounts payable by or on behalf of the employer towards the scheme (whether on his own account or otherwise) in accordance with a schedule of contributions under section 227, andbthe liabilities for any debt which is or may become due to the trustees or managers of the scheme from the employer whether by virtue of section 75 of the Pensions Act 1995 (deficiencies in the scheme assets) or otherwise.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Financial support directions: clearance statements461An application may be made to the Regulator under this section for the issue of a clearance statement within paragraph (a), (b) or (c) of subsection (2) in relation to circumstances described in the application and relating to an occupational pension scheme.2A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application—athe employer in relation to the scheme would not be a service company for the purposes of section 43,bthe employer in relation to the scheme would not be insufficiently resourced for the purposes of that section, orcit would not be reasonable to impose the requirements of a financial support direction, in relation to the scheme, on the applicant.3Where an application is made under this section, the Regulator—amay request further information from the applicant;bmay invite the applicant to amend the application to modify the circumstances described.4Where an application is made under this section, the Regulator must as soon as reasonably practicable—adetermine whether to issue the clearance statement, andbwhere it determines to do so, issue the statement.5A clearance statement issued under this section binds the Regulator in relation to the exercise of the power to issue a financial support direction under section 43 in relation to the scheme to the applicant unless—athe circumstances in relation to which the exercise of the power under that section arises are not the same as the circumstances described in the application, andbthe difference in those circumstances is material to the exercise of the power.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Contribution notices where non-compliance with financial support direction471This section applies where there is non-compliance with a financial support direction issued in relation to a scheme under section 43.2The Regulator may issue a notice to any one or more of the persons to whom the direction was issued stating that the person is under a liability to pay to the trustees or managers of the scheme the sum specified in the notice (a “contribution notice”).3The Regulator may issue a contribution notice to a person only if the Regulator is of the opinion that it is reasonable to impose liability on the person to pay the sum specified in the notice.4The Regulator, when deciding for the purposes of subsection (3) whether it is reasonable to impose liability on a particular person to pay the sum specified in the notice, must have regard to such matters as the Regulator considers relevant including, where relevant, the following matters—awhether the person has taken reasonable steps to secure compliance with the financial support direction,bthe relationship which the person has or has had with the employer (including, where the employer is a company within the meaning of subsection (11) of section 435 of the Insolvency Act 1986 (c. 45), whether the person has or has had control of the employer within the meaning of subsection (10) of that section),cin the case of a person to whom the financial support direction was issued as a person falling within section 43(6)(b) or (c), the value of any benefits received directly or indirectly by that person from the employer,dthe relationship which the person has or has had with the parties to any arrangements put in place in accordance with the direction (including, where any of those parties is a company within the meaning of subsection (11) of section 435 of the Insolvency Act 1986, whether the person has or has had control of that company within the meaning of subsection (10) of that section),eany connection or involvement which the person has or has had with the scheme,fthe financial circumstances of the person, andgsuch other matters as may be prescribed.5A contribution notice may not be issued under this section in respect of non-compliance with a financial support direction in relation to a scheme where the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection).<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>The sum specified in a section 47 contribution notice481The sum specified by the Regulator in a contribution notice under section 47 may be either the whole or a specified part of the shortfall sum in relation to the scheme.2The shortfall sum in relation to a scheme is—ain a case where, at the time of non-compliance, a debt was due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (c. 26) (“the 1995 Act”) (deficiencies in the scheme assets), the amount which the Regulator estimates to be the amount of that debt at that time, andbin a case where, at the time of non-compliance, no such debt was due, the amount which the Regulator estimates to be the amount of the debt under section 75 of the 1995 Act which would become due if—isubsection (2) of that section applied, andiithe time designated by the trustees or managers of the scheme for the purposes of that subsection were the time of non-compliance.3For the purposes of this section “the time of non-compliance” means—ain the case of non-compliance with paragraph (a) of subsection (3) of section 43 (financial support directions), the time immediately after the expiry of the period specified in the financial support direction for putting in place the financial support,bin the case of non-compliance with paragraph (b) of that subsection, the time when financial support for the scheme ceased to be in place,cin the case of non-compliance with paragraph (c) of that subsection, the time when the prescribed event occurred in relation to which there was the failure to notify the Regulator, ordwhere more than one of paragraphs (a) to (c) above apply, whichever of the times specified in the applicable paragraphs the Regulator determines.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Content and effect of a section 47 contribution notice491This section applies where a contribution notice is issued to a person under section 47.2The contribution notice must—acontain a statement of the matters which it is asserted constitute the non-compliance with the financial support direction in respect of which the notice is issued, andbspecify the sum which the person is stated to be under a liability to pay.3The sum specified in the notice is to be treated as a debt due from the person to the trustees or managers of the scheme.4The Regulator may, on behalf of the trustees or managers of the scheme, exercise such powers as the trustees or managers have to recover the debt.5But during any assessment period (within the meaning of section 132) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a contribution notice, are exercisable by the Board of the Pension Protection Fund to the exclusion of the trustees or managers and the Regulator.6Where, by virtue of subsection (5), any amount is paid to the Board in respect of a debt due by virtue of a contribution notice, the Board must pay the amount to the trustees or managers of the scheme.7The contribution notice must identify any other persons to whom contribution notices have been or are issued in respect of the non-compliance in question and the sums specified in each of those notices.8Where the contribution notice so specifies, the person to whom the notice is issued (“P”) is to be treated as jointly and severally liable for the debt with any persons specified in the notice who are persons to whom corresponding contribution notices are issued.9For the purposes of subsection (8), a corresponding contribution notice is a notice which—ais issued in respect of the same non-compliance with the financial support direction as the non-compliance in respect of which P’s contribution notice is issued,bspecifies the same sum as is specified in P’s contribution notice, andcspecifies that the person to whom the contribution notice is issued is jointly and severally liable with P, or with P and other persons, for the debt in respect of that sum.10A debt due by virtue of a contribution notice is not to be taken into account for the purposes of section 75(2) and (4) of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets) when ascertaining the amount or value of the assets or liabilities of a scheme.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Section 47 contribution notice: relationship with employer debt501This section applies where a contribution notice is issued to a person (“P”) under section 47 and condition A or B is met.2Condition A is met if, at the time at which the contribution notice is issued, there is a debt due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (“the 1995 Act”) (deficiencies in the scheme assets).3Condition B is met if, after the contribution notice is issued but before the whole of the debt due by virtue of the notice is recovered, a debt becomes due from the employer to the trustees or managers of the scheme under section 75 of the 1995 Act.4The Regulator may issue a direction to the trustees or managers of the scheme not to take any or any further steps to recover the debt due to them under section 75 of the 1995 Act pending the recovery of all or a specified part of the debt due to them by virtue of the contribution notice.5If the trustees or managers fail to comply with a direction issued to them under subsection (4), section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.6Any sums paid—ato the trustees or managers of the scheme in respect of any debt due to them by virtue of the contribution notice, orbto the Board of the Pension Protection Fund in respect of any debt due to it by virtue of the contribution notice (where it has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection)),are to be treated as reducing the amount of the debt due to the trustees or managers or, as the case may be, to the Board under section 75 of the 1995 Act.7Where a sum is paid to the trustees or managers of the scheme or, as the case may be, to the Board in respect of the debt due under section 75 of the 1995 Act, P may make an application under this subsection to the Regulator for a reduction in the amount of the sum specified in P’s contribution notice.8An application under subsection (7) must be made as soon as reasonably practicable after the sum is paid to the trustees or managers or, as the case may be, to the Board in respect of the debt due under section 75 of the 1995 Act.9Where such an application is made to the Regulator, the Regulator may, if it is of the opinion that it is appropriate to do so—areduce the amount of the sum specified in P’s contribution notice by an amount which it considers reasonable, andbissue a revised contribution notice specifying the revised sum.10For the purposes of subsection (9), the Regulator must have regard to such matters as the Regulator considers relevant including, where relevant, the following matters—athe amount paid in respect of the debt due under section 75 of the 1995 Act since the contribution notice was issued,bany amounts paid in respect of the debt due by virtue of that contribution notice,cwhether contribution notices have been issued to other persons in respect of the same non-compliance with the financial support direction in question as the non-compliance in respect of which P’s contribution notice was issued,dwhere such contribution notices have been issued, the sums specified in each of those notices and any amounts paid in respect of the debt due by virtue of those notices,ewhether P’s contribution notice specifies that P is jointly and severally liable for the debt with other persons, andfsuch other matters as may be prescribed.11Where—aP’s contribution notice specifies that P is jointly and severally liable for the debt with other persons, andba revised contribution notice is issued to P under subsection (9) specifying a revised sum,the Regulator must also issue revised contribution notices to those other persons specifying the revised sum and their joint and several liability with P for the debt in respect of that sum.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Sections 43 to 50: interpretation511In sections 43 to 50—“group of companies” means a holding company and its subsidiaries (and references to a member of a group of companies are to be read accordingly); and“holding company” and “subsidiary” have the meaning given by section 1159 of the Companies Act 2006.2For the purposes of those sections—areferences to a debt due under section 75 of the Pensions Act 1995 (c. 26) include a contingent debt under that section, andbreferences to the amount of such a debt include the amount of such a contingent debt.3For the purposes of those sections—asection 249 of the Insolvency Act 1986 (c. 45) (connected persons) applies as it applies for the purposes of any provision of the first Group of Parts of that Act,bsection 435 of that Act (associated persons) applies as it applies for the purposes of that Act, andcsection 229 of the Bankruptcy (Scotland) Act 2016 (associated persons) applies as it applies for the purposes of that Act.<Emphasis>Transactions at an undervalue</Emphasis><CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Restoration orders where transactions at an undervalue521This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2The Regulator may make a restoration order in respect of a transaction involving assets of the scheme if—aa relevant event has occurred in relation to the employer in relation to the scheme, andbthe transaction is a transaction at an undervalue entered into with a person at a time which—iis on or after 27th April 2004, butiiis not more than two years before the occurrence of the relevant event in relation to the employer.3A restoration order in respect of a transaction involving assets of a scheme is such an order as the Regulator thinks fit for restoring the position to what it would have been if the transaction had not been entered into.4For the purposes of this section a relevant event occurs in relation to the employer in relation to a scheme if and when on or after the appointed day—aan insolvency event occurs in relation to the employer, orbthe trustees or managers of the scheme make an application under subsection (1) of section 129 or receive a notice from the Board of the Pension Protection Fund under subsection (5)(a) of that section (applications and notifications prior to the Board assuming responsibility for a scheme).5For the purposes of subsection (4)—athe “appointed day” means the day appointed under section 126(2) (no pension protection under Chapter 3 of Part 2 if the scheme begins winding up before the day appointed by the Secretary of State),bsection 121 (meaning of “insolvency event”) applies for the purposes of determining if and when an insolvency event has occurred in relation to the employer, andcthe reference to an insolvency event in relation to the employer does not include an insolvency event which occurred in relation to him before he became the employer in relation to the scheme.6For the purposes of this section and section 53, a transaction involving assets of a scheme is a transaction at an undervalue entered into with a person (“P”) if the trustees or managers of the scheme or appropriate persons in relation to the scheme—amake a gift to P or otherwise enter into a transaction with P on terms that provide for no consideration to be provided towards the scheme, orbenter into a transaction with P for a consideration the value of which, in money or money’s worth, is significantly less than the value, in money or money’s worth, of the consideration provided by or on behalf of the trustees or managers of the scheme.7In subsection (6) “appropriate persons” in relation to a scheme means a person who, or several persons each of whom is a person who, at the time at which the transaction in question is entered into, is—aa person of a prescribed description, andbentitled to exercise powers in relation to the scheme.8For the purposes of this section and section 53—“assets” includes future assets;“transaction” includes a gift, agreement or arrangement and references to entering into a transaction are to be construed accordingly.9The provisions of this section apply without prejudice to the availability of any other remedy, even in relation to a transaction where the trustees or managers of the scheme or appropriate persons in question had no power to enter into the transaction.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Restoration orders: supplementary531This section applies in relation to a restoration order under section 52 in respect of a transaction involving assets of a scheme (“the transaction”).2The restoration order may in particular—arequire any assets of the scheme (whether money or other property) which were transferred as part of the transaction to be transferred back—ito the trustees or managers of the scheme, oriiwhere the Board of the Pension Protection Fund has assumed responsibility for the scheme, to the Board;brequire any property to be transferred to the trustees or managers of the scheme or, where the Board has assumed responsibility for the scheme, to the Board if it represents in any person’s hands—iany of the assets of the scheme which were transferred as part of the transaction, oriiproperty derived from any such assets so transferred;crequire such property as the Regulator may specify in the order, in respect of any consideration for the transaction received by the trustees or managers of the scheme, to be transferred—iby the trustees or managers of the scheme, oriiwhere the Board has assumed responsibility for the scheme, by the Board,to such persons as the Regulator may specify in the order;drequire any person to pay, in respect of benefits received by him as a result of the transaction, such sums (not exceeding the value of the benefits received by him) as the Regulator may specify in the order—ito the trustees or managers of the scheme, oriiwhere the Board has assumed responsibility for the scheme, to the Board.3A restoration order is of no effect to the extent that it prejudices any interest in property which was acquired in good faith and for value or any interest deriving from such an interest.4Nothing in subsection (3) prevents a restoration order requiring a person to pay a sum of money if the person received a benefit as a result of the transaction otherwise than in good faith and for value.5Where a person has acquired an interest in property from a person or has received a benefit as a result of the transaction and—ahe is one of the trustees or managers or appropriate persons who entered into the transaction as mentioned in subsection (6) of section 52, orbat the time of the acquisition or receipt—ihe has notice of the fact that the transaction was a transaction at an undervalue,iihe is a trustee or manager, or the employer, in relation to the scheme, oriiihe is connected with, or an associate of, any of the persons mentioned in paragraph (a) or (b)(ii),then, unless the contrary is shown, it is to be presumed for the purposes of subsections (3) and (4) that the interest was acquired or the benefit was received otherwise than in good faith.6For the purposes of this section—asection 249 of the Insolvency Act 1986 (c. 45) (connected persons) applies as it applies for the purposes of any provision of the first Group of Parts of that Act,bsection 435 of that Act (associated persons) applies as it applies for the purposes of that Act, andcsection 229 of the Bankruptcy (Scotland) Act 2016 (associated persons) applies as it applies for the purposes of that Act.7For the purposes of this section “property” includes—amoney, goods, things in action, land and every description of property wherever situated, andbobligations and every description of interest, whether present or future or vested or contingent, arising out of, or incidental to, property.8References in this section to where the Board has assumed responsibility for a scheme are to where the Board has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection).<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Content and effect of a restoration order541This section applies where a restoration order is made under section 52 in respect of a transaction involving assets of a scheme.2Where the restoration order imposes an obligation on a person to do something, the order must specify the period within which the obligation must be complied with.3Where the restoration order imposes an obligation on a person (“A”) to transfer or pay a sum of money to a person specified in the order (“B”), the sum is to be treated as a debt due from A to B.4Where the trustees or managers of the scheme are the persons to whom the debt is due, the Regulator may on their behalf, exercise such powers as the trustees or managers have to recover the debt.5But during any assessment period (within the meaning of section 132) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a restoration order are exercisable by the Board of the Pension Protection Fund to the exclusion of the trustees or managers and the Regulator.6Where, by virtue of subsection (5), any amount is transferred or paid to the Board in respect of a debt due by virtue of a restoration order, the Board must pay the amount to the trustees or managers of the scheme.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Contribution notice where failure to comply with restoration order551This section applies where—aa restoration order is made under section 52 in respect of a transaction involving assets of a scheme (“the transaction”), andba person fails to comply with an obligation imposed on him by the order which is not an obligation to transfer or pay a sum of money.2The Regulator may issue a notice to the person stating that the person is under a liability to pay the sum specified in the notice (a “contribution notice”)—ato the trustees or managers of the scheme, orbwhere the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection), to the Board.3The sum specified by the Regulator in a contribution notice may be either the whole or a specified part of the shortfall sum in relation to the scheme.4The shortfall sum in relation to the scheme is the amount which the Regulator estimates to be the amount of the decrease in the value of the assets of the scheme as a result of the transaction having been entered into.<CommentaryRef Ref="key-7be46ffb9a215a307d7ecb0096bd7eff"/>Content and effect of a section 55 contribution notice561This section applies where a contribution notice is issued to a person under section 55.2The contribution notice must—acontain a statement of the matters which it is asserted constitute the failure to comply with the restoration order under section 52 in respect of which the notice is issued, andbspecify the sum which the person is stated to be under a liability to pay.3Where the contribution notice states that the person is under a liability to pay the sum specified in the notice to the trustees or managers of the scheme, the sum is to be treated as a debt due from the person to the trustees or managers of the scheme.4In such a case, the Regulator may, on behalf of the trustees or managers of the scheme, exercise such powers as the trustees or managers have to recover the debt.5But during any assessment period (within the meaning of section 132) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a contribution notice, are exercisable by the Board of the Pension Protection Fund to the exclusion of the trustees or managers and the Regulator.6Where, by virtue of subsection (5), any amount is paid to the Board in respect of a debt due by virtue of a contribution notice, the Board must pay the amount to the trustees or managers of the scheme.7Where the contribution notice states that the person is under a liability to pay the sum specified in the notice to the Board, the sum is to be treated as a debt due from the person to the Board.<Emphasis>Sections 38 to 56: partnerships and limited liability partnerships</Emphasis>Sections 38 to 56: partnerships and limited liability partnerships571For the purposes of any of sections 38 to 56, regulations may modify any of the definitions mentioned in subsection (2) (as applied by any of those sections) in relation to—aa partnership or a partner in a partnership;ba limited liability partnership or a member of such a partnership.2The definitions mentioned in subsection (1) are—asection 249 of the Insolvency Act 1986 (c. 45) (connected persons),bsection 435 of that Act (associated persons),csection 229 of the Bankruptcy (Scotland) Act 2016 (associated persons), andd section 1159 of the Companies Act 2006 (meaning of “subsidiary” and “holding company” etc).3Regulations may also provide that any provision of sections 38 to 51 applies with such modifications as may be prescribed in relation to—aany case where a partnership is or was—ithe employer in relation to an occupational pension scheme, oriifor the purposes of any of those sections, connected with or an associate of the employer;bany case where a limited liability partnership is—ithe employer in relation to an occupational pension scheme, oriifor the purposes of any of those sections, connected with or an associate of the employer.4Regulations may also provide that any provision of sections 52 to 56 applies with such modifications as may be prescribed in relation to a partnership or a limited liability partnership.5For the purposes of this section—a“partnership” includes a firm or entity of a similar character formed under the law of a country or territory outside the United Kingdom, andbreferences to a partner are to be construed accordingly.6For the purposes of this section, “limited liability partnership” means—aa limited liability partnership registered under the Limited Liability Partnerships Act 2000, orban entity which is of a similar character to such a limited liability partnership and which is formed under the law of a country or territory outside the United Kingdom,and references to a member of a limited liability partnership are to be construed accordingly.7This section is without prejudice to—asection 307 (power to modify this Act in relation to certain categories of scheme), andbsection 318(4) (power to extend the meaning of “employer”).<Emphasis>Applications under the Insolvency Act 1986</Emphasis>Regulator’s right to apply under section 423 of Insolvency Act 1986581In this section “section 423” means section 423 of the Insolvency Act 1986 (transactions defrauding creditors).2The Regulator may apply for an order under section 423 in relation to a debtor if—athe debtor is the employer in relation to an occupational pension scheme, andbcondition A or condition B is met in relation to the scheme.3Condition A is that a determination made, or actuarial valuation obtained, in respect of the scheme by the Board of the Pension Protection Fund under section 143(2) indicates that the value of the assets of the scheme at the relevant time, as defined by section 143 , was less than the amount of the protected liabilities, as defined by section 131, at that time.4Condition B is that an actuarial valuation, as defined by section 224(2), obtained by the trustees or managers of the scheme indicates that the statutory funding objective in section 222 is not met.5In a case where the debtor—ahas been made bankrupt,bis a body corporate which is being wound up or is in administration, orcis a partnership which is being wound up or is in administration,subsection (2) does not enable an application to be made under section 423 except with the permission of the court.6An application made under this section is to be treated as made on behalf of every victim of the transaction who is—aa trustee or member of the scheme, orbthe Board.7This section does not apply where the valuation mentioned in subsection (3) or (4) is made by reference to a date that falls before the commencement of this section.8Expressions which are defined by section 423 for the purposes of that section have the same meaning when used in this section.<Emphasis><Addition ChangeId="key-2ad9ff8140e68e19b32593871481ce82-1638275610885" CommentaryRef="key-2ad9ff8140e68e19b32593871481ce82">Sanctions for avoidance of employer debt etc</Addition></Emphasis><Addition ChangeId="key-2ad9ff8140e68e19b32593871481ce82-1638275610885" CommentaryRef="key-2ad9ff8140e68e19b32593871481ce82">Offence of avoidance of employer debt</Addition>58A1This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2A person commits an offence only if—athe person does an act or engages in a course of conduct that—iprevents the recovery of the whole or any part of a debt which is due from the employer in relation to the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets),iiprevents such a debt becoming due,iiicompromises or otherwise settles such a debt, orivreduces the amount of such a debt which would otherwise become due,bthe person intended the act or course of conduct to have such an effect, andcthe person did not have a reasonable excuse for doing the act or engaging in the course of conduct.3A reference in this section to an act or course of conduct includes a failure to act.4This section does not apply to a person if the act done, or course of conduct engaged in, by the person is in accordance with the person's functions as an insolvency practitioner in relation to another person.5For the purposes of this section a reference to a debt due under section 75 of the Pensions Act 1995 includes a contingent debt under that section.6Accordingly, in the case of such a contingent debt, the reference in subsection (2)(a) to preventing a debt becoming due is to be read as including a reference to preventing the occurrence of any of the events specified in section 75(4C)(a) or (b) of the Pensions Act 1995 upon which the debt is contingent.7A person guilty of an offence under subsection (2) is liable—aon summary conviction in England and Wales, to a fine;bon summary conviction in Scotland, to a fine not exceeding the statutory maximum;con conviction on indictment, to imprisonment for a term not exceeding seven years or a fine, or both.8Proceedings for an offence under subsection (2) may be instituted in England and Wales only—aby the Regulator or the Secretary of State, orbby or with the consent of the Director of Public Prosecutions.9For the purposes of this section and sections 58B to 58D “insolvency practitioner”, in relation to a person, means—aa person acting as an insolvency practitioner, in relation to that person, in accordance with section 388 of the Insolvency Act 1986, orban insolvency practitioner within the meaning of section 121(9)(b) (persons of a prescribed description).<Addition ChangeId="key-2ad9ff8140e68e19b32593871481ce82-1638275610885" CommentaryRef="key-2ad9ff8140e68e19b32593871481ce82">Offence of conduct risking accrued scheme benefits</Addition>58B1This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2A person commits an offence only if—athe person does an act or engages in a course of conduct that detrimentally affects in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise),bthe person knew or ought to have known that the act or course of conduct would have that effect, andcthe person did not have a reasonable excuse for doing the act or engaging in the course of conduct.3A reference in this section to an act or a course of conduct includes a failure to act.4A reference in this section to accrued scheme benefits being received is a reference to benefits the rights to which have accrued by the relevant time being received by, or in respect of, the persons who were members of the scheme before that time.5In this section “the relevant time” means—ain the case of an act, the time of the act,bin the case of a failure to act—ithe time when the failure occurred, oriiwhere the failure continued for a period of time, the end of that period, orcin the case of a course of conduct, the time when the course of conduct ended.6A reference in this section to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the Pensions Act 1995 (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued).7For the purposes of this section the benefits that may be received under the following provisions of this Act are to be disregarded—aChapter 3 of Part 2 (the Board of the Pension Protection Fund: pension protection), andbsection 286 (the financial assistance scheme for members of certain pension schemes).8This section does not apply to a person if the act done, or course of conduct engaged in, by the person is in accordance with the person's functions as an insolvency practitioner in relation to another person (see section 58A(9)).9A person guilty of an offence under subsection (2) is liable—aon summary conviction in England and Wales, to a fine;bon summary conviction in Scotland, to a fine not exceeding the statutory maximum;con conviction on indictment, to imprisonment for a term not exceeding seven years or a fine, or both.10Proceedings for an offence under subsection (2) may be instituted in England and Wales only—aby the Regulator or the Secretary of State, orbby or with the consent of the Director of Public Prosecutions.<Addition ChangeId="key-2613425be09f508798235d85caf2ade0-1638275857912" CommentaryRef="key-2613425be09f508798235d85caf2ade0">Financial penalty for avoidance of employer debt</Addition>58C1This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2Section 88A (financial penalties) applies to a person who was party to an act or deliberate failure to act the main purpose or one of the main purposes of which was—ato prevent the recovery of the whole or any part of a debt which is due from the employer in relation to the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets),bto prevent such a debt becoming due,cto compromise or otherwise settle such a debt, ordto reduce the amount of such a debt which would otherwise become due,if it was not reasonable for the person to act or fail to act in the way that the person did.3This section does not apply where the Regulator is of the opinion that the person, in being a party to the act or failure, was acting in accordance with the person's functions as an insolvency practitioner in relation to another person (see section 58A(9)).4For the purposes of this section a reference to a debt due under section 75 of the Pensions Act 1995 includes a contingent debt under that section.5Accordingly, in the case of such a contingent debt, the reference in subsection (2) to preventing a debt becoming due is to be read as including a reference to preventing the occurrence of any of the events specified in section 75(4C)(a) or (b) of the Pensions Act 1995 upon which the debt is contingent.6For the purposes of this section the parties to an act or deliberate failure to act include those persons who knowingly assist in the act or failure.7If the Regulator is of the opinion that—aa person was party to a series of acts or deliberate failures to act, andbthe requirements of subsection (2) are met in relation to the series,the series of acts or failures to act is to be regarded as an act or failure to act in relation to which the requirements of subsection (2) are met.<Addition ChangeId="key-2613425be09f508798235d85caf2ade0-1638275857912" CommentaryRef="key-2613425be09f508798235d85caf2ade0">Financial penalty for conduct risking accrued scheme benefits</Addition>58D1This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2Section 88A (financial penalties) applies to a person who was party to an act or deliberate failure to act that detrimentally affected in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise), if—athe person knew or ought to have known that the act or failure to act would have that effect, andbit was not reasonable for the person to act or fail to act in the way that the person did.3This section does not apply where the Regulator is of the opinion that the person, in being a party to the act or failure, was acting in accordance with the person's functions as an insolvency practitioner in relation to another person (see section 58A(9)).4In this section a reference to accrued scheme benefits being received is a reference to benefits the rights to which have accrued by the relevant time being received by, or in respect of, the persons who were members of the scheme before that time.5In this section “the relevant time” means—ain the case of an act, the time of the act;bin the case of a failure to act—ithe time when the failure to act occurred, oriiwhere the failure continued for a period of time, the end of that period;and, in the case of acts or failures to act forming part of a series, any reference in this subsection to an act or failure to act is a reference to the last of the acts or failures in that series.6A reference in this section to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the Pensions Act 1995 (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued).7In determining for the purposes of this section whether an act or failure to act has detrimentally affected in a material way the likelihood of accrued scheme benefits being received, the following provisions of this Act are to be disregarded—aChapter 3 of Part 2 (the Board of the Pension Protection Fund: pension protection), andbsection 286 (the financial assistance scheme for members of certain pension schemes).8For the purposes of this section the parties to an act or deliberate failure to act include those persons who knowingly assist in the act or failure.9If the Regulator is of the opinion that—aa person was party to a series of acts or deliberate failures to act, andbthe requirements of subsection (2) are met in relation to the series,the series of acts or failures to act is to be regarded as an act or failure to act in relation to which the requirements of subsection (2) are met.<Emphasis>Register of schemes</Emphasis>Register of occupational and personal pension schemes591The Regulator must compile and maintain a register of occupational pension schemes and personal pension schemes which are, or have been, registrable schemes (referred to in this Act as “the register”).2In this section and sections 62 to 65 “registrable scheme” means an occupational pension scheme, or a personal pension scheme, of a prescribed description.3In respect of each registrable scheme, the Regulator must record in the register—athe registrable information most recently provided to it in respect of the scheme, andbif the Regulator has received—ia notice under section 62(5) (scheme which is wound up or ceases to be registrable),iia copy of a notice under section 160 (transfer notice), oriiiany notice, or copy of a notice, under any provision in force in Northern Ireland corresponding to a provision mentioned in sub-paragraph (i) or (ii),that fact.4In respect of each scheme which has been a registrable scheme, butahas been, or is treated as having been, wound up, orbhas ceased to be a registrable scheme,the Regulator must maintain in the register the registrable information last provided to it in respect of the scheme.5Information recorded in the register must be so recorded in such manner as the Regulator considers appropriate.6In particular, the register may consist of more than one part.7In this section references to “registrable information”, in relation to a scheme to which any provision in force in Northern Ireland corresponding to section 60(2) (“the corresponding Northern Ireland provision”) applies, are to information of any description within the corresponding Northern Ireland provision.Registrable information601For the purposes of sections 59 to 65 “registrable information”, in relation to an occupational or personal pension scheme, means information within subsection (2).2That information is—athe name of the scheme;bthe address of the scheme;cthe full names and addresses of each of the trustees or managers of the scheme;cain the case of an occupational pension scheme established under a trust, the full name and address of any chair of the trustees;dthe status of the scheme with respect to the following matters—iwhether new members may be admitted to the scheme;iiwhether further benefits may accrue to, or in respect of, members under the scheme;iiiwhether further contributions may be paid towards the scheme;ivwhether any members of the scheme are active members;ethe categories of benefits under the scheme;fin the case of an occupational pension scheme—ithe name and address of each relevant employer, andiiany other name by which any relevant employer has been known at any time on or after the relevant date;gin the case of an occupational pension scheme, the number of members of the scheme on the later of—ithe last day of the scheme year which ended most recently, andiithe day on which the scheme became a registrable scheme; andhsuch other information as may be prescribed.3Regulations may make provision about the interpretation of any of the descriptions in subsection (2).4For the purposes of subsection (2)(f)—“relevant employer” means any person—who is, orwho, at any time on or after 6th April 1975, has been,the employer in relation to the scheme;“relevant date”, in relation to a relevant employer, means—6th April 1975, orif later, the date on which the relevant employer first became the employer in relation to the scheme.The register: inspection, provision of information and reports etc611Regulations may provide—afor—iinformation recorded in the register,iiextracts from the register, oriiicopies of the register or of extracts from it,to be provided to prescribed persons in prescribed circumstances, andbfor the inspection of—ithe register,iiextracts from the register, oriiicopies of the register or of extracts from it,by prescribed persons in prescribed circumstances.2Regulations under subsection (1) may, in particular—aconfer functions on—ithe Secretary of State, oriia person authorised by him for the purposes of the regulations;bmake provision with respect to the disclosure of information obtained by virtue of the regulations.3Regulations which contain any provision made by virtue of subsection (2)(b) may, in particular, modify section 82 (restricted information).4The Secretary of State may direct the Regulator to submit to him statistical and other reports concerning—ainformation recorded in the register, andbthe operation of the Regulator’s functions in relation to the register.5A direction under subsection (4) may specify—athe form in which, andbthe times at which,reports required by the direction are to be submitted.6The Secretary of State may publish any report submitted to him by virtue of a direction under subsection (4) in such manner as he considers appropriate.The register: duties of trustees or managers621Subsection (2) applies where—aa registrable scheme is established, orban occupational or personal pension scheme otherwise becomes a registrable scheme.2The trustees or managers of the scheme must, before the end of the initial notification period—anotify the Regulator that the scheme is a registrable scheme, andbprovide to the Regulator all the registrable information with respect to the scheme.3In subsection (2), the “initial notification period” means the period of three months beginning with—athe date on which the scheme is established, orbif later, the date on which it becomes a registrable scheme.4Where there is a change in any registrable information in respect of a registrable scheme, the trustees or managers of the scheme must as soon as reasonably practicable, notify the Regulator—aof that fact, andbof the new registrable information.5Where a registrable scheme—aceases to be a registrable scheme, orbis wound up (otherwise than under section 161(2) (effect of Board assuming responsibility for scheme)),the trustees or managers of the scheme must as soon as reasonably practicable, notify the Regulator of that fact.6If subsection (2), (4) or (5) is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.Duty of the Regulator to issue scheme return notices631The Regulator must issue scheme return notices in accordance with this section requiring scheme returns to be provided in respect of registrable schemes.2In respect of each registrable scheme, the Regulator—amust issue the first scheme return notice in accordance with subsection (3), andbmust issue subsequent scheme return notices in accordance with subsection (4).3The return date specified in a scheme return notice issued in respect of a scheme under subsection (2)(a)—amust fall within the period of three years beginning with—ithe date on which the Regulator receives a notice under section 62(2)(a) in respect of the scheme, oriiif earlier, the date on which the Regulator first becomes aware that the scheme is a registrable scheme, andbif the trustees or managers have complied with paragraph (b) of section 62(2), must fall after the end of the period of one year beginning with the date on which they provided the information required by that paragraph to the Regulator.3ABut subsection (3)(a) has effect as if the reference to three years were a reference to five years if—athe trustees or managers have complied with paragraph (b) of section 62(2),bthe information they provided under that paragraph included the number of members of the scheme, andcthat number was no more than 4.4The return date specified in a scheme return notice issued in respect of a scheme under subsection (2)(b) must fall—awithin the period of three years, butbafter the end of the period of one year,beginning with the return date specified in the previous scheme return notice issued in respect of the scheme.4ABut subsection (4)(a) has effect as if the reference to three years were a reference to five years if—aon the date on which the previous scheme return notice was issued, the number of members of the scheme was recorded in the register, andbthat number was no more than 4.Duty of trustees or managers to provide scheme return641The trustees or managers of a registrable scheme in respect of which a scheme return notice is issued must, on or before the return date, provide a scheme return to the Regulator.2If a scheme return in respect of a scheme is not provided in compliance with subsection (1), section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.Scheme returns: supplementary651This section has effect for the purposes of sections 63 and 64.2In those sections and this section, in relation to a scheme return notice—“return date” means the date specified under subsection (3)(b) in the scheme return notice;“scheme return” means a document in the form (if any) specified in the scheme return notice, containing the information required by the notice.3A scheme return notice must specify—athe descriptions of information required by it, andbthe return date,and may specify the form in which that information is to be provided.4A scheme return notice in respect of a registrable scheme—amust require all registrable information in relation to the scheme, andbmay require other information which the Regulator reasonably requires for the purposes of the exercise of its functions in relation to the scheme.5The return date specified in a scheme return notice must fall after the end of the period of 28 days beginning with the date on which the notice is issued.6A scheme return notice must be in writing and is treated as issued in respect of a registrable scheme when it is sent to the trustees or managers of the scheme.<Emphasis>Register of prohibited trustees</Emphasis>Register of prohibited trustees661The Regulator must keep in such manner as it thinks fit a register (“the prohibition register”) of— aall persons who are prohibited under section 3 of the Pensions Act 1995, andball persons appearing to the Regulator to be prohibited under section 3A of that Act.2Arrangements made by the Regulator for the prohibition register must secure that the contents of the register are not disclosed or otherwise made available to members of the public except in accordance with section 67.3Nothing in subsection (2) requires the Regulator to exclude any matter from a report published under section 89 (reports of Regulator’s consideration of cases).Accessibility of register of prohibited trustees671The Regulator must make arrangements to secure that the prohibition register is open, during its normal working hours, for inspection in person and without notice at—athe principal office used by it for the carrying out of its functions, andbsuch other of its offices (if any) as it considers to be places where it would be reasonable for a copy of the register to be kept open for inspection.2If a request is made to the Regulator—ato state whether a particular person identified in the request is a person appearing in the prohibition register as prohibited in respect of an occupational trust scheme specified in the request,bto state whether a particular person so identified is a person appearing in that register as prohibited in respect of a particular description of occupational trust schemes so specified, orcto state whether a particular person so identified is a person appearing in that register as prohibited in respect of all occupational trust schemes,the Regulator must promptly comply with the request in such manner as it considers reasonable.3The Regulator may, in such manner as it considers appropriate, publish a summary of the prohibition register if (subject to subsections (6) to (8)) the summary—acontains all the information described in subsection (4),barranges that information in the manner described in subsection (5),cdoes not (except by identifying a person as prohibited in respect of all occupational trust schemes, in respect of a particular description of such schemes or in respect of a particular such scheme) identify any of the schemes in respect of which persons named in the summary are prohibited, andddoes not disclose any other information contained in the register.4That information is—athe full names and titles, so far as the Regulator has a record of them, of all the persons appearing in the register as persons who are prohibited,bthe dates of birth of such of those persons as are persons whose dates of birth are matters of which the Regulator has a record, andcin the case of each person whose name is included in the published summary, whether that person appears in the register—ias prohibited in respect of only one occupational trust scheme,iias prohibited in respect of one or more particular descriptions of such schemes, but not in respect of all such schemes, oriiias prohibited in respect of all such schemes.5For the purposes of paragraph (c) of subsection (4), the information in the published register must be arranged in three separate lists, one for each of the descriptions of prohibition specified in the sub-paragraphs of that paragraph.6The Regulator must ensure, in the case of any published summary, that a person is not identified in the summary as a prohibited person if it appears to the Regulator that the determination by virtue of which that person appears in the register—ais the subject of any pending reference, review, appeal or legal proceedings which could result in that person’s removal from the register, orbis a determination which might still become the subject of any such reference, review, appeal or proceedings.7The Regulator must ensure, in the case of any published summary, that the particulars relating to a person do not appear in a particular list mentioned in subsection (5) if it appears to the Regulator that a determination by virtue of which that person’s particulars would appear in that list—ais the subject of any pending reference, review, appeal or legal proceedings which could result in such a revocation or other overturning of a prohibition of that person as would require his particulars to appear in a different list, orbis a determination which might still become the subject of any such reference, review, appeal or proceedings.8Where subsection (7) prevents a person’s particulars from being included in a particular list in the published summary, they must be included, instead, in the list (if any) in which they would have been included if the prohibition to which the reference, review, appeal or proceedings relate or might relate had already been revoked or otherwise overturned.9For the purposes of this section a determination is one which might still become the subject of a reference, review, appeal or proceedings if, and only if, in the case of that determination—athe time for the making of an application for a review or reference, or for the bringing of an appeal or other proceedings, has not expired, andbthere is a reasonable likelihood that such an application might yet be made, or that such an appeal or such proceedings might yet be brought.10In this section—“name”, in relation to a person any of whose names is recorded by the Regulator as an initial, means that initial;“occupational trust scheme” means an occupational pension scheme established under a trust.<Emphasis>Collecting information relevant to the Board of the Pension Protection Fund</Emphasis>Information relevant to the Board68The Regulator may collect any information which appears to it to be relevant to the exercise of the functions of the Board of the Pension Protection Fund.Duty to notify the Regulator of certain events691Except where the Regulator otherwise directs, the appropriate person must give notice of any notifiable event to the Regulator.2In subsection (1) “notifiable event” means—aa prescribed event in respect of an eligible scheme, orba prescribed event in respect of the employer in relation to an eligible scheme.3For the purposes of subsection (1)—ain the case of an event within subsection (2)(a), each of the following is “the appropriate person”—ithe trustees or managers of the scheme,iia person of a prescribed description, andbin relation to an event within subsection (2)(b), each of the following is “the appropriate person”—ithe employer in relation to the scheme,iia person of a prescribed description.4A notice under subsection (1)—amust be in writing, andbsubject to subsection (5), must be given as soon as reasonably practicable after the person giving it becomes aware of the notifiable event.5Regulations may require a notice under subsection (1) to be given before the beginning of the prescribed period ending with the notifiable event in question.6No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice under this section.This is subject to section 311 (protected items).7Where the trustees or managers of a scheme fail to comply with an obligation imposed on them by subsection (1), section 88A (financial penalties) applies in relation to any trustee or manager who has failed to take all reasonable steps to secure compliance with that subsection.8 Section 88A also applies to any other person who, without reasonable excuse, fails to comply with an obligation imposed on him by subsection (1).9In this section—“eligible scheme” has the meaning given by section 126;“event” includes a failure to act.<Addition ChangeId="key-d956d9f5f9b8bcf062fdf20f6c5dd194-1637353602270" CommentaryRef="key-d956d9f5f9b8bcf062fdf20f6c5dd194">Duty to give notices and statements to the Regulator in respect of certain events</Addition>69A1Except where the Regulator otherwise directs, the appropriate person must—agive notice to the Regulator of any notifiable event;bgive notice to the Regulator of any material change in, or in the expected effects of, a notifiable event;cgive notice to the Regulator if a notifiable event is not going to, or does not, take place.2In subsection (1) “notifiable event” means a prescribed event in respect of the employer in relation to an eligible scheme.3For the purposes of subsection (1) each of the following is “the appropriate person”—athe employer in relation to the scheme,ba person connected with the employer,can associate of the employer, andda person of a prescribed description.4Regulations may make provision about the meaning of a “material change” for the purposes of this section.5A notice under subsection (1) must be given to the Regulator—ain the case of a notice under subsection (1)(a), as soon as reasonably practicable after the person giving it becomes aware of the notifiable event, subject to subsection (6),bin the case of a notice under subsection (1)(b), as soon as reasonably practicable after the person giving it becomes aware of the material change, subject to subsection (6), orcin the case of a notice under subsection (1)(c), as soon as reasonably practicable after the person giving it becomes aware that the notifiable event is not going to take place or (as the case may be) did not take place.6Regulations may require a notice under subsection (1)(a) or (b) to be given before the beginning of the prescribed period ending with—athe notifiable event in question, orbthe material change in question.7A notice under subsection (1)(a) or (b) must be accompanied by a statement (an “accompanying statement”).8An accompanying statement must contain prescribed information.9The information that may be prescribed under subsection (8) includes, in particular—aa description of the event,ba description of any adverse effects of the event on the eligible scheme,ca description of any steps taken to mitigate those adverse effects, andda description of any communication with the trustees or managers of the eligible scheme about the event.10Where a person gives the Regulator a notice under subsection (1), the person must give a copy of the notice and any accompanying statement to the trustees or managers of the eligible scheme at the same time.11A notice or accompanying statement under this section must be in writing.12No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice or accompanying statement under this section.This is subject to section 311 (protected items).13Section 88A (financial penalties) applies to a person who, without reasonable excuse, fails to comply with an obligation imposed on the person by this section.14For the purposes of this section—asection 249 of the Insolvency Act 1986 (connected persons) applies as it applies for the purposes of any provision of the first Group of Parts of that Act,bsection 435 of the Insolvency Act 1986 (associated persons) applies as it applies for the purposes of that Act, andcsection 229 of the Bankruptcy (Scotland) Act 2016 (associated persons) applies as it applies for the purposes of that Act.15In this section—“eligible scheme” has the meaning given by section 126;“event” includes a failure to act.<Emphasis>Reporting breaches of the law</Emphasis>Duty to report breaches of the law701Subsection (2) imposes a reporting requirement on the following persons—aa trustee or manager of an occupational or personal pension scheme;aaa member of the pension board of a public service pension scheme;ba person who is otherwise involved in the administration of an occupational or personal pension scheme;cthe employer in relation to an occupational pension scheme;da professional adviser in relation to such a scheme;ea person who is otherwise involved in advising the trustees or managers of an occupational or personal pension scheme in relation to the scheme;fa scheme strategist or scheme funder of a Master Trust scheme within the meaning of Part 1 of the Pension Schemes Act 2017 (see section 39 of that Act).2Where the person has reasonable cause to believe that—aa duty which is relevant to the administration of the scheme in question, and is imposed by or by virtue of an enactment or rule of law, has not been or is not being complied with, andbthe failure to comply is likely to be of material significance to the Regulator in the exercise of any of its functions,he must give a written report of the matter to the Regulator as soon as reasonably practicable.3No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a written report under this section.This is subject to section 311 (protected items).4Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any person who, without reasonable excuse, fails to comply with an obligation imposed on him by this section.<Emphasis><Addition ChangeId="key-ff7e1f22da5dc8065e1872668914a66c-1597085925696" CommentaryRef="key-ff7e1f22da5dc8065e1872668914a66c">Reporting late payment of employer contributions</Addition></Emphasis><Addition ChangeId="key-ff7e1f22da5dc8065e1872668914a66c-1597085925696" CommentaryRef="key-ff7e1f22da5dc8065e1872668914a66c">Duty to report late payment of employer contributions</Addition>70A1Where—aany amount payable under a public service pension scheme by or on behalf of an employer in relation to the scheme by way of contributions is not paid on or before the date on which it is due under the scheme, andbthe scheme manager has reasonable cause to believe that the failure is likely to be of material significance to the Regulator in the exercise of any of its functions,the scheme manager must give a written report of the matter to the Regulator as soon as reasonably practicable.2No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a written report under this section.This is subject to section 311 (protected items).3Section 10 of the Pensions Act 1995 (civil penalties) applies to any person who, without reasonable excuse, fails to comply with an obligation imposed on him by this section.<Emphasis>Reports by skilled persons</Emphasis>Reports by skilled persons711The Regulator may issue a notice (a “report notice”) to—athe trustees or managers of a work-based pension scheme,bany employer in relation to such a scheme, ...bain the case of a work-based scheme which is a public service pension scheme, a member of the pension board of the scheme, orcany person who is otherwise involved in the administration of a work-based pension scheme,requiring them or, as the case may be, him to provide the Regulator with a report on one or more specified matters which are relevant to the exercise of any of the Regulator’s functions.2A report notice must require the person appointed to make the report to be a person—anominated or approved by the Regulator, andbappearing to the Regulator to have the skills necessary to make a report on the matter or matters concerned.3A report notice may require the report to be provided to the Regulator—ain a specified form;bbefore a specified date.4The costs of providing a report in accordance with a report notice must be met by the person to whom the notice is issued (“the notified person”).5But a report notice may require a specified person (other than the Regulator) to reimburse to the notified person the whole or any part of the costs of providing the report.6Where, by virtue of subsection (5), an amount is required to be reimbursed by a specified person to the notified person, that amount is to be treated as a debt due from the specified person to the notified person.7If the trustees or managers of a work-based pension scheme fail to comply with a report notice issued to them, section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.8That section also applies to any other person who, without reasonable excuse, fails to comply with a report notice issued to him.9Where a report notice is issued, any person who is providing (or who at any time has provided) services to the notified person in relation to a matter on which the report is required must give the person appointed to make the report such assistance as he may reasonably require.10The duty imposed by subsection (9) is enforceable, on the application of the Regulator, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988 (c. 36).11In this section—“specified”, in relation to a report notice, means specified in the notice;“work-based pension scheme” has the same meaning as in section 5 (Regulator’s objectives).<Emphasis>Gathering information</Emphasis>Provision of information721The Regulator may, by notice in writing, require any person to whom subsection (2) applies to produce any document, or provide any other information, which is—aof a description specified in the notice, andbrelevant to the exercise of the Regulator’s functions.1A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2This subsection applies to—aa trustee or manager of an occupational or personal pension scheme,aaa member of the pension board of a public service pension scheme,ba professional adviser in relation to an occupational pension scheme,cthe employer in relation to—ian occupational pension scheme, oriia personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are employees, anddany other person appearing to the Regulator to be a person who holds, or is likely to hold, information relevant to the exercise of the Regulator’s functions.3Where the production of a document, or the provision of information, is required by a notice given under subsection (1), the document must be produced, or information must be provided, in such a manner, at such a place and within such a period as may be specified in the notice.<Addition ChangeId="key-6633f4047e6eac336b8e63f3b008c11f-1637353780482" CommentaryRef="key-6633f4047e6eac336b8e63f3b008c11f">Interviews</Addition>72A1The Regulator may, by notice in writing, require any person to whom section 72(2) applies to attend before the Regulator, at a time and place specified in the notice, to answer questions and provide explanations on one or more matters specified in the notice that are relevant to the exercise of any of the Regulator's functions.2A notice under subsection (1) must contain such other information as may be prescribed.Inspection of premises731An inspector may, for the purposes of investigating whether, in the case of any occupational pension scheme, the occupational scheme provisions are being, or have been, complied with, at any reasonable time enter premises liable to inspection.2In subsection (1), the “occupational scheme provisions” means provisions contained in or made by virtue of—aany of the following provisions of this Act—this Part;Part 3 (scheme funding);sections 241 to 243 (member-nominated trustees and directors);sections 247 to 249 (requirement for knowledge and understanding);section 252 (UK-based scheme to be trust with effective rules);section 253 (non-UK scheme to be trust with UK-resident trustee);section 255 (activities of occupational pension schemes);section 256 (no indemnification for fines or civil penalties);sections 259 and 261 (consultation by employers);...Part 9 (miscellaneous and supplementary);beither of the following provisions of the Welfare Reform and Pensions Act 1999 (c. 30)—section 33 (time for discharge of pension credit liability);section 45 (information);cany of the provisions of Part 1 of the Pensions Act 1995 (c. 26) (occupational pension schemes), other than—isections 51 to 54 (indexation), andiisections 62 to 65 (equal treatment);dany of the following provisions of the Pension Schemes Act 1993 (c. 48)— Chapter 1 of Part 4ZA (transfer values); Chapter 2 of Part 4ZA (early leavers: cash transfer sums and contribution refunds);Chapter 2 of Part 4A (pension credit transfer values);section 113 (information);section 175 (levy);dasection 16 of the Public Service Pensions Act 2013;dbthe Pension Schemes Act 2017;dcPart 1 of the Pension Schemes Act 2021;eany provisions in force in Northern Ireland corresponding to any provisions within paragraphs (a) to (dc) .2AAn inspector may, for the purposes of investigating whether the Regulator has grounds in the case of an occupational pension scheme for issuing—aa contribution notice under section 38 (contribution notices where avoidance of employer debt),ba financial support direction under section 43 (financial support directions),ca contribution notice under section 47 (contribution notices where non-compliance with financial support direction),da restoration order under section 52 (restoration orders where transactions at an undervalue),ea contribution notice under section 55 (contribution notice where failure to comply with restoration order), orfa notice, direction or order under any corresponding provision in force in Northern Ireland,at any reasonable time enter premises liable to inspection.3An inspector may, for the purposes of investigating whether, in the case of a stakeholder scheme—asections 1 and 2(4) of the Welfare Reform and Pensions Act 1999 (stakeholder pension schemes: registration etc), orbany corresponding provisions in force in Northern Ireland,are being, or have been, complied with, at any reasonable time enter premises liable to inspection.4An inspector may, for the purposes of investigating whether, in the case of any trust-based personal stakeholder scheme, the trust-based scheme provisions are being, or have been, complied with, at any reasonable time enter premises liable to inspection.5In subsection (4)—“trust-based personal stakeholder scheme” means a personal pension scheme which—is a stakeholder scheme, andis established under a trust;the “trust-based scheme provisions” means any provisions contained in or made by virtue of—any provision which applies in relation to trust-based personal stakeholder schemes by virtue of paragraph 1 of Schedule 1 to the Welfare Reform and Pensions Act 1999 (c. 30), as the provision applies by virtue of that paragraph, orany corresponding provision in force in Northern Ireland.5AAn inspector may, for the purposes of investigating whether the relevant provisions are being, or have been, complied with in the case of a scheme, at any reasonable time enter premises liable to inspection.5BIn subsection (5A), “the relevant provisions” means provisions contained in or made by virtue of—asuch provisions of the pensions legislation as may be prescribed;bany provisions in force in Northern Ireland corresponding to the provisions so prescribed.6Premises are liable to inspection for the purposes of this section if the inspector has reasonable grounds to believe that—amembers of the scheme are employed there,bdocuments relevant to the administration of the scheme are being kept there, ...cthe administration of the scheme, or work connected with that administration, is being carried out there.ddocuments relevant to the administration of the business of the employer in relation to the scheme are being kept there,ethe administration of the business of the employer in relation to the scheme, or work connected with that administration, is being carried out there, orfin the case of an occupational pension scheme other than a money purchase scheme, a prescribed scheme or a scheme of a prescribed description, documents relevant to a change in the ownership of the employer or of a significant asset of the employer are being kept there.6AIn the application of this section in relation to a provision mentioned in subsection (1), (2A), (3), (4) or (5A), references in this section to “employer” are to be read as having the meaning that it has for the purposes of the provision in question.6BIn this section a reference to an employer in relation to an occupational pension scheme includes a reference to a person who has been the employer in relation to the scheme.7this section-“the pensions legislation” means any enactment contained in or made by virtue of—athe Pension Schemes Act 1993,bPart 1 or section 33 or 45 of the Welfare Reform and Pensions Act 1999,cthis Act,dSchedule 18 to the Pensions Act 2014, oresection 48 or 49 of the Pension Schemes Act 2015; “stakeholder scheme” means an occupational pension scheme or a personal pension scheme which is or has been registered under—asection 2 of the Welfare Reform and Pensions Act 1999 (register of stakeholder schemes), orbany corresponding provision in force in Northern Ireland.Inspection of premises in respect of employers' obligations74A1An inspector may, for the purposes of investigating whether an employer is contravening, or has contravened—aany provision of, or of regulations under, Chapter 1 of Part 1, or section 50 or 54, of the Pensions Act 2008, orbany corresponding provision in force in Northern Ireland,at any reasonable time enter premises liable to inspection.B1Premises are liable to inspection for the purposes of subsection (A1) if the inspector has reasonable grounds to believe that—athe employer employs workers there,bdocuments relevant to any of the following are being kept there—ithe administration of the employer's business,iithe duties of the employer under Chapter 1 of Part 1 of the Pensions Act 2008 or under any corresponding provision in force in Northern Ireland,iiithe administration of a pension scheme that is relevant to the discharge of those duties, orcthe administration of the employer's business, or work connected with that administration, is being carried out there.C1In subsections (A1) and (B1) “employer” and “worker” have the meaning given by section 88 of the Pensions Act 2008.D1In the application of subsections (A1) and (B1) in relation to any provision mentioned in subsection (A1)(b) (a “corresponding Northern Ireland provision”), references in those subsections to “employer” or “worker” are to be read as having the meaning that they have for the purposes of the corresponding Northern Ireland provision.1An inspector may, for the purposes of investigating whether an employer is complying, or has complied, with the requirements under—asection 3 of the Welfare Reform and Pensions Act 1999 (duty of employers to facilitate access to stakeholder pension schemes), orbany corresponding provision in force in Northern Ireland,at any reasonable time enter premises liable to inspection.2Premises are liable to inspection for the purposes of subsection (1) if the inspector has reasonable grounds to believe that—aemployees of the employer are employed there,bdocuments relevant to the administration of the employer’s business are being kept there, orcthe administration of the employer’s business, or work connected with that administration, is being carried out there.3In subsections (1) and (2), “employer” has the meaning given by section 3(9) of the Welfare Reform and Pensions Act 1999 (or, where subsection (1)(b) applies, by any corresponding provision in force in Northern Ireland).4An inspector may, for the purposes of investigating whether, in the case of any direct payment arrangements relating to a personal pension scheme, any of the following provisions—aregulations made by virtue of sections 260 and 261 (consultation by employers),bsection 111A of the Pension Schemes Act 1993 (c. 48) (monitoring of employers' payments to personal pension schemes), orcany corresponding provisions in force in Northern Ireland,is being, or has been, complied with, at any reasonable time enter premises liable to inspection.5Premises are liable to inspection for the purposes of subsection (4) if the inspector has reasonable grounds to believe that—aemployees of the employer are employed there,bdocuments relevant to the administration of—ithe employer’s business,iithe direct payment arrangements, oriiithe scheme to which those arrangements relate,are being kept there, orceither of the following is being carried out there—ithe administration of the employer’s business, the arrangements or the scheme;iiwork connected with that administration.6In the application of subsections (4) and (5) in relation to any provision mentioned in subsection (4)(c) (a “corresponding Northern Ireland provision”), references in those subsections to—direct payment arrangements,a personal pension scheme,the employer, oremployees of the employer,are to be read as having the meanings that they have for the purposes of the corresponding Northern Ireland provision.Inspection of premises: powers of inspectors751Subsection (2) applies where, for a purpose mentioned in subsection (1), (2A), (3), (4) or (5A) of section 73 or subsection (A1), (1) or (4) of section 74, an inspector enters premises which are liable to inspection for the purposes of that provision.2While there, the inspector—amay make such examination and inquiry as may be necessary for the purpose for which he entered the premises,bmay require any person on the premises to produce, or secure the production of, any document relevant to compliance with the regulatory provisions for his inspection,cmay take copies of any such document,dmay take possession of any document appearing to be a document relevant to compliance with the regulatory provisions or take in relation to any such document any other steps which appear necessary for preserving it or preventing interference with it,emay, in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, require the information to be produced in a form—iin which it can be taken away, andiiin which it is legible or from which it can readily be produced in a legible form, andfmay, as to any matter relevant to compliance with the regulatory provisions, examine, or require to be examined, either alone or in the presence of another person, any person on the premises whom he has reasonable cause to believe to be able to give information relevant to that matter.Inspection of premises: supplementary761This section applies for the purposes of sections 73 to 75.2Premises which are a private dwelling-house not used by, or by permission of, the occupier for the purposes of a trade or business are not liable to inspection.3Any question whether—aanything is being or has been done or omitted which might by virtue of any of the regulatory provisions give rise to a liability for a civil penalty under or by virtue of section 77A, 77B or 88A of this Act, section 10 of the Pensions Act 1995 (c. 26) or section 168(4) of the Pension Schemes Act 1993 (c. 48) (or under or by virtue of any provision in force in Northern Ireland corresponding to any of those provisions), orban offence is being or has been committed under any of the regulatory provisions,is to be treated as a question whether the regulatory provision is being, or has been, complied with.4An inspector applying for admission to any premises for the purposes of section 73 or 74 must, if so required, produce his certificate of appointment.5When exercising a power under section 73, 74 or 75 an inspector may be accompanied by such persons as he considers appropriate.6Any document of which possession is taken under section 75 may be retained—aif the document is relevant to proceedings against any person for any offence which are commenced before the end of the retention period, until the conclusion of those proceedings, andbotherwise, until the end of the retention period.7In subsection (6), “the retention period” means the period comprising—athe period of 12 months beginning with the date on which possession was taken of the document, andbany extension of that period under subsection (8).8The Regulator may, by a direction made before the end of the retention period (including any extension of it under this subsection), extend it by such period not exceeding 12 months as the Regulator considers appropriate.9“The regulatory provisions”, in relation to an inspection under subsection (1), (2A), (3), (4) or (5A) of section 73 or subsection (A1), (1) or (4) of section 74, means the provision or provisions referred to in that subsection.Penalties relating to sections 72 to 75771A person who, without reasonable excuse, neglects or refuses to provide information or produce a document when required to do so under section 72 is guilty of an offence.1AA person who, without reasonable excuse, neglects or refuses—ato attend before the Regulator as required under section 72A(1), orbto answer a question or provide an explanation on a matter specified in the notice under section 72A(1), when so attending before the Regulator,is guilty of an offence.2A person who without reasonable excuse—aintentionally delays or obstructs an inspector exercising any power under section 73, 74 or 75,bneglects or refuses to produce, or secure the production of, any document when required to do so under section 75, orcneglects or refuses to answer a question or to provide information when so required,is guilty of an offence.3A person guilty of an offence under subsection (1) , (1A) or (2) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.4An offence under subsection (1) , (1A) or (2)(b) or (c) may be charged by reference to any day or longer period of time; and a person may be convicted of a second or subsequent offence by reference to any period of time following the preceding conviction of the offence.5Any person who intentionally and without reasonable excuse alters, suppresses, conceals or destroys any document which he is or is liable to be required to produce under section 72 or 75 is guilty of an offence.6Any person guilty of an offence under subsection (5) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.<Addition ChangeId="key-cfc8cc95ac3e901f237b0e6656ff0f33-1637354710105" CommentaryRef="key-cfc8cc95ac3e901f237b0e6656ff0f33">Fixed penalty notices</Addition>77A1The Regulator may issue a fixed penalty notice to a person if it considers that the person—ahas failed to comply with a notice under section 72 or 72A,bhas failed to comply with a requirement under section 75, orchas prevented or hindered an inspector exercising any power under section 73, 74 or 75.2A fixed penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.3The penalty—ais to be determined in accordance with regulations, andbmust not exceed £50,000.4A fixed penalty notice must—astate the amount of the penalty;bstate the date by which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued;cstate the period to which the penalty relates;dspecify the failure or conduct to which the penalty relates;estate that the Regulator may issue an escalating penalty notice under section 77B if the person fails to comply with a notice under section 72 or 72A;fnotify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)).5The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act—asection 42 (penalty notices: recovery);bsection 43 (review of penalty notices);csection 44 (references to First-tier Tribunal or Upper Tribunal).6This section does not apply in a case where section 40 of the Pensions Act 2008 or section 17 of the Pension Schemes Act 2017 applies.<Addition ChangeId="key-cfc8cc95ac3e901f237b0e6656ff0f33-1637354710105" CommentaryRef="key-cfc8cc95ac3e901f237b0e6656ff0f33">Escalating penalty notices</Addition>77B1The Regulator may issue an escalating penalty notice to a person if it considers that the person has failed to comply with a notice under section 72 or 72A.2But the Regulator may not issue an escalating penalty notice to a person if—athe person has exercised the right of referral to a tribunal under section 44 of the Pensions Act 2008 (as applied by section 77A(5)) in respect of a fixed penalty notice issued under section 77A in relation to that notice under section 72 or 72A, andbthe reference has not been determined.3An escalating penalty notice is a notice requiring a person to pay an escalating penalty if the person fails to comply with a notice under section 72 or 72A before a specified date.4An escalating penalty is a penalty which is calculated by reference to a daily rate.5The daily rate—ais to be determined in accordance with regulations, andbmust not exceed £10,000.6An escalating penalty notice must—aspecify the failure to which the penalty relates;bstate that, if the person fails to comply with the notice under section 72 or 72A before a specified date, the person will be liable to pay an escalating penalty;cstate the daily rate of the escalating penalty and the way in which the penalty is calculated;dstate the date from which the escalating penalty will be payable, which must not be earlier than the date specified in the fixed penalty notice under section 77A(4)(b);estate that the escalating penalty will continue to be payable at the daily rate until the date on which the person complies with the notice under section 72 or 72A or such earlier date as the Regulator may determine;fnotify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (7)).7The following sections of the Pensions Act 2008 apply to an escalating penalty notice under this section as they apply to an escalating penalty notice under section 41 of that Act—asection 42 (penalty notices: recovery);bsection 43 (review of penalty notices);csection 44 (references to First-tier Tribunal or Upper Tribunal).8This section does not apply in a case where section 41 of the Pensions Act 2008 or section 18 of the Pension Schemes Act 2017 applies.Warrants781A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Regulator that there are reasonable grounds for believing—athat there is on, or accessible from, any premises any document—iwhose production has been required under section 72 or 75, or any corresponding provision in force in Northern Ireland, andiiwhich has not been produced in compliance with that requirement,bthat there is on, or accessible from, any premises any document whose production could be so required and, if its production were so required, the document—iwould not be produced, butiiwould be removed, or made inaccessible, from the premises, hidden, tampered with or destroyed, orcthat—ian offence has been committed,iia person will do any act which constitutes a misuse or misappropriation of the assets of an occupational pension scheme or a personal pension scheme,iiia person is liable to pay a penalty under or by virtue of section 77A, 77B or 88A of this Act, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) or section 168(4) of the Pension Schemes Act 1993 (c. 48) (civil penalties for breach of regulations), or under or by virtue of any provision in force in Northern Ireland corresponding to any of those provisions , oriva person is liable to be prohibited from being a trustee of an occupational or personal pension scheme under section 3 of the Pensions Act 1995 (prohibition orders), including that section as it applies by virtue of paragraph 1 of Schedule 1 to the Welfare Reform and Pensions Act 1999 (c. 30) (stakeholder schemes), or under or by virtue of any corresponding provisions in force in Northern Ireland,and that there is on, or accessible from, any premises any document which relates to whether the offence has been committed, whether the act will be done or whether the person is so liable, and whose production could be required under section 72 or 75 or any corresponding provision in force in Northern Ireland.2A warrant under this section shall authorise an inspector—ato enter the premises specified in the information, using such force as is reasonably necessary for the purpose,bto search the premises and—itake possession of any document appearing to be such a document as is mentioned in subsection (1), oriitake in relation to such a document any other steps which appear necessary for preserving it or preventing interference with it,cto take copies of any such document,dto require any person named in the warrant to provide an explanation of any such document or to state where it may be found or how access to it may be obtained, andein the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, to require the information to be produced in a form—iin which it can be taken away, andiiin which it is legible or from which it can readily be produced in a legible form.3In subsection (1), any reference in paragraph (a) or (b) to a document does not include any document which is relevant to whether a person has complied with—asubsection (3) of section 238 (information and advice to employees) or regulations under subsection (4) of that section, orbany provision in force in Northern Ireland which corresponds to that subsection (3) or is made under provision corresponding to that subsection (4),and is not relevant to the exercise of the Regulator’s functions for any other reason.4For the purposes of subsection (1)(c)(iii), any liability to pay a penalty under—asection 10 of the Pensions Act 1995 (c. 26), orbany corresponding provision in force in Northern Ireland,which might arise out of a failure to comply with any provision within subsection (3)(a) or (b) is to be disregarded.5References in subsection (2) to such a document as is mentioned in subsection (1) are to be read in accordance with subsections (3) and (4).6When executing a warrant under this section, an inspector may be accompanied by such persons as he considers appropriate.7A warrant under this section continues in force until the end of the period of one month beginning with the day on which it is issued.8Any document of which possession is taken under this section may be retained—aif the document is relevant to proceedings against any person for any offence which are commenced before the end of the retention period, until the conclusion of those proceedings, andbotherwise, until the end of the retention period.9In subsection (8), “the retention period” means the period comprising—athe period of 12 months beginning with the date on which possession was taken of the document, andbany extension of that period under subsection (10).10The Regulator may, by a direction made before the end of the retention period (including any extension of it under this subsection), extend it by such period not exceeding 12 months as the Regulator considers appropriate.11In the application of this section in Scotland—athe reference to a justice of the peace is to be read as a reference to the sheriff, andbthe references in subsections (1) and (2)(a) to information are to be read as references to evidence.Sections 72 to 78: interpretation791This section applies for the purposes of sections 72 to 78.2“Document” includes information recorded in any form, and any reference to production of a document, in relation to information recorded otherwise than in a legible form, is to producing a copy of the information—ain a legible form, orbin a form from which it can readily be produced in a legible form.3“Inspector” means a person appointed by the Regulator as an inspector.<Emphasis>Provision of false or misleading information</Emphasis>Offences of providing false or misleading information801Any person who knowingly or recklessly provides the Regulator with information which is false or misleading in a material particular is guilty of an offence if the information—ais provided in purported compliance with a requirement under—isection 62 (the register: duties of trustees or managers),iisection 64 (duty of trustees or managers to provide scheme return),iiasection 69 (duty to notify the Regulator of certain events),iiisection 72 (provision of information), ...iiiasection 72A (interviews),ivsection 75 (inspection of premises: powers of inspectors), ...ivaregulations under section 221B(8)(d) (duty of trustees or managers to provide statement of strategy), orvregulations under section 11 of the Pensions Act 2008,bis provided in applying for registration of a pension scheme under section 2 of the Welfare Reform and Pensions Act 1999 (c. 30) (registration of stakeholder pension schemes), orcis provided otherwise than as mentioned in paragraph (a) or (b) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Regulator for the purpose of exercising its functions under—ithe Pensions Act 1995,iithis Act,iiithe Pensions Act 2008,ivSchedule 18 to the Pensions Act 2014,vthe Pension Schemes Act 2017, orviPart 1 of the Pension Schemes Act 2021.2Any person guilty of an offence under subsection (1) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.<Addition ChangeId="key-3bf23877a9d094323eee0620866ef0c9-1638282047003" CommentaryRef="key-3bf23877a9d094323eee0620866ef0c9">Financial penalty for providing false or misleading information to Regulator</Addition>80A1Section 88A (financial penalties) applies to a person who has knowingly or recklessly provided the Regulator with information which is false or misleading in a material particular, if the information was provided to the Regulator in the circumstances mentioned in subsection (2)(a), (b) or (c).2The circumstances referred to in subsection (1) are—athat the information was provided in purported compliance with a requirement under—isection 62 (the register: duties of trustees or managers),iisection 64 (duty of trustees or managers to provide scheme return),iiisection 69 (duty to notify the Regulator of certain events),ivsection 69A (duty to give notices and statements to the Regulator in respect of certain events),vsection 72 (provision of information),visection 72A (interviews),viisection 75 (inspection of premises: powers of inspectors), orviiiregulations under section 11 of the Pensions Act 2008 (information about employers' duties to be given to the Regulator);bthat the information was provided in applying for registration of a pension scheme under section 2 of the Welfare Reform and Pensions Act 1999 (registration of stakeholder pension schemes);cthat the information was provided otherwise than as mentioned in paragraph (a) or (b) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Regulator for the purpose of exercising its functions under—ithe Pensions Act 1995,iithis Act,iiithe Pensions Act 2008,ivSchedule 18 to the Pensions Act 2014,vthe Pension Schemes Act 2017, orviPart 1 of the Pension Schemes Act 2021.<Addition ChangeId="key-e2e1c054cb4732fa3313d72d736b0054-1638282878473" CommentaryRef="key-e2e1c054cb4732fa3313d72d736b0054">Financial penalty for providing false or misleading information to trustees or managers</Addition>80B1This section applies in relation to an occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2Section 88A (financial penalties) applies to a person who has knowingly or recklessly provided a trustee or manager of the scheme with information which is false or misleading in a material particular, if the information was provided to the trustee or manager of the scheme in the circumstances mentioned in subsection (3)(a) or (b).3The circumstances referred to in subsection (2) are—athat the information was provided in purported compliance with a requirement under—iregulations under section 7 of the Superannuation Act 1972 (superannuation of persons employed in local government service and other persons selected by the Secretary of State),iiregulations under section 113A of the Pension Schemes Act 1993 (power to require disclosure of information about transfers from one scheme to another),iiisection 22(2B)(c) of the Pensions Act 1995 (insolvency practitioner or official receiver to give notice of certain events to trustees of scheme),ivsection 26 of that Act (insolvency practitioner or official receiver to give information to trustees),vregulations under section 47(9) of that Act (power to impose duties on employers, auditors and actuaries to disclose information), orvia direction under section 72B of that Act (directions by Regulator for facilitating winding up of scheme);bthat the information was provided otherwise than as mentioned in paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the trustee or manager who receives it in that person's capacity as a trustee or manager of the scheme.<Emphasis>Use of information</Emphasis>Use of information81Information—acontained in the register, orbotherwise held by the Regulator in the exercise of any of its functions,may be used by the Regulator for the purposes of, or for any purpose connected with or incidental to, the exercise of its functions.<Emphasis>Disclosure of information</Emphasis>Restricted information821Restricted information must not be disclosed—aby the Regulator, orbby any person who receives the information directly or indirectly from the Regulator.2Subsection (1) is subject to—asubsection (3), andbsections 71(9), 83 to 88 and 235.3Subject to section 88(5), restricted information may be disclosed with the consent of the person to whom it relates and (if different) the person from whom the Regulator obtained it.4For the purposes of this section and sections 83 to 87, “restricted information” means any information obtained by the Regulator in the exercise of its functions which relates to the business or other affairs of any person, except for information—awhich at the time of the disclosure is or has already been made available to the public from other sources, orbwhich is in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.5Any person who discloses information in contravention of this section is guilty of an offence and liable—aon summary conviction, to a fine not exceeding the statutory maximum , or imprisonment for a term not exceeding the general limit in a magistrates’ court, or both;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.6In relation to an offence under subsection (5) committed before 2 May 2022 the reference in subsection (5)(a) to the general limit in a magistrates’ court has effect as if it were a reference to six months.7Subsection (6) does not extend to Scotland.Information supplied to the Regulator by corresponding overseas authorities831Subject to subsection (2), for the purposes of section 82, “restricted information” includes information which has been supplied to the Regulator, for the purposes of its functions, by an authority which exercises functions corresponding to the functions of the Regulator in a country or territory outside the United Kingdom.2Sections 84 to 87 do not apply to such information as is mentioned in subsection (1), and such information must not be disclosed except—aas provided in section 82(3),bfor the purpose of enabling or assisting the Regulator to discharge its functions, orcby or on behalf of—ithe Regulator, oriiany public authority (within the meaning of section 6 of the Human Rights Act 1998 (c. 42)) which receives the information directly or indirectly from the Regulator,for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations).3Section 18 of the Anti-terrorism, Crime and Security Act 2001 (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by subsection (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.Disclosure for facilitating exercise of functions by the Regulator841Section 82 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Regulator to exercise its functions.2Subsection (3) applies where, in order to enable or assist the Regulator properly to exercise any of its functions, the Regulator considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill.3Section 82 does not preclude the disclosure by the Regulator to a person qualified to provide that advice of such information as appears to the Regulator to be necessary to ensure that he is properly informed with respect to the matters on which his advice is sought.4Section 82 does not preclude the disclosure by the Regulator to the Personal Accounts Delivery Authority of such information as appears to the Regulator to be necessary to enable the Authority to provide assistance or advice to the Regulator under section 79(2) of the Pensions Act 2008.Disclosure for facilitating exercise of functions by the Board85Section 82 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Board of the Pension Protection Fund to exercise its functions.Disclosure for facilitating exercise of functions by other supervisory authorities861Section 82 does not preclude the disclosure by the Regulator of restricted information to any person specified in the first column of Schedule 3 if the Regulator considers that the disclosure would enable or assist that person to exercise the functions specified in relation to him in the second column of that Schedule.2The Secretary of State may after consultation with the Regulator—aby order amend Schedule 3 by—iadding any person exercising regulatory functions and specifying functions in relation to that person,iiremoving any person for the time being specified in the Schedule, oriiialtering the functions for the time being specified in the Schedule in relation to any person, orbby order restrict the circumstances in which, or impose conditions subject to which, disclosure may be made to any person for the time being specified in the Schedule.Other permitted disclosures871Section 82 does not preclude the disclosure by the Regulator of restricted information to—athe Secretary of State,bthe Commissioners of Inland Revenue or their officers, orcthe Department for Social Development in Northern Ireland,if the disclosure appears to the Regulator to be desirable or expedient in the interests of members of occupational pension schemes or personal pension schemes or in the public interest.2Section 82 does not preclude the disclosure of restricted information—aby or on behalf of—ithe Regulator, oriiany public authority (within the meaning of section 6 of the Human Rights Act 1998 (c. 42)) which receives the information directly or indirectly from the Regulator,for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations),bin connection with any proceedings arising out of—ithis Act,iithe Welfare Reform and Pensions Act 1999 (c. 30),iiithe Pensions Act 1995 (c. 26), orivthe Pension Schemes Act 1993 (c. 48),or any corresponding enactment in force in Northern Ireland, or any proceedings for breach of trust in relation to an occupational pension scheme,cwith a view to the institution of, or otherwise for the purposes of, proceedings under—isection 7 or 8 of the Company Directors Disqualification Act 1986 (c. 46), oriiArticle 10 or 11 ... of the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),din connection with any proceedings under—ithe Insolvency Act 1986 (c. 45), oriithe Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)),which the Regulator has instituted or in which it has a right to be heard,ewith a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise of his professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner,fwith a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise by a public servant of his functions,gfor the purpose of enabling or assisting an authority in a country outside the United Kingdom to exercise functions corresponding to those of the Regulator under this Act, the Welfare Reform and Pensions Act 1999 (c. 30), the Pensions Act 1995 (c. 26) or the Pension Schemes Act 1993 (c. 48), orhin pursuance of assimilated law.3In subsection (2)(f), “public servant” means an officer or servant of the Crown or of any prescribed authority.4Section 82 does not preclude the disclosure by the Regulator of restricted information to—athe Director of Public Prosecutions,bthe Director of Public Prosecutions for Northern Ireland,cthe Lord Advocate,da procurator fiscal, orea constable.5Section 82 does not preclude the disclosure of restricted information in any case where the disclosure is required by or by virtue of an enactment.6Section 82 does not preclude the disclosure of restricted information in any case where the disclosure is to a Regulator-appointed trustee of an occupational pension scheme for the purpose of enabling or assisting him to exercise his functions in relation to the scheme.7In subsection (6), “Regulator-appointed trustee” means a trustee appointed by the Regulator under section 7 or 23(1) of the Pensions Act 1995 or any corresponding provision in force in Northern Ireland.8Section 82 does not preclude the disclosure by any person mentioned in subsection (1) or (4) of restricted information obtained by the person by virtue of that subsection, if the disclosure is made with the consent of the Regulator.9Section 82 does not preclude the disclosure by any person specified in the first column of Schedule 3 of restricted information obtained by the person by virtue of section 86(1), if the disclosure is made—awith the consent of the Regulator, andbfor the purpose of enabling or assisting the person to exercise any functions specified in relation to him in the second column of the Schedule.10Before deciding whether to give its consent to such a disclosure as is mentioned in subsection (8) or (9), the Regulator must take account of any representations made to it, by the person seeking to make the disclosure, as to the desirability of the disclosure or the necessity for it.11Section 18 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by subsection (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.<Substitution ChangeId="key-750471307c05f1c97d47718e762302fd-1583875080721" CommentaryRef="key-750471307c05f1c97d47718e762302fd">Tax information etc</Substitution>881This section applies to information held by the Revenue and Customs if it is held by them in connection with a function of the Revenue and Customs that relates to any of these matters—atax or duty;bnational insurance contributions;cthe national minimum wage.2An officer of Revenue and Customs may disclose to the Regulator information to which this section applies, if the disclosure is made for the purpose of enabling or assisting the Regulator to discharge its functions.3Where information to which this section applies is disclosed to the Regulator by virtue of subsection (2) above or section 19 of the Anti-terrorism, Crime and Security Act 2001 (disclosure of information held by revenue departments), it must, subject to subsections (4) and (5), be treated for the purposes of section 82 as restricted information.4Information to which this section applies which is disclosed to the Regulator as mentioned in subsection (3) may not be disclosed by the Regulator or any person who receives the information directly or indirectly from the Regulator except—ato, or in accordance with authority given by, the Commissioners for Her Majesty's Revenue and Customs,bwith a view to the institution of, or otherwise for the purposes of, any criminal proceedings,cwith a view to the institution of any other proceedings by the Regulator, or for the purposes of any such proceedings instituted by the Regulator,din accordance with section 84, otherwise than for the purposes of any proceedings, orein the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.5Accordingly sections 82(3), 83, 85 to 87 and 235, and paragraph 4 of Schedule 10, do not apply to such information, and section 84 applies subject to subsection (4)(d).6In subsection (4)(c) and (d), “proceedings” includes the issue of notices or any other enforcement action taken by the Regulator under Chapter 2 of Part 1 of the Pensions Act 2008 or any other enactment.7In this section “the Revenue and Customs” and a “function of the Revenue and Customs” have the same meaning as in section 18 of the Commissioners for Revenue and Customs Act 2005 (confidentiality).<Emphasis><Addition ChangeId="key-3a93ee0908fe99cdaeda34b15fdc5ebe-1638283279205" CommentaryRef="key-3a93ee0908fe99cdaeda34b15fdc5ebe">Financial penalties</Addition></Emphasis><Addition ChangeId="key-3a93ee0908fe99cdaeda34b15fdc5ebe-1638283279205" CommentaryRef="key-3a93ee0908fe99cdaeda34b15fdc5ebe">Financial penalties</Addition>88A1Where the Regulator is satisfied that by reason of an act this section applies to a person, the Regulator may issue a notice to the person requiring the person to pay a penalty in respect of that act of an amount specified in the notice within a period specified in the notice.2The amount of the penalty is to be an amount, not exceeding £1 million, determined by the Regulator.3Regulations may amend subsection (2) by substituting a higher amount for the amount for the time being specified in subsection (2).4The date on which the period specified in the notice ends must be at least 28 days after the date on which the notice is issued.5The notice must specify the provision by virtue of which the penalty is imposed.6Where—aa penalty under this section may, apart from this subsection, be imposed on a body corporate, andbthe act in question was done with the consent or connivance of a director, manager, secretary or other similar officer of the body or a person purporting to act in any such capacity,this section applies to that person.7Where the affairs of a body corporate are managed by its members, subsection (6) applies in relation to the acts of a member in connection with the member's functions of management as to a director of a body corporate.8Where—aa penalty under this section may, apart from this subsection, be imposed on a Scottish partnership, andbthe act in question was done with the consent or connivance of a partner,this section applies to that person.9If the Regulator requires a person to pay a penalty under this section by virtue of subsection (6) or (8), it may not also require the body corporate or the Scottish partnership to pay a penalty under this section in respect of the same act.10The Regulator may not issue a notice under this section to a person in relation to an act if—athe person has been convicted of an offence in respect of the same act, orbcriminal proceedings for the offence have been instituted against the person in respect of the act and the proceedings have not been concluded.11The Regulator may not issue a notice under this section to a person in respect of an act if the Regulator has required the person to pay a penalty under section 10 of the Pensions Act 1995 (civil penalties) in respect of the same act.12In this section “act” includes omission.<Addition ChangeId="key-3a93ee0908fe99cdaeda34b15fdc5ebe-1638283279205" CommentaryRef="key-3a93ee0908fe99cdaeda34b15fdc5ebe">Financial penalties: time for recovery</Addition>88B1Subsection (3) applies where—athe Regulator is satisfied that section 88A applies to a person by virtue of section 58C or 58D (financial penalty for avoidance of employer debt etc),bthe Regulator issues a notice under section 88A requiring the person to pay a penalty in respect of the act or failure to act in question, andcwhen the notice under section 88A is issued, the person is subject to one or more contribution notices issued under section 38 (contribution notices where avoidance of employer debt).2Subsection (3) does not apply if, when the notice under section 88A is issued, a qualifying insolvency event has occurred in relation to the employer in relation to the scheme by reference to which the penalty under section 88A is imposed.3The Regulator may not take any step to recover the penalty specified in the notice under section 88A (including accepting an amount offered in payment or part payment of the penalty) until after—athe relevant date relating to the contribution notice or (as the case may be) the latest of the relevant dates relating to the contribution notices, orbif sooner, the date on which a qualifying insolvency event occurs in relation to the employer in relation to the scheme by reference to which the penalty under section 88A is imposed.4In this section—“qualifying insolvency event” has the meaning given by section 127(3);“the relevant date” means, in relation to a contribution notice issued under section 38—the date specified under section 40(2A) for the purposes of sections 42A(2) and 42B(2), disregarding any date that has effect instead of that date by virtue of section 41(10A) or (11B), orif sooner, the date on which the sum specified in the contribution notice is paid.<Addition ChangeId="key-3a93ee0908fe99cdaeda34b15fdc5ebe-1638283279205" CommentaryRef="key-3a93ee0908fe99cdaeda34b15fdc5ebe">Financial penalties: recovery</Addition>88C1A penalty under section 88A is recoverable by the Regulator.2In England and Wales, such a penalty is, if the county court so orders, recoverable under section 85 of the County Courts Act 1984 or otherwise as if it were payable under an order of that court.3In Scotland, a notice to pay such a penalty is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.4The Regulator must pay into the Consolidated Fund a penalty recovered under this section.<Emphasis>Reports</Emphasis>Publishing reports etc891The Regulator may, if it considers it appropriate to do so in any particular case, publish a report of the consideration given by it to the exercise of its functions in relation to that case and the results of that consideration.2The publication of a report under subsection (1) may be in such form and manner as the Regulator considers appropriate.3For the purposes of the law of defamation, the publication of any matter by the Regulator is privileged unless the publication is shown to be made with malice.4Before making a report under this section which relates to a public service pension scheme, the Regulator must notify the scheme manager.<Addition ChangeId="key-f82daff7e57c53cb15620a225d3a9311-1597086157489" CommentaryRef="key-f82daff7e57c53cb15620a225d3a9311">Reports about misappropriation </Addition><Addition ChangeId="key-f82daff7e57c53cb15620a225d3a9311-1597086157489" CommentaryRef="key-f82daff7e57c53cb15620a225d3a9311">etc</Addition><Addition ChangeId="key-f82daff7e57c53cb15620a225d3a9311-1597086157489" CommentaryRef="key-f82daff7e57c53cb15620a225d3a9311"> in public service pension schemes</Addition>89A1If the Regulator has reasonable grounds to suspect or believe that a member of the pension board of a public service pension scheme—ahas misappropriated any assets of the scheme or is likely to do so, orbhas a conflict of interest in relation to investment of assets of the scheme,the Regulator must report the matter to the scheme manager.2For the purposes of the law of defamation, the reporting of any matter by the Regulator under subsection (1) is privileged unless the reporting is shown to be made with malice.3For the purposes of subsection (1)(b) a person does not have a conflict of interest in relation to investment of assets merely by virtue of membership of the scheme.<Emphasis>Codes of practice</Emphasis>Codes of practice901The Regulator may issue codes of practice—acontaining practical guidance in relation to the exercise of functions under the pensions legislation, andbregarding the standards of conduct and practice expected from those who exercise such functions.2The Regulator must issue one or more such codes of practice relating to the following matters—awhat constitutes a “reasonable” period for the purposes of any provision of the pensions legislation (other than any enactment contained in or made by virtue of Part 2) which requires any action to be taken within such a period;aathe circumstances in which the Regulator expects to issue contribution notices under section 38 as a result of being of the opinion that the material detriment test , the employer insolvency test or the employer resources test is met in relation to an act or failure;bthe discharge of the duty imposed by section 69 (duty to notify Regulator of certain events);bathe discharge of the duties imposed by section 69A (duty to give notices and statements to the Regulator in respect of certain events);cthe discharge of the duty imposed by section 70 (duty to report breaches of the law);dthe discharge of duties imposed on trustees or managers of occupational pension schemes by, or by virtue of, Part 3 (scheme funding);ethe discharge of the duties imposed by sections 241 and 242 (member-nominated trustees and directors);fthe obligations imposed by sections 247 and 248 (requirements for knowledge and understanding: individual and corporate trustees);gthe discharge of the duty imposed by section 49(9)(b) of the Pensions Act 1995 (c. 26) (duty of trustees or managers of occupational pension schemes to report material failures by employers to pay contributions deducted from employee’s earnings timeously);hthe discharge of the duties imposed by sections 67 to 67I of that Act (the subsisting rights provisions);ithe discharge of the duty imposed by section 88(1) of that Act (duties of trustees and managers of certain schemes to report failures to pay employer contributions etc timeously);jthe discharge of the duty imposed by section 111A(7A) of the Pension Schemes Act 1993 (c. 48) (duty of trustees or managers of personal pension schemes to report material failures to pay employer contributions timeously);jathe process for making an application for authorisation of a Master Trust scheme under Part 1 of the Pension Schemes Act 2017;jbthe matters that the Pensions Regulator expects to take into account in deciding whether it is satisfied that a Master Trust scheme meets the authorisation criteria under that Part (see section 5 of the Pension Schemes Act 2017);jcthe process for making an application under Part 1 of the Pension Schemes Act 2021 for authorisation of a collective money purchase scheme;jdthe matters that the Pensions Regulator expects to take into account in deciding whether it is satisfied that a pension scheme meets the authorisation criteria under that Part (see section 9 of the Pension Schemes Act 2021);ksuch other matters as are prescribed for the purposes of this section.3The Regulator may from time to time revise the whole or any part of a code of practice issued under this section and issue that revised code.4A failure on the part of any person to observe any provision of a code of practice issued under this section does not of itself render that person liable to any legal proceedings.This is subject to section 13(3)(a) and (8) (power for improvement notice to direct that person complies with code of practice and civil penalties for failure to comply).5A code of practice issued under this section is admissible in evidence in any legal proceedings and, if any provision of such a code appears to the court or tribunal concerned to be relevant to any question arising in the proceedings, it must be taken into account in determining that question.6In this section—“legal proceedings” includes proceedings of the Pensions Ombudsman, proceedings of the Ombudsman for the Board of the Pension Protection Fund and proceedings of the Board of the Pension Protection Fund under section 207 or 208; and“the pensions legislation” means any enactment contained in or made by virtue of—the Pension Schemes Act 1993 (c. 48),Part 1 of the Pensions Act 1995 (c. 26), other than sections 62 to 66A of that Act (equal treatment),Part 1 or section 33 of the Welfare Reform and Pensions Act 1999 (c. 30), ...this Act. Schedule 18 to the Pensions Act 2014, ...the Pension Schemes Act 2015 , ...the Pension Schemes Act 2017 , or Part 1 of the Pension Schemes Act 2021.7Sections 91 and 92 make provision about the procedure to be followed when a code of practice is issued or revoked under this section.8The Regulator may not issue codes of practice under this section in relation to a public service pension scheme (but see section 90A).<Addition ChangeId="key-d94d6c31babd7b6874e7525991978a42-1595103589980" CommentaryRef="key-d94d6c31babd7b6874e7525991978a42">Codes of practice: public service pension schemes</Addition>90A1The Regulator may, in relation to public service pension schemes, issue codes of practice—acontaining practical guidance in relation to the exercise of functions under relevant pensions legislation, andbregarding the standards of conduct and practice expected from those who exercise such functions.2The Regulator must issue one or more such codes of practice relating to the following matters—athe discharge of the duties imposed by sections 70 and 70A (duties to report breaches of the law and late payment of employer contributions);bthe obligations imposed by section 248A (requirements for knowledge and understanding: pension boards of public service pension schemes);cthe discharge of the duty imposed by section 249B (internal controls);dthe discharge of duties imposed under section 113 of the Pension Schemes Act 1993 (disclosure of information to members);ethe discharge of the duty imposed by section 49(9)(b) of the Pensions Act 1995 (duty of trustees or managers of occupational pension schemes to report material failures by employers to pay contributions deducted from employee's earnings timeously);fthe discharge of the duty imposed by section 50 of the Pensions Act 1995 (internal dispute resolution);gthe discharge of duties imposed by virtue of section 5(4) of the Public Service Pensions Act 2013 (pensions board: conflicts of interest and representation) and other duties relating to conflicts of interest;hthe discharge of duties imposed under section 6 (pension board: information) of that Act and other duties relating to the publication of information about governance and administration;ithe discharge of duties imposed under section 14 of that Act (information about benefits);jthe discharge of duties imposed under section 16 (records) of that Act and other duties relating to record-keeping;ksuch other matters as are prescribed for the purposes of this section.3The Regulator may from time to time revise the whole or any part of a code of practice issued under this section and issue that revised code.4A failure on the part of any person to observe any provision of a code of practice issued under this section does not of itself render that person liable to any legal proceedings.This is subject to section 13(3)(a) and (8) (power for improvement notice to direct that person complies with code of practice and civil penalties for failure to comply).5A code of practice issued under this section is admissible in evidence in any legal proceedings (within the meaning of section 90) and, if any provision of such a code appears to the court or tribunal concerned to be relevant to any question arising in the proceedings, it must be taken into account in determining that question.6A code of practice issued under this section may be—acombined with a code of practice issued under section 90;bcombined with one or more other codes of practice issued under this section.7A code of practice issued under this section may relate to all public service pension schemes or any one or more of them.8In this section, “relevant pensions legislation” means—athe enactments constituting “pensions legislation” within the meaning of section 90, andbsections 5(4) (pension board: conflicts of interest and representation), 6 (pension board: information), 14 (information about benefits) and 16 (records) of the Public Service Pensions Act 2013.9Sections 91 and 92 make provision about the procedure to be followed when a code of practice is issued or revoked under this section.Procedure for issue and publication of codes of practice911Where the Regulator proposes to issue a code of practice under section 90 or 90A it must prepare and publish a draft of the code.2Where the Regulator publishes a draft under subsection (1), it must consult—asuch persons as it considers appropriate, andbany other persons the Secretary of State requires it to consult.3Having considered any representations made on the draft, the Regulator must make such modifications to it as it considers appropriate.4Subsections (2) and (3) do not apply—ato a code made for the purpose only of consolidating other codes issued under section 90 or 90A, orbto a code if the Secretary of State considers consultation inexpedient by reason of urgency.5If the Regulator determines to proceed with a draft, it must send it to the Secretary of State who—aif he approves of it, must lay it before Parliament, andbif he does not approve of it, must publish details of his reasons for withholding approval.6Where a draft is laid before Parliament under subsection (5)(a)—aif within the period mentioned in subsection (7) either House so resolves, no further proceedings may be taken on the draft code;bif no such resolution is passed, the Regulator must issue the code in the form of the draft.7The period referred to in subsection (6)(a) is the period of 40 days—abeginning with the day on which the draft is laid before Parliament (or, if it is laid before the two Houses on different days, with the later of the two days), andbignoring any period during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.8The fact that no further proceedings may be taken on a draft code in accordance with subsection (6)(a) does not prevent the laying of a new draft.9A code issued in accordance with subsection (6)(b) shall come into effect on such day as the Secretary of State may by order appoint.Without prejudice to section 315, such an order may contain such transitional provisions or savings as appear to the Secretary of State to be necessary or expedient in connection with the code of practice brought into operation.10The Regulator must arrange for any code issued by it under section 90 or 90A to be published in the way appearing to it to be appropriate.11The Regulator may charge a reasonable fee for providing a person with a copy of a code published under this section.12This section applies to a revised code as it applies to the first issue of a code.Revocation of codes of practice921A code of practice under section 90 or 90A may be revoked by the Secretary of State by order.2An order under this section may be made only with the consent of the Regulator.3Without prejudice to section 315, an order under this section may contain such savings as appear to the Secretary of State to be necessary or expedient in connection with the revocation of the code.<Emphasis>Exercise of regulatory functions</Emphasis>The Regulator’s procedure in relation to its regulatory functions931The Regulator must determine the procedure that it proposes to follow in relation to the exercise of its regulatory functions.2For the purposes of this Part the “regulatory functions” of the Regulator are—athe power to issue an improvement notice under section 13,bthe power to issue a third party notice under section 14,bathe power to appoint a skilled person in relation to a public service pension scheme under section 14A,cthe reserved regulatory functions (see Schedule 2),dthe power to issue a clearance statement under section 42,ethe power to issue a notice under section 45(1) approving the details of arrangements,fthe power to issue a clearance statement under section 46,gthe power to vary or revoke under section 101 (to the extent that it does not fall within paragraph (c)),hthe power to make an order under section 154(8),ithe power to make an order under section 219(4),jthe power to grant or revoke authorisation under section 288,kthe power to grant or revoke approval under section 289,lthe power to issue a notice under section 293(5),mthe power by direction under section 2(3)(a) of the Welfare Reform and Pensions Act 1999 (c. 30) to refuse to register a scheme under section 2 of that Act,nthe power to make an order under section 7 of the Pensions Act 1995 (c. 26) appointing a trustee (to the extent that it does not fall within paragraph (c)),othe power to make an order under section 23 of that Act appointing an independent trustee,pthe power to give directions under section 72B of that Act (directions facilitating winding up), ...pathe power to give a direction under section 26(7) of the Pension Schemes Act 2017 (direction to submit implementation strategy for Master Trust scheme), ...pbthe power to give a direction under section 23(2) of the Pension Schemes Act 2021 (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme),pcthe power to give a notice under section 29(1) or (4) of that Act (risk notices),pdthe power to give a direction under section 29(6) of that Act (direction to implement proposals in a resolution plan),pethe power to give a direction under section 39(4) of that Act (direction to submit implementation strategy), andqsuch other functions of the Regulator as may be prescribed.3The Determinations Panel must determine the procedure to be followed by it in relation to any exercise by it on behalf of the Regulator of—athe power to determine whether to exercise a regulatory function, andbwhere the Panel so determines to exercise a regulatory function, the power to exercise the function in question.4The procedure determined under this section—amust provide for the procedure required under—isection 96 (standard procedure), andiisection 98 (special procedure), andbmay include such other procedural requirements as the Regulator or, as the case may be, the Panel considers appropriate.5This section is subject to—asections 99 to 104 (the remaining provisions concerning the procedure in relation to the regulatory functions), andbany regulations made by the Secretary of State under paragraph 19 of Schedule 1.Publication of procedure in relation to regulatory functions941The Regulator must issue a statement of the procedure determined under section 93.2The Regulator must arrange for the statement to be published in the way appearing to it to be appropriate.3The Regulator may charge a reasonable fee for providing a person with a copy of the statement.4If the procedure determined under section 93 is changed in a material way, the Regulator must publish a revised statement.5The Regulator must, without delay, give the Secretary of State a copy of any statement which it issues under this section.Application of standard and special procedure951The Regulator must comply with the standard procedure (see section 96) or, where section 97 applies, the special procedure (see section 98) in a case where—athe Regulator considers that the exercise of one or more of the regulatory functions may be appropriate, orban application is made under or by virtue of—iany of the provisions listed in section 10(6), oriiany prescribed provision of this or any other enactment,for the Regulator to exercise a regulatory function.2For the purposes of section 96, references to the regulatory action under consideration in a particular case are—ain a case falling within subsection (1)(a), references to the exercise of the one or more regulatory functions which the Regulator considers that it may be appropriate to exercise, andbin a case falling within subsection (1)(b), references to the exercise of the regulatory function which is the subject-matter of the application.3Neither section 96 (standard procedure) nor section 98 (special procedure) apply in relation to a determination whether to exercise a regulatory function on a review under section 99 (compulsory review of regulatory action).Standard procedure961The procedure determined under section 93 must make provision for the standard procedure.1AIn any case where—aa warning notice is given to any person in respect of a contribution notice under section 38, andbthe contribution notice under consideration would be issued wholly or partly by reference to the Regulator's opinion that the material detriment test , the employer insolvency test or the employer resources test is met in relation to an act or failure,the standard procedure must provide for the following matters.1BThe matters are—aa requirement for the warning notice to explain the general effect of section 38B, 38D or 38F (as the case may be) andba requirement for the person to be given an opportunity before the contribution notice is issued to show the matters mentioned in section 38B(2), 38D(2) and (3) or 38F(2) (as the case may be).2The “standard procedure” is a procedure which provides for—athe giving of notice to such persons as it appears to the Regulator would be directly affected by the regulatory action under consideration (a “warning notice”),bthose persons to have an opportunity to make representations,cthe consideration of any such representations and the determination whether to take the regulatory action under consideration,dthe giving of notice of the determination to such persons as appear to the Regulator to be directly affected by it (a “determination notice”),ethe determination notice to contain details of the right of referral to the Tribunal under subsection (3),fthe form and further content of warning notices and determination notices and the manner in which they are to be given, andgthe time limits to be applied at any stage of the procedure.3Where the standard procedure applies, the determination which is the subject-matter of the determination notice may be referred to the Tribunal ... by—aany person to whom the determination notice is given as required under subsection (2)(d), andbany other person who appears to the Tribunal to be directly affected by the determination.4Subsection (3) does not apply where the determination which is the subject-matter of the determination notice is a determination to issue a clearance statement under section 42 or 46.5Where the determination which is the subject-matter of the determination notice is a determination to exercise a regulatory function and subsection (3) applies, the Regulator must not exercise the function—aduring the period within which the determination may be referred to the Tribunal ..., andbif the determination is so referred, until the reference, and any appeal against the Tribunal’s determination, has been finally disposed of.6Subsection (5) does not apply where the determination is a determination to exercise any of the following functions—athe power to make a direction under section 76(8) extending the retention period for documents taken into possession under section 75;bthe power to make a direction under section 78(10) extending the retention period for documents taken into possession under that section;cthe power to make an order under section 154(8);dthe power to make an order under section 219(4);ethe power to grant or revoke authorisation under section 288;fthe power to grant or revoke approval under section 289;gthe power to issue a notice under section 293(5);hthe power to make an order under section 3(1) of the Pensions Act 1995 (c. 26) prohibiting a person from being a trustee;ithe power to make an order under section 3(3) of that Act revoking such an order;iathe power under section 3A(3) of that Act to give a notice waiving a prohibition;jthe power to make an order under section 4(1) of that Act suspending a trustee;kthe power to make an order under section 4(2) of that Act extending the period for which an order under section 4(1) of that Act has effect;lthe power to make an order under section 4(5) of that Act revoking an order under section 4(1) of that Act suspending a trustee;mthe power to make an order under section 7 of that Act appointing a trustee;nthe power under section 9 of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee;othe power to make an order under section 23 of that Act appointing an independent trustee;pthe power under section 29(5) of that Act to give a notice waiving a disqualification under section 29 of that Act;qthe power under section 30(2) of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under section 29 of that Act;rthe power to give directions under section 72B of that Act facilitating a winding up;sthe power by direction under section 99(4) of the Pension Schemes Act 1993 (c. 48) to grant an extension of the period within which the trustees or managers of a scheme are to carry out certain duties;tthe power by direction under section 101J(2) of that Act to extend the period for compliance with a transfer notice;usuch other regulatory functions as may be prescribed;vthe power under section 101(1)(b) to vary or revoke in relation to the exercise of any of the regulatory functions mentioned in paragraphs (a) to (u) other than those mentioned in paragraph (i) or (l).6ASubsection (6B) applies in relation to a warning notice given to a person—ain respect of a contribution notice under section 38, orbin respect of a financial support direction under section 43.6BRegulations may provide that no determination notice in respect of the contribution notice or the financial support direction may be given after the end of the prescribed period beginning with the day on which the warning notice is given.7In this section “the Tribunal”, in relation to any reference under subsection (3), means—athe First-tier Tribunal, in any case where it is determined by or under Tribunal Procedure Rules that the First-tier Tribunal is to hear the reference;bthe Upper Tribunal, in any other case.Special procedure: applicable cases971The special procedure in section 98 (and not the standard procedure) applies to—aa case falling within subsection (2),ba case falling within subsection (3), andca case falling within subsection (4).2A case falls within this subsection if—athe Regulator considers that it may be necessary to exercise a regulatory function listed in subsection (5) immediately because there is, or the Regulator considers it likely that if a warning notice were to be given there would be, an immediate risk to—ithe interests of members under an occupational or personal pension scheme, oriithe assets of such a scheme,bthe Regulator accordingly dispenses with the giving of a warning notice and an opportunity to make representations as described in section 96(2)(a) and (b), andcthe Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—ithe interests of members under an occupational or personal pension scheme, oriithe assets of such a scheme.3A case falls within this subsection if—athe Regulator gives a warning notice as described in section 96(2)(a) in relation to a determination whether to exercise a regulatory function listed in subsection (5), andbbefore it has considered the representations of those persons to whom the warning notice is given, the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—ithe interests of members under an occupational or personal pension scheme, oriithe assets of such a scheme.4A case falls within this subsection if the Regulator—agives a warning notice as described in section 96(2)(a) in relation to a determination whether to exercise a regulatory function which—iis listed in subsection (5), andiiis not a function listed in section 96(6) (functions which may be exercised immediately under the standard procedure),bconsiders the representations of those persons to whom the warning notice is given, andcdetermines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—ithe interests of members under an occupational or personal pension scheme, oriithe assets of such a scheme.5The regulatory functions referred to in subsections (2), (3) and (4) are—athe power to make or extend a restraining order under section 20;bthe power to make a freezing order under section 23;cthe power to make an order under section 25(3) extending the period for which a freezing order has effect;dthe power to make an order under section 26 validating action taken in contravention of a freezing order;ethe power to make an order under section 28 directing that specified steps are taken;fthe power to make an order under section 30 giving a direction where a freezing order ceases to have effect;gthe power to make an order under section 31(3) directing the notification of members;hthe power to make an order under section 231 modifying a scheme, giving directions or imposing a schedule of contributions;ithe power to make an order under section 3(1) of the Pensions Act 1995 (c. 26) prohibiting a person from being a trustee;jthe power to make an order under section 3(3) of that Act revoking such an order;jathe power under section 3A(3) of that Act to give a notice waiving a prohibition;kthe power to make an order under section 4(1) of that Act suspending a trustee;lthe power to make an order under section 4(5) of that Act revoking such an order;mthe power to make an order under section 7 of that Act appointing a trustee;nthe power under section 9 of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee;othe power to make an order under section 11 of that Act directing or authorising an occupational pension scheme to be wound up;pthe power to make an order under section 23 of that Act appointing an independent trustee;qthe power under section 29(5) of that Act to give a notice waiving a disqualification under section 29 of that Act;rthe power under section 30(2) of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under section 29 of that Act;sthe power to make an order under section 67G(2) of that Act by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent;tthe power to make an order under section 67H(2) of that Act prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme;taa power under section 24H of the Pension Schemes Act 1993;tbthe power to withdraw authorisation of a Master Trust scheme under section 19 of the Pension Schemes Act 2017;tcthe power to make a pause order under section 31 of that Act;tdthe power to make an order under paragraph 2(2) of Schedule 1 to that Act extending the period for which a pause order has effect;tethe power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order;tfthe power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers;tgthe power under section 30 of the Pension Schemes Act 2021 to withdraw authorisation of a collective money purchase scheme;ththe power to make a pause order under section 44 of that Act;tithe power to make an order under paragraph 2(2) of Schedule 2 to that Act extending the period for which a pause order has effect;tjthe power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order;tkthe power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers;usuch other regulatory functions as may be prescribed;vthe power under section 101(1)(b) to vary or revoke in relation to the exercise of any of the regulatory functions mentioned in paragraphs (a) to (u) other than those mentioned in paragraph (j) or (l).Special procedure981The procedure determined under section 93 must make provision for the special procedure.2The “special procedure” is a procedure which provides for—athe giving of notice of the determination to exercise the regulatory function to such persons as appear to the Regulator to be directly affected by it (a “determination notice”),bthe determination notice to contain details of the requirement for the Regulator to review the determination under section 99(1) and of any subsequent right of referral to the Tribunal under section 99(7),cthe persons to whom the determination notice was given (as required under paragraph (a)) to have an opportunity to make representations in relation to the determination before it is reviewed under section 99(1),dthe consideration of any such representations before the determination on the review,ethe giving of a notice in accordance with section 99(4) of the determination on the review (a “final notice”),fthe final notice to contain details of the right of referral to the Tribunal under section 99(7),gthe form and further content of determination notices and final notices and the manner in which they are to be given, andhthe time limits to be applied at any stage of the procedure.Compulsory review991In a case where the special procedure applies, the Regulator must review the determination to exercise the regulatory function.2The review must be determined as soon as reasonably practicable.3The Regulator’s powers on a review under this section include power to—aconfirm, vary or revoke the determination,bconfirm, vary or revoke any order, notice or direction made, issued or given as a result of the determination,csubstitute a different determination, order, notice or direction,ddeal with the matters arising on the review as if they had arisen on the original determination, andemake savings and transitional provision.4When the Regulator has completed a review under this section a notice of its determination on the review must be given to such persons as appear to it to be directly affected by its determination on the review.5If the final notice contains a determination to exercise a different regulatory function to the function which was the subject-matter of the determination notice, then the final notice may not be given unless—asuch persons as appear to the Regulator to be directly affected by the exercise of the regulatory function have been given an opportunity to make representations, andbthe Regulator has considered any such representations before it makes its determination on the review.6Subsection (5) does not apply if the regulatory function is listed in section 97(5) and the Regulator determines to exercise it immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—athe interests of members under an occupational or personal pension scheme, orbthe assets of such a scheme.7The determination which is the subject-matter of a final notice may be referred to the Tribunal ... by—aany person to whom the final notice is given as required under subsection (4), andbany other person who appears to the Tribunal to be directly affected by the determination.8Where that determination is a determination to exercise a different regulatory function to the function which was the subject-matter of the determination notice, the Regulator must not exercise the regulatory function—aduring the period within which the determination may be referred to the Tribunal ..., andbif the determination is so referred, until the reference, and any appeal against the Tribunal’s determination, has been finally disposed of.9Subsection (8) does not apply where—athe regulatory function in question is a function listed in section 96(6) (functions which may be exercised immediately under the standard procedure), orbthe regulatory function in question is a function listed in section 97(5) (functions which may be exercised immediately under the special procedure) and the Regulator determines to exercise it immediately on the basis described in subsection (6).10The functions of the Regulator under this section are exercisable on behalf of the Regulator by the Determinations Panel (and are not otherwise exercisable by or on behalf of the Regulator).11The Panel must determine the procedure that it proposes to follow in relation to the exercise of those functions.12Section 94 (publication of Regulator’s procedure) applies in relation to the procedure determined under subsection (11) as it applies to the procedure determined under section 93 (procedure in relation to the regulatory functions).13In this section “the Tribunal”, in relation to any reference under subsection (7), means—athe First-tier Tribunal, in any case where it is determined by or under Tribunal Procedure Rules that the First-tier Tribunal is to hear the reference;bthe Upper Tribunal, in any other case.Duty to have regard to the interests of members etc1001The Regulator must have regard to the matters mentioned in subsection (2)—awhen determining whether to exercise a regulatory function—iin a case where the requirements of the standard or special procedure apply, oriion a review under section 99, andbwhen exercising the regulatory function in question.2Those matters are—athe interests of the generality of the members of the scheme to which the exercise of the function relates, andbthe interests of such persons as appear to the Regulator to be directly affected by the exercise.Powers to vary or revoke orders, notices or directions etc1011The Regulator may vary or revoke—aany determination by the Regulator whether to exercise a regulatory function, orbany order, notice or direction made, issued or given by the Regulator in the exercise of a regulatory function.2Subsection (1)(b) does not apply to—aan order under section 3(3) of the Pensions Act 1995 (c. 26) revoking a prohibition order under that section,ban order under section 4(5) of that Act revoking a suspension order under that section,ca direction under section 2(3) of the Welfare Reform and Pensions Act 1999 (c. 30) refusing to register a scheme under section 2 of that Act or removing a scheme from the register of stakeholder pension schemes, ordsuch other orders, notices or directions made, issued or given by the Regulator, in the exercise of a regulatory function, as may be prescribed.3A variation or revocation of an order, a notice or a direction must be made by an order, a notice or a direction (as the case may be).4A variation or revocation made under this section must take effect from a specified time which must not be a time earlier than the time when the variation or revocation is made.5The power to vary or revoke under this section—ais not to be treated for the purposes of subsection (1) as a regulatory function, andbis in addition to any such power which is conferred on the Regulator by, or by virtue of, this or any other enactment.<Substitution ChangeId="key-16c26161858e9ea27d9914c4aac5d983-1593533115231" CommentaryRef="key-16c26161858e9ea27d9914c4aac5d983">References to a tribunal</Substitution>The Pensions Regulator Tribunal102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Addition ChangeId="key-41772a253c1756889291734f0c73ce4d-1593537697962" CommentaryRef="key-41772a253c1756889291734f0c73ce4d">Offences</Addition>102A1This section applies in respect of proceedings before a tribunal in relation to a decision of the Regulator.2A person is guilty of an offence if that person, without reasonable excuse, refuses or fails—ato attend following the issue of a summons by the tribunal; orbto give evidence.3A person guilty of an offence under subsection (2) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.4A person is guilty of an offence if that person, without reasonable excuse—aalters, suppresses, conceals or destroys a document which that person is or is liable to be required to produce for the purposes of proceedings before the tribunal; orbrefuses to produce a document when so required.5A person guilty of an offence under subsection (4) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both.6In this section “document” includes information recorded in any form and, in relation to information recorded otherwise than in a legible form, references to its production include references to producing a copy of the information in a legible form, or in a form from which it can readily be produced in a legible form.References <Substitution ChangeId="key-3230980680bb0e24142a9ea256a476b6-1593533558817" CommentaryRef="key-3230980680bb0e24142a9ea256a476b6">in relation to decisions of Regulator</Substitution> 1031. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2AThis section applies to references to a tribunal in relation to a decision of the Regulator.3On a reference, the tribunal concerned may consider any evidence relating to the subject-matter of the reference, whether or not it was available to the Regulator at the material time.4On a reference, the tribunal concerned must determine what (if any) is the appropriate action for the Regulator to take in relation to the matter referred to it .5On determining a reference, the tribunal concerned must remit the matter to the Regulator with such directions (if any) as it considers appropriate for giving effect to its determination.6Those directions may include directions to the Regulator—aconfirming the Regulator’s determination and any order, notice or direction made, issued or given as a result of it;bto vary or revoke the Regulator’s determination, and any order, notice or direction made, issued or given as a result of it;cto substitute a different determination, order, notice or direction;dto make such savings and transitional provision as the tribunal concerned considers appropriate.7The Regulator must act in accordance with the determination of, and any direction given by, the tribunal concerned (and accordingly sections 96 to 99 (standard and special procedure) do not apply).8The tribunal concerned may, on determining a reference, make recommendations as to the procedure followed by the Regulator or the Determinations Panel.9An order of the tribunal concerned may be enforced—aas if it were an order of the county court, orbin Scotland, as if it were an order of the Court of Session.Appeal on a point of law104. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redetermination etc by the Tribunal105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Legal assistance scheme1061The Lord Chancellor may by regulations establish a scheme governing the provision of legal assistance in connection with proceedings before a tribunal in relation to a decision of the Regulator.2The legal assistance scheme may, in particular, make provision as to—athe kinds of legal assistance that may be provided;bthe persons by whom legal assistance may be provided;cthe manner in which applications for legal assistance are to be made;dthe criteria on which eligibility for legal assistance is to be determined;ethe persons or bodies by whom applications are to be determined;fappeals against refusals of applications;gthe revocation or variation of decisions;hits administration and the enforcement of its provisions.3Legal assistance under the scheme may be provided subject to conditions or restrictions.4Those conditions may include conditions as to the making of contributions by the person to whom the assistance is provided.5The Lord Chancellor must fund, out of money provided by Parliament, the costs of the scheme including the costs of legal assistance provided under it.6In this Part “the legal assistance scheme” means any scheme in force by virtue of subsection (1).Part 2The Board of the Pension Protection FundChapter 1The Board<Emphasis>Establishment</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>The Board of the Pension Protection Fund107There shall be a body corporate called the Board of the Pension Protection Fund (in this Act referred to as “the Board”).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Membership of the Board1081The Board is to consist of the following members—aa chairman,bthe Chief Executive of the Board, andcat least five other persons (“ordinary members”).2The chairman must not be appointed from the staff of the Board or be the chairman of the Regulator.3The number of ordinary members must not exceed any maximum number which may be prescribed.4At least two ordinary members must be appointed from the staff of the Board.5No member of the Determinations Panel established by the Regulator under section 9, or member of the staff of the Regulator, is eligible for appointment as a member of the Board.6Any power to appoint ordinary members must be exercised so as to secure that a majority of the members of the Board are non-executive members.7In this Part—areferences to executive members of the Board are to—ithe Chief Executive, andiithe ordinary members appointed from the staff of the Board, andbreferences to non-executive members of the Board are to members who are not executive members.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Further provision about the Board109Schedule 5 makes further provision about the Board, including provision as to—the appointment of members,the terms of appointment, tenure and remuneration of members,the appointment of the Chief Executive and other staff,the proceedings of the Board,its accounts, andthe status and liability of the Board, its members and staff.<Emphasis>General provision about functions</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Board’s functions1101The Board must hold, manage and apply, in accordance with this Part and any provision in force in Northern Ireland corresponding to it—aa fund to be known as the Pension Protection Fund, andba fund to be known as the Fraud Compensation Fund.2Sections 175 and 189 make provision for contributions to those funds to be levied by the Board.3The Board also has such other functions as are conferred on it by, or by virtue of, this or any other enactment.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Supplementary powers111The Board may do anything which—ais calculated to facilitate the exercise of its functions, orbis incidental or conducive to their exercise.<Emphasis>Non-executive functions</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Non-executive functions1121The functions listed in subsection (4) (in this Part referred to as “the non-executive functions”) are functions of the Board.2The Board must establish a committee to discharge the non-executive functions on its behalf.3Only non-executive members of the Board may be members of that committee.4The non-executive functions are—athe duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;bthe duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;cthe duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;dthe duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.5The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Board’s annual report to the Secretary of State under section 119.6The committee’s report must relate to the same period as that covered by the Board’s report.7The members of any sub-committee of the committee (established by virtue of paragraph 15(2) of Schedule 5)—amay include persons who are not members of the committee, butbmust not include persons who are executive members or other staff of the Board.8The committee may authorise any of its sub-committees to discharge on its behalf—aany of the non-executive functions;bthe duty to prepare a report under subsection (5).<Emphasis>Financial matters</Emphasis><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Investment of funds1131The Board may invest for the purposes of the prudent management of its financial affairs.2When exercising the power conferred by subsection (1) in relation to the Pension Protection Fund, the Board must have regard to—athe interests of persons who are or may become entitled to compensation under the pension compensation provisions (see section 162) or any corresponding provisions in force in Northern Ireland, andbthe effect of the exercise of the power on the rate of any levy which may be imposed under section 174 or 175 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.3When exercising the power conferred by subsection (1) in relation to the Fraud Compensation Fund, the Board must have regard to—athe interests of members of occupational pension schemes in relation to which section 189(1), or any corresponding provision in force in Northern Ireland, applies, andbthe effect of the exercise of the power on the level of any levy which may be imposed under section 189 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.4For the purposes of subsection (1) there must be at least two fund managers.5For this purpose “fund manager” means an individual who or firm which is appointed by the Board to manage the fund maintained under section 173 (the Pension Protection Fund).6The Board must not appoint an individual or firm as a fund manager unless it is satisfied—ain the case of an individual, that the individual has the appropriate knowledge and experience for managing the investments of the Pension Protection Fund, orbin the case of a firm, that arrangements are in place to secure that any individual who will exercise functions which the firm has as fund manager will, at the time he exercises those functions, have the appropriate knowledge and experience for managing the investments of that Fund.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Investment principles1141The Board must secure—athat a statement of investment principles is prepared and maintained, 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” means a written statement of the investment principles governing determinations about investments made by or on behalf of the Board.3Before preparing or revising a statement of investment principles, the Board 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.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Borrowing1151The Board may—aborrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;bgive security for any money borrowed by it.2The Board may not borrow under this section if the effect would be—ato take the aggregate amount outstanding in respect of the principal of sums borrowed by it under this section over its borrowing limit, orbto increase the amount by which the aggregate amount so outstanding exceeds that limit.3In this section—“borrowing limit” means such limit as the Secretary of State may specify by order;“deposit-taker” means—a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ......4The definition of “deposit-taker” in subsection (3) must be read with—asection 22 of the Financial Services and Markets Act 2000,bany relevant order under that section, andcSchedule 2 to that Act.<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">Loans made by the Secretary of State</Addition>115A1The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any corresponding provision in force in Northern Ireland.2A loan under this section may be made on such terms (including as to repayment and interest) as the Secretary of State may determine.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Grants116The Secretary of State may pay the Board out of money provided by Parliament such sums as he may determine towards any of its expenses, other than expenditure which by virtue of section 173(3) or 188(3) is payable out of—athe Pension Protection Fund, orbthe Fraud Compensation Fund.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Administration levy1171Regulations may provide for the imposition of a levy (“administration levy”) in respect of eligible schemes (see section 126) for the purpose of meeting—aexpenditure of the Secretary of State relating to the establishment of the Board;bany expenditure of the Secretary of State under section 116.2An administration levy is payable to the Secretary of State by or on behalf of—athe trustees or managers of an eligible scheme, orbany other prescribed person.3An administration levy is payable at the prescribed rate and at prescribed times.4Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.5An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.6An amount so payable is recoverable by the Secretary of State or, if he so determines, by the Regulator on his behalf.7Without prejudice to the generality of subsections (1), (5) and (6), regulations under this section may include provision relating to—athe collection and recovery of amounts payable by way of levy under this section;bthe circumstances in which any such amount may be waived.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Fees1181Regulations may authorise the Board—ato charge prescribed fees;bto charge fees sufficient to meet prescribed costs.2Regulations under subsection (1) may prescribe, or authorise the Board to determine, the time at which any fee is due.3Any fee which is owed to the Board by virtue of regulations under this section may be recovered as a debt due to the Board.<Emphasis>Annual reports</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Annual reports to Secretary of State1191The Board must prepare a report for each financial year.2Each report—amust deal with the activities of the Board in the financial year for which it is prepared, including the matters mentioned in subsection (3), andbmust include the report prepared under subsection (5) of section 112 by the committee established under that section.3The matters referred to in subsection (2)(a) are—athe strategic direction of the Board and the manner in which it has been kept under review;bthe steps taken to scrutinise the performance of the Chief Executive in securing that the Board’s functions are exercised efficiently and effectively;cthe Board’s objectives and targets and the steps taken to monitor the extent to which they are being met.4The Board must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.5The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.6In this section “financial year” means—athe period beginning with the date on which the Board is established and ending with the next following 31st March, andbeach successive period of 12 months.Chapter 2Information relating to employer’s insolvency etc<Emphasis>Insolvency events</Emphasis><CommentaryRef Ref="key-e25d1842d6b512faa1f51b9bf55e6c53"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Duty to notify insolvency events in respect of employers1201This section applies where, in the case of an occupational pension scheme, an insolvency event occurs in relation to the employer.2The insolvency practitioner in relation to the employer must give a notice to that effect within the notification period to—athe Board,bthe Regulator, andcthe trustees or managers of the scheme.3For the purposes of subsection (2) the “notification period” is the prescribed period beginning with the later of—athe insolvency date, andbthe date the insolvency practitioner becomes aware of the existence of the scheme.4A notice under this section must be in such form and contain such information as may be prescribed.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Insolvency event, insolvency date and insolvency practitioner1211In this Part each of the following expressions has the meaning given to it by this section—“insolvency event”“insolvency date”“insolvency practitioner”.2An insolvency event occurs in relation to an individual where—ahe is made bankrupt or sequestration of his estate has been awarded;bthe nominee in relation to a proposal for a voluntary arrangement under Part 8 of the Insolvency Act 1986 (c. 45) submits a report to the court under section 256(1) or 256A(3) of that Act which states that in his opinion the individual’s creditors should consider the debtor’s proposal;c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .dhe executes a trust deed for his creditors or enters into a composition contract;ehe has died and—ian insolvency administration order is made in respect of his estate in accordance with an order under section 421 of the Insolvency Act 1986, oriia judicial factor appointed under section 11A of the Judicial Factors (Scotland) Act 1889 (c. 39) is required by that section to divide the individual’s estate among his creditors.3An insolvency event occurs in relation to a company where—athe nominee in relation to a proposal for a voluntary arrangement under Part 1 of the Insolvency Act 1986 submits a report to the court under section 2 of that Act (procedure where nominee is not the liquidator or administrator) which states that in his opinion the proposal should be considered by a meeting of the company and by the company’s creditors; bthe directors of the company file (or in Scotland lodge) with the court documents and statements in accordance with paragraph 7(1) of Schedule A1 to that Act (moratorium where directors propose voluntary arrangement);can administrative receiver within the meaning of section 251 of that Act is appointed in relation to the company;dthe company enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Act;ea resolution is passed for a voluntary winding up of the company without a declaration of solvency under section 89 of that Act;fa winding up becomes a creditors’ voluntary winding up under section 96 of that Act (conversion to creditors’ voluntary winding up);gan order for the winding up of the company is made by the court under Part 4 or 5 of that Act.4An insolvency event occurs in relation to a partnership where—aan order for the winding up of the partnership is made by the court under any provision of the Insolvency Act 1986 (c. 45) (as applied by an order under section 420 of that Act (insolvent partnerships));bsequestration is awarded on the estate of the partnership under section 22 of the Bankruptcy (Scotland) Act 2016 or the partnership grants a trust deed for its creditors;cthe nominee in relation to a proposal for a voluntary arrangement under Part 1 of the Insolvency Act 1986 (as applied by an order under section 420 of that Act) submits a report to the court under section 2 of that Act (procedure where nominee is not the liquidator or administrator) which states that in his opinion the proposal should be considered by a meeting of the members of the partnership and by the partnership’s creditors; dthe members of the partnership file with the court documents and statements in accordance with paragraph 7(1) of Schedule A1 to that Act (moratorium where directors propose voluntary arrangement) (as applied by an order under section 420 of that Act);ethe partnership enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Act (as applied by an order under section 420 of that Act).5An insolvency event also occurs in relation to a person where an event occurs which is a prescribed event in relation to such a person.6Except as provided by subsections (2) to (5), for the purposes of this Part an event is not to be regarded as an insolvency event in relation to a person.7The Secretary of State may by order amend subsection (4)(e) to make provision consequential upon any order under section 420 of the Insolvency Act 1986 (insolvent partnerships) applying the provisions of Part 2 of that Act (administration) as amended by the Enterprise Act 2002 (c. 40).8“Insolvency date”, in relation to an insolvency event, means the date on which the event occurs.9“Insolvency practitioner”, in relation to a person, means—aa person acting as an insolvency practitioner, in relation to that person, in accordance with section 388 of the Insolvency Act 1986;bin such circumstances as may be prescribed, a person of a prescribed description.10In this section—“company” means a company as defined in section 1(1) of the Companies Act 2006 or a company which may be wound up under Part 5 of the Insolvency Act 1986 (c. 45) (unregistered companies);“person acting as an insolvency practitioner”, in relation to a person, includes the official receiver acting as receiver or manager of any property of that person.11In applying section 388 of the Insolvency Act 1986 under subsection (9) above—a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .bsection 388(5) (which includes provision that nothing in the section applies to anything done by the official receiver or the Accountant in Bankruptcy) must be ignored.<Emphasis>Status of scheme</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Insolvency practitioner’s duty to issue notices confirming status of scheme1221This section applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.2An insolvency practitioner in relation to the employer must—aif he is able to confirm that a scheme rescue is not possible, issue a notice to that effect (a “scheme failure notice”), orbif he is able to confirm that a scheme rescue has occurred, issue a notice to that effect (a “withdrawal notice”).3Subsection (4) applies where—ain prescribed circumstances, insolvency proceedings in relation to the employer are stayed or come to an end, orba prescribed event occurs.4If a person who was acting as an insolvency practitioner in relation to the employer immediately before this subsection applies has not been able to confirm in relation to the scheme—athat a scheme rescue is not possible, orbthat a scheme rescue has occurred,he must issue a notice to that effect.5For the purposes of this section—aa person is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph, andba person is able to confirm that a scheme rescue is not possible, in relation to such a scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph.6Where an insolvency practitioner or former insolvency practitioner in relation to the employer issues a notice under this section, he must give a copy of that notice to—athe Board,bthe Regulator, andcthe trustees or managers of the scheme.7A person must comply with an obligation imposed on him by subsection (2), (4) or (6) as soon as reasonably practicable.8Regulations may require notices issued under this section—ato be in a prescribed form;bto contain prescribed information.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Approval of notices issued under section 1221231This section applies where the Board receives a notice under section 122(6) (“the section 122 notice”).2The Board must determine whether to approve the section 122 notice.3The Board must approve the section 122 notice if, and only if, it is satisfied—athat the insolvency practitioner or former insolvency practitioner who issued the notice was required to issue it under that section, andbthat the notice complies with any requirements imposed by virtue of subsection (8) of that section.4Where the Board makes a determination for the purposes of subsection (2), it must issue a determination notice and give a copy of that notice to—athe Regulator,bthe trustees or managers of the scheme,cthe insolvency practitioner or the former insolvency practitioner who issued the section 122 notice,dany insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), andeif there is no insolvency practitioner in relation to the employer, the employer.5In subsection (4) “determination notice” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed.<Emphasis>Board’s duties</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Board’s duty where there is a failure to comply with section 1221241This section applies where in relation to an occupational pension scheme—athe Board determines under section 123 not to approve a notice issued under section 122 by an insolvency practitioner or former insolvency practitioner in relation to the employer, orban insolvency practitioner or former insolvency practitioner in relation to the employer fails to issue a notice under section 122 and the Board is satisfied that such a notice ought to have been issued under that section.2The obligations on the insolvency practitioner or former insolvency practitioner imposed by subsections (2) and (4) of section 122 are to be treated as obligations imposed on the Board and the Board must accordingly issue a notice as required under that section.3Subject to subsections (4) and (5), where a notice is issued under section 122 by the Board by virtue of this section, it has effect as if it were a notice issued under section 122 by an insolvency practitioner or, as the case may be, former insolvency practitioner in relation to the employer.4Where a notice is issued under section 122 by virtue of this section, section 122(6) does not apply and the Board must, as soon as reasonably practicable, give a copy of the notice to—athe Regulator,bthe trustees or managers of the scheme,cthe insolvency practitioner or former insolvency practitioner mentioned in subsection (1),dany insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), andeif there is no insolvency practitioner in relation to the employer, the employer.5Where the Board—ais required to issue a notice under section 122 by virtue of this section, andbis satisfied that the notice ought to have been issued at an earlier time,it must specify that time in the notice and the notice is to have effect as if it had been issued at that time.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Binding notices confirming status of scheme1251Subject to subsection (2), for the purposes of this Part, a notice issued under section 122 is not binding until—athe Board issues a determination notice under section 123 approving the notice,bthe period within which the issue of the determination notice under that section may be reviewed by virtue of Chapter 6 has expired, andcif the issue of the determination notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the determination notice has not been revoked, varied or substituted.2Where a notice is issued under section 122 by the Board by virtue of section 124, the notice is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.3Where a notice issued under section 122 becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—athe Regulator,bthe trustees or managers of the scheme,cthe insolvency practitioner or former insolvency practitioner who issued the notice under section 122 or, where that notice was issued by the Board by virtue of section 124, the insolvency practitioner or former insolvency practitioner mentioned in subsection (1) of that section,dany insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), andeif there is no insolvency practitioner in relation to the employer, the employer.4A notice under subsection (3)—amust be in the prescribed form and contain such information as may be prescribed, andbwhere it is given in relation to a withdrawal notice issued under section 122(2)(b) which has become binding, must state the time from which the Board ceases to be involved with the scheme (see section 149).Chapter 3Pension protection<Emphasis>Eligible schemes</Emphasis><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Eligible schemes1261Subject to the following provisions of this section, in this Part references to an “eligible scheme” are to an occupational pension scheme which—ais not a money purchase scheme, andbis not a prescribed scheme or a scheme of a prescribed description.1AWhere a scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this Part as a separate money purchase scheme.2A scheme is not an eligible scheme if it is being wound up immediately before the day appointed by the Secretary of State by order for the purposes of this subsection.3Regulations may provide that where—aan assessment period begins in relation to an eligible scheme (see section 132), andbafter the beginning of that period, the scheme ceases to be an eligible scheme,the scheme is, in such circumstances as may be prescribed, to be treated as remaining an eligible scheme for the purposes of such of the provisions mentioned in subsection (4) as may be prescribed.4Those provisions are—aany provision of this Part, andbany other provision of this Act in which “eligible scheme” has the meaning given by this section.5Regulations may also provide that a scheme which would be an eligible scheme in the absence of this subsection is not an eligible scheme in such circumstances as may be prescribed.<Emphasis>Circumstances in which Board assumes responsibility for eligible schemes</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Duty to assume responsibility for schemes following insolvency event1271This section applies where a qualifying insolvency event has occurred in relation to the employer in relation to an eligible scheme.2The Board must assume responsibility for the scheme in accordance with this Chapter if—athe value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see sections 131 and 143),bafter the relevant time a scheme failure notice is issued under section 122(2)(a) in relation to the scheme and that notice becomes binding, andca withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—ibeginning with the occurrence of the qualifying insolvency event, andiiending immediately before the issuing of the scheme failure notice under section 122(2)(a),and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see section 149).3For the purposes of this section, in relation to an eligible scheme an insolvency event (“the current event”) in relation to the employer is a qualifying insolvency event if—ait occurs on or after the day appointed under section 126(2), andbit—iis the first insolvency event to occur in relation to the employer on or after that day, oriidoes not occur within an assessment period (see section 132) in relation to the scheme which began before the occurrence of the current event.4For the purposes of this section—athe reference in subsection (2)(a) to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, andb“the relevant time” means the time immediately before the qualifying insolvency event occurs.5This section is subject to sections 146 and 147 (cases where Board must refuse to assume responsibility for a scheme).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Duty to assume responsibility for schemes following application or notification1281This section applies where, in relation to an eligible scheme, the trustees or managers of the scheme—amake an application under subsection (1) of section 129 (a “section 129 application”), orbreceive a notice from the Board under subsection (5)(a) of that section (a “section 129 notification”).2The Board must assume responsibility for the scheme in accordance with this Chapter if—athe value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see sections 131 and 143),bafter the relevant time the Board issues a scheme failure notice under section 130(2) in relation to the scheme and that notice becomes binding, andca withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—ibeginning with the making of the section 129 application or, as the case may be, the receipt of the section 129 notification, andiiending immediately before the issuing of the scheme failure notice under section 130(2),and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see section 149).3In subsection (2)—athe reference in paragraph (a) to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, andb“the relevant time” means the time immediately before the section 129 application was made or, as the case may be, the section 129 notification was received.4An application under section 129(1) or notification under section 129(5)(a) is to be disregarded for the purposes of subsection (1) if it is made or given during an assessment period (see section 132) in relation to the scheme which began before the application was made or notification was given.5This section is subject to sections 146 and 147 (cases where Board must refuse to assume responsibility for a scheme).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Applications and notifications for the purposes of section 1281291Where the trustees or managers of an eligible scheme become aware that—athe employer in relation to the scheme is unlikely to continue as a going concern, andbthe prescribed requirements are met in relation to the employer,they must make an application to the Board for it to assume responsibility for the scheme under section 128.2Where the Board receives an application under subsection (1), it must give a copy of the application to—athe Regulator, andbthe employer.3An application under subsection (1) must—abe in the prescribed form and contain the prescribed information, andbbe made within the prescribed period.4Where the Regulator becomes aware that—athe employer in relation to an eligible scheme is unlikely to continue as a going concern, andbthe requirements mentioned in subsection (1)(b) are met in relation to the employer,it must give the Board a notice to that effect.5Where the Board receives a notice under subsection (4), it must—agive the trustees or managers of the scheme a notice to that effect, andbgive the employer a copy of that notice.6The duty imposed by subsection (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that subsection by reason of a notice given to them under subsection (5).7The duty imposed by subsection (4) does not apply where the Regulator becomes aware as mentioned in that subsection by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under subsection (2).8Regulations may require notices under this section to be in the prescribed form and contain the prescribed information.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Board’s duty where application or notification received under section 1291301This section applies where the Board—areceives an application under subsection (1) of section 129 and is satisfied that paragraphs (a) and (b) of that subsection are satisfied in relation to the application, orbis notified by the Regulator under section 129(4).2If the Board is able to confirm that a scheme rescue is not possible, it must as soon as reasonably practicable issue a notice to that effect (a “scheme failure notice”).3If the Board is able to confirm that a scheme rescue has occurred, it must as soon as reasonably practicable issue a notice to that effect (a “withdrawal notice”).4The Board must, as soon as reasonably practicable, give a copy of any notice issued under subsection (2) or (3) to—athe Regulator,bthe trustees or managers of the scheme, andcthe employer.5For the purposes of this section—athe Board is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, it is able to confirm such matters as are prescribed for the purposes of this paragraph, andbthe Board is able to confirm that a scheme rescue is not possible in relation to such a scheme if, and only if, it is able to confirm such matters as are prescribed for the purposes of this paragraph.6For the purposes of this Part a notice issued under subsection (2) or (3) is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.7Where a notice issued under subsection (2) or (3) becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—athe Regulator,bthe trustees or managers of the scheme, andcthe employer.8Notices under this section must be in the prescribed form and contain such information as may be prescribed.9A notice given under subsection (7) in relation to a withdrawal notice under subsection (3) which has become binding must state the time from which the Board ceases to be involved with the scheme (see section 149).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Protected liabilities1311For the purposes of this Chapter the protected liabilities, in relation to an eligible scheme, at a particular time (“the relevant time”) are—athe cost of securing benefits for and in respect of members of the scheme which correspond to the compensation which would be payable, in relation to the scheme, in accordance with the pension compensation provisions (see section 162) if the Board assumed responsibility for the scheme in accordance with this Chapter,bliabilities of the scheme which are not liabilities to, or in respect of, its members, andcthe estimated cost of winding up the scheme.2For the purposes of determining the cost of securing benefits within subsection (1)(a), references in sections 140 to 142 and Schedule 7 (pension compensation provisions) to the assessment date are to be read as references to the date on which the time immediately after the relevant time falls.<Emphasis>Restrictions on schemes during the assessment period</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Assessment periods1321In this Part references to an assessment period are to be construed in accordance with this section.2Where, in relation to an eligible scheme, a qualifying insolvency event occurs in relation to the employer, an assessment period—abegins with the occurrence of that event, andbends when—ithe Board ceases to be involved with the scheme (see section 149),iithe trustees or managers of the scheme receive a transfer notice under section 160, oriiithe conditions in section 154(2) (no scheme rescue but sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,whichever first occurs.3In subsection (2) “qualifying insolvency event” has the meaning given by section 127(3).4Where, in relation to an eligible scheme, an application is made under section 129(1) or a notification is received under section 129(5)(a), an assessment period—abegins when the application is made or the notification is received, andbends when—ithe Board ceases to be involved with the scheme (see section 149),iithe trustees or managers of the scheme receive a transfer notice under section 160, oriiithe conditions in section 154(2) (no scheme rescue but sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,whichever first occurs.5For the purposes of subsection (4) an application under section 129(1) or notification under section 129(5)(a) is to be disregarded if it is made or given during an assessment period in relation to the scheme which began before the application was made or notification was given.6This section is subject to section 159 (which provides for further assessment periods to begin in certain circumstances where schemes are required to wind up or continue winding up under section 154).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Admission of new members, payment of contributions etc1331This section applies where there is an assessment period in relation to an eligible scheme.2No new members of any class may be admitted to the scheme during the assessment period.3Except in prescribed circumstances and subject to prescribed conditions, no further contributions (other than those due to be paid before the beginning of the assessment period) may be paid towards the scheme during the assessment period.4Any obligation to pay contributions towards the scheme during the assessment period (including any obligation under section 49(8) of the Pensions Act 1995 (c. 26) to pay amounts deducted corresponding to such contributions) is to be read subject to subsection (3) and section 150 (obligation to pay contributions when assessment period ends).5No benefits may accrue under the scheme rules to, or in respect of, members of the scheme during the assessment period.6Subsection (5) does not prevent any increase, in a benefit, which would otherwise accrue in accordance with the scheme or any enactment.This subsection is subject to section 138 (which limits the scheme benefits payable during an assessment period).7Subsection (5) does not prevent the accrual of money purchase benefits to the extent that they are derived from income or capital gains arising from the investment of payments which are made by, or in respect of, a member of the scheme.8Where a person is entitled to a pension credit derived from another person’s shareable rights under the scheme, nothing in this section prevents the trustees or managers of the scheme discharging their liability in respect of the credit under Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (c. 30) (sharing of rights under pension arrangements) by conferring appropriate rights under the scheme on that person.9In subsection (8)—“appropriate rights” has the same meaning as in paragraph 5 of Schedule 5 to that Act (pension credits: mode of discharge);“shareable rights” has the same meaning as in Chapter 1 of Part 4 of that Act (sharing of rights under pension arrangements).10Any action taken in contravention of this section is void.11Disregarding subsection (10), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager of a scheme who fails to take all reasonable steps to secure compliance with this section.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Directions1341This section applies where there is an assessment period in relation to an eligible scheme.2With a view to ensuring that the scheme’s protected liabilities do not exceed its assets or, if they do exceed its assets, that the excess is kept to a minimum, the Board may give a relevant person in relation to the scheme directions regarding the exercise during that period of his powers in respect of—athe investment of the scheme’s assets,bthe incurring of expenditure,cthe instigation or conduct of legal proceedings, anddsuch other matters as may be prescribed.3In subsection (2)—a“relevant person” in relation to a scheme means—ithe trustees or managers of the scheme,iithe employer in relation to the scheme, oriiisuch other persons as may be prescribed, andbthe reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules.4The Board may revoke or vary any direction under this section.5Where a direction under this section given to the trustees or managers of a scheme is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any such trustee or manager who has failed to take all reasonable steps to secure compliance with the direction.6That section also applies to any other person who, without reasonable excuse, fails to comply with a direction given to him under this section.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Restrictions on winding up, discharge of liabilities etc1351This section applies where there is an assessment period in relation to an eligible scheme.2Subject to subsection (3), the winding up of the scheme must not begin during the assessment period.3Subsection (2) does not apply to the winding up of the scheme in pursuance of an order by the Regulator under section 11(3A) of the Pensions Act 1995 (Regulator’s powers to wind up occupational pension schemes to protect Pension Protection Fund) directing the scheme to be wound up (and section 219 makes provision for the backdating of the winding up).4During the assessment period, except in prescribed circumstances and subject to prescribed conditions—zano right or entitlement of any member, or of any other person in respect of a member, to a benefit that is not a money purchase benefit is to be converted into, or replaced with, a right or entitlement to a money purchase benefit under the scheme rules,ano transfers of, or transfer payments in respect of, any member’s rights under the scheme rules are to be made from the scheme, andbno other steps may be taken to discharge any liability of the scheme to or in respect of a member of the scheme in respect of—ipensions or other benefits, oriisuch other liabilities as may be prescribed.5Subsection (4)—ais subject to section 138, andbapplies whether or not the scheme was being wound up immediately before the assessment period or began winding up by virtue of subsection (3).6Subsection (7) applies where, on the commencement of the assessment period—aa member’s pensionable service terminates, andbhe becomes a person to whom Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (c. 48) (early leavers: cash transfer sums and contribution refunds) applies.Section 150(5) (retrospective accrual of benefits in certain circumstances) is to be disregarded for the purposes of determining whether a member falls within paragraph (a) or (b).7Where this subsection applies, during the assessment period—ano right or power conferred by that Chapter may be exercised, andbno duty imposed by that Chapter may be discharged.8Where a person is entitled to a pension credit derived from another person’s shareable rights (within the meaning of Chapter 1 of Part 4 under of the Welfare Reform and Pensions Act 1999 (c. 30) (sharing of rights under pension arrangements)) under the scheme, nothing in subsection (4) prevents the trustees or managers of the scheme discharging their liability in respect of the credit in accordance with that Chapter.9Any action taken in contravention of this section is void, except to the extent that the Board validates the action (see section 136).10Disregarding subsection (9), where there is a contravention of this section, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance with this section.11The Regulator may not make a freezing order (see section 23) in relation to the scheme during the assessment period.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Power to validate contraventions of section 1351361The Board may validate an action for the purposes of section 135(9) only if it is satisfied that to do so is consistent with the objective of ensuring that the scheme’s protected liabilities do not exceed its assets or, if they do exceed its assets, that the excess is kept to a minimum.2Where the Board determines to validate, or not to validate, any action of the trustees or managers for those purposes, it must issue a notice to that effect and give a copy of that notice to—athe Regulator,bthe trustees or managers of the scheme,cany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer, anddany other person who appears to the Board to be directly affected by the determination.3A notice under subsection (2) must contain a statement of the Board’s reasons for the determination.4The validation of an action does not take effect—auntil—ithe Board has issued a notice under subsection (2) relating to the determination, andiithe period within which the issue of that notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed, until—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of.5In subsection (1) the reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Board to act as creditor of the employer1371Subsection (2) applies where there is an assessment period in relation to an eligible scheme.2During the assessment period, the rights and powers of the trustees or managers of the scheme in relation to any debt (including any contingent debt) due to them by the employer, whether by virtue of section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets) or otherwise, are exercisable by the Board to the exclusion of the trustees or managers.3Where, by virtue of subsection (2), any amount is paid to the Board in respect of such a debt, the Board must pay that amount to the trustees or managers of the scheme.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Payment of scheme benefits1381Subsections (2) , (2A) and (3) apply where there is an assessment period in relation to an eligible scheme.2The benefits payable to or in respect of any member under the scheme rules during the assessment period must be reduced to the extent necessary to ensure that they do not exceed the compensation which would be payable to or in respect of the member in accordance with this Chapter if—athe Board assumed responsibility for the scheme in accordance with this Chapter, andbthe assessment date referred to in Schedule 7 were the date on which the assessment period began.2ABenefits in the form of a lump sum may be paid to or in respect of a member under the scheme rules during the assessment period only in the circumstances in which, and to the extent to which, lump sum compensation would be payable to or in respect of the member in accordance with this Chapter if—athe Board assumed responsibility for the scheme in accordance with this Chapter, andbthe assessment date referred to in Schedule 7 were the date on which the assessment period began.3... where, on the commencement of the assessment period—aa member’s pensionable service terminates, andbhe becomes a person to whom Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (c. 48) (early leavers: cash transfer sums and contribution refunds) applies,no benefits are payable to or in respect of him under the scheme during the assessment period.4Section 150(5) (retrospective accrual of benefits in certain circumstances) is to be disregarded for the purposes of determining whether a member falls within paragraph (a) or (b) of subsection (3).5Nothing in subsection (3) prevents the payment of benefits attributable (directly or indirectly) to a pension credit, during the assessment period, in accordance with subsections (2) and (2A) .6Where at any time during the assessment period the scheme is being wound up, subject to any reduction required under subsection (2) and to subsections (2A) and (3) , the benefits payable to or in respect of any member under the scheme rules during that period are the benefits that would have been so payable in the absence of the winding up of the scheme.7Subsections (2), (2A), (3) and (6) are subject to sections 150(1) to (3) and 154(13) (which provide for the adjustment of amounts paid during an assessment period when that period ends other than as a result of the Board assuming responsibility for the scheme).8For the purposes of subsections (2) , (2A) and (3) the trustees or managers of the scheme may take such steps as they consider appropriate (including steps adjusting future payments under the scheme rules) to recover any overpayment or pay any shortfall.9Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager of a scheme who fails to take all reasonable steps to secure compliance with subsections (2) to (3) .9ARegulations may make provision as to circumstances in which benefits in the form of a lump sum are to be treated for the purposes of subsection (2A) as being paid in the circumstances in which lump sum compensation would be payable in accordance with this Chapter.9BRegulations may create exceptions to subsection (2A).10Regulations may provide that, where there is an assessment period in relation to an eligible scheme—ain such circumstances as may be prescribed subsection (2) does not operate to require the reduction of benefits payable to or in respect of any member;bthe commencement of a member’s pension or payment of a member’s lump sum or other benefits is, in such circumstances and on such terms and conditions as may be prescribed, to be postponed for the whole or any part of the assessment period for which he continues in employment after attaining normal pension age.11For the purposes of subsection (10)—a“normal pension age”, in relation to an eligible scheme and any pension or other benefit under it, means the age specified in the scheme rules as the earliest age at which the pension or other benefit becomes payable without actuarial adjustment (disregarding any scheme rule making special provision as to early payment on the grounds of ill health), andbwhere different ages are so specified in relation to different parts of a pension or other benefit—isubsection (10) has effect as if those parts were separate pensions or, as the case may be, benefits, andiiin relation to a part of a pension or other benefit, the reference in that subsection to normal pension age is to be read as a reference to the age specified in the scheme rules as the earliest age at which that part becomes so payable.12Regulations may provide that, in prescribed circumstances, where—aa member of the scheme died before the commencement of the assessment period, andbduring the assessment period, a person becomes entitled under the scheme rules to a benefit of a prescribed description in respect of the member,the benefit, or any part of it, is, for the purposes of subsections (2) and (2A) , to be treated as having become payable before the commencement of the assessment period.13Nothing in subsection (2) , (2A) or (3) applies to money purchase benefits.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Loans to pay scheme benefits1391Subsection (2) applies where section 138(2) applies in relation to an eligible scheme.2Where the Board is satisfied that the trustees or managers of the scheme are not able to pay benefits under the scheme rules (reduced in accordance with section 138(2)) as they fall due, it may, on an application by the trustees or managers, lend to them such amounts as the Board considers appropriate for the purpose of enabling them to pay those benefits.3Where an amount lent to the trustees or managers of a scheme under subsection (2) is outstanding at—athe time the Board ceases to be involved with the scheme, orbif earlier—ithe time during the assessment period when an order is made under section 11(3A) of the Pensions Act 1995 (c. 26) directing the winding up of the scheme, oriiwhere no such order is made during that period, the time when the assessment period ends because the conditions in section 154(2) or (5) are satisfied,that amount, together with the appropriate interest on it, falls to be repaid by the trustees or managers of the scheme to the Board at that time.4No loan may be made under subsection (2) after the time mentioned in subsection (3)(b)(i).5In subsection (2) the reference to “benefits” does not include money purchase benefits.6In subsection (3) “the appropriate interest” on an amount lent under subsection (2) means interest at the prescribed rate from the time the amount was so lent until repayment.7Subject to this section, the Board may make a loan under subsection (2) on such terms as it thinks fit.<Emphasis>Ill health pensions</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Reviewable ill health pensions1401This section applies where there is an assessment period in relation to an eligible scheme.2The Board may review a reviewable ill health pension in respect of a member if—adisregarding section 141, the member would be entitled to compensation under paragraph 3 of Schedule 7 in respect of the pension if the Board assumed responsibility for the scheme,bthe member did not attain normal pension age in respect of the pension before the assessment date, andcthe pension is attributable to the member’s pensionable service.3An ill health pension in respect of a member is reviewable for the purposes of subsection (2) if the member is entitled to the pension by reason of an award under the scheme rules (“the award”) which was made—ain the period of three years ending immediately before the assessment date, orbbefore the end of the prescribed period beginning with the assessment date, in response to an application made before that date.4Where—abefore the assessment date, an application was made under the scheme for the award of a pension before normal pension age by virtue of any provision of the scheme rules making special provision as to early payment of pension on grounds of ill health, andbthe trustees or managers of the scheme failed to decide the application before the end of the period mentioned in subsection (3)(b),section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure that the application was decided before the end of that period.5Where—athe award was made in response to an application which—iwas made on or after the assessment date, oriiwas made before that date but not decided by the trustees or managers of the scheme before the end of the period mentioned in subsection (3)(b), andbin the absence of this subsection, the award would take effect before the assessment date,the award is, for the purposes of determining the compensation payable under this Chapter in a case where the Board assumes responsibility for the scheme, to be treated as taking effect after the date on which the decision to make the award was made.6Regulations must prescribe the procedure to be followed in relation to the review of a pension under this section and any subsequent decision under section 141.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Effect of a review1411This section applies where, during an assessment period in relation to an eligible scheme, the Board reviews an ill health pension by virtue of section 140.2Where the conditions of subsection (3) are satisfied, the Board may determine that the compensation payable in respect of the pension, in a case where the Board assumes responsibility for the scheme, is to be determined in the prescribed manner on and after the relevant date.3The conditions are—athat the annual rate of compensation which would be payable under this Part in respect of the pension at the assessment date, if the Board assumed responsibility for the scheme, exceeds the notional reviewed rate of compensation in respect of the pension,bthat the Board is satisfied—ithat the decision to make the award was made in ignorance of, or was based upon a mistake as to, a material fact relevant to the decision,iithat, at the time that decision was made, the member knew or could reasonably have been expected to know of that fact and that it was relevant to the decision, andiiithat, had the trustees or managers known about, or not been mistaken as to, that fact, they could not reasonably have decided to make the award, andcthat the Board is not satisfied that the criteria in the admissible rules governing entitlement to early payment of pension on grounds of ill health were satisfied in respect of the member at any time after that decision but before the assessment date.4For the purposes of subsection (2) “the relevant date” means the date during the assessment period on which a determination under section 143(2)(a) or a scheme valuation in relation to the scheme becomes binding.5The power to make a decision in respect of the pension under subsection (2) may only be exercised at a time which falls—aduring the assessment period but before the time the Board first makes a determination under section 143(2)(a) or approves a scheme valuation under section 144 in relation to the scheme, andbwithin a reasonable period beginning with the assessment date or, where the decision to make the award was made at a later date, that date.6Regulations made for the purposes of subsection (2) may, in particular, include provision applying any provision of Schedule 7 with such modifications as may be prescribed.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Sections 140 and 141: interpretation1421For the purposes of sections 140 and 141—“admissible rules” is to be construed in accordance with Schedule 7;“assessment date” means the date on which the assessment period begins;“ill health pension”, in relation to a scheme, means a pension which, immediately before the assessment date, is a pension to which a person is entitled under the admissible rules in circumstances where that entitlement arose before normal pension age by virtue of any provision of the admissible rules making special provision as to early payment of pension on grounds of ill health;“normal pension age”, in relation to a scheme and any pension under it, means the age specified in the admissible rules as the earliest age at which the pension becomes payable without actuarial adjustment (disregarding any admissible rule making special provision as to early payment on the grounds of ill health) and sub-paragraphs (2) and (3) of paragraph 34 of Schedule 7 apply in relation to this section as they apply in relation to that Schedule;“notional reviewed rate of compensation”, in respect of an ill health pension, means—the annual rate of compensation which would be payable in respect of the pension at the assessment date, if the Board assumed responsibility for the scheme and the compensation so payable at that date was determined in accordance with regulations under section 141(2), orif no such compensation would have been so payable at that date, nil;“pensionable service” is to be construed in accordance with Schedule 7;“scheme valuation”, in relation to a scheme, means a valuation under section 143(2)(b) of the assets and protected liabilities of the scheme as at the time immediately before the assessment period begins.2For the purposes of section 140(4)—athe definition of “normal pension age” in subsection (1), andbsub-paragraphs (2) and (3) of paragraph 34 of Schedule 7 as they apply by virtue of that definition,have effect as if the references in those provisions to the admissible rules were references to the scheme rules.3Paragraph 37(4) of Schedule 7 (references to “ill health” to be construed in accordance with regulations) applies in relation to sections 140 and 141 and this section as if, in that provision, the reference to that Schedule included a reference to those sections and this section.4In those sections references to the Board assuming responsibility for the scheme are to the Board assuming responsibility for the scheme in accordance with this Chapter at the time the assessment period in question comes to an end.<Emphasis>Valuation of assets and liabilities</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Board’s obligation to obtain valuation of assets and protected liabilities1431This section applies in a case within subsection (1) of section 127 or 128.2The Board must, as soon as reasonably practicable—adetermine whether the condition in subsection (2)(a) of the section in question is satisfied, orbfor the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.2ABefore doing so, it must give a notice stating whether it will make a determination under subsection (2)(a) or obtain an actuarial valuation under subsection (2)(b) to—athe trustees or managers of the scheme, andbany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3For the purposes of this section, regulations may provide that any of the following are to be regarded as assets or protected liabilities of the scheme at the relevant time if prescribed requirements are met—aa debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55 during the pre-approval period;ban obligation arising under financial support for the scheme (within the meaning of section 45) put in place during the pre-approval period in accordance with a financial support direction issued under section 43;can obligation imposed by a restoration order made under section 52 during the pre-approval period in respect of a transaction involving assets of the scheme.4For the purposes of a determination made under subsection (2)(a) or an actuarial valuation obtained under subsection (2)(b), regulations may prescribe how—athe assets and the protected liabilities of eligible schemes, andbtheir amount or value,are to be determined, calculated and verified.5Regulations under subsection (4) may provide, in particular, that when calculating the amount or value of assets or protected liabilities of an eligible scheme at the relevant time which consist of any of the following—aa debt (including any contingent debt) due to the trustees or managers of the scheme from the employer under section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets),ba debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55,can obligation arising under financial support for the scheme (within the meaning of section 45) put in place in accordance with a financial support direction issued under section 43, ordan obligation imposed by a restoration order made under section 52 in respect of a transaction involving assets of the scheme,account must be taken in the prescribed manner of prescribed events which occur during the pre-approval period.5ASubsection (5B) applies if–aduring the pre-approval period any liability to provide pensions or other benefits to or in respect of any member or members under the scheme is discharged by virtue of regulations under section 135(4) or the Board validating any action mentioned in section 135(9), andbat the relevant time the protected liabilities of the scheme include any cost within section 131(1)(a) relating to compensation in respect of those pensions or other benefits.5BIf this subsection applies, for the purposes of this section–ain determining that cost the effect of the discharge on the compensation payable in respect of those pensions or other benefits under paragraph 23A of Schedule 7 must be taken into account,bin a case where assets of the scheme at the relevant time were transferred from the scheme during the pre-approval period in consideration for the discharge, those assets are not to be regarded as assets of the scheme at the relevant time, andcin a case where assets that were not assets of the scheme at that time (“later-acquired assets”) were so transferred, the value of the assets of the scheme at that time is to be reduced by the value of the later-acquired assets at the time of the discharge.5CThe Board must issue a statement setting out how (subject to any provision made under subsection (4)) it will make determinations under subsection (2)(a).6Subject to any provision made under subsection (4), for the purposes of an actuarial valuation obtained under subsection (2)(b) the matters mentioned in subsection (4)(a) and (b) are to be determined, calculated and verified in accordance with guidance issued by the Board.7In calculating the amount of any liabilities for the purposes of this section, a provision of the scheme rules which limits the amount of the scheme’s liabilities by reference to the value of its assets is to be disregarded.8The duty imposed by subsection (2) ceases to apply if and when the Board ceases to be involved with the scheme.9Nothing in subsection (2) requires a determination to be made, or an actuarial valuation to be obtained during any period when the Board considers that an event may occur which, by virtue of regulations under subsection (3) or (4) or by virtue of subsection (5B), may affect the value of the assets or the amount of the protected liabilities of the scheme for the purposes of the determination or the valuation.10In a case where there are one or more reviewable ill health pensions (within the meaning of section 140), nothing in subsection (2) requires a determination to be made, or an actuarial valuation to be obtained during the period mentioned in section 141(5)(b) (period during which Board may exercise its power to make a decision following a review) relating to any such pension.11For the purposes of this section—a“actuarial valuation”, in relation to the scheme, means a written valuation of the assets and protected liabilities of the scheme which—iis in the prescribed form and contains the prescribed information, andiiis prepared and signed by—aa person with prescribed qualifications or experience, orba person approved by the Secretary of State,b“the pre-approval period”, in relation to the scheme, means the period which—ibegins immediately after the relevant time, andiiends immediately before the time the Board first makes a determination under subsection (2)(a) or approves a valuation of the scheme under section 144 after the relevant time,c“the relevant time”—iin a case within subsection (1) of section 127, has the meaning given in subsection (4)(b) of that section, andiiin a case within subsection (1) of section 128, has the meaning given in subsection (3)(b) of that section, anddreferences to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.<Addition ChangeId="key-0edc76f94172939eb0bab2ff3f33d9f6-1594736206070" CommentaryRef="key-0edc76f94172939eb0bab2ff3f33d9f6">Determinations under section 143</Addition>143A1Where the Board makes a determination under section 143(2)(a) it must give a copy of the determination to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.2For the purposes of this Chapter a determination under section 143(2)(a) is not binding until—athe period within which the determination may be reviewed by virtue of Chapter 6 has expired, andbif the determination is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the determination, andiiiany appeal against the PPF Ombudsman's determination or directions,has been finally disposed of.3For the purposes of determining whether or not the condition in section 127(2)(a) or, as the case may be, section 128(2)(a) (condition that scheme assets are less than protected liabilities) is satisfied in relation to a scheme, a binding determination under section 143(2)(a) is conclusive.This subsection is subject to section 172(3) and (4) (treatment of fraud compensation payments).4Where a determination under section 143(2)(a) becomes binding under this section the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding determination to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.5A notice under subsection (4) must be in the prescribed form and contain the prescribed information.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Approval of valuation1441This section applies where the Board obtains a valuation in respect of a scheme under section 143(2)(b).2Where the Board is satisfied that the valuation has been prepared in accordance with section 143, it must—aapprove the valuation, andbgive a copy of the valuation to—ithe Regulator,iithe trustees or managers of the scheme, andiiiany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3Where the Board is not so satisfied, it must obtain another valuation under that section.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Binding valuations1451For the purposes of this Chapter a valuation obtained under section 143(2)(b) is not binding until—ait is approved under section 144,bthe period within which the approval may be reviewed by virtue of Chapter 6 has expired, andcif the approval is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the approval, andiiiany appeal against his determination or directions,has been finally disposed of.2For the purposes of determining whether or not the condition in section 127(2)(a) or, as the case may be, section 128(2)(a) (condition that scheme assets are less than protected liabilities) is satisfied in relation to a scheme, a binding valuation is conclusive.This subsection is subject to section 172(3) and (4) (treatment of fraud compensation payments).3Where a valuation becomes binding under this section the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding valuation to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.4A notice under subsection (3) must be in the prescribed form and contain the prescribed information.<Emphasis>Refusal to assume responsibility</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Schemes which become eligible schemes1461Regulations may provide that where the Board is satisfied that an eligible scheme was not such a scheme throughout such period as may be prescribed, the Board must refuse to assume responsibility for the scheme under this Chapter.2Where, by virtue of subsection (1), the Board is required to refuse to assume responsibility for a scheme, it—amust issue a notice to that effect (a “withdrawal notice”), andbgive a copy of that notice to—ithe Regulator,iithe trustees or managers of the scheme, andiiiany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3For the purposes of this Part a withdrawal notice issued by virtue of this section is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.4Where a withdrawal notice issued by virtue of this section becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.5Notices under this section must be in the prescribed form and contain such information as may be prescribed.6A notice given under subsection (4) must state the time from which the Board ceases to be involved with the scheme (see section 149).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>New schemes created to replace existing schemes1471The Board must refuse to assume responsibility for a scheme (“the new scheme”) under this Chapter where it is satisfied that—athe new scheme was established during such period as may be prescribed,bthe employer in relation to the new scheme was, at the date of establishment of that scheme, also the employer in relation to a scheme established before the new scheme (the “old scheme”),ca transfer or transfers of, or a transfer payment or transfer payments in respect of, any rights of members under the old scheme has or have been made to the new scheme, anddthe main purpose or one of the main purposes of establishing the new scheme and making the transfer or transfers, or transfer payment or transfer payments, was to enable those members to receive compensation under the pension compensation provisions in respect of their rights under the new scheme in circumstances where, in the absence of the transfer or transfers, regulations under section 146 would have operated to prevent such payments in respect of their rights under the old scheme.2Where, under subsection (1), the Board is required to refuse to assume responsibility for a scheme, it—amust issue a notice to that effect (a “withdrawal notice”), andbgive a copy of that notice to—ithe Regulator,iithe trustees or managers of the scheme, andiiiany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3For the purposes of this Part a withdrawal notice issued under this section is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.4Where a withdrawal notice issued under this section becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.5Notices under this section must be in the prescribed form and contain such information as may be prescribed.6A notice given under subsection (4) must state the time from which the Board ceases to be involved with the scheme (see section 149).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Withdrawal following issue of section 122(4) notice1481This section applies where—aa notice under section 122(4) (inability to confirm status of scheme) is issued in relation to an eligible scheme and becomes binding, andba withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—ibeginning with the occurrence of the last insolvency event in relation to the employer, andiiending immediately before the notice under section 122(4) becomes binding,and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see section 149).2The Board must determine whether any insolvency event—ahas occurred in relation to the employer since the issue of the notice under section 122(4), orbis likely to so occur before the end of the period of six months beginning with the date on which this section applies.3If the Board determines under subsection (2) that no insolvency event has occurred or is likely to occur as mentioned in that subsection, it must issue a notice to that effect (a “withdrawal notice”).4Where—ano withdrawal notice is issued under subsection (3) before the end of the period mentioned in subsection (2)(b), andbno further insolvency event occurs in relation to the employer during that period,the Board must issue a notice to that effect (a “withdrawal notice”).5Where the Board is required to issue a withdrawal notice under this section, it must give a copy of the notice to—athe Regulator,bthe trustees or managers of the scheme, andcthe employer.6For the purposes of this Part, a withdrawal notice issued under this section is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.7Where a withdrawal notice issued under this section becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—athe Regulator,bthe trustees or managers of the scheme, andcthe employer.8Notices under this section must be in the prescribed form and contain such information as may be prescribed.9A notice given under subsection (7) must state the time from which the Board ceases to be involved with the scheme (see section 149).<Emphasis>Cessation of involvement with a scheme</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Circumstances in which Board ceases to be involved with an eligible scheme1491Where an assessment period begins in relation to an eligible scheme, the Board ceases to be involved with the scheme, for the purposes of this Part, on the occurrence of the first withdrawal event after the beginning of that period.2For this purpose the following are withdrawal events in relation to a scheme—aa withdrawal notice issued under section 122(2)(b) (scheme rescue has occurred) becoming binding;ba withdrawal notice issued under section 130(3) (scheme rescue has occurred) becoming binding;ca withdrawal notice issued under or by virtue of section 146 or 147 (refusal to assume responsibility) becoming binding;da withdrawal notice issued under section 148 (no insolvency event has occurred or is likely to occur) becoming binding;and references in this Chapter to a “withdrawal event” are to be construed accordingly.3Subsection (4) applies where a withdrawal notice mentioned in subsection (2) is issued in relation to a scheme and becomes binding and—aan insolvency event in relation to the employer occurs during the interim period and, if subsection (4) did not apply, the event would not be a qualifying insolvency event within the meaning given by subsection (3) of section 127 solely because the condition in sub-paragraph (ii) of paragraph (b) of that subsection would not be satisfied, orban application under section 129(1) is made, or a notification under section 129(5)(a) is given, in relation to the scheme during the interim period and, if subsection (4) did not apply, the application or notification would be disregarded for the purposes of—isubsection (1) of section 128 by virtue of subsection (4) of that section, andiisubsection (4) of section 132 by virtue of subsection (5) of that section.4In such a case, the withdrawal notice is to be treated for the purposes of subsections (1) and (2), as if the time when it became binding was the time immediately before—ain a case falling within subsection (3)(a), the occurrence of the insolvency event, andbin a case falling within subsection (3)(b), the making of the application under section 129(1) or, as the case may be, the giving of the notification under section 129(5)(a).5For the purposes of subsection (3), the “interim period” in relation to a scheme means the period beginning with the issuing of the withdrawal notice in relation to the scheme and ending with that notice becoming binding.6For the purposes of this Chapter—athe occurrence of a withdrawal event in relation to a scheme in respect of a withdrawal notice issued during a particular period (“the specified period”) is a possibility until each of the following are no longer reviewable—iany withdrawal notice which has been issued in relation to the scheme during the specified period,iiany failure to issue such a withdrawal notice during the specified period,iiiany notice which has been issued by the Board under Chapter 2 or this Chapter which is relevant to the issue of a withdrawal notice in relation to the scheme during the specified period or to such a withdrawal notice which has been issued during that period becoming binding,ivany failure to issue such a notice as is mentioned in sub-paragraph (iii), andbthe issue of, or failure to issue, a notice is to be regarded as reviewable—iduring the period within which it may be reviewed by virtue of Chapter 6, andiiif the matter is so reviewed, until—athe review and any reconsideration,bany reference to the PPF Ombudsman in respect of the matter, andcany appeal against his determination or directions,has been finally disposed of.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Consequences of the Board ceasing to be involved with a scheme1501Where—aan assessment period comes to an end by virtue of the Board ceasing to be involved with an eligible scheme, andbduring the assessment period any amount of any benefit payable to a member, or to a person in respect of a member, under the scheme rules was not paid by reason of section 138 (requirement to pay benefits in accordance with the pension compensation provisions),that amount falls due to the member, or as the case may be, person at the end of that period.2Where the winding up of the scheme began before the end of the assessment period (whether by virtue of section 219 (backdating the winding up of eligible schemes) or otherwise), the reference in subsection (1)(b) to the amount of any benefit payable to a member, or to a person in respect of a member, under the scheme rules is a reference to the amount so payable taking account of any reduction required by virtue of sections 73 to 73B of the Pensions Act 1995 (c. 26) (provisions relating to the winding up of certain schemes).3Where—aan assessment period comes to an end by virtue of the Board ceasing to be involved with an eligible scheme, andbduring the assessment period the amount of benefit paid to a member, or to a person in respect of a member, under the scheme rules exceeded the amount that would have been payable in the absence of section 138(6) (requirement to disregard winding up when paying benefits during assessment period),the trustees or managers of the scheme must, at the end of that period, take such steps as they consider appropriate (including steps to adjust future payments under the scheme rules) to recover an amount equal to the excess from the person to whom it was paid.4Subsections (1) to (3) are without prejudice to section 73A(2)(b) of the Pensions Act 1995 (c. 26) (requirement to adjust benefits paid to reflect liabilities which can be met on winding up).5Regulations may provide that, in cases within paragraph (a) of subsection (1), benefits are to accrue under the scheme rules, in such circumstances as may be prescribed, to or in respect of members of the scheme in respect of any specified period of service being service in employment which, but for section 133(5), would have qualified the member in question for those benefits under the scheme rules.6Regulations under subsection (5) may in particular make provision—afor benefits not to accrue to, or in respect of, a member unless contributions are paid by or on behalf of the member towards the scheme within a prescribed period;bfor contributions towards the scheme which, but for section 133, would have been payable by or on behalf of the employer (otherwise than on behalf of an employee) during the assessment period, to fall due;crequiring that such contributions as are mentioned in paragraph (a) or (b) are accepted for the assessment period or any part of that period;dmodifying section 31 of the Welfare Reform and Pensions Act 1999 (c. 30) (reduction of benefit where a person’s shareable rights are subject to a pension debit), in its application in relation to cases where benefits accrue under the scheme by virtue of regulations under subsection (5).7In this section “contributions” means, in relation to an eligible scheme, contributions payable towards the scheme by or on behalf of the employer or the active members of the scheme in accordance with the schedule of contributions maintained under section 227 in respect of the scheme.<Emphasis>Reconsideration</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Application for reconsideration1511Where subsection (2) or (3) applies in relation to an eligible scheme, the trustees or managers of the scheme may make an application to the Board under this section for it to assume responsibility for the scheme in accordance with this Chapter.2This subsection applies where—aa scheme failure notice has been issued under section 122(2)(a) in relation to the scheme, that notice has become binding and the trustees or managers have received a copy of the binding notice under section 125(3),b the determination made by the Board or valuation obtained by the Board in respect of the scheme under section 143(2) has become binding, andcthe Board would have been required to assume responsibility for the scheme under section 127 but for the fact that the condition in subsection (2)(a) of that section was not satisfied.3This subsection applies where—athe Board has issued a scheme failure notice under subsection (2) of section 130 in relation to the scheme, that notice has become binding and the trustees or managers have received a copy of the binding notice under subsection (7) of that section,b the determination made by the Board or valuation obtained by the Board in respect of the scheme under section 143(2) has become binding, andcthe Board would have been required to assume responsibility for the scheme under section 128 but for the fact that the condition in subsection (2)(a) of that section was not satisfied.4An application under this section must be in the prescribed form, contain the prescribed information and be accompanied by—aa protected benefits quotation in the prescribed form, or evidence in the prescribed form which shows that the trustees or managers of the scheme have taken all reasonable steps to obtain a protected benefits quotation but were unable to do so, andbaudited scheme accounts for a period which—ibegins with such date as may be determined in accordance with regulations, andiiends with a date which falls within the prescribed period ending with the day on which the application is made.5An application under this section must be made within the authorised period.6In this section “the authorised period” means the prescribed period which begins—awhere subsection (2) applies, with the later of—ithe day on which the trustees or managers received the copy of the binding notice mentioned in paragraph (a) of that subsection, andiithe day on which they received a copy of the binding determination or valuation mentioned in paragraph (b) of that subsection, andbwhere subsection (3) applies, with the later of—ithe day on which the trustees or managers received the copy of the binding notice mentioned in paragraph (a) of that subsection, andiithe day on which they received a copy of the binding determination or valuation mentioned in paragraph (b) of that subsection.7Where the Board receives an application under subsection (1), it must give a copy of the application to the Regulator.8For the purposes of this section—“audited scheme accounts”, in relation to a scheme, means—accounts obtained by the trustees or managers of the scheme (“the scheme accounts”) which are prepared in accordance with subsections (9) to (11) and audited by the auditor in relation to the scheme, anda report by the auditor, in the prescribed form, as to whether or not such requirements as may be prescribed are satisfied in relation to the scheme accounts;“auditor”, in relation to a scheme, has the meaning given by section 47 of the Pensions Act 1995 (c. 26);“protected benefits quotation”, in relation to a scheme, means a quotation for one or more annuities from one or more insurers, being companies willing to accept payment in respect of the members from the trustees or managers of the scheme, which would provide in respect of each member of the scheme from the reconsideration time—benefits for or in respect of the member corresponding to the compensation which would be payable to or in respect of the member in accordance with the pension compensation provisions if the Board assumed responsibility for the scheme by virtue of this section, orbenefits in accordance with the member’s entitlement or accrued rights (including pension credit rights within the meaning of section 124(1) of the Pensions Act 1995 (c. 26)) under the scheme rules (other than his entitlement or rights in respect of money purchase benefits),whichever benefits can, in the case of that member, be secured at the lower cost;“the reconsideration time”, in relation to an application under this section, means the time immediately before the end of the period to which the audited scheme accounts mentioned in subsection (4)(b) relate.9The scheme accounts are prepared in accordance with this subsection if, subject to subsections (10) and (11), they—ainclude a statement of the assets of the scheme (excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules) as at the reconsideration time, andbare prepared in accordance with such other requirements as may be prescribed.10Subject to subsection (11), regulations under subsection (4) of section 143 (other than regulations made by virtue of subsection (5) of that section), and guidance under subsection (6) of that section, apply to the scheme accounts as they apply for the purposes of a valuation under section 143(2)(b).11Regulations may provide that, where an asset of a prescribed description has been acquired during the assessment period, the value assigned to the asset as at the reconsideration time is to be determined, for the purposes of the scheme accounts, in the prescribed manner.12For the purposes of this section—aregulations may prescribe how the cost of securing the benefits mentioned in paragraph (a) of the definition of “protected benefits quotation” in subsection (8) is to be determined, calculated and verified, andbsubject to any provision made under paragraph (a), that cost is to be determined, calculated and verified in accordance with guidance issued by the Board.13Where the scheme is being wound up, for the purposes of determining the benefits which fall within paragraph (b) of the definition of “protected benefits quotation” in subsection (8) no account is to be taken of the winding up of the scheme.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Duty to assume responsibility following reconsideration1521This section applies where an application is made in respect of a scheme in accordance with section 151.1ASubsection (2) applies where the application is accompanied by a protected benefits quotation.2The Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the aggregate of—athe amount quoted in the protected benefits quotation accompanying the application,bthe amount at that time of the liabilities of the scheme which are not liabilities to, or in respect of, members of the scheme, andcthe estimated costs of winding up the scheme at that time.2ASubsection (2B) applies where—athe application is accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have taken all reasonable steps to obtain a protected benefits quotation but were unable to do so, andbthe Board is satisfied that that is the case.2BThe Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the amount of the protected liabilities at that time.3Where the Board makes a determination for the purposes of subsection (2) or (2B), it must issue a notice to that effect (a “determination notice”) and give a copy of that notice to—athe trustees or managers of the scheme, andbthe Regulator.4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5But where the Board is satisfied of the matters mentioned in subsection (2) or (2B), it is not required to assume responsibility for the scheme under that subsection until the determination notice issued under subsection (3) becomes binding.6For the purposes of subsection (5) a determination notice is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.7Where a determination notice issued under subsection (3) becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—athe trustees or managers of the scheme, andbthe Regulator.8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9The Board may—afor the purposes of subsection (2), obtain its own valuation of the assets of the scheme as at the reconsideration time (within the meaning of section 151), andbfor the purposes of subsection (2)(b), obtain its own valuation of the liabilities of the scheme as at that time;and where it does so, subsections (9)(b), (10) and (11) of section 151 apply in relation to the valuation as they apply in relation to the scheme accounts (within the meaning of that section).10 Where subsection (2) applies, regulations under subsection (4) of section 143, and guidance under subsection (6) of that section, apply for the purposes of this section in relation to the estimated costs within subsection (2)(c) as they apply for the purposes of section 143 in relation to protected liabilities within section 131(1)(c).10AThe Board may, for the purposes of subsection (2B), obtain its own valuation of the assets of the scheme and the protected liabilities of the scheme as at the reconsideration time (within the meaning of section 151).10BA valuation under subsection (10A) must be prepared in accordance with such requirements as may be prescribed.10CSection 143(3) to (6) applies in relation to a determination under subsection (2B) and a valuation under subsection (10A) as it applies in relation to a determination under section 143(2)(a) and an actuarial valuation obtained under section 143(2)(b).10DIn the application of section 143 by virtue of subsection (10C)—areferences to the relevant time are to be read as references to the reconsideration time (within the meaning of section 151), andbreferences to the pre-approval period are to be read as references to the period which begins immediately after the reconsideration time, and ends immediately before the Board first issues a determination notice under this section.11In this section references to the assets of the scheme do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.12This section is subject to sections 146 and 147 (refusal to assume responsibility for a scheme).<Emphasis>Closed schemes</Emphasis>Closed schemes1531This section applies where section 151(2) or (3) (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to an eligible scheme.2If the trustees or managers of the scheme are unable to obtain a full buy-out quotation, they must, within the authorised period, apply to the Board for authority to continue as a closed scheme.3For the purposes of determining whether they must make an application under subsection (2), the trustees or managers of the scheme must take all reasonable steps to obtain a full buy-out quotation in respect of the scheme.4An application under subsection (2) must—abe in the prescribed form and contain the prescribed information, andbbe accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have complied with the obligation under subsection (3) but were unable to obtain a full buy-out quotation.5Where the Board receives an application under subsection (2), if it is satisfied that the trustees or managers have complied with the obligation under subsection (3) but were unable to obtain a full buy-out quotation, it must authorise the scheme to continue as a closed scheme.6Where the Board determines an application in respect of a scheme under this section, it must issue a determination notice and give a copy of that notice to—athe trustees or managers of the scheme, andbthe Regulator.7In this section—“authorised period” has the same meaning as in section 151;“determination notice” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed;“full buy-out quotation”, in relation to a scheme, means a quotation for one or more annuities from one or more insurers (being companies willing to accept payment in respect of the members from the trustees or managers of the scheme) which would provide in respect of each member of the scheme, from a relevant date, benefits in accordance with the member’s entitlement or accrued rights, including pension credit rights, under the scheme rules (other than his entitlement or rights in respect of money purchase benefits);“pension credit rights” has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26);“relevant date” means a date within the authorised period.8If the trustees or managers of the scheme fail to comply with subsection (2) or (3), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.<Emphasis>Winding up</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Requirement to wind up schemes with sufficient assets to meet protected liabilities1541Where, in relation to an eligible scheme, an assessment period within section 132(2) or (4) comes to an end because the conditions in subsection (2) of this section are satisfied, the trustees or managers of the scheme must—awind up the scheme, orbwhere the winding up of the scheme began before the assessment period (whether by virtue of section 219 or otherwise), continue the winding up of the scheme.2The conditions are—athat subsection (2) or (3) of section 151 (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to the scheme,bthat—ithe trustees or managers did not make an application under that section or section 153(2) within the authorised period (within the meaning of section 151(6)) (or any such application has been withdrawn), oriiif such an application was made, it has been finally determined, andcthat, if an application was made under section 151, the Board is not required to assume responsibility for the scheme by virtue of section 152(2) or (2B) .3For the purposes of subsection (2)(b)(ii) an application is not finally determined until—athe Board has issued a determination notice in respect of the application under section 152 or, as the case may be, section 153,bthe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andcif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of.4Where, in relation to an eligible scheme, an assessment period within section 159(3) comes to an end because the conditions in subsection (5) of this section are satisfied, the trustees or managers of the scheme must continue the winding up of the scheme begun (whether in accordance with this section or otherwise) before that assessment period.5The conditions are—athat an application is made by, or notice is given to, the trustees or managers of the scheme under section 157 (applications and notifications where closed schemes have insufficient assets),bthat the determination made by the Board or valuation obtained by the Board in respect of the scheme under section 158(3) has become binding, andcthat the Board is not required to assume responsibility for the scheme by virtue of section 158(1) (duty to assume responsibility for closed scheme).6Where a scheme is wound up in accordance with subsection (1)(a), the winding up is to be taken as beginning immediately before the assessment period.7Without prejudice to the power to give directions under section 134, but subject to any order made under subsection (8), the Board may give the trustees or managers of the scheme directions relating to the manner of the winding up of the scheme under this section (and may vary or revoke any such direction given by it).8The Regulator may by order direct any person specified in the order—ato take such steps as are so specified as it considers are necessary as a result of—ithe winding up of the scheme beginning, by virtue of subsection (6), immediately before the assessment period, oriithe winding up of the scheme being continued under subsection (1)(b), andbto take those steps within a period specified in the order.9If the trustees or managers of a scheme fail to comply with a direction to them under subsection (7), or contained in an order under subsection (8), section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.10That section also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under subsection (8).11The winding up of a scheme under this section is as effective in law as if it had been made under powers conferred by or under the scheme.12This section must be complied with in relation to a scheme—ain spite of any enactment or rule of law, or any rule of the scheme, which would otherwise operate to prevent the winding up, andbwithout regard to any such enactment, rule of law or rule of the scheme as would otherwise require or might otherwise be taken to require the implementation of any procedure or the obtaining of any consent with a view to the winding up.13Where an assessment period in relation to an eligible scheme comes to an end by virtue of the conditions in subsection (2) or (5) being satisfied, subsections (1) to (4) of section 150 apply as they apply where an assessment period comes to an end by virtue of the Board ceasing to be involved with the scheme, except that in subsection (2) of that section the reference to section 219 is to be read as a reference to subsection (6) of this section.14Where a public service pension scheme (within the meaning of the Pension Schemes Act 1993) is required to be wound up under this section, the appropriate authority may by order make provision modifying any enactment in which the scheme is contained or under which it is made.15In subsection (14) “the appropriate authority”, in relation to a scheme, means such Minister of the Crown or government department as may be designated by the Treasury as having responsibility for the particular scheme.<Emphasis>Provisions applying to closed schemes</Emphasis>Treatment of closed schemes1551In this section “closed scheme” means an eligible scheme which is authorised under section 153 to continue as a closed scheme.2The provisions mentioned in subsection (3) apply in relation to a closed scheme at any time when the trustees or managers of the scheme are required to wind up or continue winding up the scheme under section 154 as if that time fell within an assessment period in relation to the scheme.3The provisions are—asection 40(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under section 38);bsection 49(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under section 47);csection 54(5) and (6) (Board to act as creditor for debt due by virtue of a restoration order under section 52);dsection 56(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under section 55);esection 133 (admission of new members, payment of contributions etc);fsection 134 (directions);gsection 137 (Board to act as creditor of the employer).4Regulations may require the trustees or managers of a closed scheme in relation to which the provisions mentioned in subsection (3) apply to comply with such requirements as may be prescribed when providing for the discharge of any liability to, or in respect of, a member of the scheme for pensions or other benefits.Valuations of closed schemes1561Regulations may make provision requiring the trustees or managers of closed schemes to obtain actuarial valuations of the scheme at such intervals as may be prescribed for the purposes of enabling them to determine—athe benefits payable under the scheme rules;bwhether to make an application under section 157.2Regulations under this section may prescribe how—athe assets, the full scheme liabilities and the protected liabilities in relation to closed schemes, andbtheir amount or value,are to be determined, calculated and verified.3Subject to any provision made under subsection (2), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.4In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this section, a provision of the scheme rules which limits the amount of the scheme’s liabilities by reference to the value of its assets is to be disregarded.5Nothing in regulations under this section may require the trustees or managers of a closed scheme to obtain an actuarial valuation of the scheme until—athe period within which the issue of the determination notice, under section 153(6), in respect of the Board’s determination to authorise the scheme to continue as a closed scheme, may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.6In this section, in relation to a scheme—“actuarial valuation” means a written valuation of—the scheme’s assets,the full scheme liabilities, andthe protected liabilities in relation to the scheme,prepared and signed by the actuary;“the actuary” means—the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (c. 26) (professional advisers) in relation to the scheme, orif no such actuary has been appointed—a person with prescribed qualifications or experience, ora person approved by the Secretary of State;“assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules;“closed scheme” has the same meaning as in section 155;“full scheme liabilities” means—the liabilities under the scheme rules to or in respect of members of the scheme,other liabilities of the scheme, andthe estimated cost of winding up the scheme;“liabilities” does not include liabilities in respect of money purchase benefits under the scheme rules.<Emphasis>Reconsideration of closed schemes</Emphasis>Applications and notifications where closed schemes have insufficient assets1571If at any time the trustees or managers of a closed scheme become aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, they must, before the end of the prescribed period beginning with that time, make an application to the Board for it to assume responsibility for the scheme.2Where the Board receives an application under subsection (1), it must give a copy of the application to the Regulator.3If at any time the Regulator becomes aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, it must give the Board a notice to that effect.4Where the Board receives a notice under subsection (3), it must give the trustees or managers of the scheme a notice to that effect.5The duty imposed by subsection (1) does not apply where the trustees or managers of a closed scheme become aware as mentioned in that subsection by reason of a notice given to them under subsection (4).6The duty imposed by subsection (3) does not apply where the Regulator becomes aware as mentioned in that subsection by reason of a copy of an application made by the trustees or managers of the closed scheme being given to it under subsection (2).7Regulations may require notices and applications under this section to be in the prescribed form and contain the prescribed information.8If the trustees or managers of a closed scheme fail to comply with subsection (1), section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.9In this section—“assets”, in relation to a scheme, do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules;“closed scheme” has the same meaning as in section 155.Duty to assume responsibility for closed schemes1581Where the trustees or managers of a closed scheme—amake an application under subsection (1) of section 157, orbreceive a notice from the Board under subsection (4) of that section,the Board must assume responsibility for the scheme in accordance with this Chapter if the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time.2In subsection (1) the reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules.3The Board must, as soon as reasonably practicable—adetermine whether the condition in subsection (1) is satisfied, orbfor the purposes of determining whether that condition is satisfied, obtain an actuarial valuation (within the meaning of section 143) of the scheme as at the relevant time.3ABefore doing so, it must give the trustees or managers of the scheme a notice stating whether it will make a determination under subsection (3)(a) or obtain an actuarial valuation under subsection (3)(b).4Subject to subsection (6), subsection (3) of section 143 applies for the purposes of this section as it applies for the purposes of that section (and the definitions contained in paragraphs (b) and (d) of subsection (11) of that section apply accordingly).5Subject to subsection (6), the following provisions apply in relation to a determination made under subsection (3)(a) and a valuation obtained under subsection (3)(b) as they apply in relation to a determination made under section 143(2)(a) and a valuation obtained under section 143(2)(b) —asubsections (4) to (7) and (11)(b) and (d) of that section;aasection 143A (determinations under section 143), other than subsections (1)(c) and (4)(c) (duty to give copy of determinations to employer's insolvency practitioner);bsection 144 (approval of valuation), other than subsection (2)(b)(iii) (duty to give copy of approved valuation to employer’s insolvency practitioner);csection 145 (binding valuations), other than subsection (3)(c) (duty to give copy of binding valuation to employer’s insolvency practitioner).6In the application of sections 143 , 143A and 145 by virtue of subsection (4) or (5)—a subsections (3), (5), (5A), (5B) and (11)(b) and (c) of section 143 apply as if the references to “the relevant time” were references to that term as defined in subsection (8) below, ...aasubsection (3) of section 143A applies as if the reference to section 128(2)(a) included a reference to subsection (1) of this section, andbsubsection (2) of section 145 applies as if the reference to section 128(2)(a) included a reference to subsection (1) of this section.7An application under subsection (1) of section 157, or notification under subsection (4) of that section, is to be disregarded for the purposes of subsection (1) if it is made or given during an assessment period (see sections 132 and 159) in relation to the scheme which began before the application was made or notification was given.8In this section—“closed scheme” has the same meaning as in section 155;“the relevant time” means the time immediately before the application mentioned in subsection (1)(a) was made, or (as the case may be) the notice mentioned in subsection (1)(b) was received, by the trustees or managers of the scheme.Closed schemes: further assessment periods1591Subsection (3) applies where—aan application is made under subsection (1) of section 157 in relation to a closed scheme, orbthe trustees or managers of the scheme receive a notice under subsection (4) of that section.2For the purposes of subsection (1) an application under subsection (1) of section 157, or notification under subsection (4) of that section, is to be disregarded if it is made or given during an assessment period (see section 132 and this section) in relation to the scheme which began before the application was made or notification was given.3An assessment period—abegins when the application is made or the notice is received by the trustees or managers of the scheme, andbends when—ithe trustees or managers receive a transfer notice under section 160, oriithe conditions in section 154(5) (closed scheme with sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,whichever first occurs.4In this section “closed scheme” has the same meaning as in section 155.<Emphasis>Assumption of responsibility for a scheme</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Transfer notice1601This section applies where the Board is required to assume responsibility for a scheme under section 127, 128, 152 or 158.2The Board must give the trustees or managers a notice (a “transfer notice”).3In a case to which section 127 or 128 applies, a transfer notice may not be given until the determination made or valuation obtained under section 143(2) is binding.4In a case to which section 158 applies, a transfer notice may not be given until the determination made or valuation obtained under subsection (3) of that section is binding.5A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of section 146 or 147 (refusal to assume responsibility) is reviewable (see section 149(6)(b)).6The Board must give a copy of any notice given under subsection (2) to—athe Regulator, andbany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.7This section is subject to section 172(2) (no transfer notice ... when fraud compensation application is pending).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Effect of Board assuming responsibility for a scheme1611Where a transfer notice is given to the trustees or managers of an eligible scheme, the Board assumes responsibility for the scheme in accordance with this Chapter.2The effect of the Board assuming responsibility for a scheme is that—athe property, rights and liabilities of the scheme are transferred to the Board, without further assurance, with effect from the time the trustees or managers receive the transfer notice,bthe trustees or managers of the scheme are discharged from their pension obligations from that time, andcfrom that time the Board is responsible for securing that compensation is (and has been) paid in accordance with the pension compensation provisions,and, accordingly, the scheme is to be treated as having been wound up immediately after that time.3In subsection (2)(a) the reference to liabilities of the scheme does not include any liability to, or in respect of, any member of the scheme, other than—aliabilities in respect of money purchase benefits, andbsuch other liabilities as may be prescribed.4In subsection (2)(b) “pension obligations” in relation to the trustees or managers of the scheme means—atheir obligations to provide pensions or other benefits to or in respect of persons (including any obligation to provide guaranteed minimum pensions within the meaning of the Pension Schemes Act 1993 (c. 48)), andbtheir obligations to administer the scheme in accordance with the scheme rules and this or any other enactment.5Schedule 6 makes provision in respect of the transfer of the property, rights and liabilities of a scheme under subsection (2)(a).6Regulations may make further provision regarding such transfers.7Without prejudice to the generality of subsection (6), regulations may authorise the Board to modify a term of a relevant contract of insurance if—aany rights or liabilities under the contract are transferred to the Board by virtue of subsection (2)(a), andbas a result of the transfer, the Board is required, by reason of that term, to pay a specified amount or specified amounts to a specified person who, immediately before the time mentioned in subsection (2)(a), was a member of the scheme or a person entitled to benefits in respect of such a member.8In subsection (7)—“relevant contract of insurance” means a contract of insurance which—is entered with a view to securing the whole or part of the scheme’s liability for—any pension or other benefit payable to or in respect of one particular person whose entitlement to payment of a pension or other benefit has arisen, andany benefit which will be payable in respect of that person on his death, andis a contract—which may not be surrendered, orin respect of which the amount payable on surrender does not exceed the liability secured;“specified” means specified in, or determined in accordance with, the contract of insurance.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>The pension compensation provisions1621Schedule 7 makes provision for compensation to be paid in relation to a scheme for which the Board assumes responsibility in accordance with this Chapter, including provision for—aperiodic compensation to be paid to or in respect of members,blump sum compensation to be paid to members,c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . anddannual increases to be made to periodic compensation.2In this Part references to the pension compensation provisions are to the provisions of, and the provisions made by virtue of, this section, sections 140 to 142, 161(2)(c), 164 and 168 and Schedule 7.(Those references do not include any provision of, or made by virtue of, section 170 (discharge of liabilities in respect of money purchase benefits).)<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Adjustments to be made where the Board assumes responsibility for a scheme1631This section applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.2Any benefits (other than money purchase benefits) which—awere payable under the scheme rules to any member, or to any person in respect of any member, during the period beginning with the assessment date and ending with the receipt by the trustees or managers of the transfer notice, andbhave been paid before the trustees or managers receive the transfer notice,are to be regarded as going towards discharging any liability of the Board to pay compensation to the member or, as the case may be, person in accordance with the pension compensation provisions.3Regulations may provide that, in prescribed circumstances, where—aa member of the scheme died before the commencement of the assessment period, andbduring the period mentioned in subsection (2)(a), a person became entitled under the scheme rules to a benefit of a prescribed description in respect of the member,the benefit, or any part of it, is, for the purposes of subsection (2), to be treated as having become payable before the assessment date.4The Board must—aif any amount paid, during the period mentioned in subsection (2)(a), by the trustees or managers of the scheme to a member, or to a person in respect of a member, exceeded the entitlement of that member or person under the pension compensation provisions, take such steps as it considers appropriate (including adjusting future compensation payments made in accordance with those provisions) to recover an amount equal to the aggregate of—ithe amount of the excess, andiiinterest on that amount, at the prescribed rate, for the period which begins when the excess was paid by the trustees or managers and ends with the recovery of the excess, andbif any amount so paid was less than that entitlement (or no amount was paid in respect of that entitlement), pay an amount to the member or person concerned equal to the aggregate of—ithe amount of the shortfall, andiiinterest on that amount, at the prescribed rate, for the period which begins when the shortfall ought to have been paid by the trustees or managers and ends with the payment of the shortfall by the Board.5In subsection (4) references to an amount paid do not include—aan amount paid in respect of any money purchase benefit, orbany other amount of a prescribed description.6Nothing in subsection (4) requires the Board—ato recover any amount from a person in such circumstances as may be prescribed, orbto recover from any person any amount which it considers to be trivial.7In this section “assessment date” is to be construed in accordance with Schedule 7.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Postponement of compensation entitlement for the assessment period1641Regulations may provide that, where the Board assumes responsibility for an eligible scheme, the entitlement of any member of the scheme to compensation under this Chapter is, in such circumstances as may be prescribed, postponed for the whole or any part of the assessment period for which he continued in employment after attaining normal pension age.2Regulations under subsection (1) may provide that the postponement is on such terms and conditions (including those relating to increments) as may be prescribed.3In subsection (1) the reference to “normal pension age” is to normal pension age, within the meaning of paragraph 34 of Schedule 7, in relation to the pension or lump sum in respect of which the entitlement to compensation arises.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Guaranteed minimum pensions1651The Board must notify the Commissioners of Inland Revenue where, by reason of it assuming responsibility for an eligible scheme in accordance with this Chapter, the trustees or managers of the scheme are discharged from their liability to provide a guaranteed minimum pension (within the meaning of the Pension Schemes Act 1993 (c. 48)) to or in respect of a member of the scheme.2Notification under subsection (1) must be given as soon as reasonably practicable.3In section 47 of the Pension Schemes Act 1993 (further provision concerning entitlement to a guaranteed minimum pension for the purposes of section 46), after subsection (7) insert—8For the purposes of section 46, a person shall be treated as entitled to a guaranteed minimum pension to which he would have been entitled but for the fact that the trustees or managers were discharged from their liability to provide that pension on the Board of the Pension Protection Fund assuming responsibility for the scheme.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Duty to pay scheme benefits unpaid at assessment date etc1661This section applies where the Board assumes responsibility for a scheme in accordance with this Chapter.2Subject to subsection (4), the Board must pay any amount by way of pensions or other benefits which a person had become entitled to payment of under the scheme rules before the assessment date but which remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme.3If, immediately before the assessment date, the person is entitled to the amount but has postponed payment of it, subsection (2) does not apply.4Subsection (2) does not apply in relation to the amount of—aany transfer payment, orbany payment in respect of a refund of contributions.5Regulations may provide that, in prescribed circumstances, where—aa member of the scheme died before the commencement of the assessment period, andbduring the period beginning with the assessment date and ending with the receipt by the trustees or managers of the transfer notice, a person became entitled under the scheme rules to a benefit of a prescribed description in respect of the member,that person’s entitlement to the benefit, or to any part of it, is, for the purposes of subsection (2), to be treated as having arisen before the assessment date.6Regulations may make provision requiring the Board, in such circumstances as may be prescribed, to take such steps (including making payments) as may be prescribed in respect of rights of prescribed descriptions to which members of the scheme were entitled immediately before the commencement of the assessment period.7For the purposes of regulations made under subsection (6)—athis Chapter (other than this subsection), andbthe scheme rules (including any relevant legislative provision within the meaning of section 318(3)),are to have effect subject to such modifications as may be prescribed.8In this section “assessment date” is to be construed in accordance with Schedule 7.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Modification of Chapter where liabilities discharged during assessment period1671Regulations may modify any of the provisions of this Chapter as it applies to cases—awhere any liability to provide pensions or other benefits to or in respect of any member or members under a scheme is discharged during an assessment period in relation to the scheme by virtue of—iregulations under section 135(4), oriithe Board validating any action mentioned in section 135(9), orbwhere, in prescribed circumstances, any such liability of a prescribed description is discharged on the assessment date but before the commencement of the assessment period.2In this section “assessment date” is to be construed in accordance with Schedule 7.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Administration of compensation1681Regulations may make further provision regarding the operation and administration of this Chapter.2Regulations under subsection (1) may, in particular, make provision—aprescribing the manner in which and time when compensation is to be paid (including provision requiring periodic compensation to be paid by instalments);bfor calculating the amounts of compensation according to a prescribed scale or otherwise adjusting them to avoid fractional amounts or facilitate computation;cprescribing the circumstances and manner in which compensation to which a person (“the beneficiary”) is entitled may be made to another person on behalf of the beneficiary for any purpose (including the discharge in whole or in part of an obligation of the beneficiary or any other person);dfor the payment or distribution of compensation to or among persons claiming to be entitled on the death of any person and for dispensing with strict proof of their title;efor the recovery of amounts of compensation paid by the Board in excess of entitlement (together with interest on such amounts for the period from payment until recovery);fspecifying the circumstances in which payment of compensation can be suspended.3In this section “compensation” means compensation payable under Schedule 7 or under section 141(2).<Emphasis><Addition ChangeId="key-15a71b5f20ed889d3e2e1421c925b7eb-1593544217041" CommentaryRef="key-15a71b5f20ed889d3e2e1421c925b7eb">Charges in respect of pension sharing </Addition><Addition ChangeId="key-15a71b5f20ed889d3e2e1421c925b7eb-1593544217041" CommentaryRef="key-15a71b5f20ed889d3e2e1421c925b7eb">etc</Addition></Emphasis><Addition ChangeId="key-15a71b5f20ed889d3e2e1421c925b7eb-1593544217041" CommentaryRef="key-15a71b5f20ed889d3e2e1421c925b7eb">Charges in respect of pension sharing </Addition><Addition ChangeId="key-15a71b5f20ed889d3e2e1421c925b7eb-1593544217041" CommentaryRef="key-15a71b5f20ed889d3e2e1421c925b7eb">etc</Addition>168A1Regulations may make provision for the purpose of enabling the Board to recover prescribed charges in respect of complying with a relevant order or provision.2In subsection (1) “a relevant order or provision” means any of the following—aan order under section 23 of the Matrimonial Causes Act 1973 (financial provision in connection with divorce etc: England and Wales) so far as the order—iincludes provision made by virtue of section 25B or 25C of that Act (powers to include provision about pensions), andiiapplies in relation to the Board by virtue of section 25E of that Act;ban order under section 23 of that Act so far as the order includes provision made by virtue of section 25F of that Act (attachment of pension compensation on divorce etc: England and Wales);can order under Part 1 of Schedule 5 to the Civil Partnership Act 2004 (financial provision orders in connection with dissolution of civil partnerships etc: England and Wales) so far as the order—iincludes provision made by virtue of Part 6 of that Schedule (powers to include provision about pensions), andiiapplies in relation to the Board by virtue of Part 7 of that Schedule;dan order under Part 1 of that Schedule so far as the order includes provision made by virtue of paragraph 34A of that Schedule (attachment of pension compensation on dissolution of civil partnership etc: England and Wales);ean order made under any provision corresponding to a provision mentioned in paragraphs (a) to (d) in force in Northern Ireland;fan order under section 8(1)(baa) to (bb) of the Family Law (Scotland) Act 1985 (orders for financial provision) so far as the order applies in relation to the Board;gany provision corresponding to provision which may be made by such an order and which is contained in a qualifying agreement (to which section 28(3) of the Welfare Reform and Pensions Act 1999, or section 110(1) of the Pensions Act 2008 relates) so far as the agreement applies in relation to the Board;han order or provision of a kind mentioned in section 28(1) of the Welfare Reform and Pensions Act 1999 (pension sharing) so far as the order or provision applies in relation to the Board by virtue of section 220 of this Act.3Regulations under subsection (1) may include provision enabling the Board to set off against any PPF compensation payable to a person any charges owed to it by that person under the regulations.4In this section “PPF compensation” means compensation payable—aunder or by virtue of this Chapter, orbunder or by virtue of Chapter 1 of Part 3 of the Pensions Act 2008 (pension compensation on divorce etc).<Emphasis>Discharge of Board’s liabilities</Emphasis>Discharge of liabilities in respect of compensation1691This section applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.2The Board may provide for the discharge of any liability imposed by this Chapter to provide compensation—aby the taking out of a policy of insurance or a number of such policies;bby the entry into an annuity contract or a number of such contracts;cby the transfer of the benefit of such a policy or policies or such a contract or contracts;din prescribed circumstances, by the payment of a cash sum calculated in the prescribed manner.Discharge of liabilities in respect of money purchase benefits1701This subsection applies where—athe Board assumes responsibility for an eligible scheme in accordance with this Chapter, andbone or more members are entitled, or have accrued rights, under the scheme rules to money purchase benefits.2Regulations must make provision in respect of cases to which subsection (1) applies requiring the Board to secure that liabilities in respect of such benefits transferred to the Board under section 161 are discharged by it in the prescribed manner.3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4In this section—“accrued rights”, under the scheme rules of a scheme, include pension credit rights within the meaning of section 124(1) of the Pensions Act 1995 (c. 26);...<Emphasis>Equal treatment</Emphasis>Equal treatment1711 Subsection (2) applies where—aa woman has been employed on like work with a man in the same employment,ba woman has been employed on work rated as equivalent with that of a man in the same employment, orca woman has been employed on work which, not being work in relation to which paragraph (a) or (b) applies, was, in terms of the demands made on her (for instance under such headings as effort, skill and decision), of equal value to that of a man in the same employment,and service in that employment was pensionable service under an occupational pension scheme.2If, apart from this subsection, any of the payment functions so far as it relates (directly or indirectly) to that pensionable service—ais or becomes less favourable to the woman than it is to the man, orbis or becomes less favourable to the man than it is to the woman,that function has effect with such modifications as are necessary to ensure that the provision is not less favourable.3Subsection (2) does not operate in relation to any difference as between a woman and a man in the operation of any of the payment functions if the Board proves that the difference is genuinely due to a material factor which—ais not the difference of sex, butbis a material difference between the woman’s case and the man’s case.4Subsection (2) does not apply in such circumstances as may be prescribed.4ASubsection (4B) applies where a person has been in pensionable service under an occupational pension scheme (regardless of whether subsection (2) also applies in that person’s case).4BIf, apart from this subsection, any of the payment functions so far as it relates (directly or indirectly) to that pensionable service is or becomes, by virtue of the application of the guaranteed minimum pension provisions, less favourable to that person than it would be if that person were of the opposite sex, that function has effect with such modifications as are necessary to ensure that the provision is not less favourable.5This section has effect in relation to the exercise of any payment function in so far as it relates (directly or indirectly) to any pensionable service on or after 17th May 1990.6In this section— “guaranteed minimum pension provisions” means so much of the Pension Schemes Act 1993 and of any other enactment as relates to guaranteed minimum pensions (within the meaning of that Act); “payment function” means any function conferred on the Board by or by virtue of this Chapter which relates to a person’s entitlement to or the payment of any amount under or by virtue of—the pension compensation provisions,section 166 (duty to pay scheme benefits unpaid at assessment date etc),section 169 (discharge of liabilities in respect of compensation), orsection 170 (discharge of liabilities in respect of money purchase benefits);“pensionable service” has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26).<Emphasis>Relationship with fraud compensation regime</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Relationship with fraud compensation regime1721. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Where an application has been made under section 182 (application for fraud compensation payment), no transfer notice may be given until—athe Board has determined the application,bthe period within which the Board’s determination may be reviewed by virtue of Chapter 6 has expired, andcif the determination is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the determination, andiiiany appeal against his determination or directions,has been finally disposed of.3Subsection (4) applies where during an assessment period in relation to a scheme the Board determines to make one or more fraud compensation payments (“the fraud compensation”) to the trustees or managers of the scheme under Chapter 4 of this Part.4For the purposes of determining whether the condition in section 127(2)(a), 128(2)(a), 152(2) or (2B) or 158(1) is satisfied, any fraud compensation payment which becomes payable after the relevant time is, to the extent that it relates to a loss incurred by the scheme before that time, to be regarded as an asset of the scheme at that time.5For the purposes of subsection (4) “the relevant time”—ain the case of section 127(2)(a), has the same meaning as in that provision,bin the case of section 128(2)(a), has the same meaning as in that provision,cin the case of section 152(2) or (2B) means the reconsideration time (within the meaning of section 151), anddin the case of section 158(1), has the same meaning as in that provision.6Subsection (4) does not apply to the extent that the fraud compensation is payable in respect of a reduction in the value of money purchase assets of the scheme.For this purpose “money purchase assets” means assets representing the value of any rights in respect of money purchase benefits under the scheme rules.<Emphasis>The fund</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Pension Protection Fund1731The Pension Protection Fund shall consist of—aproperty and rights transferred to the Board under section 161(2)(a),bcontributions levied under section 174 or 175 (initial and pension protection levies),bainterest paid by virtue of section 181A (interest for late payment of pension protection levy),cmoney borrowed by the Board under section 115 for the purposes of this Chapter,dany income or capital gain credited under subsection (2),eany amount paid to the Board by virtue of section 139 (repayment of loans to trustees or managers and payment of interest),famounts recovered under section 163(4)(a) or by virtue of section 168(2)(e) (overpayments),gany amount paid to the Board in respect of a debt due to the Board under section 40(7) by virtue of a contribution notice under section 38,hany property transferred or amounts paid to the Board as required by a restoration order under section 52,iany amount paid to the Board in respect of a debt due to the Board under section 56(7) by virtue of a contribution notice under section 55,jamounts transferred from the Fraud Compensation Fund under section 187 (fraud compensation transfer payments), andkamounts of a prescribed description (other than amounts paid, directly or indirectly, to the Board by the Crown).2The Board must credit to the Pension Protection Fund any income or capital gain arising from the assets in the Fund.3The following are to be paid or transferred out of the Pension Protection Fund—aany sums required to meet liabilities transferred to the Board under section 161(2)(a),bany sums required to make payments in accordance with the pension compensation provisions or Chapter 1 of Part 3 of the Pensions Act 2008,cany sums required for the repayment of, and the payment of interest on, money within subsection (1)(c),dany sums required to make loans under section 139 (loans to trustees or managers),eany sums required to make payments under section 163(4)(b) (underpayments during the assessment period),fany sums required to make payments under section 166 (payment of unpaid scheme benefits etc),gany sums required to discharge liabilities under section 169 or 170 (discharge of liabilities in respect of compensation or money purchase benefits),hany sums required to meet any liabilities arising from obligations imposed on the Board by a restoration order under section 52,iany property (other than sums) required to meet any liabilities—itransferred to the Board as mentioned in paragraph (a) and arising from obligations imposed by a restoration order under section 52, oriiarising from obligations imposed on the Board by such an order,jany sums required to meet expenditure incurred by virtue of section 161(5) and paragraph 7 of Schedule 6 (expenditure associated with transfer of property, rights and liabilities to the Board), andksums required for prescribed purposes.4No other amounts are to be paid or transferred out of the Pension Protection Fund.5In subsection (1) (other than paragraph (d)) and subsection (3) (other than paragraph (c)) any reference to a provision ... is to be read as including a reference to any provision in force in Northern Ireland corresponding to that provision.<Emphasis>The levies</Emphasis><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Initial levy1741Regulations must make provision for imposing a levy (“the initial levy”) in respect of eligible schemes for the period (“the initial period”) which—abegins with the day appointed for this purpose by the regulations, andbends on the following 31st March or, if the regulations so provide, 12 months after the day referred to in paragraph (a).2The regulations must prescribe—athe factors by reference to which the initial levy is to be assessed,bthe rate of the levy, andcthe time or times during the initial period when the levy, or any instalment of the levy, becomes payable.3Regulations under this section may only be made with the approval of the Treasury.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Pension protection levies1751For each financial year falling after the initial period, the Board must impose both of the following—aa risk-based pension protection levy in respect of all eligible schemes;ba scheme-based pension protection levy in respect of eligible schemes.In this Chapter “pension protection levy” means a levy imposed in accordance with this section.2For the purposes of this section—aa risk-based pension protection levy is a levy assessed by reference to—ithe difference between the value of a scheme’s assets (disregarding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules) and the amount of its protected liabilities,iiexcept in relation to any prescribed scheme or scheme of a prescribed description, the likelihood of an insolvency event occurring in relation to the employer in relation to a scheme, andiiiif the Board considers it appropriate, one or more other risk factors mentioned in subsection (3), andba scheme-based pension protection levy is a levy assessed by reference to—ithe amount of a scheme’s liabilities to or in respect of members (other than liabilities in respect of money purchase benefits), andiiif the Board considers it appropriate, one or more other scheme factors mentioned in subsection (4).3The other risk factors referred to in subsection (2)(a)(iii) are factors which the Board considers indicate one or more of the following—athe risks associated with the nature of a scheme’s investments when compared with the nature of its liabilities;bsuch other matters as may be prescribed.4The other scheme factors referred to in subsection (2)(b)(ii) are—athe number of persons who are members, or fall within any description of member, of a scheme;bthe total annual amount of pensionable earnings of active members of a scheme;csuch other factors as may be prescribed.5The Board must, before the beginning of each financial year, determine in respect of that year—athe factors by reference to which the pension protection levies are to be assessed,bthe time or times by reference to which those factors are to be assessed,cthe rate of the levies, anddthe time or times during the year when the levies, or any instalment of levy, becomes payable.6Different risk factors, scheme factors or rates may be determined in respect of different descriptions of scheme.7The rate determined in respect of a description of scheme may be nil.8In this section—“initial period” is to be construed in accordance with section 174;“pensionable earnings”, in relation to an active member under a scheme, means the earnings by reference to which a member’s entitlement to benefits would be calculated under the scheme rules if he ceased to be an active member at the time by reference to which the factor within subsection (4)(b) is to be assessed.9In this section and sections 176 to 181 “financial year” means a period of 12 months ending with 31st March.10The Board’s duty to impose pension protection levies in respect of any financial year is subject to—asection 177 (amounts to be raised by the pension protection levies), andbsection 180 (transitional provision).<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Supplementary provisions about pension protection levies1761The Board must consult such persons as it considers appropriate in the prescribed manner before making a determination under section 175(5) in respect of a financial year if—athat year is the first financial year for which the Board is required to impose levies under section 175,bany of the proposed levy factors or levy rates is different, or applies to a different description of scheme, from the levy factors and levy rates in respect of the pension protection levies imposed in the previous financial year, orcno consultation has been required under this subsection in relation to the pension protection levies imposed for either of the previous two financial years.2The Board must publish details of any determination under section 175(5) in the prescribed manner.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Amounts to be raised by the pension protection levies1771Before determining the pension protection levies to be imposed for a financial year, the Board must estimate the amount which will be raised by the levies it proposes to impose.2The Board must impose levies for a financial year in a form which it estimates will raise an amount not exceeding the levy ceiling for the financial year.3The pension protection levies imposed for a financial year must be in a form which the Board estimates will result in at least 80% of the amount raised by the levies for that year being raised by the risk-based pension protection levy.4For the first financial year after the transitional period, regulations may modify subsection (2) so as to provide that the reference to the levy ceiling for the financial year is to be read as a reference to such lower amount as is prescribed.5For the second financial year after the transitional period and for any subsequent financial year, the Board must impose pension protection levies in a form which it estimates will raise an amount which does not exceed by more than 25% the amount estimated under subsection (1) in respect of the pension protection levies imposed for the previous financial year.6The Secretary of State may by order substitute a different percentage for the percentage for the time being specified in subsection (5).7Before making an order under subsection (6), the Secretary of State must consult such persons as he considers appropriate.8Regulations under subsection (4), or an order under subsection (6), may be made only with the approval of the Treasury.9In this section—a“risk-based pension protection levy” and “scheme-based pension protection levy” are to be construed in accordance with section 175, andb“transitional period” has the meaning given by section 180(3).<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>The levy ceiling1781The Secretary of State must, before the beginning of each financial year for which levies are required to be imposed under section 175, specify by order the amount which is to be the levy ceiling for that year for the purposes of section 177.2An order under subsection (1) in respect of the first financial year for which levies are imposed under section 175 may be made only with the approval of the Treasury.3Subject to subsection (8), the amount specified under subsection (1) for a financial year (“the current year”) after the first year for which levies are imposed under section 175 must be—awhere it appears to the Secretary of State that the level of earnings in the review period has increased, the amount specified under subsection (1) for the previous financial year increased by the earnings percentage for that review period specified under subsection (6), andbin any other case, the amount specified under subsection (1) for the previous financial year.4In subsection (3)—“level of earnings” means the general level of earnings obtaining in Great Britain;“review period” in relation to the current year means the period of 12 months ending with the prescribed date in the previous financial year.5For the purposes of subsection (3), the Secretary of State must, in respect of each review period, review the general level of earnings obtaining in Great Britain and any changes in that level; and for the purposes of such a review the Secretary of State may estimate the general level of earnings in such manner as he thinks appropriate.6Where it appears to the Secretary of State that the general level of earnings has increased during the review period, he must by order specify the percentage by which that level has so increased (“the earnings percentage”).7The Secretary of State must discharge the duties imposed by subsections (5) and (6) in respect of a review period before the beginning of the prescribed period which ends at the time the first financial year after the review period begins.8The Secretary of State may, on the recommendation of the Board and with the approval of the Treasury, make an order under subsection (1) in respect of a financial year which specifies an amount exceeding the amount required to be specified under subsection (3).9Before making a recommendation for the purposes of subsection (8), the Board must consult such persons as it considers appropriate in the prescribed manner.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Valuations to determine scheme underfunding1791For the purposes of enabling risk-based pension protection levies (within the meaning of section 175) to be calculated in respect of eligible schemes, regulations may make provision requiring the trustees or managers of each such scheme to provide the Board or the Regulator on the Board’s behalf—awith an actuarial valuation of the scheme at such intervals as may be prescribed, andbwith such other information as the Board may require in respect of the assets and protected liabilities of the scheme at such times as may be prescribed.2For the purposes of this section, in relation to a scheme—“an actuarial valuation” means a written valuation of the scheme’s assets and protected liabilities prepared and signed by the actuary;“the actuary” means—the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (c. 26) (professional advisers) in relation to the scheme, orif no such actuary has been appointed—a person with prescribed qualifications or experience, ora person approved by the Secretary of State.3Regulations under this section may prescribe how—athe assets and the protected liabilities of schemes, andbtheir amount or value,are to be determined, calculated and verified.4Subject to any provision made under subsection (3), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.5In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this section, a provision of the scheme rules which limits the amount of the scheme’s liabilities by reference to the value of its assets is to be disregarded.6In this section references to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Pension protection levies during the transitional period1801Regulations may provide that in respect of any financial year during the transitional period—asections 175 and 177(3) are to apply with such modifications as may be prescribed;bsection 177(2) is to apply as if the reference to the levy ceiling for the financial year were a reference to such lower amount as is specified in the regulations.2Regulations which contain provision made by virtue of subsection (1)(b) may only be made with the approval of the Treasury.3For the purposes of this section “the transitional period” means the prescribed period beginning immediately after the initial period (within the meaning of section 174).4If the transitional period begins with a date other than 1st April, regulations may provide that any provision of this section or of sections 175 to 179 applies, with such modifications as may be prescribed, in relation to—athe period beginning at the same time as the transitional period and ending with the following 31st March, andbthe financial year which begins immediately after that period.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Calculation, collection and recovery of levies1811This section applies in relation to—athe initial levy imposed under section 174 in respect of a scheme, andbany pension protection levy imposed under section 175 in respect of a scheme.2The levy is payable to the Board by or on behalf of—athe trustees or managers of the scheme, orbany other prescribed person.3The Board must in respect of the levy—adetermine the schemes in respect of which it is imposed,bcalculate the amount of the levy in respect of each of those schemes, andcnotify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.4The Board may require the Regulator to discharge, on the Board’s behalf, its functions under subsection (3) in respect of the levy.5Where a scheme is an eligible scheme for only part of the period for which the levy is imposed, except in prescribed circumstances, the amount of the levy payable in respect of the scheme for that period is such proportion of the full amount as that part bears to that period.6An amount payable by a person on account of the levy is a debt due from him to the Board.7An amount so payable may be recovered—aby the Board, orbif the Board so determines, by the Regulator on its behalf.8Regulations may make provision relating to—athe collection and recovery of amounts payable by way of any levy in relation to which this section applies;bthe circumstances in which any such amount may be waived.<Addition ChangeId="key-be0e32cc7e54552430e454c8d3e331ae-1593439517147" CommentaryRef="key-be0e32cc7e54552430e454c8d3e331ae">Pension protection levy: interest for late payment</Addition>181A1Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy.2Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.3Interest payable by a person by virtue of this section is a debt due from the person to the Board.4Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.5Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—athe collection and recovery of interest;bthe circumstances in which interest may be waived.Chapter 4Fraud compensation<Emphasis>Entitlement to fraud compensation</Emphasis><CommentaryRef Ref="M_I_864cb277-9733-47a8-d3cc-7fc8075cad4e"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Cases where fraud compensation payments can be made1821The Board shall, in accordance with this section, make one or more payments (in this Part referred to as “fraud compensation payments”) in respect of an occupational pension scheme if—athe scheme is not a prescribed scheme or a scheme of a prescribed description,bthe value of the assets of the scheme has been reduced since the relevant date and the Board considers that there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting a prescribed offence,csubsection (2), (3) or (4) applies,dan application is made which meets the requirements of subsection (5), andethe application is made within the authorised period.2This subsection applies where—aa qualifying insolvency event has occurred in relation to the employer in relation to the scheme,bafter that event, a scheme failure notice has been issued under section 122(2)(a) in relation to the scheme and that notice has become binding, andca cessation event has not occurred in relation to the scheme in respect of a cessation notice which has been issued during the period—ibeginning with the occurrence of the insolvency event, andiiending immediately before the issuing of the scheme failure notice under section 122(2)(a),and the occurrence of such a cessation event in respect of a cessation notice issued during that period is not a possibility.3This subsection applies where—ain relation to the scheme, an application has been made under subsection (1), or a notification has been given under subsection (5)(a), of section 129, andbin response to that application, or the notice given by the Regulator under subsection (4) of that section, the Board has issued a scheme failure notice under section 130(2) in relation to the scheme and that notice has become binding.4This subsection applies where—athe scheme is not an eligible scheme,bthe employer in relation to the scheme is unlikely to continue as a going concern,cthe prescribed requirements are met in relation to the employer,dthe application under this section states that the case is one in relation to which paragraphs (b) and (c) apply, andein response to that application the Board has issued a notice under section 183(2) confirming that a scheme rescue is not possible in relation to the scheme and that notice has become binding.5An application meets the requirements of this subsection if—ait is made by a prescribed person, andbit is made in the prescribed manner and contains the prescribed information.6Subject to subsection (7), an application is made within the authorised period if it is made within the period of 12 months beginning with the later of—athe time of the relevant event, orbthe time when the auditor or actuary of the scheme, or the trustees or managers, knew or ought reasonably to have known that a reduction of value falling within subsection (1)(b) had occurred,or within such longer period as the Board may determine in any case.7No application for fraud compensation may be made under this section in respect of a scheme once a transfer notice is given in relation to the scheme under section 160.8For the purposes of this section, an insolvency event (“the current event”) in relation to the employer is a qualifying insolvency event if—ait occurs on or after the day appointed under section 126(2), andbeither—iit is the first insolvency event to occur in relation to the employer on or after that day, oriia cessation event has occurred in relation to the scheme in respect of a cessation notice issued during the period—abeginning with the occurrence of the last insolvency event which occurred before the current event, andbending with the occurrence of the current event.9For the purposes of this section—aa cessation event in relation to a scheme occurs when a cessation notice in relation to the scheme becomes binding,ba “cessation notice” means—ia withdrawal notice issued in relation to the scheme under section 122(2)(b) (scheme rescue has occurred),iia withdrawal notice issued in relation to the scheme under section 130(3) (scheme rescue has occurred),iiia withdrawal notice issued in relation to the scheme under section 148 (no insolvency event has occurred or is likely to occur),iva notice issued in relation to the scheme under section 183(2)(b) (scheme rescue has occurred), orva notice issued under section 122(4) (inability to confirm status of scheme) in a case where the notice has become binding and section 148 does not apply,cthe occurrence of a cessation event in relation to a scheme in respect of a cessation notice issued during a particular period (“the specified period”) is a possibility until each of the following are no longer reviewable—iany cessation notice which has been issued in relation to the scheme during the specified period,iiany failure to issue such a cessation notice during the specified period,iiiany notice which has been issued by the Board under Chapter 2 or 3 which is relevant to the issue of a cessation notice in relation to the scheme during the specified period or to such a cessation notice which has been issued during that period becoming binding,ivany failure to issue such a notice as is mentioned in sub-paragraph (iii), anddthe issue of, or failure to issue, a notice is to be regarded as reviewable—iduring the period within which it may be reviewed by virtue of Chapter 6, andiiif the matter is so reviewed, until—athe review and any reconsideration,bany reference to the PPF Ombudsman in respect of the matter, andcany appeal against his determination or directions,has been finally disposed of.10In this section—“auditor” and “actuary”, in relation to an occupational pension scheme, have the meaning given by section 47 of the Pensions Act 1995 (c. 26);“the relevant event” means—in a case where subsection (2) applies in relation to an eligible scheme, the event within paragraph (a) of that subsection,in any other case where subsection (2) applies, the issue of the scheme failure notice under section 122(2)(a) mentioned in paragraph (b) of that subsection,in a case where subsection (3) applies, the event within paragraph (a) of that subsection, andin a case where subsection (4) applies, the trustees or managers becoming aware that paragraphs (b) and (c) of that subsection apply in relation to the scheme;“the relevant date” means—in the case of an occupational pension scheme established under a trust, 6th April 1997, andin any other case, the day appointed by the Secretary of State by order for the purposes of this section.11This section is subject to section 184(2) (no fraud compensation payments to be made until settlement date determined).<CommentaryRef Ref="M_I_604eb3dd-7332-47b5-9cab-d5fdc1b271bb"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Board’s duties in respect of certain applications under section 1821831This section applies where, in a case to which paragraphs (a) to (c) of subsection (4) of section 182 apply (employer not likely to continue as going concern etc), the Board receives an application within paragraph (d) of that subsection.2If the Board is able to confirm—athat a scheme rescue is not possible, orbthat a scheme rescue has occurred,it must, as soon as reasonably practicable, issue a notice to that effect.3Where the Board issues a notice under subsection (2), it must, as soon as reasonably practicable, give a copy of the notice to—athe Regulator,bthe trustees or managers of the scheme,cif the trustees or managers did not make the application mentioned in subsection (1), the person who made that application, anddany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.4For the purposes of this Chapter a notice issued under subsection (2) is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.5Where a notice issued under subsection (2) becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to the persons to whom it is required to give a copy notice under subsection (3).6A notice under subsection (5) must be in the prescribed form and contain such information as may be prescribed.7Section 130(5) (circumstances in which scheme rescue can or cannot be confirmed) applies for the purposes of this section.<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Recovery of value1841Where an application for a fraud compensation payment is made, the trustees or managers must obtain any recoveries of value, to the extent that they may do so without disproportionate cost and within a reasonable time.2No fraud compensation payment may be made until the date (“the settlement date”) determined by the Board, after consulting the trustees or managers of the scheme in question, as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost or within a reasonable time.3In this section “recovery of value” means any increase in the value of the assets of the scheme, being an increase attributable to any payment received (otherwise than from the Board) by the trustees or managers of the scheme in respect of any act or omission—awhich there are reasonable grounds for believing constituted an offence prescribed for the purposes of paragraph (b) of section 182(1), andbto which any reduction in value falling within that paragraph was attributable.4It is for the Board to determine whether anything received by the trustees or managers of the scheme is to be treated as a payment received in respect of any such act or omission.For this purpose “payment” includes any money or money’s worth.<CommentaryRef Ref="M_I_9c85416a-4ac5-4744-eb18-838e713444f7"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Fraud compensation payments1851Where the Board determines to make one or more fraud compensation payments, it must make the payment or payments to the trustees or managers of the scheme in accordance with this section.2A fraud compensation payment may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.3The amount of the payment (or, if there is more than one, the aggregate) must not exceed the difference between—athe amount of the reduction (or, if more than one, the aggregate amount of the reductions) within section 182(1)(b), andbthe amount of any recoveries of value obtained before the settlement date (within the meaning of section 184(2)).4Subject to subsection (3), the Board—amust determine the amount of any fraud compensation payment in accordance with regulations made for the purposes of this subsection, andbmust take account of any interim payment already made under section 186.5The Board must give written notice of its determination under subsection (4) to—athe Regulator,bthe trustees or managers of the scheme,cif the trustees or managers did not make the application under section 182 (fraud compensation payments), the person who made that application, anddany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.<CommentaryRef Ref="M_I_b8ac3531-91d5-45da-acf7-6ac9bd27e16d"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Interim payments1861The Board may, on an application under section 182, make a payment or payments to the trustees or managers of an occupational pension scheme if—ait is of the opinion that—ithe case is one to which subsection (1) of that section applies or may apply, andiithe trustees or managers would not otherwise be able to meet liabilities of a prescribed description, butbit has not determined the settlement date under section 184.2Amounts payable under this section must not exceed the amounts determined in accordance with regulations.3The Board may, except in prescribed circumstances, recover so much of any payment made under subsection (1) as it considers appropriate if, after the payment is made, it determines—athat the case is not one to which section 182(1) applies, orbthat the amount of the payment was excessive.4Subject to that, a payment under subsection (1) may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Board’s powers to make fraud compensation transfer payments1871This section applies where—athe Board assumes responsibility for a scheme in accordance with Chapter 3,bthe value of the assets of the scheme was reduced after the relevant date but before the transfer notice (within the meaning of section 160) was received by the trustees or managers of the scheme and there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting an offence prescribed for the purposes of section 182(1)(b), andcno application was made under section 182 in respect of that reduction (or any such application was withdrawn before it was determined).2The Board may transfer an amount from the Fraud Compensation Fund to the Pension Protection Fund (“fraud compensation transfer payment”) in respect of the reduction in value, subject to the provisions of this section.3The Board must obtain any recoveries of value, to the extent that it may do so without disproportionate cost and within a reasonable time.4No fraud compensation transfer payment may be made until the date determined by the Board as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost and within a reasonable time.5In this section “recovery of value” means any increase in the value of the Pension Protection Fund, being an increase attributable to any payment received (otherwise than under this section) by the Board in respect of any act or omission—awhich there are reasonable grounds for believing constituted an offence prescribed for the purposes of section 182(1)(b), andbto which any reduction in value falling within subsection (1)(b) above was attributable.6It is for the Board to determine whether anything received by it is to be treated as a payment received in respect of any such act or omission.For this purpose “payment” includes any money or money’s worth.7The amount of any fraud compensation transfer payment (or, if there is more than one, the aggregate) must not exceed the difference between—athe amount of the reduction (or, if more than one, the aggregate amount of the reductions) within subsection (1)(b), andbthe amount of any recoveries of value obtained by the Board before the date determined by the Board under subsection (4).8Subject to subsection (7), the Board must determine the amount of any fraud compensation transfer payment in accordance with regulations made for the purposes of this subsection.9In this section “the relevant date” has the meaning given by section 182(10).<Emphasis>The fund</Emphasis><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Fraud Compensation Fund1881The Fraud Compensation Fund shall consist of—aany property and rights transferred under section 302 (dissolution of the Pensions Compensation Board) which the Board designates as assets of the Fund,bcontributions levied under section 189 (fraud compensation levy),cmoney borrowed by the Board under section 115 for the purposes of this Chapter,camoney borrowed by the Board under section 115A for the purposes of this Chapter,damounts recovered under section 186 (recovery of interim payments), andeany income or capital gain credited under subsection (2).2The Board must credit to the Fraud Compensation Fund any income or capital gain arising from the assets in the Fund.3The following are payable out of the Fraud Compensation Fund—asums required to meet liabilities transferred to the Board under section 302 (dissolution of the Pensions Compensation Board), which the Board designates as liabilities of the Fund,bpayments under section 185 (fraud compensation payments),cpayments under section 186(1) (interim payments),damounts required to be transferred to the Pension Protection Fund under section 187 (fraud compensation transfer payments),emoney required for the repayment of, and the payment of interest on, money within subsection (1)(c) or (ca).4No other amounts are payable out of the Fraud Compensation Fund.5In subsection (1) (other than paragraphs (a) and (e)) and subsection (3) (other than paragraphs (a) and (e)) any reference to a provision of this Act is to be read as including a reference to any provision in force in Northern Ireland corresponding to that provision.<Emphasis>The levy</Emphasis><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Fraud compensation levy1891For the purposes of meeting expenditure payable out of the Fraud Compensation Fund, regulations may provide for the imposition of a levy (“fraud compensation levy”) in respect of occupational pension schemes.2Subsection (1) does not apply in relation to any scheme which is prescribed or of a description prescribed under section 182(1)(a) (schemes not eligible for fraud compensation).3A fraud compensation levy imposed in respect of a scheme is payable to the Board by or on behalf of—athe trustees or managers of the scheme, orbany other prescribed person.4A fraud compensation levy is so payable at prescribed times and at a rate, not exceeding the prescribed rate, determined by the Board.5In determining the amount of expenditure in respect of which a fraud compensation levy is to be imposed, the Board may take one year with another (and, in doing so, must have regard to expenditure estimated to be incurred in current or future periods and to actual expenditure incurred in previous periods).6Notice of the rates determined by the Board under subsection (4) must be given to prescribed persons in the prescribed manner.7The Board must in respect of any fraud compensation levy imposed under this section—adetermine the schemes in respect of which it is imposed,bcalculate the amount of the levy in respect of each of those schemes, andcnotify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.8The Board may require the Regulator to discharge, on the Board’s behalf, its functions under subsection (7) in respect of the levy.9An amount payable by a person on account of a fraud compensation levy is a debt due from him to the Board.10An amount so payable may be recovered—aby the Board, orbif the Board so determines, by the Regulator on its behalf.11Without prejudice to the generality of subsection (1), (9) or (10), regulations under this section may include provision relating to—athe collection and recovery of amounts payable by way of levy under this section;bthe circumstances in which any such amount may be waived.Chapter 5Gathering information<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Information to be provided to the Board etc1901Regulations may require such persons as may be prescribed to provide—ato the Board, orbto a person—iwith whom the Board has made arrangements under paragraph 18 of Schedule 5, andiiwho is authorised by the Board for the purposes of the regulations,information of a prescribed description at such times, or in such circumstances, as may be prescribed.2Regulations under subsection (1) may in particular make provision for requiring such persons as may be prescribed to provide any information or evidence needed for a determination of entitlement to compensation under Chapter 3 of this Part.3Regulations made by virtue of paragraph (b) of that subsection must make provision regarding the manner in which the persons required to provide information are to be notified of the identity of the person authorised as mentioned in sub-paragraph (ii) of that paragraph.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Notices requiring provision of information1911Any person to whom subsection (3) applies may be required by a notice in writing to produce any document, or provide any other information, which is—aof a description specified in the notice, andbrelevant to the exercise of the Board’s functions in relation to an occupational pension scheme.2A notice under subsection (1) may be given by—athe Board, orba person authorised by the Board for the purposes of this section in relation to the scheme.3This subsection applies to—aa trustee or manager of the scheme,ba professional adviser in relation to the scheme,cthe employer in relation to the scheme,dan insolvency practitioner in relation to the employer, andeany other person appearing to the Board, or person giving the notice, to be a person who holds, or is likely to hold, information relevant to the discharge of the Board’s functions in relation to the scheme.4Where the production of a document, or the provision of information, is required by a notice given under subsection (1), the document must be produced, or information must be provided, in such a manner, at such a place and within such a period as may be specified in the notice.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Entry of premises1921An appointed person may, for the purpose of enabling or facilitating the performance of any function of the Board in relation to an occupational pension scheme, at any reasonable time enter scheme premises and, while there—amay make such examination and inquiry as may be necessary for such purpose,bmay require any person on the premises to produce, or secure the production of, any document relevant to that purpose for inspection by the appointed person,cmay take copies of any such document,dmay take possession of any document appearing to be such a document or take in relation to any such document any other steps which appear necessary for preserving it or preventing interference with it,emay, in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, require the information to be produced in a form—iin which it can be taken away, andiiin which it is legible or from which it can readily be produced in a legible form, andfmay, as to any matter relevant to the exercise of the Board’s functions in relation to the scheme, examine, or require to be examined, either alone or in the presence of another person, any person on the premises whom he has reasonable cause to believe to be able to give information relevant to that matter.2Premises are scheme premises for the purposes of subsection (1) if the appointed person has reasonable grounds to believe that—athey are being used for the business of the employer,ban insolvency practitioner in relation to the employer is acting there in that capacity,cdocuments relevant to—ithe administration of the scheme, oriithe employer,are being kept there, ordthe administration of the scheme, or work connected with the administration of the scheme, is being carried out there,unless the premises are a private dwelling-house not used by, or by permission of, the occupier for the purposes of a trade or business.3An appointed person applying for admission to any premises for the purposes of this section must, if so required, produce his certificate of appointment.4When exercising a power under this section an appointed person may be accompanied by such persons as he considers appropriate.5Any document of which possession is taken under this section may be retained until the end of the period comprising—athe period of 12 months beginning with the date on which possession was taken of the document, andbany extension of that period under subsection (6).6The Board may before the end of the period mentioned in subsection (5) (including any extension of it under this subsection) extend it by such period not exceeding 12 months as the Board considers appropriate.7In this section “appointed person” means a person appointed by the Board for the purposes of this section in relation to the scheme.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Penalties relating to sections 191 and 1921931A person who, without reasonable excuse, neglects or refuses to provide information or produce a document when required to do so under section 191 is guilty of an offence.2A person who without reasonable excuse—aintentionally delays or obstructs an appointed person exercising any power under section 192,bneglects or refuses to produce, or secure the production of, any document when required to do so under that section, orcneglects or refuses to answer a question or to provide information when so required,is guilty of an offence.3In subsection (2)(a) “appointed person” has the same meaning as it has in section 192.4A person guilty of an offence under subsection (1) or (2) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.5An offence under subsection (1) or (2)(b) or (c) may be charged by reference to any day or longer period of time; and a person may be convicted of a second or subsequent offence by reference to any period of time following the preceding conviction of the offence.6Any person who intentionally and without reasonable excuse alters, suppresses, conceals or destroys any document which he is or is liable to be required to produce under section 191 or 192 is guilty of an offence.7Any person guilty of an offence under subsection (6) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Warrants1941A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Board that there are reasonable grounds for believing—athat there is on, or accessible from, any premises any document—iwhose production has been required under section 191 or 192, or any corresponding provision in force in Northern Ireland, andiiwhich has not been produced in compliance with that requirement,bthat there is on, or accessible from, any premises any document relevant to the exercise of the Board’s functions in relation to an occupational pension scheme whose production could be so required and, if its production were so required, the document—iwould not be produced, butiiwould be removed, or made inaccessible, from the premises, hidden, tampered with or destroyed, orcthat a person will do any act which constitutes a misuse or misappropriation of the assets of an occupational pension scheme and that there is on, or accessible from, any premises any document—iwhich relates to whether the act will be done, andiiwhose production could be required under section 191 or 192, or any corresponding provision in force in Northern Ireland.2A warrant under this section shall authorise an inspector—ato enter the premises specified in the information, using such force as is reasonably necessary for the purpose,bto search the premises and—itake possession of any document appearing to be such a document as is mentioned in subsection (1), oriitake in relation to such a document any other steps which appear necessary for preserving it or preventing interference with it,cto take copies of any such document,dto require any person named in the warrant to provide an explanation of any such document or to state where it may be found or how access to it may be obtained, andein the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, to require the information to be produced in a form—iin which it can be taken away, andiiin which it is legible or from which it can readily be produced in a legible form.3When executing a warrant under this section, an inspector may be accompanied by such persons as he considers appropriate.4A warrant under this section continues in force until the end of the period of one month beginning with the day on which it is issued.5Any document of which possession is taken under this section may be retained until the end of the period comprising—athe period of 12 months beginning with the date on which possession was taken of the document, andbany extension of that period under subsection (6).6The Board may before the end of the period mentioned in subsection (5) (including any extension of it under this subsection) extend it by such period not exceeding 12 months as the Board considers appropriate.7In this section “inspector” means a person appointed by the Board as an inspector.8In the application of this section in Scotland—athe reference to a justice of the peace is to be read as a reference to the sheriff, andbthe references in subsections (1) and (2)(a) to information are to be read as references to evidence.<Emphasis>Provision of false or misleading information</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Offence of providing false or misleading information to the Board1951Any person who knowingly or recklessly provides information which is false or misleading in a material particular is guilty of an offence if the information—ais provided in purported compliance with a requirement under—isection 190 (information to be provided to the Board etc),iisection 191 (notices requiring provision of information), oriiisection 192 (entry of premises), orbis provided otherwise than as mentioned in paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Board for the purposes of exercising its functions under this Act.2Any person guilty of an offence under subsection (1) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.<Emphasis>Use of information</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Use of information196Information held by the Board in the exercise of any of its functions may be used by the Board for the purposes of, or for any purpose connected with or incidental to, the exercise of its functions.<Emphasis>Disclosure of information</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Restricted information1971Restricted information must not be disclosed—aby the Board, orbby any person who receives the information directly or indirectly from the Board.2Subsection (1) is subject to—asubsection (3), andbsections 198 to 203 and 235.3Subject to section 202(4), restricted information may be disclosed with the consent of the person to whom it relates and (if different) the person from whom the Board obtained it.4For the purposes of this section and sections 198 to 203, “restricted information” means any information obtained by the Board in the exercise of its functions which relates to the business or other affairs of any person, except for information—awhich at the time of the disclosure is or has already been made available to the public from other sources, orbwhich is in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.5Any person who discloses information in contravention of this section is guilty of an offence and liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.6Information which—ais obtained under section 191 by a person authorised under subsection (2)(b) of that section, butbif obtained by the Board, would be restricted information,is treated for the purposes of subsections (1) and (3) and sections 198 to 203 as restricted information which the person has received from the Board.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Disclosure for facilitating exercise of functions by the Board1981Section 197 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Board to exercise its functions.2Subsection (3) applies where, in order to enable or assist the Board properly to exercise any of its functions, the Board considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill.3Section 197 does not preclude the disclosure by the Board to a person qualified to provide that advice of such information as appears to the Board to be necessary to ensure that he is properly informed with respect to the matters on which his advice is sought.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Disclosure for facilitating exercise of functions by the Regulator199Section 197 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Regulator to exercise its functions.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Disclosure for facilitating exercise of functions by other supervisory authorities2001Section 197 does not preclude the disclosure by the Board of restricted information to any person specified in the first column of Schedule 8 if the Board considers that the disclosure would enable or assist that person to exercise the functions specified in relation to him in the second column of that Schedule.2The Secretary of State may after consultation with the Board—aby order amend Schedule 8 by—iadding any person exercising regulatory functions and specifying functions in relation to that person,iiremoving any person for the time being specified in the Schedule, oriiialtering the functions for the time being specified in the Schedule in relation to any person, orbby order restrict the circumstances in which, or impose conditions subject to which, disclosure may be made to any person for the time being specified in the Schedule.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Other permitted disclosures2011Section 197 does not preclude the disclosure by the Board of restricted information to—athe Secretary of State,bthe Commissioners of Inland Revenue or their officers, orcthe Department for Social Development in Northern Ireland,if the disclosure appears to the Board to be desirable or expedient in the interests of members of occupational pension schemes or in the public interest.2Section 197 does not preclude the disclosure of restricted information—aby or on behalf of—ithe Board, oriiany public authority (within the meaning of section 6 of the Human Rights Act 1998 (c. 42)) which receives the information directly or indirectly from the Board,for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations),bin connection with any proceedings arising out of—ithis Act,iithe Welfare Reform and Pensions Act 1999 (c. 30),iiithe Pensions Act 1995 (c. 26), orivthe Pension Schemes Act 1993 (c. 48),or any corresponding enactment in force in Northern Ireland, or any proceedings for breach of trust in relation to an occupational pension scheme,cwith a view to the institution of, or otherwise for the purposes of, proceedings under—isection 7 or 8 of the Company Directors Disqualification Act 1986 (c. 46), oriiArticle 10 or 11 ... of the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),din connection with any proceedings under—ithe Insolvency Act 1986 (c. 45), oriithe Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)),which the Board has instituted or in which it has a right to be heard,ewith a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise of his professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner,fwith a view to the institution of, or otherwise for the purpose of, any disciplinary proceedings relating to the exercise by a public servant of his functions, orgin pursuance of assimilated law.3In subsection (2)(f), “public servant” means an officer or servant of the Crown or of any prescribed authority.4Section 197 does not preclude the disclosure by the Board of restricted information to—athe Director of Public Prosecutions,bthe Director of Public Prosecutions for Northern Ireland,cthe Lord Advocate,da procurator fiscal, orea constable.5Section 197 does not preclude the disclosure of restricted information in any case where the disclosure is required by or by virtue of an enactment.6Section 197 does not preclude the disclosure of restricted information in any case where the disclosure is to a Regulator-appointed trustee of an occupational pension scheme for the purpose of enabling or assisting him to exercise his functions in relation to the scheme.7In subsection (6), “Regulator-appointed trustee” means a trustee appointed by the Regulator under section 7 or 23(1) of the Pensions Act 1995 (c. 26) or any corresponding provision in force in Northern Ireland.8Section 197 does not preclude the disclosure by any person mentioned in subsection (1) or (4) of restricted information obtained by the person by virtue of that subsection, if the disclosure is made with the consent of the Board.9Section 197 does not preclude the disclosure by any person specified in the first column of Schedule 8 of restricted information obtained by the person by virtue of section 200(1), if the disclosure is made—awith the consent of the Board, andbfor the purpose of enabling or assisting the person to exercise any functions specified in relation to him in the second column of the Schedule.10Before deciding whether to give its consent to such a disclosure as is mentioned in subsection (8) or (9), the Board must take account of any representations made to it, by the person seeking to make the disclosure, as to the desirability of the disclosure or the necessity for it.11Section 18 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by subsection (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Tax information2021This section applies to information held by any person in the exercise of tax functions about any matter which is relevant, for the purposes of those functions, to tax or duty in the case of an identifiable person (in this section referred to as “tax information”).2No obligation as to secrecy imposed by section 182 of the Finance Act 1989 (c. 26) or otherwise shall prevent the disclosure of tax information to the Board for the purpose of enabling or assisting the Board to discharge its functions.3Where tax information is disclosed to the Board by virtue of subsection (2) above or section 19 of the Anti-terrorism, Crime and Security Act 2001 (disclosure of information held by revenue departments), it must, subject to subsection (4), be treated for the purposes of section 197 as restricted information.4Sections 197(3), 198 to 201, 203 and 235 do not apply to tax information which is disclosed to the Board as mentioned in subsection (3), and such information may not be disclosed by the Board or any person who receives the information directly or indirectly from the Board except—ato, or in accordance with authority given by, the Commissioners of Inland Revenue or the Commissioners of Customs and Excise, orbwith a view to the institution of, or otherwise for the purposes of, any criminal proceedings.5In this section “tax functions” has the same meaning as in section 182 of the Finance Act 1989 (c. 26).<Emphasis>Provision of information to members of schemes etc</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Provision of informationto members of schemes etc2031Regulations may—arequire the Board to provide information of prescribed descriptions to such persons as may be prescribed at prescribed times, orbrequire trustees or managers of occupational pension schemes to provide such information—irelating to the exercise of the Board’s functions in relation to any scheme of which they are trustees or managers,iirelating to any notice issued or application or determination made under Chapter 2, 3 or 4 which relates to any such scheme, oriiiotherwise relating to the Board’s involvement with any such scheme,as may be prescribed to prescribed persons at prescribed times or in prescribed circumstances.2Section 197 does not preclude the disclosure of restricted information by the Board which relates to the entitlement of a particular individual to compensation under Chapter 3 if the disclosure is made to that individual or to a person authorised by him.3Section 197 does not preclude the disclosure of restricted information by the Board if—athe information relates to the exercise of the Board’s functions in relation to an occupational pension scheme,bthe disclosure is made to—iall affected persons, oriiall affected persons of a particular description, andcthe Board is satisfied that, in all the circumstances, it is reasonable to make the disclosure.4In subsection (3) “affected person”, in relation to an occupational pension scheme, means a person—awho is a member of the scheme, orbwho is for the time being nominated by a member of the scheme for the purposes of that subsection.5A nomination by a member of the scheme under subsection (4)(b)—amay be made by notice in writing given by the member,bbecomes effective when the notice is received by the Board, andcceases to be effective when the Board receives a further notice from the member withdrawing the nomination.6In the case of an occupational pension scheme, section 197 does not preclude the disclosure of restricted information by the Board if—athe disclosure is made to any of the following in relation to the scheme—ia trustee or manager,iiany professional adviser,iiithe employer,ivthe insolvency practitioner in relation to the employer,bthe information is relevant to the exercise of that person’s functions in relation to the scheme, andcthe Board considers that it is reasonable in all the circumstances to make the disclosure for the purpose of facilitating the exercise of those functions.<Emphasis>Interpretation</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Sections 190 to 203: interpretation2041This section applies for the purposes of sections 190 to 203.2“Document” includes information recorded in any form, and any reference to production of a document, in relation to information recorded otherwise than in a legible form, is to producing a copy of the information—ain a legible form, orbin a form from which it can readily be produced in a legible form.3Where the Board has assumed responsibility for a scheme—aany reference to the Board’s functions in relation to the scheme includes a reference to the functions which it has by virtue of having assumed responsibility for the scheme, andbany reference to a trustee, manager, professional adviser or employer in relation to the scheme is to be read as a reference to a person who held that position in relation to the scheme before the Board assumed responsibility for it.<Emphasis>Reports</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Publishing reports etc2051The Board may, if it considers it appropriate to do so in any particular case, publish a report of the exercise of, or any matter arising out of or connected with the exercise of, any of its functions in that case.2The publication of a report under subsection (1) may be in such form and manner as the Board considers appropriate.3For the purposes of the law of defamation, the publication of any matter by the Board is privileged unless the publication is shown to be made with malice.Chapter 6Reviews, appeals and maladministration<Emphasis>Review etc by the Board</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Meaning of “reviewable matters”2061For the purposes of this Chapter, “reviewable matter” means a matter mentioned in Schedule 9.2Regulations may provide, in relation to any reference in that Schedule to a failure by the Board to do any act or make any determination, that—athe reference is to be construed as a reference to a failure by the Board to do the act or make the determination within a prescribed period, andbthe reference is to be construed as not including a failure to do the act or make the determination which first occurs after a prescribed time.3Regulations may make provision suspending the effect of any determination, direction or other act of the Board, or any notice given or issued by it, which relates to a reviewable matter until—athe period within which the matter may be reviewed by virtue of this Chapter has expired, andbif the matter is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the matter, andiiiany appeal against his determination or directions,has been finally disposed of.4Regulations may amend Schedule 9 by—aadding to it any other description of determination, act or failure of, or matter determined or for determination by, the Board, orbremoving from it any such determination, act, failure or matter for the time being mentioned in it.5Regulations under subsection (4) may also modify any provision of this Part in consequence of provision made by virtue of paragraph (a) or (b) of that subsection.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Review and reconsideration by the Board of reviewable matters2071Regulations must—aprovide for the Board, on the written application of an interested person, to give a decision (“a review decision”) on any reviewable matter, andbrequire a committee of the Board constituted for the purposes of this section (the “Reconsideration Committee”), on the written application of an interested person following a review decision, to reconsider the reviewable matter and give a decision (“a reconsideration decision”).2In subsection (1), “interested person” in relation to a reviewable matter, means a person of a description prescribed in relation to reviewable matters of that description.3Regulations under subsection (1) may—apermit a review decision in respect of a reviewable matter of a prescribed description to be made otherwise than on an application, andbpermit a reconsideration decision in respect of such a matter to be made otherwise than on an application.4Regulations under subsection (1) must provide for the Board’s powers on making a review decision or reconsideration decision to include power—ato vary or revoke the determination, direction or other decision already made by the Board in respect of the reviewable matter,bto substitute a different determination, direction or decision,cto provide for such variations, revocations or substitutions, or any determinations, directions or other decisions made as a result of the review decision or reconsideration decision, to be treated as if they were made at such time (which may be a time prior to the making of the review decision or reconsideration decision) as the Board considers appropriate,dto provide for any notice varied, substituted, issued or given by the Board as a result of the review decision or reconsideration decision, to be treated as if it were issued or given at such time (which may be a time prior to the making of the review decision or reconsideration decision) as the Board considers appropriate,egenerally to deal with the matters arising on the review decision or reconsideration decision as if they had arisen on the original determination, direction or decision,fto pay such compensation as the Board considers appropriate to such persons as it may determine, andgto make savings and transitional provision.5Regulations under subsection (1) must include provision—aabout applications under the regulations for a review decision or reconsideration decision in respect of a reviewable matter, including the times by which they are to be made,brequiring notice—iof such applications, oriiof a decision of the Board or the Reconsideration Committee by virtue of subsection (3) to give a review decision or reconsider a reviewable matter otherwise than on such an application,to be given to interested persons in relation to the matter,cwith a view to securing that individuals concerned in giving a reconsideration decision were not concerned in the reviewable matter in respect of which the decision is to be made,das to the procedure for reaching and giving decisions under the regulations, including—irights of interested persons to make representations to the Reconsideration Committee on a reconsideration under regulations made under subsection (1)(b), andiithe times by which decisions are to be given, anderequiring notice of the review decision or the reconsideration decision in respect of a reviewable matter to be given to interested persons in relation to the matter.6Provision required by subsection (5)(c) may modify paragraphs 15 and 16 of Schedule 5 (membership and procedure of committees of the Board).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Investigation by the Board of complaints of maladministration2081Regulations must make provision for dealing with relevant complaints.2For the purposes of this Chapter, “relevant complaint” means a complaint—aby a person who is or might become entitled to compensation under the pension compensation provisions, orbby a person who has or may make an application under section 182 (fraud compensation),alleging that he has sustained injustice in consequence of maladministration in connection with any act or omission by the Board or any person exercising functions on its behalf.3Regulations under subsection (1) must—aprovide for the Board to investigate and give decisions on matters complained of in relevant complaints, andbprovide for a committee of the Board, on applications following such decisions, to investigate matters complained of and give decisions on them.4Such regulations may, in particular, make provision—aabout the making of relevant complaints and applications under the regulations, including the times by which they are to be made,bwith a view to securing that individuals concerned in giving a decision were not concerned in the matter which is the subject of the relevant complaint in question,cas to the procedure for reaching and giving decisions under the regulations, including—irights of prescribed persons to make representations to the Board, on an investigation under regulations made under subsection (3)(b), andiithe times by which decisions are to be given, anddrequiring notice—iof a relevant complaint under the regulations, oriiof a decision under the regulations in respect of the complaint,to be given to prescribed persons in relation to the matter.5Regulations under subsection (1) may confer power on the Board to pay such compensation as it considers appropriate to such persons as it considers have sustained injustice in consequence of the matters complained of.6The power conferred by subsection (4)(b) includes power to modify paragraphs 15 and 16 of Schedule 5 (membership and procedure of committees of the Board).<Emphasis>The PPF Ombudsman</Emphasis><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>The Ombudsman for the Board of the Pension Protection Fund2091There is to be a commissioner to be known as the Ombudsman for the Board of the Pension Protection Fund (in this Act referred to as “the PPF Ombudsman”).2The PPF Ombudsman is to be appointed by the Secretary of State on such terms and conditions as are determined by the Secretary of State.3The PPF Ombudsman—ais to hold and vacate office in accordance with the terms and conditions of his appointment, andbmay resign or be removed from office in accordance with those terms and conditions.4The Secretary of State may by order make provision—aabout the payment, or provision for payment, of remuneration, compensation for loss of office, pension, allowances or gratuities to or in respect of the PPF Ombudsman;babout the reimbursement of the PPF Ombudsman in respect of any expenses incurred by him in the performance of his functions;cabout the staff of the PPF Ombudsman and the provision of facilities (including additional staff) to him;dabout the delegation of the functions of the PPF Ombudsman to his staff or to any such additional staff;eauthorising the PPF Ombudsman—ito charge such fees as are specified in the order;iito charge fees sufficient to meet such costs as are specified in the order;fconferring powers to enable the PPF Ombudsman to obtain such information and documents as he may require for the performance of his functions;gabout restrictions on the disclosure of information held by him.5An order under subsection (4)(e)—amay prescribe, or authorise the PPF Ombudsman to determine, the time at which any fee is due, andbprovide that any fee which is owed to the PPF Ombudsman by virtue of an order under subsection (4)(e) may be recovered as a debt due to the PPF Ombudsman.6The Secretary of State must pay to the PPF Ombudsman out of money provided by Parliament such sums as may be required to be paid by the Secretary of State to or in respect of the PPF Ombudsman by virtue of an order under subsection (4).7Regulations may provide for the imposition of a levy in respect of eligible schemes for the purpose of meeting expenditure of the Secretary of State under subsection (6).8Where regulations make such provision, subsections (2), (3), (5), (6) and (7) of section 117 (administration levy) apply in relation to the levy as they apply in relation to an administration levy (within the meaning of that section), except that in subsection (7) the reference to subsection (1) of that section is to be read as a reference to subsection (7) of this section.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Deputy PPF Ombudsmen2101The Secretary of State may appoint one or more persons to act as a deputy to the PPF Ombudsman (in this Chapter referred to as “a Deputy PPF Ombudsman”).2Any such appointment is to be on such terms and conditions as the Secretary of State determines.3A Deputy PPF Ombudsman—ais to hold and vacate office in accordance with the terms and conditions of his appointment, andbmay resign or be removed from office in accordance with those terms and conditions.4A Deputy PPF Ombudsman may perform the functions of the PPF Ombudsman—aduring any vacancy in that office,bat any time when the PPF Ombudsman is for any reason unable to discharge his functions, orcat any other time, with the consent of the Secretary of State.5References to the PPF Ombudsman in relation to the performance of his functions are accordingly to be construed as including references to a Deputy PPF Ombudsman in relation to the performance of those functions.6An order by the Secretary of State under section 209(4) may make provision—aabout the payment, or provision for payment, of remuneration, compensation for loss of office, pension, allowances or gratuities to or in respect of a Deputy PPF Ombudsman;babout the reimbursement of any expenses incurred by a Deputy PPF Ombudsman in the performance of any of the PPF Ombudsman’s functions.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Status etc of the PPF Ombudsman and deputies2111In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) (other disqualifying offices), at the appropriate place insert— “ Ombudsman for the Board of the Pension Protection Fund and any deputy to that Ombudsman appointed under section 210 of the Pensions Act 2004. ”2In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (c. 25) (other disqualifying offices), at the appropriate place insert— “ Ombudsman for the Board of the Pension Protection Fund and any deputy to that Ombudsman appointed under section 210 of the Pensions Act 2004. ”3The persons to whom section 1 of the Superannuation Act 1972 (c. 11) (persons to or in respect of whom benefits may be provided by schemes under that section) applies are to include—the PPF Ombudsmana Deputy PPF Ombudsmanthe employees of the PPF Ombudsman.4The PPF Ombudsman must pay to the Minister for the Civil Service, at such times as he may direct, such sums as he may determine in respect of the increase attributable to subsection (3) in the sums payable out of money provided by Parliament under that Act.5In Schedule 4 to the Parliamentary Commissioner Act 1967 (c. 13) (relevant tribunals for the purposes of section 5(7) of that Act), at the appropriate place insert— “ The Ombudsman for the Board of the Pension Protection Fund established under section 209 of the Pensions Act 2004. ”<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Annual reports to Secretary of State2121The PPF Ombudsman must prepare a report on the discharge of his functions for each financial year.2The PPF Ombudsman must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.3The Secretary of State must arrange for the publication of each report sent to him under subsection (2).4In this section “financial year” means—athe period beginning with the date on which the PPF Ombudsman is established and ending with the next following 31st March, andbeach successive period of 12 months.<Addition ChangeId="key-724dafca570bc650b1e94d6f322696cd-1583614767802" CommentaryRef="key-724dafca570bc650b1e94d6f322696cd">Accounts and audit</Addition>212A1As soon as is reasonably practicable, the PPF Ombudsman shall send to the Comptroller and Auditor General a statement of the PPF Ombudsman’s accounts in respect of a financial year.2The Comptroller and Auditor General shall—aexamine, certify and report on a statement received under this section; andbsend a copy of the statement and the report to the Secretary of State who shall lay them before Parliament.3In this section “financial year” means a period of 12 months ending with 31st March.<Emphasis>References to the PPF Ombudsman</Emphasis>Reference of reviewable matter to the PPF Ombudsman2131Regulations must make provision—afor a reviewable matter to be referred to the PPF Ombudsman following a reconsideration decision under regulations made under subsection (1)(b) or by virtue of subsection (3)(b) of section 207 in respect of the matter, andbfor the PPF Ombudsman—ito investigate and determine what (if any) is the appropriate action for the Board to take in relation to the matter, andiito remit the matter to the Board with directions for the purpose of giving effect to his determination.2Regulations under subsection (1) must make provision about the making of references to the PPF Ombudsman, including provision—aabout the descriptions of persons who may make them,babout the manner of making such references, including the times by which they are to be made, andcfor prescribed persons to be notified of—ireferences made under the regulations, andiideterminations and directions given under the regulations.3Regulations under subsection (1) must—arequire the PPF Ombudsman to conduct an oral hearing in relation to any reviewable matter referred to him under the regulations or to dispose of the matter on the basis of written representations,benable the PPF Ombudsman to consider evidence relating to the matter which was not available to the Board or the Reconsideration Committee, andcmake other provision about the procedure for conducting investigations, and reaching and giving determinations, under the regulations, including the times by which determinations are to be given.4The provision that may be made by virtue of subsection (3)(c) includes provision—aconferring rights on prescribed persons—ito make representations to the PPF Ombudsman in relation to a reviewable matter referred to him by virtue of this section,iito be heard or represented at any oral hearing by the PPF Ombudsman in relation to such a matter,babout the consideration of evidence by the PPF Ombudsman, including—iproduction of documents,iioral hearings,iiiexpert evidence,ivattendance of witnesses,cconferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,das to the costs or expenses of prescribed persons,econferring rights on prescribed persons to apply for a stay (or in Scotland, for a sist) in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying (or sisting) the proceedings if it is satisfied of prescribed matters, andffor securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.5Regulations under subsection (1) may include provision—aconferring power on the PPF Ombudsman to direct the Board to pay such compensation as he considers appropriate to such persons as he may direct,bconferring power on the Board to make such payments,cconferring power on the PPF Ombudsman to direct that—iany determinations, directions or other decisions which are made by the Board in accordance with any determination or direction given by him, oriiany variations, revocations or substitutions of its determinations, directions or other decisions which are made by the Board in accordance with any determination or direction given by him,are to be treated as if they were made at such time (which may be a time prior to his determination or direction) as he considers appropriate,dconferring power on the PPF Ombudsman to direct that any notice varied, substituted, issued or given by the Board in accordance with any determination or direction given by him is to be treated—ias if it were issued or given at such time (which may be a time prior to his determination or direction) as he considers appropriate;iias if it became binding for the purposes of this Part at the time at which he gives his determination or direction or at such later time as he considers appropriate,eprescribing the circumstances in which any determination or other act of the Board in accordance with any determination or direction given by the PPF Ombudsman, is not to be treated as being a reviewable matter for the purposes of this Chapter, andfconferring such other powers on the Board as may be required when a matter is remitted to it (including such powers as the Board may have on making a review decision or a reconsideration decision under regulations made under section 207(1)).Investigation by PPF Ombudsman of complaints of maladministration2141Regulations must provide for the investigation and determination by the PPF Ombudsman of such matters as may be prescribed following decisions on relevant complaints given by the Board or the committee of the Board referred to in section 208(3)(b) under regulations made under that section.2Regulations under this section must make provision—aprescribing the descriptions of person who may refer matters to the PPF Ombudsman under the regulations,babout the manner in which such references may be made, including the times by which they are to be made,cabout the procedure for conducting investigations, and reaching and giving determinations, on such references, including the times by which the determinations are to be given,dabout the powers of the PPF Ombudsman on making such determinations, including—ithe power to direct the Board to pay such compensation as he considers appropriate to such persons as he considers have sustained injustice in consequence of the matters complained of, andiithe power to direct the Board to take or refrain from taking such other steps as he may specify,econferring such powers on the Board as are necessary to comply with such requirements,ffor prescribed persons to be notified of—ireferences to the PPF Ombudsman under the regulations, andiideterminations and directions by the PPF Ombudsman under the regulations,gconferring rights on prescribed persons—ito make representations to the PPF Ombudsman in relation to a matter referred to him by virtue of this section,iito be heard or represented at any oral hearing by the PPF Ombudsman in relation to such a matter,habout the consideration of evidence by the PPF Ombudsman, including—iproduction of documents,iioral hearings,iiiexpert evidence,ivattendance of witnesses,iconferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,jas to the costs or expenses of prescribed persons,kconferring rights on prescribed persons to apply for a stay (or in Scotland, for a sist) in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying (or sisting) the proceedings if it is satisfied of prescribed matters, andlfor securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.Referral of questions of law215The PPF Ombudsman may refer any question of law arising for determination in connection with—aa reviewable matter referred to him by virtue of regulations under section 213, orba matter referred to him by virtue of regulations under section 214,to, in England and Wales, the High Court or, in Scotland, the Court of Session.Publishing reports etc2161If the PPF Ombudsman considers it appropriate to do so in any particular case, he may publish in such form and manner as he considers appropriate a report of any investigation carried out by virtue of regulations under section 213 or 214 and of the result of that investigation.2For the purposes of the law of defamation, the publication of any matter by the PPF Ombudsman under or by virtue of any provision of this Chapter shall be absolutely privileged.Determinations of the PPF Ombudsman2171A person bound by a determination or direction by the PPF Ombudsman by virtue of regulations made under section 213 or 214 may appeal on a point of law arising from the determination or direction—ain England and Wales, to the High Court, orbin Scotland, to the Court of Session.2Any determination or direction of the PPF Ombudsman is enforceable—ain England and Wales, in the county court as if it were a judgment or order of that court, andbin Scotland, in like manner as an extract registered decree arbitral bearing warrant for execution issued by the sheriff court of any sheriffdom in Scotland.Obstruction etc of the PPF Ombudsman2181This section applies if any person—awithout lawful excuse obstructs the PPF Ombudsman in the performance of his functions, orbis guilty of any act or omission in relation to an investigation by the PPF Ombudsman under regulations made under section 213 or 214, which, if that investigation were a proceeding in the court, would constitute contempt of court.2The PPF Ombudsman may certify the offence to the court.3Where an offence is certified under subsection (2), the court may—ainquire into the matter,bhear any witnesses who may be produced against or on behalf of the person charged with the offence and any statement that may be offered in defence, andcdeal with him in any manner in which the court could deal with him if he had committed the like offence in relation to the court.4This section is to be construed, in its application to Scotland, as if contempt of court were categorised as an offence in Scots law.5In this section “the court” means—ain England and Wales, the county court;bin Scotland, the sheriff.Chapter 7Miscellaneous<Emphasis>Backdating the winding up of eligible schemes</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Backdating the winding up of eligible schemes2191Subsection (3) applies where—aa qualifying insolvency event occurs in relation to the employer in relation to an eligible scheme, andbthe winding up of the scheme begins at or after the time of that event but not later than the first of the following events in relation to the scheme—ia scheme failure notice or a withdrawal notice issued under section 122(2) in relation to the scheme becoming binding,iia withdrawal notice issued under section 148 in relation to the scheme becoming binding, oriiia notice issued under section 122(4) becoming binding in a case where section 148 does not apply.2Subsection (3) also applies where—athe trustees or managers of an eligible scheme—imake an application to the Board under subsection (1) of section 129, oriireceive a notice from the Board under subsection (5)(a) of that section, andbthe winding up of the scheme begins—iat or after the time the application is made or notice is received, butiinot later than a scheme failure notice or a withdrawal notice issued under section 130(2) or (3) in relation to the scheme becoming binding.3The winding up of the scheme is to be taken as beginning immediately before the event within subsection (1)(a) or, as the case may be, subsection (2)(a) if—athe winding up is in pursuance of an order of the Regulator under section 11 of the Pensions Act 1995 (c. 26) directing the winding up of the scheme, orbin any other case, the trustees or managers of the scheme so determine.4In a case where subsection (3) applies, the Regulator may by order direct any person specified in the order—ato take such steps as are so specified as it considers are necessary as a result of the winding up of the scheme beginning in accordance with that subsection, andbto take those steps within a period specified in the order.5If the trustees or managers of a scheme fail to comply with a direction to them contained in an order under subsection (4), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.6That section also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under subsection (4).7For the purposes of this section “qualifying insolvency event” has the same meaning as in section 127.8Subsection (4) of section 128 applies for the purposes of subsection (2) of this section as it applies for the purposes of subsection (1) of that section.9This section is to be read subject to section 135 (which restricts the winding up of an eligible scheme during an assessment period).<Emphasis>Pension sharing</Emphasis>Pension sharing2201Regulations may modify any of the provisions of this Part as it applies in relation to—acases where a person’s shareable rights under an eligible scheme have (at any time) become subject to a pension debit;bcases where—ia pension sharing order or provision in respect of such rights is made before the time a transfer notice under section 160 is received by the trustees or managers of the eligible scheme, andiithat order or provision takes effect on or after the receipt by them of the notice.2Regulations may also modify any of the provisions of Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (c. 30) (pension sharing) as it applies in relation to—acases within subsection (1)(a) where any liability of the trustees or managers of the eligible scheme in respect of a pension credit was not discharged before the time a transfer notice under section 160 was received by the trustees or managers of the eligible scheme;bcases within subsection (1)(b).3In this section—“pension debit” and “shareable rights” have the same meaning as in Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (c. 30) (pension sharing);“pension sharing order or provision” means an order or provision falling within section 28(1) of that Act (activation of pension sharing).Part 3Scheme funding<Emphasis>Introductory</Emphasis><CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Pension schemes to which this Part applies2211The provisions of this Part apply to every occupational pension scheme other than—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2Regulations under subsection (1)(b) may provide for exemptions from all or any of the provisions of this Part.<Emphasis>Scheme funding</Emphasis><Addition ChangeId="key-ac9cdb0ae300d76c032cc0cc369a888b-1636818684293" CommentaryRef="key-ac9cdb0ae300d76c032cc0cc369a888b">Funding and investment strategy</Addition>221A1The trustees or managers must determine, and from time to time review and if necessary revise, a strategy for ensuring that pensions and other benefits under the scheme can be provided over the long term.This is referred to in this Part as a “funding and investment strategy”.2The strategy must, in particular, specify—athe funding level the trustees or managers intend the scheme to have achieved as at the relevant date or relevant dates, andbthe investments the trustees or managers intend the scheme to hold on the relevant date or relevant dates.3In subsection (2)—a“funding level” means the ratio of the scheme's assets to its liabilities;b“relevant date” means a date determined in accordance with regulations.4Provision may be made by regulations—arequiring the trustees or managers of a scheme, in determining or revising a funding and investment strategy, to take into account prescribed matters and follow prescribed principles;bas to the level of detail required in a funding and investment strategy;cas to the period within which a funding and investment strategy must be determined;drequiring a funding and investment strategy to be reviewed, and if necessary revised, at such intervals and on such occasions as may be prescribed.5The provision that may be made by virtue of subsection (4)(a) includes provision requiring the trustees or managers, in specifying a funding level for the purposes of subsection (2)(a), to adopt prescribed actuarial methods or assumptions.6Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<Addition ChangeId="key-ac9cdb0ae300d76c032cc0cc369a888b-1636818684293" CommentaryRef="key-ac9cdb0ae300d76c032cc0cc369a888b">Statement of strategy</Addition>221B1The trustees or managers must, as soon as reasonably practicable after determining or revising the scheme's funding and investment strategy, prepare a written statement of—athe scheme's funding and investment strategy, andbthe supplementary matters set out in subsection (2).2The supplementary matters are—athe extent to which, in the opinion of the trustees or managers, the funding and investment strategy is being successfully implemented and, where it is not, the steps they propose to take to remedy the position (including details as to timing);bthe main risks faced by the scheme in implementing the funding and investment strategy and how the trustees or managers intend to mitigate or manage them;creflections of the trustees or managers on any significant decisions taken by them in the past that are relevant to the funding and investment strategy (including any lessons learned that have affected other decisions or may do so in the future);dsuch other matters as may be prescribed.3In this Part—aa statement under subsection (1) is referred to as a “statement of strategy”;bthe text included in a statement of strategy by virtue of subsection (1)(a) is referred to as “Part 1” of the statement;cthe text included in a statement of strategy by virtue of subsection (1)(b) is referred to as “Part 2” of the statement.4The trustees or managers must from time to time, and at such times and on such occasions as may be prescribed—areview Part 2 of the scheme's statement of strategy, andbif necessary in the light of that review, revise that Part and prepare a replacement statement of strategy incorporating it.5The trustees or managers must consult the employer when preparing or revising Part 2 of a statement of strategy.6A statement of strategy prepared for a trust scheme must be signed on behalf of the trustees by a person who—ais the chair of the trustees, andbmeets such other conditions as may be prescribed.7Where subsection (6) cannot be complied with because the trustees of a trust scheme do not have a chair, they must appoint one.8Provision may be made by regulations—arequiring the trustees or managers of a scheme, in preparing or revising Part 2 of a statement of strategy, to take into account prescribed matters and follow prescribed principles;bas to the level of detail required in Part 2 of a statement of strategy;cas to the form of a statement of strategy;drequiring the trustees or managers of a scheme to send a statement of strategy to the Regulator at such times and on such occasions as may be prescribed.9Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>The statutory funding objective2221Every scheme is subject to a requirement (“the statutory funding objective”) that it must have sufficient and appropriate assets to cover its technical provisions.2A scheme’s “technical provisions” means the amount required, on an actuarial calculation, to make provision for the scheme’s liabilities.2AThe scheme's technical provisions shall be calculated in a way that is consistent with the scheme's funding and investment strategy, as set out in the scheme's statement of strategy.3For the purposes of this Part—athe assets to be taken into account and their value shall be determined, calculated and verified in a prescribed manner, andbthe liabilities to be taken into account shall be determined in a prescribed manner and , subject to subsection (2A), the scheme’s technical provisions shall be calculated in accordance with any prescribed methods and assumptions.4Regulations may—aprovide for alternative prescribed methods and assumptions,bprovide that it is for the trustees or managers to determine which methods and assumptions are to be used in calculating a scheme’s technical provisions, andcrequire the trustees or managers, in making their determination, to take into account prescribed matters and follow prescribed principles.5Any provision of the scheme rules that limits the amount of the scheme’s liabilities by reference to the value of its assets shall be disregarded.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Statement of funding principles2231The trustees or managers must prepare, and from time to time review and if necessary revise, a written statement of—atheir policy for securing that the statutory funding objective is met, andbsuch other matters as may be prescribed.This is referred to in this Part as a “statement of funding principles”.2The statement must, in particular, record any decisions by the trustees or managers as to—athe methods and assumptions to be used in calculating the scheme’s technical provisions, andbthe period within which, and manner in which, any failure to meet the statutory funding objective is to be remedied.3Provision may be made by regulations—aas to the period within which a statement of funding principles must be prepared, andbrequiring it to be reviewed, and if necessary revised, at such intervals, and on such occasions, as may be prescribed.4Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/><CommentaryRef Ref="key-ddd085fd29a0b47cb38a395ecbd80b72"/><CommentaryRef Ref="key-45f7f32e51d37fb59a6792f0eca10d7f"/>Actuarial valuations and reports2241The trustees or managers must obtain actuarial valuations—aat intervals of not more than one year or, if they obtain actuarial reports for the intervening years, at intervals of not more than three years, andbin such circumstances and on such other occasions as may be prescribed.2In this Part—aan “actuarial valuation” means a written report, prepared and signed by the actuary, valuing the scheme’s assets and calculating its technical provisions,bthe effective date of an actuarial valuation is the date by reference to which the assets are valued and the technical provisions calculated,can “actuarial report” means a written report, prepared and signed by the actuary, on developments affecting the scheme’s technical provisions since the last actuarial valuation was prepared, anddthe effective date of an actuarial report is the date by reference to which the information in the report is stated.3The intervals referred to in subsection (1)(a) are between effective dates of the valuations, and—athe effective date of the first actuarial valuation must be not more than one year after the establishment of the scheme, andbthe effective date of any actuarial report must be not more than one year after the effective date of the last actuarial valuation, or, if more recent, the last actuarial report.4The trustees or managers must ensure that a valuation or report obtained by them is received by them within the prescribed period after its effective date.5Nothing in this section affects any power or duty of the trustees or managers to obtain actuarial valuations or reports at more frequent intervals or in other circumstances or on other occasions.6An actuarial valuation or report (whether obtained under this section or in pursuance of any other power or duty) must be prepared in such a manner, give such information, contain such statements and satisfy such other requirements as may be prescribed.7The trustees or managers must secure that any actuarial valuation or report obtained by them (whether obtained under this section or in pursuance of any other power or duty) is made available to the employer within seven days of their receiving it.7AAs soon as reasonably practicable after receiving an actuarial valuation, the trustees or managers must send a copy of it to the Regulator, together with such other information as may be prescribed.8Where subsection (1), (4) or (7) , (7) or (7A) is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Certification of technical provisions2251When an actuarial valuation is carried out, the calculation of the technical provisions must be certified by the actuary.2The certificate must state that in the opinion of the actuary the calculation is made in accordance with regulations under section 222.3If the actuary cannot give the certificate required by subsection (2) he must report the matter in writing to the Regulator within a reasonable period after the end of the period within which the valuation must be received by the trustees or managers.Section 10 of the Pensions Act 1995 (civil penalties) applies to the actuary if he fails without reasonable excuse to comply with this subsection.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Recovery plan2261If having obtained an actuarial valuation it appears to the trustees or managers of a scheme that the statutory funding objective was not met on the effective date of the valuation, they must, within the prescribed time—aif there is no existing recovery plan in force, prepare a recovery plan;bif there is an existing recovery plan in force, review and if necessary revise it.2A recovery plan must set out—athe steps to be taken to meet the statutory funding objective, andbthe period within which that is to be achieved.3A recovery plan must comply with any prescribed requirements and must be appropriate having regard to the nature and circumstances of the scheme.3AProvision may be made by regulations as to the matters to be taken into account, or the principles to be followed, in determining for the purposes of subsection (3) whether a recovery plan is appropriate having regard to the nature and circumstances of the scheme.4In preparing or revising a recovery plan the trustees or managers must take account of prescribed matters.5Provision may be made by regulations as to other circumstances in which a recovery plan may or must be reviewed and if necessary revised.6The trustees or managers must, except in prescribed circumstances, send a copy of any recovery plan to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.The copy of any recovery plan sent to the Regulator must be accompanied by the prescribed information.7Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Schedule of contributions2271The trustees or managers must prepare, and from time to time review and if necessary revise, a schedule of contributions.2A “schedule of contributions” means a statement showing—athe rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme, andbthe dates on or before which such contributions are to be paid.3Provision may be made by regulations—aas to the period within which, after the establishment of a scheme, a schedule of contributions must be prepared,brequiring the schedule of contributions to be reviewed, and if necessary revised, at such intervals, and on such occasions, as may be prescribed, andcas to the period for which a schedule of contributions is to be in force.4The schedule of contributions must satisfy prescribed requirements.5The schedule of contributions must be certified by the actuary and—athe duty to prepare or revise the schedule is not fulfilled, andbthe schedule shall not come into force,until it has been so certified.6The certificate must state that, in the opinion of the actuary—athe schedule of contributions is consistent with the statement of funding principles, andbthe rates shown in the schedule are such that—iwhere the statutory funding objective was not met on the effective date of the last actuarial valuation, the statutory funding objective can be expected to be met by the end of the period specified in the recovery plan, oriiwhere the statutory funding objective was met on the effective date of the last actuarial valuation, the statutory funding objective can be expected to continue to be met for the period for which the schedule is to be in force.7Where the statutory funding objective was not met on the effective date of the last actuarial valuation, the trustees or managers must send a copy of the schedule of contributions to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.8Where any requirement of the preceding provisions of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.9If the actuary is unable to give the certificate required by subsection (6), he must report the matter in writing to the Regulator within a reasonable period after the end of the period within which the schedule is required to be prepared or, as the case may be, revised.Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to the actuary if he fails without reasonable excuse to comply with this subsection.10The provisions of subsections (1), (3) and (5) to (9) above do not apply in relation to a schedule of contributions imposed by the Regulator under section 231 or, as the case may be, where such a schedule of contributions is in force.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Failure to make payments2281This section applies where an amount payable in accordance with the schedule of contributions by or on behalf of the employer or an active member of a scheme is not paid on or before the due date.2If the trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Regulator of any of its functions, they must, except in prescribed circumstances, give notice of the failure to the Regulator and to the members within a reasonable period.3The amount unpaid (whether payable by the employer or not), if not a debt due from the employer to the trustees or managers apart from this subsection, shall be treated as such a debt.4Section 10 of the Pensions Act 1995 (civil penalties) applies—awhere subsection (2) above is not complied with, to a trustee or manager who has failed to take all reasonable steps to secure compliance with that subsection;bto the employer if he fails without reasonable excuse to make a payment required of him—iin accordance with the schedule of contributions, oriiby virtue of subsection (3) above.5This section applies in relation to a schedule of contributions imposed by the Regulator under section 231 as in relation to one agreed between the trustees or managers and the employer.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Matters requiring agreement of the employer2291The trustees or managers must obtain the agreement of the employer to—zathe scheme's funding and investment strategy, as set out in the scheme's statement of strategy;aany decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));bany matter to be included in the statement of funding principles (see section 223);cany provisions of a recovery plan (see section 226);dany matter to be included in the schedule of contributions (see section 227).2If it appears to the trustees or managers that it is not otherwise possible to obtain the employer’s agreement within the prescribed time to any such matter, they may (if the employer agrees) by resolution modify the scheme as regards the future accrual of benefits.3No modification may be made under subsection (2) that on taking effect would or might adversely affect any subsisting right of—aany member of the scheme, orbany survivor of a member of the scheme.For this purpose “subsisting right” and “survivor” have the meanings given by section 67A of the Pensions Act 1995 (c. 26).4Any such modification must be—arecorded in writing by the trustees or managers, andbnotified to the active members within one month of the modification taking effect.5If the trustees or managers are unable to reach agreement with the employer within the prescribed time on any such matter as is mentioned in subsection (1), they must report the failure in writing to the Regulator within a reasonable period.6Where subsection (1), (4) or (5) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Matters on which advice of actuary must be obtained2301The trustees or managers must obtain the advice of the actuary before doing any of the following—amaking any decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));bpreparing or revising the statement of funding principles (see section 223);cpreparing or revising a recovery plan (see section 226);dpreparing or revising the schedule of contributions (see section 227);emodifying the scheme as regards the future accrual of benefits under section 229(2).2Regulations may require the actuary to comply with any prescribed requirements when advising the trustees or managers of a scheme on any such matter.3The regulations may require the actuary to have regard to prescribed guidance.“Prescribed guidance” means guidance that is prepared and from time to time revised by a prescribed body ....4Where subsection (1) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.<CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Powers of the Regulator2311The powers conferred by this section are exercisable where it appears to the Regulator with respect to a scheme (as a result of a report made to it or otherwise)—zzathat the trustees or managers have failed to comply with any of the requirements of section 221A (funding and investment strategy) or regulations under that section;zathat the trustees or managers, when determining the methods and assumptions to be used in calculating the scheme's technical provisions, have failed to comply with a requirement imposed under section 222(4)(c);athat the trustees or managers have failed to comply with the requirements of section 223 with respect to the preparation or revision of a statement of funding principles;bthat the trustees or managers have failed to obtain an actuarial valuation as required by section 224(1);cthat the actuary is unable, on an actuarial valuation required by section 224(1), to certify the calculation of the scheme’s technical provisions;dthat the trustees or managers have failed to comply with the requirements of section 226 with respect to the preparation or revision of a recovery plan;ethat the trustees or managers have failed to comply with the requirements of section 227 with respect to the preparation or revision of a schedule of contributions;fthat the actuary is unable to certify a schedule of contributions (see section 227(6));gthat the employer has failed to make payments in accordance with the schedule of contributions, or that are required of him by virtue of section 228(3), and the failure is of material significance;hthat the trustees or managers have been unable to reach agreement with the employer within the prescribed time as to a matter in relation to which such agreement is required (see section 229(5)).2In any of those circumstances the Regulator may by order exercise all or any of the following powers—ait may modify the scheme as regards the future accrual of benefits;aait may give a direction requiring the trustees or managers to revise the scheme's funding and investment strategy in accordance with the direction;bit may give directions as to—ithe manner in which the scheme’s technical provisions are to be calculated, including the methods and assumptions to be used in calculating the scheme’s technical provisions, oriithe period within which, and manner in which, any failure to meet the statutory funding objective is to be remedied;cit may impose a schedule of contributions specifying—ithe rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme, andiithe dates on or before which such contributions are to be paid.3No modification may be made under subsection (2)(a) that on taking effect would or might adversely affect any subsisting right of—aany member of the scheme, orbany survivor of a member of the scheme.For this purpose “subsisting right” and “survivor” have the meanings given by section 67A of the Pensions Act 1995.4In exercising any of the powers conferred by this section the Regulator must comply with any prescribed requirements.5The powers conferred by this section are in addition to any other powers exercisable by the Regulator under this Act or the Pensions Act 1995 (c. 26).<Addition ChangeId="key-cd512fed4193e51b8fa6b49ea7e830f2-1569773841629" CommentaryRef="key-cd512fed4193e51b8fa6b49ea7e830f2">Requirements for winding up procedure</Addition>231A1Where an occupational pension scheme in respect of which a recovery plan has been prepared under section 226 begins to wind up during the recovery period, the trustees or managers of the scheme must as soon as reasonably practicable prepare a winding up procedure.2A winding up procedure must—aset out the action to be taken to establish the liabilities to or in respect of the members of the scheme, in respect of pensions or other benefits, and to recover any assets of the scheme;bgive an estimate of the amount of time it will take to establish those liabilities and to recover any such assets;cgive an indication of which of the accrued rights or benefits (if any), to which a person is entitled under the scheme, are likely to be affected by a reduction in actuarial value;dspecify which one or more of the ways mentioned in subsection (3)(a) to (e) of section 74 of the Pensions Act 1995 will be used to discharge the liabilities to or in respect of the members of the scheme in respect of pensions or other benefits;egive an estimate of the amount of time it will take to discharge those liabilities.3The requirement imposed by subsection (2)(c) applies only to the extent that the trustees or managers have sufficient information to give such an indication.4A winding up procedure must be appropriate having regard to the nature and circumstances of the scheme.5A winding up procedure may be reviewed, and if necessary revised, where the trustees or managers consider that there are reasons that may justify a variation to it.6The trustees or managers must send a copy of any winding up procedure to the Regulator as soon as reasonably practicable after it has been prepared or, as the case may be, revised.7Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.8In this section “recovery period”, in relation to an occupational pension scheme, means the period specified in the scheme’s recovery plan in accordance with section 226(2)(b).<Emphasis>Supplementary provisions</Emphasis><CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Power to modify provisions of this Part232Regulations may modify the provisions of this Part as they apply in prescribed circumstances.<CommentaryRef Ref="key-bb6425dd8d516ea1e64bb4f4819f2610"/><CommentaryRef Ref="key-e4c6135becae08bc234e235fd2888aae"/><CommentaryRef Ref="key-cea7e7bf9e8e9a0064a2dc6ad604f567"/><CommentaryRef Ref="key-5be3670b1f7fb172ef921f5f203e670c"/><CommentaryRef Ref="key-aa656be260842006494945a32be32a37"/><CommentaryRef Ref="key-882e98ae09e7abd62c886a686ad0a66b"/><CommentaryRef Ref="key-85c25da5b73c65adc75d7f9a4b604bcb"/>Construction as one with the Pensions Act 1995233This Part shall be construed as one with Part 1 of the Pensions Act 1995 (c. 26).Part 4Financial planning for retirement<Emphasis>Retirement planning</Emphasis>Promoting and facilitating financial planning for retirement2341The Secretary of State and the Northern Ireland Department may take action for the purpose of promoting or facilitating financial planning for retirement.2The action may in particular include the provision of facilities for the purpose of enabling or assisting an individual or a person authorised by him—ato estimate the financial resources the individual is likely to need after his retirement;bto estimate the financial resources that are likely to be available to the individual after his retirement, from pensions and other sources;cto ascertain what action might be taken with a view to increasing the financial resources available to the individual after his retirement.3This section does not authorise the Secretary of State or the Northern Ireland Department to take action which the Secretary of State or the Northern Ireland Department would otherwise be prohibited from taking under section 21 of the Financial Services and Markets Act 2000 (c. 8) (restrictions on financial promotion).4In this section “the Northern Ireland Department” means the Department for Social Development in Northern Ireland.Supply of information for purposes of section 2342351This section applies to—ainformation which is relevant for determining the pensions and other benefits that may become payable to or in respect of an individual;binformation which relates to the financial resources of, or available to, an individual;cinformation which relates to action taken in connection with—iproviding facilities for saving (for retirement or otherwise) by individuals, oriipromoting or facilitating saving (for retirement or otherwise) by individuals.2A person who holds information to which this section applies may supply it to—athe Secretary of State or the Northern Ireland Department, orba person providing services to the Secretary of State or the Northern Ireland Department,for use for the purposes of functions under section 234(1).3Information supplied under subsection (2) must not be supplied by the recipient except—aif the information relates to an individual—ito the individual or a person authorised by him;iito another person, with the consent of the individual;bin any case—ito a person to whom it could be supplied under subsection (2);iito any person with a view to the institution of relevant criminal proceedings or otherwise for the purposes of relevant criminal proceedings.4In subsection (3) “relevant criminal proceedings” means criminal proceedings under—athe Pension Schemes Act 1993 (c. 48);bthe Pensions Act 1995 (c. 26);cthis Act;dany enactment in force in Northern Ireland corresponding to an Act mentioned in any of paragraphs (a) to (c).5In this section “the Northern Ireland Department” means the Department for Social Development in Northern Ireland.6This section is subject to sections 88 and 202 (tax information disclosed to the Regulator or the Board).Use and supply of information: private pensions policy and retirement planning236Schedule 10 (which makes provision about the use and supply of information for purposes relating to private pensions policy and retirement planning) has effect.Combined pension forecasts2371Regulations may require the trustees or managers of an occupational or personal pension scheme to provide any member of the scheme with—athe information specified in subsection (2), together withbthe information specified in subsection (3).2The information referred to in subsection (1)(a) is information relating to the member which—ais state pension information for the purposes of section 42 of the Child Support, Pensions and Social Security Act 2000 (c. 19),bhas been disclosed to the trustees or managers under that section (or, by virtue of that section, is treated as having been so disclosed), andcis of a description specified in the regulations.3The information referred to in subsection (1)(b) is information which—arelates to the pensions and other benefits likely to accrue to the member, or capable of being secured by him, under the scheme, andbis of a description specified in the regulations.4Regulations under subsection (1) may require information referred to in that subsection to be provided at a time or times specified in the regulations.<Emphasis>Employee information and advice</Emphasis>Information and advice to employees2381Regulations may require employers to take action for the purpose of enabling employees to obtain information and advice about pensions and saving for retirement.2Regulations under subsection (1) may in particular—aprovide that they are to apply in relation to employers of a prescribed description and employees of a prescribed description;bmake different provision for different descriptions of employers and employees;cmake provision as to the action to be taken by employers (including the frequency at which, and the time and place at which, action is to be taken);dmake provision as to the description of information and advice in relation to which requirements apply;emake provision about the description of person authorised to provide any such information and advice.3Employers to whom regulations under subsection (1) apply must provide information to the Regulator about the action taken by them for the purpose of complying with the regulations.4Regulations may make provision as to—athe information to be provided under subsection (3);bthe form and manner in which the information is to be provided;cthe period within which the information is to be provided.5Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any person who, without reasonable excuse, fails to comply with subsection (3).6In this section “employer” means any employer, whether or not resident or incorporated in any part of the United Kingdom.<Emphasis><Addition ChangeId="key-8b3ba6d49bf228266aaa24fa0c80594c-1636825536328" CommentaryRef="key-8b3ba6d49bf228266aaa24fa0c80594c">Pensions dashboards</Addition></Emphasis><Addition ChangeId="key-8b3ba6d49bf228266aaa24fa0c80594c-1636825536328" CommentaryRef="key-8b3ba6d49bf228266aaa24fa0c80594c">Qualifying pensions dashboard service</Addition>238A1A pensions dashboard service is an electronic communications service by means of which information about pensions may be requested by, and provided to, an individual or a person authorised by the individual.2“Qualifying pensions dashboard service” means a pensions dashboard service in relation to which prescribed requirements are satisfied.3Requirements prescribed under subsection (2) may, in particular, relate to—awhat relevant and other information is to be provided, how it is to be provided and the circumstances in which it is to be provided;bhow the pensions dashboard service is to be established, maintained and operated.4In subsection (3)(a) “relevant information” means—ainformation of a prescribed description about—istate pensions;iibasic or additional retirement pensions;bstate pension information relating to the individual in question of such description as may be prescribed;cinformation of a prescribed description about occupational or personal pension schemes or a prescribed description of occupational or personal pension schemes;dinformation relating to the individual in question and particular occupational or personal pension schemes of such description as may be prescribed.5Requirements prescribed under subsection (2) may, in particular—arequire the pensions dashboard service to comply with standards, specifications or technical requirements published from time to time by—ithe Secretary of State,iithe Money and Pensions Service, oriiia person specified or of a description specified in the regulations;brequire the provider of the pensions dashboard service to satisfy prescribed conditions;crequire the provider of the pensions dashboard service to be a person approved from time to time by—ithe Secretary of State,iithe Money and Pensions Service, oriiia person specified or of a description specified in the regulations;drequire the provider of the pensions dashboard service to provide, or not to provide, information, facilities or services specified or of a description specified in connection with the pensions dashboard service.6Requirements prescribed under subsection (2) may include provision under which a determination may fall to be made by—athe Secretary of State,bthe Money and Pensions Service, orca person specified or of a description specified in the regulations.<Addition ChangeId="key-8b3ba6d49bf228266aaa24fa0c80594c-1636825536328" CommentaryRef="key-8b3ba6d49bf228266aaa24fa0c80594c">Qualifying pension dashboard service: further provision</Addition>238B1Requirements prescribed under section 238A(2) may make provision about—adealing with requests for information about pensions, including provision about the use of intermediaries;bthe involvement of the provider of a pensions dashboard service in the arrangements for dealing with requests for information about pensions.2The provision made by virtue of subsection (1) may, in particular, require—athe use of electronic communications;bthe use of facilities or services specified or of a description specified in the regulations;cthe provision of assistance in connection with the establishment, maintenance or management of such facilities or services;dparticipation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services.3The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to—athe transmission of information,bverifying the identity of a person,cidentifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual,dauthenticating information transmitted by means of electronic communications, oreensuring the security of information transmitted by means of electronic communications.4Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about—acompliance with standards, specifications or technical requirements published from time to time by—ithe Secretary of State,iithe Money and Pensions Service, oriiia person specified or of a description specified in the regulations;bthe provider of the facility or service being a person approved from time to time by—ithe Secretary of State,iithe Money and Pensions Service, oriiia person specified or of a description specified in the regulations.5Regulations under subsection (2)(d) may, in particular, require the provider of the pensions dashboard service—ato cooperate with the Money and Pensions Service or a person specified or of a description specified in the regulations;bto coordinate activities with the Money and Pensions Service or a person specified or of a description specified in the regulations;cto enable the Money and Pensions Service or a person specified or of a description specified in the regulations to monitor or audit compliance by the provider.6Except as provided by subsection (7), regulations under section 238A(2) may provide for the processing of personal data in accordance with the regulations not to be in breach of—aany obligation of confidence owed by the person processing the personal data, orbany other restriction on the processing of personal data (however imposed).7Regulations under section 238A(2) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question).<Addition ChangeId="key-8b3ba6d49bf228266aaa24fa0c80594c-1636825536328" CommentaryRef="key-8b3ba6d49bf228266aaa24fa0c80594c">Sections 238A and 238B: interpretation</Addition>238C1This section applies for the purposes of sections 238A and 238B.2A reference to state pension information, in relation to an individual, is a reference to the information about that individual specified in—asection 42(7) of the Child Support, Pensions and Social Security Act 2000, orbsection 38(7) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000.3A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.4In sections 238A and 238B—“additional retirement pension” means—any additional pension or shared additional pension under—the Social Security Contributions and Benefits Act 1992, orthe Social Security Contributions and Benefits (Northern Ireland) Act 1992, orany graduated retirement benefit under—sections 36 and 37 of the National Insurance Act 1965, orsections 35 and 36 of the National Insurance Act (Northern Ireland) 1966;“basic retirement pension” means any basic pension under—the Social Security Contributions and Benefits Act 1992, orthe Social Security Contributions and Benefits (Northern Ireland) Act 1992;“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);“electronic communications service” has the meaning given by section 32 of the Communications Act 2003;“personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);“state pension” means any state pension under—Part 1 of the Pensions Act 2014, orPart 1 of the Pensions Act (Northern Ireland) 2015.<Addition ChangeId="key-f7b0c36206ab5ea4917b00f768cc0c18-1636825904681" CommentaryRef="key-f7b0c36206ab5ea4917b00f768cc0c18">Information from occupational pension schemes</Addition>238D1Regulations may impose requirements on the trustees or managers of a relevant occupational pension scheme with respect to—aproviding pensions information by means of—ia qualifying pensions dashboard service, oriithe pensions dashboard service provided by the Money and Pensions Service;bfacilitating the provision of pensions information by means of—ia qualifying pensions dashboard service, oriithe pensions dashboard service provided by the Money and Pensions Service.2In this section “pensions information” means, in relation to a relevant occupational pension scheme, such information as may be prescribed, which may include in particular—ainformation relating to—ithe constitution of the scheme,iithe administration and finances of the scheme,iiithe rights and obligations that arise or may arise under the scheme,ivthe pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, andvother matters relevant to occupational pension schemes in general or to occupational pension schemes of a description to which the scheme belongs;binformation as regards the position of an individual in relation to the scheme.3Regulations under subsection (1) may, in particular, impose requirements about—athe persons to whom pensions information must be provided;bthe circumstances in which pensions information must be provided;cthe steps to be taken before pensions information may be provided;dthe manner and form in which pensions information must be provided;ethe time within which pensions information must be provided;fthe way in which pensions information must be held.4Regulations under subsection (1) may require the trustees or managers of a scheme to comply with standards, specifications or technical requirements published from time to time by—athe Secretary of State,bthe Money and Pensions Service, orca person specified or of a description specified in the regulations.5Regulations under subsection (1) may include provision under which a determination may fall to be made by—athe Secretary of State,bthe Money and Pensions Service, orca person specified or of a description specified in the regulations.6Regulations under subsection (1) may require the trustees or managers to provide prescribed information about their carrying out of requirements prescribed under this section to—athe Regulator,bthe Money and Pensions Service, orca person specified or of a description specified in the regulations.7In complying with requirements prescribed under this section, a trustee or manager of an occupational pension scheme must have regard to guidance issued from time to time by—athe Secretary of State, orba person specified or of a description specified in the regulations.<Addition ChangeId="key-f7b0c36206ab5ea4917b00f768cc0c18-1636825904681" CommentaryRef="key-f7b0c36206ab5ea4917b00f768cc0c18">Information from occupational pension schemes: further provision</Addition>238E1Regulations under section 238D(1) may make provision about—ahow pensions information is to be provided, including provision about the use of intermediaries;bthe involvement of the trustees or managers of a scheme in the arrangements for dealing with requests for information about pensions.2The provision made by virtue of subsection (1) may, in particular, require—athe use of electronic communications;bthe use of facilities or services specified or of a description specified in the regulations;cthe provision of assistance in connection with the establishment, maintenance or management of such facilities or services;dparticipation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services.3The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to—athe transmission of information,bverifying the identity of a person,cidentifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual,dauthenticating information transmitted by means of electronic communications, oreensuring the security of information transmitted by means of electronic communications.4Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about—acompliance with standards, specifications or technical requirements published from time to time by—ithe Secretary of State,iithe Money and Pensions Service, oriiia person specified or of a description specified in the regulations;bthe provider of the facility or service being a person approved from time to time by—ithe Secretary of State,iithe Money and Pensions Service, oriiia person specified or of a description specified in the regulations.5Regulations under subsection (2)(d) may, in particular, require the trustees or managers—ato cooperate with the Money and Pensions Service or other persons specified or of a description specified in the regulations;bto coordinate activities with the Money and Pensions Service or other persons specified or of a description specified in the regulations.6Except as provided by subsection (7), regulations under section 238D(1) may provide for the processing of personal data in accordance with the regulations not to be in breach of—aany obligation of confidence owed by the person processing the personal data, orbany other restriction on the processing of personal data (however imposed).7Regulations under section 238D(1) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question).<Addition ChangeId="key-f7b0c36206ab5ea4917b00f768cc0c18-1636825904681" CommentaryRef="key-f7b0c36206ab5ea4917b00f768cc0c18">Sections 238D and 238E: interpretation</Addition>238F1This section has effect for the purposes of sections 238D and 238E.2A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.3In sections 238D and 238E—“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);“pensions dashboard service” means—a pensions dashboard service within the meaning of section 238A, ora pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));“personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);“qualifying pensions dashboard service” means a pensions dashboard service that satisfies—such requirements as may be prescribed by regulations under section 238A, orsuch requirements as may be prescribed by regulations under Article 215A of the ;“relevant occupational pension scheme” means an occupational pension scheme which is not a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999).<Addition ChangeId="key-f7b0c36206ab5ea4917b00f768cc0c18-1636825904681" CommentaryRef="key-f7b0c36206ab5ea4917b00f768cc0c18">Compliance</Addition>238G1Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under section 238D.2The regulations may, among other things—aprovide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under section 238D;bprovide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of the regulations;cprovide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person—ihas failed to comply with a compliance notice or third party compliance notice, oriihas contravened a provision of regulations under section 238D;dprovide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;econfer other functions on the Regulator.3The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.4But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—a£5,000, in the case of an individual, andb£50,000, in any other case.5In this section “relevant occupational pension scheme” has the meaning given by section 238F.Part 5Occupational and personal pension schemes: miscellaneous provisions<Emphasis>Categories of pension scheme</Emphasis>Categories of pension scheme2391Section 1 of the Pension Schemes Act 1993 (c. 48) (categories of pension scheme) is amended as follows.2The provisions of the section shall become subsection (1) of the section.3In that subsection, for the definitions of “occupational pension scheme” and “personal pension scheme” substitute—“occupational pension scheme” means a pension scheme—athat—ifor the purpose of providing benefits to, or in respect of, people with service in employments of a description, oriifor that purpose and also for the purpose of providing benefits to, or in respect of, other people,is established by, or by persons who include, a person to whom subsection (2) applies when the scheme is established or (as the case may be) to whom that subsection would have applied when the scheme was established had that subsection then been in force, andbthat has its main administration in the United Kingdom or outside the member States,or a pension scheme that is prescribed or is of a prescribed description;“personal pension scheme” means a pension scheme that—ais not an occupational pension scheme, andbis established by a person within any of the paragraphs of section 154(1) of the Finance Act 2004;.4After that subsection insert—2This subsection applies—awhere people in employments of the description concerned are employed by someone, to a person who employs such people,bto a person in an employment of that description, andcto a person representing interests of a description framed so as to include—iinterests of persons who employ people in employments of the description mentioned in paragraph (a), oriiinterests of people in employments of that description.3For the purposes of subsection (2), if a person is in an employment of the description concerned by reason of holding an office (including an elective office) and is entitled to remuneration for holding it, the person responsible for paying the remuneration shall be taken to employ the office-holder.4In the definition in subsection (1) of “occupational pension scheme”, the reference to a description includes a description framed by reference to an employment being of any of two or more kinds.5In subsection (1) “pension scheme” (except in the phrases “occupational pension scheme”, “personal pension scheme” and “public service pension scheme”) means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of people—aon retirement,bon having reached a particular age, orcon termination of service in an employment.6The power of the Treasury under section 154(4) of the Finance Act 2004 (power to amend sections 154 and 155) includes power consequentially to amend—aparagraph (a) of the definition in subsection (1) of “personal pension scheme”, andbany provision in force in Northern Ireland corresponding to that paragraph.Meaning of “employer” in Part 1 of the Pensions Act 19952401In section 125 of the Pensions Act 1995 (c. 26) (supplementary provision relating to interpretation), in subsection (3) (extension of meaning of “employer”)—aafter “include” insert— a, andbafter “scheme” insert; bsuch other persons as may be prescribed.2In section 175 of that Act (parliamentary control of orders and regulations), in subsection (2) (instruments subject to affirmative resolution procedure), omit “or” at end of paragraph (c) and after that paragraph insert—casection 125(3)(b), or.<Emphasis>Requirements for member-nominated trustees and directors</Emphasis>Requirement for member-nominated trustees2411The trustees of an occupational trust scheme must secure—athat, within a reasonable period of the commencement date, arrangements are in place which provide for at least one-third of the total number of trustees to be member-nominated trustees, andbthat those arrangements are implemented.2“Member-nominated trustees” are trustees of an occupational trust scheme who—aare nominated as the result of a process in which at least the following are eligible to participate—iall the active members of the scheme or an organisation which adequately represents the active members, andiiall the pensioner members of the scheme or an organisation which adequately represents the pensioner members, andbare selected as a result of a process which involves some or all of the members of the scheme.3The “commencement date”, in relation to a scheme, is—athe date upon which this section first applies in relation to the scheme, orbin the case of a scheme to which this section has ceased to apply and then reapplies, the date on which the section reapplies to it.4The arrangements may provide for a greater number of member-nominated trustees than that required to satisfy the one-third minimum mentioned in subsection (1)(a) only if the employer has approved the greater number.5The arrangements—amust provide for the nomination and selection process to take place within a reasonable period of any requirement arising under the arrangements to appoint a member-nominated trustee,bmust provide, where a vacancy is not filled because insufficient nominations are received, for the nomination and selection process to be repeated at reasonable intervals until the vacancy is filled,cmust provide that where the employer so requires, a person who is not a member of the scheme must have the employer’s approval to qualify for selection as a member-nominated trustee, anddsubject to paragraph (c), may provide that, where the number of nominations received is equal to or less than the number of appointments required, the nominees are deemed to be selected.6The arrangements must provide that the removal of a member-nominated trustee requires the agreement of all the other trustees.7Nothing in the arrangements or in the provisions of the scheme may exclude member-nominated trustees from the exercise of functions exercisable by other trustees by reason only of the fact that they are member-nominated trustees.8This section does not apply in relation to an occupational trust scheme if—aevery member of the scheme is a trustee of the scheme and no other person is such a trustee,bevery trustee of the scheme is a company, orcthe scheme is of a prescribed description.9If, in the case of an occupational trust scheme, the arrangements required by subsection (1)—aare not in place as required by subsection (1)(a), orbare not being implemented,section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee who has failed to take all reasonable steps to secure compliance.Requirement for member-nominated directors of corporate trustees2421Where a company is a trustee of an occupational trust scheme and every trustee of the scheme is a company, the company must secure—athat, within a reasonable period of the commencement date, arrangements are in place which provide for at least one-third of the total number of directors of the company to be member-nominated directors, andbthat those arrangements are implemented.2“Member-nominated directors” are directors of the company in question who—aare nominated as the result of a process in which at least the following are eligible to participate—iall the active members of the occupational trust scheme or an organisation which adequately represents the active members, andiiall the pensioner members of the occupational trust scheme or an organisation which adequately represents the pensioner members, andbare selected as a result of a process which involves some or all of the members of that scheme.3The “commencement date”, in relation to a company, is—athe date upon which this section first applies in relation to the company, orbin the case of a company to which this section has ceased to apply and then reapplies, the date on which the section reapplies to it.4The arrangements may provide for a greater number of member-nominated directors than that required to satisfy the one-third minimum mentioned in subsection (1)(a) only if the employer has approved the greater number.5The arrangements—amust provide for the nomination and selection process to take place within a reasonable period of any requirement arising under the arrangements to appoint a member-nominated director,bmust provide, where a vacancy is not filled because insufficient nominations are received, for the nomination and selection process to be repeated at reasonable intervals until the vacancy is filled,cmust provide that where the employer so requires, a person who is not a member of the scheme must have the employer’s approval to qualify for selection as a member-nominated director, anddsubject to paragraph (c), may provide that, where the number of nominations received is equal to or less than the number of appointments required, the nominees are deemed to be selected.6The arrangements must provide that the removal of a member-nominated director requires the agreement of all the other directors.7Nothing in the arrangements may exclude member-nominated directors from the exercise of functions exercisable by other directors by reason only of the fact that they are member-nominated directors.8Where the same company is a trustee of two or more occupational trust schemes by reference to each of which this section applies to the company, then, subject to subsection (9), the preceding provisions of this section have effect as if—athe schemes were a single scheme,bthe members of each of the schemes were members of that single scheme, andcthe references to “the employer” were references to all the employers in relation to the schemes.9Where, apart from this subsection, subsection (8) would apply in relation to a company, the company may elect that subsection (8)—ais not to apply as mentioned in that subsection, orbis to apply but only in relation to some of the schemes to which it would otherwise apply.10This section does not apply in relation to an occupational trust scheme if the scheme is of a prescribed description.11If, in the case of a company which is a trustee of an occupational trust scheme, the arrangements required by subsection (1)—aare not in place as required by subsection (1)(a), orbare not being implemented,section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to the company.Member-nominated trustees and directors: supplementary2431The Secretary of State may, by order, amend sections 241(1)(a) and (4) and 242(1)(a) and (4) by substituting, in each of those provisions, “one-half” for “one-third”.2Regulations may modify sections 241 and 242 (including any of the provisions mentioned in subsection (1)) in their application to prescribed cases.3In sections 241 and 242—“company” means a company as defined in section 1(1) of the Companies Act 2006 or a company which may be wound up under Part 5 of the Insolvency Act 1986 (c. 45) (unregistered companies);“occupational trust scheme” means an occupational pension scheme established under a trust.<Emphasis>Obligations of trustees of occupational pension schemes</Emphasis>Investment principles244For section 35 of the Pensions Act 1995 (investment principles) substitute—Investment principles351The 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.Power to make regulations governing investment by trustees2451Section 36 of the Pensions Act 1995 (c. 26) (choosing investments) is amended as follows.2For subsection (1) substitute—1The trustees of a trust scheme must exercise their powers of investment in accordance with regulations and in accordance with subsections (3) and (4), and any fund manager to whom any discretion has been delegated under section 34 must exercise the discretion in accordance with regulations.1ARegulations under subsection (1) may, in particular—aspecify criteria to be applied in choosing investments, andbrequire diversification of investments.3Omit subsection (2).4In subsection (3) for “the matters mentioned in subsection (2) and” substitute “ the requirements of regulations under subsection (1), so far as relating to the suitability of investments, and to ”.5For subsection (8) substitute—8If the trustees of a trust scheme—afail to comply with regulations under subsection (1), orbdo not obtain and consider advice in accordance with this section,section 10 applies to any trustee who has failed to take all reasonable steps to secure compliance.6After subsection (8) insert—9Regulations may exclude the application of any of the preceding provisions of this section to any scheme which is of a prescribed description.Borrowing by trustees246After section 36 of the Pensions Act 1995 insert—Restriction on borrowing by trustees36ARegulations may prohibit the trustees of a trust scheme, or the fund manager to whom any discretion has been delegated under section 34, from borrowing money or acting as a guarantor, except in prescribed cases.Requirement for knowledge and understanding: individual trustees2471This section applies to every individual who is a trustee of an occupational pension scheme.2In this section, “relevant scheme”, in relation to an individual, means any occupational pension scheme of which he is a trustee.3An individual to whom this section applies must, in relation to each relevant scheme, be conversant with—athe trust deed and rules of the scheme,bany statement of investment principles for the time being maintained under section 35 of the Pensions Act 1995 (c. 26),cin the case of a relevant scheme to which Part 3 (scheme funding) applies, the statement of funding principles most recently prepared or revised under section 223, anddany other document recording policy for the time being adopted by the trustees relating to the administration of the scheme generally.4An individual to whom this section applies must have knowledge and understanding of—athe law relating to pensions and trusts,bthe principles relating to—ithe funding of occupational pension schemes, andiiinvestment of the assets of such schemes, andcsuch other matters as may be prescribed.5The degree of knowledge and understanding required by subsection (4) is that appropriate for the purposes of enabling the individual properly to exercise his functions as trustee of any relevant scheme.Requirement for knowledge and understanding: corporate trustees2481This section applies to any company which is a trustee of an occupational pension scheme.2In this section, “relevant scheme”, in relation to a company, means any occupational pension scheme of which it is a trustee.3A company to which this section applies must, in relation to each relevant scheme, secure that each individual who exercises any function which the company has as trustee of the scheme is conversant with each of the documents mentioned in subsection (4) so far as it is relevant to the exercise of the function.4Those documents are—athe trust deed and rules of the scheme,bany statement of investment principles for the time being maintained under section 35 of the Pensions Act 1995,cin the case of a relevant scheme to which Part 3 (scheme funding) applies, the statement of funding principles most recently prepared or revised under section 223, anddany other document recording policy for the time being adopted by the trustees relating to the administration of the scheme generally.5A company to which this section applies must secure that any individual who exercises any function which the company has as trustee of any relevant scheme has knowledge and understanding of—athe law relating to pensions and trusts,bthe principles relating to—ithe funding of occupational pension schemes, andiiinvestment of the assets of such schemes, andcsuch other matters as may be prescribed.6The degree of knowledge and understanding required by subsection (5) is that appropriate for the purposes of enabling the individual properly to exercise the function in question.7References in this section to the exercise by an individual of any function of a company are to anything done by the individual on behalf of the company which constitutes the exercise of the function by the company.8In this section “company” means a company as defined in section 1(1) of the Companies Act 2006 or a company which may be wound up under Part 5 of the Insolvency Act 1986 (c. 45) (unregistered companies).<Addition ChangeId="key-19dc308a0c7058a9da2473b0a1df8573-1597085265312" CommentaryRef="key-19dc308a0c7058a9da2473b0a1df8573">Requirement for knowledge and understanding: pension boards of public service pension schemes</Addition>248A1This section applies to every individual who is a member of the pension board of a public service pension scheme.2An individual to whom this section applies must be conversant with—athe rules of the scheme, andbany document recording policy about the administration of the scheme which is for the time being adopted in relation to the scheme.3An individual to whom this section applies must have knowledge and understanding of—athe law relating to pensions, andbsuch other matters as may be prescribed.4The degree of knowledge and understanding required by subsection (3) is that appropriate for the purposes of enabling the individual properly to exercise the functions of a member of the pension board.Requirement for knowledge and understanding: supplementary2491For the purposes of sections 247 and 248, a person’s functions as trustee of a relevant scheme are any functions which he has by virtue of being such a trustee and include, in particular—aany functions which he has as one of the trustees authorised under section 34(5)(a) of the Pensions Act 1995 (c. 26) (delegation of investment discretions) in the case of the scheme, andbany functions which he otherwise has as a member of a committee of the trustees of the scheme.2Regulations may provide for any provision in section 247 or 248—anot to apply, orbto apply with modifications,to a trustee in prescribed circumstances.3Nothing in either of those sections affects any rule of law requiring a trustee to have knowledge of, or expertise in, any matter.<Addition ChangeId="key-da52da989bbe837824c9f05d1b2b578f-1561474632392" CommentaryRef="key-da52da989bbe837824c9f05d1b2b578f">Requirement for </Addition><Addition ChangeId="key-da52da989bbe837824c9f05d1b2b578f-1561474632392" CommentaryRef="key-da52da989bbe837824c9f05d1b2b578f"><Substitution ChangeId="key-767397f0ff0703ff4f818c3559276ab4-1597351875833" CommentaryRef="key-767397f0ff0703ff4f818c3559276ab4">an effective system of governance</Substitution></Addition> 249A1The trustees or managers of an occupational pension scheme must establish and operate an effective system of governance including internal controls.1AThe system of governance must be proportionate to the size, nature, scale and complexity of the activities of the occupational pension scheme.2Nothing in this section affects any other obligation of the trustees or managers of an occupational pension scheme to establish or operate an effective system of governance including internal controls, whether imposed by or by virtue of any enactment, the scheme rules or otherwise.3This section does not apply in relation to—zaa public service pension scheme;a any other scheme which—iis established by or under an enactment (including a local Act), andiiis guaranteed by a public authority;ba pay-as-you-go scheme;ca scheme which is made under paragraph 8, 12 or 16 of Schedule 6 to the Constitutional Reform and Governance Act 2010 (power to provide for pensions for Members of the House of Commons etc.);dthe Scottish Parliamentary Pension Scheme as defined in section 4 of the Scottish Parliamentary Pensions Act 2009 (asp1);ean authorised Master Trust scheme within the meaning of Part 1 of the Pension Schemes Act 2017;fan authorised collective money purchase scheme within the meaning of Part 1 of the Pension Schemes Act 2021.4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5In this section—“enactment” includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament;“internal controls” means—arrangements and procedures to be followed in the administration and management of the scheme,systems and arrangements for monitoring that administration and management, andarrangements and procedures to be followed for the safe custody and security of the assets of the scheme;“local authority” means—in relation to England, a county council, a district council, a London borough council, the Greater London Authority, the Common Council of the City of London in its capacity as a local authority or the Council of the Isles of Scilly,in relation to Wales, a county council or county borough council,in relation to Scotland, a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 (c. 39) (constitution of councils),an administering authority as defined in Schedule 1 to the Local Government Pension Scheme Regulations 1997 (S.I.1997/1612) (interpretation);“pay-as-you-go scheme” means an occupational pension scheme under which there is no requirement for assets to be set aside in advance for the purpose of providing benefits under the scheme (disregarding any requirements relating to additional voluntary contributions);“public authority” means—a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975 (c. 26)),a government department (including any body or authority exercising statutory functions on behalf of the Crown),the Scottish Ministers,the National Assembly for Wales, ora local authority.<Addition ChangeId="key-14406acd8fd1a8dabe082b0a261f08ac-1597085421052" CommentaryRef="key-14406acd8fd1a8dabe082b0a261f08ac">Requirement for internal controls: public service pension schemes</Addition>249B1The scheme manager of a public service pension scheme must establish and operate internal controls which are adequate for the purpose of securing that the scheme is administered and managed—ain accordance with the scheme rules, andbin accordance with the requirements of the law.2Nothing in this section affects any other obligations of the scheme manager to establish or operate internal controls, whether imposed by or by virtue of any enactment, the scheme rules or otherwise.3In this section, “enactment” and “internal controls” have the same meanings as in section 249A.<Emphasis>Payment of surplus to employer</Emphasis>Payment of surplus to employer250For section 37 of the Pensions Act 1995 (payment of surplus to employer) substitute—Payment of surplus to employer371This section applies to a trust scheme if—aapart from this section power is conferred on the employer or any other person to make payments to the employer out of funds held for the purposes of the scheme, andbthe scheme is not being wound up.2Where the power referred to in subsection (1)(a) is conferred by the scheme on a person other than the trustees—ait cannot be exercised by that person but may instead be exercised by the trustees, andbany restriction imposed by the scheme on the exercise of the power shall, so far as capable of doing so, apply to its exercise by the trustees.3The power referred to in subsection (1)(a) may only be exercised if—athe trustees have obtained a written valuation of the scheme’s assets and liabilities prepared and signed by a prescribed person;bthere is a certificate in force—istating that in the opinion of that person the prescribed requirements are met as at the date by reference to which the assets are valued and the liabilities are calculated, andiispecifying what in the opinion of that person is the maximum amount of payment that may be made to the employer;cthe payment does not exceed the maximum amount specified in the certificate;dthe trustees are satisfied that it is in the interests of the members that the power is exercised in the manner proposed;ewhere the power is conferred by the scheme on the employer, the employer has asked for the power to be exercised, or consented to its being exercised, in the manner proposed;fthere is no freezing order in force in relation to the scheme under section 23 of the Pensions Act 2004; andgnotice of the proposal to exercise the power has been given, in accordance with prescribed requirements, to the members of the scheme.4Provision may be made by regulations as to—athe requirements (which may be alternative requirements) that must be met, in relation to any proposed payment to the employer out of funds held for the purposes of a scheme, with respect to the value of the scheme’s assets and the amount of its liabilities;bthe assets and liabilities to be taken into account for that purpose and the manner in which their value or amount is to be determined, calculated and verified;cthe maximum amount of the payment that may be made to the employer, having regard to the value of the scheme’s assets and the amount of its liabilities;dthe giving of a certificate as to the matters mentioned in paragraphs (a) and (c); andethe period for which such a certificate is to be in force.5The trustees must also comply with any other prescribed requirements in connection with the making of a payment under this section.6If the trustees—apurport to exercise the power referred to in subsection (1)(a) without complying with the requirements of this section, orbfail to comply with any requirement of regulations under subsection (5),section 10 applies to any of them who has failed to take all reasonable steps to secure compliance.7If a person other than the trustees purports to exercise the power referred to in subsection (1)(a), section 10 applies to him.8Regulations may provide that in prescribed circumstances this section does not apply, or applies with prescribed modifications, to schemes of a prescribed description.Payment of surplus to employer: transitional power to amend scheme2511This section applies to a scheme awhich is one to which section 37 of the Pensions Act 1995 applies, andbwhich immediately before the commencement of section 250 was one to which section 37 of the Pensions Act 1995 (c. 26) applied (see subsection (1) of that section, as it then had effect). 2No payment to the employer may be made out of funds held for the purposes of the scheme except by virtue of a resolution of the trustees under this section.This applies even if the payment is one proposed to be made in fulfilment of an agreement or arrangement entered into before the commencement of this section.2ABut subsection (2) does not apply in the case of any of the payments listed in paragraphs (c) to (f) of section 175 of the Finance Act 2004 (authorised employer payments other than public service scheme payments or authorised surplus payments).3Where the scheme was so expressed as (apart from section 37, as it applied immediately before the commencement of section 250) to confer power to make payments to the employer out of funds held for the purposes of the scheme otherwise than in pursuance of proposals approved under paragraph 6(1) of Schedule 22 to the Income and Corporation Taxes Act 1988 (c. 1), the trustees may resolve that the power—ashall become exercisable according to its terms, orbshall become so exercisable, but only in such circumstances and subject to such conditions as may be specified in the resolution.4Where the scheme was so expressed as to confer power to make payments to the employer out of funds held for the purposes of the scheme only in pursuance of proposals approved under paragraph 6(1) of Schedule 22 to the Income and Corporation Taxes Act 1988, the trustees may resolve that the power shall instead be exercisable in such circumstances and subject to such conditions as may be specified in the resolution.5In either case the trustees must be satisfied that it is in the interests of the members of the scheme that the power is exercised in the manner proposed.6The power conferred by subsection (3) or (4)—amay not be exercised unless notice of the proposal to exercise it has been given, in accordance with prescribed requirements, to the employer and to the members of the scheme,aamay be exercised even if the payments to which it relates are, to any extent, payments to which subsection (2) does not apply,bmay be exercised, after the commencement of section 25 of the Pensions Act 2011, only once (whether or not also exercised before 6 April 2011), andcceases to be exercisable on 6 April 2016.6AA resolution passed under this section after the commencement of section 25 of the Pensions Act 2011 may amend or revoke a resolution passed under this section before 6 April 2011.7The exercise of any power to make payments to the employer by virtue of a resolution under this section is subject to section 37 of the Pensions Act 1995 (c. 26) as substituted by section 250.<Emphasis>Restrictions on payment into occupational pension schemes</Emphasis>UK-based scheme to be trust with effective rules2521Subsections (2) and (3) apply to an occupational pension scheme that has its main administration in the United Kingdom.2If the scheme is not established under irrevocable trusts, the trustees or managers of the scheme must secure that no funding payment is accepted.3If the rules stipulating—athe benefits under the scheme, andbany conditions subject to which benefits under the scheme accrue,are not in force, or if those rules are not set out in writing, the trustees or managers of the scheme must secure that no funding payment is accepted.4Subsection (2) or (3) does not apply to an occupational pension scheme if it is a prescribed scheme or a scheme of a prescribed description.5Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager of an occupational pension scheme that has its main administration in the United Kingdom if—asubsection (2) or (3) requires the trustees or managers of the scheme to secure that no funding payment is accepted,ba funding payment is accepted, andcthe trustee or manager has failed to take all reasonable steps to secure that no funding payment is accepted.6In this section “funding payment”, in relation to a scheme, means a payment made to the scheme to fund benefits for, or in respect of, any or all of the members. <Substitution ChangeId="key-fe382e3e6b2d2a98c1c08641f32c994b-1636739629916" CommentaryRef="key-fe382e3e6b2d2a98c1c08641f32c994b">Non-UK</Substitution> scheme to be trust with UK-resident trustee2531Subsections (2) and (3) apply to an occupational pension scheme that has its main administration outside the United Kingdom.2An employer based in any part of the United Kingdom may cause a contribution to be paid to the scheme in respect of an employee (whether or not employed in the United Kingdom) only if the conditions in subsection (4) are satisfied at the time of payment.3An employer based outside the United Kingdom may cause a contribution to be paid to the scheme in respect of an employee employed in the United Kingdom only if the conditions in subsection (4) are satisfied at the time of payment.4Those conditions are—athat the scheme is established under irrevocable trusts, andbthat a trustee of the scheme is resident in the United Kingdom.5Subsection (2) or (3) does not apply to an occupational pension scheme if it is a prescribed scheme or a scheme of a prescribed description.6Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to an employer who causes a contribution to be paid to an occupational pension scheme that has its main administration outside the United Kingdom if—asubsection (2) or (3) applies in relation to the payment of the contribution,bthe conditions in subsection (4) are not satisfied at the time of payment, andcthe employer does not have a reasonable excuse for causing payment to occur at a time when those conditions are not satisfied.7In this section “based”—ain relation to an employer who is a body corporate, means incorporated, andbin relation to any other employer, means resident.Representative of <Substitution ChangeId="key-99c28b701f6d213c0a7c1e380a3a2c2a-1636740009436" CommentaryRef="key-99c28b701f6d213c0a7c1e380a3a2c2a">non-UK</Substitution> scheme to be treated as trustee2541In the case of an occupational pension scheme that has its main administration outside the United Kingdom, a reference in pensions legislation to the trustees, or a trustee, of the scheme includes a person who is for the time being appointed by the trustees of the scheme to be a representative of the scheme for the purposes of this section.2Subsection (1) does not apply to a prescribed reference.3In subsection (1) “pensions legislation” means any enactment contained in or made by virtue of—athe Pension Schemes Act 1993 (c. 48),bthe Pensions Act 1995,cParts 1 to 4 of the Welfare Reform and Pensions Act 1999 (c. 30), ...dthis Act, ...ethe Pension Schemes Act 2015, orfPart 1 of the Pension Schemes Act 2021.<Emphasis>Activities of occupational pension schemes</Emphasis>Activities of occupational pension schemes2551If an occupational pension scheme has its main administration in the United Kingdom, the trustees or managers of the scheme must secure that the activities of the scheme are limited to retirement-benefit activities.2Subsection (1) does not apply to a scheme if it is a prescribed scheme or a scheme of a prescribed description.3Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager of a scheme to which subsection (1) applies if—athe scheme has activities that are not retirement-benefit activities, andbthe trustee or manager has failed to take all reasonable steps to secure that the activities of the scheme are limited to retirement-benefit activities.4In this section “retirement-benefit activities” means—aoperations related to retirement benefits, andbactivities arising from operations related to retirement benefits.5In subsection (4) “retirement benefits” means—abenefits paid by reference to reaching, or expecting to reach, retirement, andbbenefits that are supplementary to benefits within paragraph (a) and that are provided on an ancillary basis—iin the form of payments on death, disability or termination of employment, oriiin the form of support payments or services in the case of sickness, poverty or need, or death.<Emphasis>No indemnification for fines or civil penalties</Emphasis>No indemnification for fines or civil penalties2561No amount may be paid out of the assets of an occupational or personal pension scheme for the purpose of reimbursing, or providing for the reimbursement of, any trustee or manager of the scheme in respect of—aa fine imposed by way of penalty for an offence of which he is convicted, orba penalty which he is required to pay under or by virtue of section 77A, 77B , 88A or 238G of this Act, section 10 of the Pensions Act 1995 (c. 26) , section 168(4) of the Pension Schemes Act 1993 (c. 48) or section 40 or 41 of the Pensions Act 2008 or paragraph 3 of Schedule 18 to that Act (civil penalties).2For the purposes of subsection (1), providing for the reimbursement of a trustee or manager in respect of a fine or penalty includes (among other things) providing for the payment of premiums in respect of a policy of insurance where the risk is or includes the imposition of such a fine or the requirement to pay such a penalty.3Where any amount is paid out of the assets of an occupational or personal pension scheme in contravention of this section, section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who fails to take all reasonable steps to secure compliance.4Where a trustee or manager of an occupational or personal pension scheme—ais reimbursed, out of the assets of the scheme or in consequence of provision for his reimbursement made out of those assets, in respect of any of the matters mentioned in subsection (1)(a) or (b), andbknows, or has reasonable grounds to believe, that he has been reimbursed as mentioned in paragraph (a),then, unless he has taken all reasonable steps to secure that he is not so reimbursed, he is guilty of an offence.5A person guilty of an offence under subsection (4) is liable—aon summary conviction, to a fine not exceeding the statutory maximum, andbon conviction on indictment, to imprisonment for a term not exceeding two years, or a fine, or both.<Emphasis>Pension protection on transfer of employment</Emphasis>Conditions for pension protection2571This section applies in relation to a person (“the employee”) where—athere is a relevant transfer within the meaning of the TUPE regulations,bby virtue of the transfer the employee ceases to be employed by the transferor and becomes employed by the transferee, andcat the time immediately before the employee becomes employed by the transferee—ithere is an occupational pension scheme (“the scheme”) in relation to which the transferor is the employer, andiione of subsections (2), (3) and (4) applies.2This subsection applies where—athe employee is an active member of the scheme, andbif any of the benefits that may be provided under the scheme are money purchase benefits—ithe transferor is required to make contributions to the scheme in respect of the employee, oriithe transferor is not so required but has made one or more such contributions.3This subsection applies where—athe employee is not an active member of the scheme but is eligible to be such a member, andbif any of the benefits that may be provided under the scheme are money purchase benefits, the transferor would have been required to make contributions to the scheme in respect of the employee if the employee had been an active member of it.4This subsection applies where—athe employee is not an active member of the scheme, nor eligible to be such a member, but would have been an active member of the scheme or eligible to be such a member if, after the date on which he became employed by the transferor, he had been employed by the transferor for a longer period, andbif any of the benefits that may be provided under the scheme are money purchase benefits, the transferor would have been required to make contributions to the scheme in respect of the employee if the employee had been an active member of it.5For the purposes of this section, the condition in subsection (1)(c) is to be regarded as satisfied in any case where it would have been satisfied but for any action taken by the transferor by reason of the transfer.6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8In this section—the “TUPE Regulations” means the Transfer of Undertakings (Protection of Employment) Regulations 2006 ;references to the transferor include any associate of the transferor, and section 435 of the Insolvency Act 1986 (c. 45) applies for the purposes of this section as it applies for the purposes of that Act.Form of protection2581In a case where section 257 applies, it is a condition of the employee’s contract of employment with the transferee that the requirements in subsection (2) or the requirement in subsection (3) are complied with.2The requirements in this subsection are that—athe transferee secures that, as from the relevant time, the employee is, or is eligible to be, an active member of an occupational pension scheme in relation to which the transferee is the employer, andbin a case where the scheme is a money purchase scheme, as from the relevant time—ithe transferee makes relevant contributions to the scheme in respect of the employee, oriiif the employee is not an active member of the scheme but is eligible to be such a member, the transferee would be required to make such contributions if the employee were an active member, andcin a case where the scheme is not a money purchase scheme, as from the relevant time the scheme complies with prescribed requirements.3The requirement in this subsection is that, as from the relevant time, the transferee makes relevant contributions to a stakeholder pension scheme of which the employee is a member.4The requirement in subsection (3) is for the purposes of this section to be regarded as complied with by the transferee during any period in relation to which the condition in subsection (5) is satisfied.5The condition in this subsection is that the transferee has offered to make relevant contributions to a stakeholder pension scheme of which the employee is eligible to be a member (and the transferee has not withdrawn the offer).6Subsection (1) does not apply in relation to a contract if or to the extent that the employee and the transferee so agree at any time after the time when the employee becomes employed by the transferee.7In this section—“the relevant time” means—in a case where section 257 applies by virtue of the application of subsection (2) or (3) of that section, the time when the employee becomes employed by the transferee;in a case where that section applies by virtue of the application of subsection (4) of that section, the time at which the employee would have been a member of the scheme referred to in subsection (1)(c)(i) of that section or (if earlier) would have been eligible to be such a member;“relevant contributions” means such contributions in respect of such period or periods as may be prescribed;“stakeholder pension scheme” means a pension scheme which is registered under section 2 of the Welfare Reform and Pensions Act 1999 (c. 30).<Emphasis>Consultation by employers</Emphasis>Consultation by employers: occupational pension schemes2591Regulations may require any prescribed person who is the employer in relation to an occupational pension scheme and who—aproposes to make a prescribed decision in relation to the scheme, orbhas been notified by the trustees or managers of the scheme that they propose to make a prescribed decision in relation to the scheme,to consult prescribed persons in the prescribed manner before the decision is made.2Regulations may require the trustees or managers of an occupational pension scheme not to make a prescribed decision in relation to the scheme unless—athey have notified the employer of the proposed decision, andbthey are satisfied that the employer has undertaken any consultation required by virtue of subsection (1).3The validity of any decision made in relation to an occupational pension scheme is not affected by any failure to comply with regulations under this section.4Section 261 contains further provisions about regulations under this section.Consultation by employers: personal pension schemes2601Regulations may require any prescribed person who—ais the employer in relation to a personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are his employees, andbproposes to make a prescribed decision affecting the application of the direct payment arrangements in relation to those employees,to consult prescribed persons in the prescribed manner before he makes the decision.2The validity of any decision prescribed for the purposes of subsection (1)(b) is not affected by any failure to comply with regulations under this section.3Section 261 contains further provisions about regulations under this section.Further provisions about regulations relating to consultation2611In this section “consultation regulations” means regulations under section 259 or 260.2Consultation regulations may—amake provision about the time to be allowed for consultation;bprescribe the information which must be provided to the persons who are required to be consulted;cconfer a discretion on the employer in prescribed cases as to the persons who are to be consulted;dmake provision about the representatives the employees may have for the purposes of the regulations and the methods by which those representatives are to be selected;erequire or authorise the holding of ballots;famend, apply with or without modifications, or make provision similar to, any provision of the Employment Rights Act 1996 (c. 18) (including, in particular, Parts 5, 10 and 13), the Employment Tribunals Act 1996 (c. 17) or the Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52);genable any requirement for consultation imposed by the regulations to be waived or relaxed by order of the Regulator;hrequire the employer to communicate to the trustees and managers of the scheme any representations received by the employer in response to any consultation required by the regulations.3Persons on whom obligations are imposed by consultation regulations, either as employers or as the trustees or managers of occupational pension schemes, must, if so required by the Regulator, provide information to the Regulator about the action taken by them for the purpose of complying with the regulations.4Consultation regulations may make provision as to—athe information to be provided under subsection (3);bthe form and manner in which the information is to be provided;cthe period within which the information is to be provided.5Nothing in consultation regulations is to be regarded as affecting any duty to consult arising otherwise than under the regulations.<Emphasis>Modification of pension rights</Emphasis>Modification of subsisting rights262For section 67 of the Pensions Act 1995 (c. 26) substitute—The subsisting rights provisions671The subsisting rights provisions apply to any power conferred on any person by an occupational pension scheme to modify the scheme, other than a power conferred by—aa public service pension scheme, orba prescribed scheme or a scheme of a prescribed description.2Any exercise of such a power to make a regulated modification is voidable in accordance with section 67G unless the following are satisfied in respect of the modification—ain the case of each affected member—iif the modification is a protected modification, the consent requirements (see section 67B),iiif it is not, either the consent requirements or the actuarial equivalence requirements (see section 67C),bthe trustee approval requirement (see section 67E), andcthe reporting requirement (see section 67F).3The subsisting rights provisions do not apply in relation to the exercise of a power—afor a purpose connected with debits under section 29(1) of the Welfare Reform and Pensions Act 1999, orbin a prescribed manner.4References in this section and sections 67A to 67I to “the subsisting rights provisions” are to this section and those sections.5Subsection (6) applies in relation to the exercise of a power to which the subsisting rights provisions apply to make a regulated modification where a member of the scheme dies before the requirements mentioned in subsection (2), so far as they apply in his case, have been complied with in respect of the modification if—abefore he died he had given his consent to the modification in accordance with section 67B(4)(b), orbbefore he died, or before the trustees of the scheme had become aware that he had died, the trustees had complied with section 67C(4)(a), (b) and (d) in respect of the modification in his case.6Any of the requirements mentioned in subsection (2), as it applies in respect of the modification—awhich is satisfied in the case of the member, orbwhich would have been satisfied in his case had he not died before it was satisfied,is to be taken to be satisfied in the case of any survivor of the member in respect of the modification.The subsisting rights provisions: interpretation67A1In the subsisting rights provisions, each of the following expressions has the meaning given to it by the following provisions of this section—“regulated modification”“protected modification”“detrimental modification”“affected member”“subsisting right”“scheme rules”.2“Regulated modification” means a modification which is—aa protected modification, orba detrimental modification,or is both.3“Protected modification” means a modification of an occupational pension scheme which—aon taking effect would or might result in any subsisting right of—ia member of the scheme, oriia survivor of a member of the scheme,which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to money purchase benefits under the scheme rules,bwould or might result in a reduction in the prevailing rate of any pension in payment under the scheme rules, orcis of a prescribed description.For the purposes of paragraph (a), the reference in the definition of “money purchase benefits” in section 181(1) of the Pension Schemes Act 1993 to the widow or widower of a member of an occupational pension scheme is to be read as including any other survivor of the member.4“Detrimental modification” means a modification of an occupational pension scheme which on taking effect would or might adversely affect any subsisting right of—aany member of the scheme, orbany survivor of a member of the scheme.5A person is an “affected member”—ain relation to a protected modification within paragraph (a) or (b) of subsection (3), if, at the time the modification takes effect, he is—ia member of the scheme, oriia survivor of a member of the scheme,and, on taking effect, the modification would or might affect any of his subsisting rights as mentioned in that paragraph,bin relation to a protected modification within paragraph (c) of that subsection, if he is of a prescribed description, andcin relation to a detrimental modification which is not a protected modification if, at the time the modification takes effect, he is—ia member of the scheme, oriia survivor of a member of the scheme,and, on taking effect, the modification would or might adversely affect any of his subsisting rights.6“Subsisting right” means—ain relation to a member of an occupational pension scheme, at any time—iany right which at that time has accrued to or in respect of him to future benefits under the scheme rules, oriiany entitlement to the present payment of a pension or other benefit which he has at that time, under the scheme rules, andbin relation to the survivor of a member of an occupational pension scheme, at any time, any entitlement to benefits, or right to future benefits, which he has at that time under the scheme rules in respect of the member.For this purpose, “right” includes a pension credit right.7At any time when the pensionable service of a member of an occupational pension scheme is continuing, his subsisting rights are to be determined as if he had opted, immediately before that time, to terminate that service.8“Scheme rules”, in relation to a scheme, means—athe rules of the scheme, except so far as overridden by a relevant legislative provision,bthe relevant legislative provisions, to the extent that they have effect in relation to the scheme and are not reflected in the rules of the scheme, andcany provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of Part 4 of the Pension Schemes Act 1993 (preservation of benefit under occupational pension schemes).9For the purposes of subsection (8)—a“relevant legislative provision” means any provision contained in any of the following provisions—iSchedule 5 to the Social Security Act 1989 (equal treatment for men and women);iiChapters 2 to 5 of Part 4 of the Pension Schemes Act 1993 (certain protection for early leavers) or regulations made under any of those Chapters;iiiPart 4A of that Act (requirements relating to pension credit benefit) or regulations made under that Part;ivsection 110(1) of that Act (requirement as to resources for annual increase of guaranteed minimum pensions);vthis Part of this Act (occupational pensions) or subordinate legislation made or having effect as if made under this Part;visection 31 of the Welfare Reform and Pensions Act 1999 (pension debits: reduction of benefit);viiany provision mentioned in section 306(2) of the Pensions Act 2004;ba relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions—iparagraph 3 of Schedule 5 to the Social Security Act 1989;iisection 129(1) of the Pension Schemes Act 1993;iiisection 117(1) of this Act;ivsection 31(4) of the Welfare Reform and Pensions Act 1999;vsection 306(1) of the Pensions Act 2004.10For the purposes of this section—a“survivor”, in relation to a member of an occupational pension scheme, means a person who—iis the widow or widower of the member, oriihas survived the member and has any entitlement to benefit, or right to future benefits, under the scheme rules in respect of the member, andba modification would or might adversely affect a person’s subsisting right if it would alter the nature or extent of the entitlement or right so that the benefits, or future benefits, to which the entitlement or right relates would or might be less generous.11In the subsisting rights provisions, in relation to—athe exercise of a power to modify an occupational pension scheme to which the subsisting rights provisions apply, orba modification made, or to be made, in exercise of such a power,references to “the scheme” are to be read as references to the scheme mentioned in paragraph (a).The consent requirements67B1References in the subsisting rights provisions to the consent requirements, in respect of a regulated modification, are to be read in accordance with this section.2The consent requirements apply in the case of an affected member—aif the modification is a protected modification;bif it is not a protected modification, unless the actuarial equivalence requirements apply in his case.3The consent requirements consist of—athe informed consent requirement (see subsection (4)), andbthe timing requirement (see subsection (6)).4The informed consent requirement is satisfied in the case of an affected member if before the modification is made—athe trustees have—igiven him information in writing adequate to explain the nature of the modification and its effect on him,iinotified him in writing that he may make representations to the trustees about the modification,iiiafforded him a reasonable opportunity to make such representations, andivnotified him in writing that the consent requirements apply in his case in respect of the modification, andbafter the trustees have complied with paragraph (a)(i), (ii) and (iv), the affected member has given his consent in writing to the modification.5If—athe modification is not a protected modification, andbbefore the modification is made the trustees notify an affected member in writing that—iif he gives his consent to the modification for the purposes of the consent requirements, those requirements apply in his case in respect of the modification, butiiotherwise, the actuarial equivalence requirements apply in his case in respect of the modification,the trustees are to be taken to have complied with subsection (4)(a)(iv) in respect of him.6The timing requirement is satisfied in the case of an affected member if the modification takes effect within a reasonable period after the member has given his consent to the modification in accordance with subsection (4)(b).The actuarial equivalence requirements67C1References in the subsisting rights provisions to the actuarial equivalence requirements, in respect of a detrimental modification which is not a protected modification, are to be read in accordance with this section and section 67D.2The actuarial equivalence requirements apply in the case of an affected member only if—athe modification is not a protected modification, andbthe trustees of the scheme determine that they are to apply in his case.3The actuarial equivalence requirements consist of—athe information requirement (see subsection (4)),bthe actuarial value requirement (see subsection (5)), andcthe actuarial equivalence statement requirement (see subsection (6)).4The information requirement is satisfied in the case of an affected member if before the modification is made the trustees have taken all reasonable steps to—agive him information in writing adequate to explain the nature of the modification and its effect on him,bnotify him in writing that he may make representations to the trustees about the modification,cafford him a reasonable opportunity to make such representations, anddnotify him in writing that the actuarial equivalence requirements apply in his case in respect of the modification.5The actuarial value requirement is satisfied in the case of an affected member if before the modification is made the trustees have made such arrangements, or taken such steps, as are adequate to secure that actuarial value will be maintained.6The actuarial equivalence statement requirement is satisfied in the case of an affected member if the trustees have, within a reasonable period beginning with the date on which the modification takes effect, obtained an actuarial equivalence statement relating to the affected member in respect of the modification.7For the purposes of subsection (6) “actuarial equivalence statement” means a statement in writing which—ais given by—ithe actuary appointed in relation to the scheme under section 47(1)(b), oriia person with prescribed qualifications or experience or who is approved by the Secretary of State, andbcertifies that actuarial value has been maintained.8For the purposes of subsections (5) and (7) as they apply in relation to an affected member, actuarial value is maintained if the actuarial value, immediately after the time at which the modification takes effect, of the affected member’s subsisting rights is equal to or greater than the actuarial value of his subsisting rights immediately before that time.The actuarial equivalence requirements: further provisions67D1This section applies for the purposes of section 67C.2Where—athe information requirement has been satisfied in the case of an affected member in respect of a proposed modification (“the original modification”),bbefore the trustees have made a determination, or given their consent, for the purposes of section 67E(1) in relation to the original modification, the original modification has been revised, andcthe modification as so revised (“the revised modification”) does not differ from the original modification in any material respect,the information requirement is to be taken to have been satisfied in relation to the revised modification.3The trustees are to be regarded as having taken all reasonable steps to notify an affected member as mentioned in section 67C(4)(d) in respect of a modification if they have taken all reasonable steps to notify him in writing that—aif he gives his consent to the modification for the purposes of the consent requirements, those requirements apply in his case in respect of the modification, butbotherwise, the actuarial equivalence requirements apply in his case in respect of the modification.4Any calculation for the purposes of section 67C of the actuarial value of an affected member’s subsisting rights at any time must conform with such requirements as may be prescribed.5Requirements prescribed by regulations under subsection (4) may include requirements for any such calculation to be made in accordance with guidance that—ais prepared and from time to time revised by a prescribed body, andbif the regulations so provide, is approved by the Secretary of State.6Nothing in subsections (6) and (7) of section 67C precludes actuarial equivalence statements relating to—atwo or more affected members, orbaffected members of any particular description,in respect of a modification being given in a single document.The trustee approval requirement67E1For the purposes of section 67(2)(b), the trustee approval requirement is satisfied in relation to the exercise of a power to make a regulated modification if—athe trustees of the scheme have determined to exercise the power to make the modification, orbif the power is exercised by another person, the trustees have consented to the exercise of the power to make the modification,and the making of the determination, or giving of consent, complies with subsections (2) and (3).2The trustees must not make a determination, or give their consent, for the purposes of subsection (1) unless, in the case of each affected member—aif the modification is a protected modification, the informed consent requirement is satisfied (within the meaning of section 67B), orbif it is not a protected modification—ithe informed consent requirement is satisfied, oriithe information and actuarial value requirements are satisfied (within the meaning of section 67C),in respect of the modification.3The trustees must not make a determination, or give their consent, for the purposes of subsection (1) more than a reasonable period after the first consent given by an affected member under section 67B(4)(b) in respect of the modification was given.The reporting requirement67F1For the purposes of section 67(2)(c), the reporting requirement is satisfied in relation to the exercise of a power to which the subsisting rights provisions apply to make a regulated modification if the trustees have, in accordance with subsection (2)—anotified each affected member in whose case the consent requirements apply in respect of the modification, andbtaken all reasonable steps to notify each affected member in whose case the actuarial equivalence requirements apply in respect of the modification,that they have made a determination, or given their consent, for the purposes of section 67E(1) in relation to the exercise of the power to make the modification.2The trustees must give (or, where the actuarial equivalence requirements apply, take all reasonable steps to give) the notification—awithin a reasonable period beginning with the date of the determination or giving of consent mentioned in subsection (1), andbbefore the date on which the modification takes effect.Powers of the Authority: voidable modifications67G1Subsection (2) applies in relation to a regulated modification made in exercise of a power to which the subsisting rights provisions apply which is voidable by virtue of—asection 67(2), orbsection 67H(3).2The Authority may make an order declaring that subsection (6) applies in relation to the regulated modification.3An order under subsection (2) relating to a regulated modification may also declare that subsection (6) applies in relation to—aany other modification of the scheme made by the exercise of the power mentioned in subsection (1), orbthe grant of any rights under the scheme (whether by virtue of the attribution of notional periods as pensionable service or otherwise) in connection with the regulated modification.4An order under subsection (2) relating to a regulated modification must specify the affected member or affected members or description of affected members in respect of whom subsection (6) applies (“the specified persons”).5An order under subsection (2) relating to a regulated modification may also—arequire the trustees to take, within the time specified in the order, such steps as are so specified for the purpose of giving effect to the order;bdeclare that subsection (7) applies in relation to anything done by the trustees after the time at which the modification would, disregarding the order, have taken effect which—iwould not have contravened any provision of the scheme rules if the modification had taken effect at that time, butiias a result of the modification being void to any extent by virtue of the order, would (but for that subsection) contravene such a provision.This is without prejudice to section 174(3).6Where the Authority make an order declaring that this subsection applies in relation to a modification of a scheme, or the grant of any rights under the scheme, the modification or grant is void to the extent specified in the order, and in respect of the specified persons, as from the time when it would, disregarding the order, have taken effect.7Where, by virtue of subsection (5)(b), the Authority make an order under subsection (2) declaring that this subsection applies in relation to anything done by the trustees, that thing is to be taken, for such purposes as are specified in the order, not to have contravened any provision of the trust deed or scheme rules.8An order under subsection (2) relating to a regulated modification, or other modification, of a scheme or the grant of any rights under the scheme may be made before or after the time at which the modification or grant would, disregarding the order, have taken effect.Powers of the Authority to intervene67H1Subsection (2) applies where the Authority have reasonable grounds to believe that a power to which the subsisting rights provisions apply—awill be exercised, orbhas been exercised,to make a regulated modification in circumstances where the modification will be voidable by virtue of section 67(2).2The Authority may by order—ain a case within subsection (1)(a), direct the person on whom the power is conferred not to exercise the power to make the regulated modification;brequire the trustees to take, within the time specified in the order, such steps as are so specified for the purpose of securing that any of the requirements mentioned in section 67(2) is satisfied.3A regulated modification made in exercise of a power to which the subsisting rights provisions apply is voidable in accordance with section 67G if—athe exercise of the power contravened an order under paragraph (a) of subsection (2), orbthe trustees fail to comply with a requirement imposed by an order under paragraph (b) of that subsection relating to any exercise of the power to make the modification.Subsisting rights provisions: civil penalties67I1Subsections (2) and (3) apply where a regulated modification is voidable by virtue of section 67(2).2Where the modification was made by the exercise of a power—aby the trustees of the scheme, orbby any other person in circumstances which do not fall within subsection (3),section 10 applies to any trustee who has failed to take all reasonable steps to secure that the modification is not so voidable.3Section 10 applies to any person other than the trustees of the scheme who, without reasonable excuse, exercises a power to make the modification if—athe trustees have not given their consent, for the purposes of section 67E(1), to the exercise of the power to make the modification, orbin the case of any affected member, the timing requirement is not satisfied (within the meaning of section 67B) in respect of the modification.4Where the trustees fail to comply with any requirement imposed, by virtue of subsection (5)(a) of section 67G, by an order under subsection (2) of that section, section 10 applies to any trustee who has failed to take all reasonable steps to secure such compliance.5Where a regulated modification is made by the exercise of a power in contravention of an order under section 67H(2)(a)—aif the power is exercised by the trustees, section 10 applies to any trustee who has failed to take all reasonable steps to secure that the order was not contravened;bsection 10 applies to any other person who without reasonable excuse exercises the power in contravention of the order.6Where the trustees fail to comply with any requirement specified in an order under section 67H(2)(b), section 10 applies to any trustee who has failed to take all reasonable steps to secure such compliance.<Emphasis>Short service benefit</Emphasis>Increase in age at which short service benefit must be payable2631In section 71 of the Pension Schemes Act 1993 (c. 48) (basic principle as to short service benefit), for subsection (3) substitute—3Subject to subsection (4), short service benefit must be made payable as from an age which is no greater than—athe age of 65, orbif in the member’s case normal pension age is greater than 65, normal pension age.2In section 72 of that Act (no discrimination between short service and long service beneficiaries), at the end add—4This section is subject to subsections (3) and (6) of section 71 (age at which short service benefit is to be payable).<Emphasis>Early leavers</Emphasis>Early leavers: cash transfer sums and contribution refunds264After section 101 of the Pension Schemes Act 1993 insert—Scope of Chapter 5101AA1This Chapter applies to any member of an occupational pension scheme to which Chapter 1 applies (see section 69(3)) if—ahis pensionable service terminates before he attains normal pension age, andbon the date on which his pensionable service terminates—ithe three month condition is satisfied, butiihe does not have relevant accrued rights to benefit under the scheme.2For the purposes of subsection (1), the three month condition is that the period of the member’s pensionable service under the scheme, taken together with—aany previous period of his pensionable service under the scheme, andbany period throughout which he was employed in linked qualifying service under another scheme,amounts to at least three months.3A period counts for the purposes of paragraph (a) or (b) of subsection (2) only so far as it counts towards qualification for long service benefit within the meaning of Chapter 1.4For the purposes of subsection (1), “relevant accrued rights to benefit under the scheme”, in relation to a member of a scheme, means rights which—ahave accrued to or in respect of him under the scheme, andbentitle him to the relevant benefits which would have accrued to or in respect of him under the applicable rules if paragraphs (a) and (b) of section 71(1) (and the word “and” immediately preceding them) did not have effect.5References in the following provisions of this Chapter to a member, in relation to an occupational pension scheme, are to a member of the scheme to whom this Chapter applies.Right to cash transfer sum and contribution refund101AB1On the termination of his pensionable service, a member of an occupational pension scheme acquires a right to whichever one he elects of the following options—aa cash transfer sum;ba contribution refund.2Subsection (1) is subject to the following provisions of this Chapter.3In this Chapter “cash transfer sum” means, in relation to a member of an occupational pension scheme, the cash equivalent, at the date on which his pensionable service terminates, of the benefits mentioned in section 101AA(4)(b).4In this Chapter, “contribution refund” means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of—athe member’s employee contributions to the scheme, andbwhere transfer credits have been allowed to the member under the scheme by virtue of a payment (“the transfer payment”) made by the trustees or managers of another occupational pension scheme, the member’s employee contributions to that other scheme, so far as they—irelate to the transfer payment, andiido not, in aggregate, exceed the amount of the transfer payment.5In subsection (4), “employee contributions” means, in relation to a member of an occupational pension scheme, contributions made to the scheme by or on behalf of the member on his own account, but does not include—aa transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, orbany pension credit or amount paid to the scheme which is attributable (directly or indirectly) to a pension credit.Notification of right to cash transfer sum or contribution refund101AC1This section applies where the pensionable service of a member of an occupational pension scheme has terminated.2The trustees or managers of the scheme must—awithin a reasonable period after the termination give the member a statement in writing containing information adequate to explain—ithe nature of the right acquired by him under section 101AB, andiihow he may exercise the right,and such other information as may be prescribed, andbafford the member a reasonable period after giving him that statement within which to exercise the right.3The statement given under subsection (2)(a) must specify, in particular—ain relation to the cash transfer sum to which the member acquires a right under section 101AB, its amount and the permitted ways in which the member can use it,bthe amount of the contribution refund to which the member so acquires a right, andcthe last day on which the member may, disregarding section 101AI(2), exercise the right (“the reply date”).4Information which may be prescribed under subsection (2)(a) includes, in particular—ainformation about any tax liability in respect of, or deduction required or permitted to be made from, the cash transfer sum or contribution refund, andbinformation about the effect on other rights of the member (whether under the applicable rules or otherwise) of exercising the right.5The trustees or managers may notify the member that, if he does not exercise the right mentioned in subsection (2)(a)(i) on or before the reply date, the trustees or managers will be entitled to pay the contribution refund to him.6Where the trustees or managers of the scheme fail to comply with subsection (2), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.Exercise of right under section 101AB101AD1This section applies where a member of an occupational pension scheme acquires a right under section 101AB.2The member may exercise the right by giving a notice in writing to that effect to the trustees or managers stating—awhich of the options under section 101AB(1) he elects, andbif he elects for the cash transfer sum, the permitted way in which he requires that sum to be used.3The notice under subsection (2) must be given on or before—athe reply date, orbsuch later date as the trustees or managers may allow in his case under section 101AI(2).Permitted ways of using cash transfer sum101AE1This section applies in relation to a cash transfer sum to which a member of an occupational pension scheme acquires a right under section 101AB.2The ways in which the cash transfer sum may be used are—afor acquiring transfer credits allowed under the rules of another occupational pension scheme—iwhose trustees or managers are able and willing to accept the cash transfer sum, andiiwhich satisfies prescribed requirements,bfor acquiring rights allowed under the rules of a personal pension scheme—iwhose trustees or managers are able and willing to accept the cash transfer sum, andiiwhich satisfies prescribed requirements,cfor purchasing one or more appropriate annuities,din such circumstances as may be prescribed, for subscribing to other pension arrangements which satisfy prescribed requirements.3For the purposes of subsection (2), “appropriate annuity” means an annuity which satisfies prescribed requirements and is purchased from an insurer who—afalls within section 19(4)(a),bis chosen by the member, andcis willing to accept payment on account of the member from the trustees or managers of the scheme.Calculation of cash transfer sum and contribution refund101AF1Cash transfer sums are to be calculated and verified in the prescribed manner.2Any calculation of a contribution refund must conform with such requirements as may be prescribed.3Regulations may provide—afor amounts to be deducted in respect of administrative costs in calculating cash transfer sums;bfor a cash transfer sum or contribution refund to be increased or reduced in prescribed circumstances.4The circumstances that may be prescribed under subsection (3)(b) include in particular—aa failure by the trustees or managers of the scheme to comply with section 101AG(2) or (4) in relation to the cash transfer sum or contribution refund, andbthe state of funding of the scheme.5Regulations under subsection (3)(b) may provide—afor a cash transfer sum to be reduced so that the member has no right to have any amount paid by way of cash transfer sum in respect of him;bfor a contribution refund to be reduced so that the member has no right to receive any amount by way of contribution refund under this Chapter.Duties of trustees or managers following exercise of right101AG1This section applies where a member of an occupational pension scheme has exercised a right under section 101AB in accordance with section 101AD.2Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member’s notice under section 101AD(2)(b).3When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation—ain respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, andbto make any other payment by way of refund to or in respect of the member of, or in respect of—ithe contributions, or any payment, mentioned in section 101AB(4), oriiany other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit).4Where the member has elected for the contribution refund, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to secure that the amount of the contribution refund is paid to the member or as he directs.5When the trustees or managers have done what is needed to secure the payment of the contribution refund as mentioned in subsection (4)—athey are discharged from any obligation in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, andbif they are required under the applicable rules, or determine in accordance with those rules, to make any payment (“the refund payment”) by way of refund to or in respect of the member of, or in respect of—ithe contributions, or any payment, mentioned in section 101AB(4), oriiany other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit),the amount of the contribution refund may be set off against the refund payment.6Where the trustees or managers fail to comply with subsection (2) or (4), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.Powers of trustees or managers where right not exercised101AH1This section applies where—aa member of an occupational pension scheme does not exercise a right acquired by him under section 101AB on or before the reply date or such later date as the trustees or managers of the scheme allow in his case under section 101AI(2), andbthe trustees or managers of the scheme have notified the member as mentioned in section 101AC(5).2The trustees or managers may within a reasonable period beginning with—athe reply date, orbif a later date has been allowed as mentioned in subsection (1), that later date,pay the contribution refund to the member.3When the trustees or managers have paid the contribution refund to the member—athey are discharged from any obligation in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, andbif they are required under the applicable rules, or determine in accordance with those rules, to make any payment (“the refund payment”) by way of refund to or in respect of the member of, or in respect of—ithe contributions, or any payment, mentioned in section 101AB(4), oriiany other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit),the amount of the contribution refund may be set off against the refund payment.Rights under section 101AB: further provisions101AI1A member of an occupational pension scheme loses any right acquired by him under section 101AB—aif the scheme is wound up, orbsubject to subsection (2), if he fails to exercise the right on or before the reply date.2If the member has failed to exercise any such right on or before the reply date, the trustees or managers of the scheme may allow him to exercise it on or before such later date as they may determine on the application of the member.3Where the trustees or managers determine a later date under subsection (2)—athey must give a notice in writing to that effect to the member, andbsubsection (1)(b) applies in relation to the member as if the reference to the reply date were a reference to the later date.4For the purposes of subsection (3) and sections 101AC(2) and 101AD(2), a document or notice may be given to a person—aby delivering it to him,bby leaving it at his proper address, orcby sending it by post to him at that address.5For the purposes of subsection (4), and section 7 of the Interpretation Act 1978 (service of documents by post) in its application to that subsection, the proper address of a person is—ain the case of a body corporate, the address of the registered or principal office of the body, andbin any other case, the last known address of the person.6This Chapter is subject to any provision made by or under section 61 (deduction of contributions equivalent premium from refund of scheme contributions)—apermitting any amount to be deducted from any payment of a contribution refund, orbrequiring the payment of a contribution refund to be delayed.7In this Chapter, except where the context otherwise requires, the following expressions have the following meanings—“the applicable rules” means—the rules of the scheme, except so far as overridden by a relevant legislative provision,the relevant legislative provisions, to the extent that they have effect in relation to the scheme and are not reflected in the rules of the scheme, andany provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of this Part;“member” has the meaning given in section 101AA(5);“permitted way”, in relation to a cash transfer sum, means any of the ways specified in section 101AE(2) in which the sum may be used;“relevant benefits” means benefits which are not attributable (directly or indirectly) to a pension credit;“reply date”, in relation to a member whose pensionable service has terminated, has the meaning given in section 101AC(3)(c).8For the purposes of subsection (7)—a“relevant legislative provision” means any provision contained in any of the following provisions—iSchedule 5 to the Social Security Act 1989 (equal treatment for men and women);iithis Chapter or Chapter 2, 3 or 4 of this Part of this Act or regulations made under this Chapter or any of those Chapters;iiiPart 4A of this Act or regulations made under that Part;ivsection 110(1) of this Act;vPart 1 of the Pensions Act 1995 (occupational pensions) or subordinate legislation made or having effect as if made under that Part;visection 31 of the Welfare Reform and Pensions Act 1999 (pension debits: reduction of benefit);viiany provision mentioned in section 306(2) of the Pensions Act 2004;ba relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions—iparagraph 3 of Schedule 5 to the Social Security Act 1989;iisection 129(1) of this Act;iiisection 117(1) of the Pensions Act 1995;ivsection 31(4) of the Welfare Reform and Pensions Act 1999;vsection 306(1) of the Pensions Act 2004.<Emphasis>Safeguarding pension rights</Emphasis>Paternity leave and adoption leave2651In Schedule 5 to the Social Security Act 1989 (c. 24) (employment-related schemes for pensions or other benefits: equal treatment), after paragraph 5 insert—<Emphasis>Unfair paternity leave provisions</Emphasis>5A1Where an employment-related benefit scheme includes any unfair paternity leave provisions (irrespective of any differences on the basis of sex in the treatment accorded to members under those provisions), then—athe scheme shall be regarded to that extent as not complying with the principle of equal treatment; andbsubject to sub-paragraph (3), this Schedule shall apply accordingly.2In this paragraph “unfair paternity leave provisions”, in relation to an employment-related benefit scheme, means any provision—awhich relates to continuing membership of, or the accrual of rights under, the scheme during any period of paid paternity leave in the case of any member who is (or who, immediately before the commencement of such a period, was) an employed earner and which treats such a member otherwise than in accordance with the normal employment requirement; orbwhich requires the amount of any benefit payable under the scheme to or in respect of any such member, to the extent that it falls to be determined by reference to earnings during a period which included a period of paid paternity leave, to be determined otherwise than in accordance with the normal employment requirement.3In the case of any unfair paternity leave provision—athe more favourable treatment required by paragraph 3(1) is treatment no less favourable than would be accorded to the member in accordance with the normal employment requirement; andbparagraph 3(2) does not authorise the making of any such election as is there mentioned;but, in respect of any period of paid paternity leave, a member shall only be required to pay contributions on the amount of contractual remuneration or statutory paternity pay actually paid to or for him in respect of that period.4In this paragraph—“period of paid paternity leave”, in the case of a member, means a period—throughout which the member is absent from work in circumstances where sub-paragraph (5), (6) or (7) applies, andfor which the employer (or if he is no longer in his employment, his former employer) pays him any contractual remuneration or statutory paternity pay; and“the normal employment requirement” is the requirement that any period of paid paternity leave shall be treated as if it were a period throughout which the member in question works normally and receives the remuneration likely to be paid for doing so.5This sub-paragraph applies if—athe member’s absence from work is due to the birth or expected birth of a child, andbthe member satisfies the conditions prescribed under section 171ZA(2)(a)(i) and (ii) of the Social Security Contributions and Benefits Act 1992 in relation to that child.6This sub-paragraph applies if—athe member’s absence from work is due to the placement or expected placement of a child for adoption under the law of any part of the United Kingdom, andbthe member satisfies the conditions prescribed under section 171ZB(2)(a)(i) and (ii) of that Act in relation to that child.7This sub-paragraph applies if—athe member’s absence from work is due to the adoption or expected adoption of a child who has entered the United Kingdom in connection with or for the purposes of adoption which does not involve the placement of the child for adoption under the law of any part of the United Kingdom, andbthe member satisfies the conditions prescribed under section 171ZB(2)(a)(i) and (ii) of that Act (as applied by virtue of section 171ZK of that Act (adoption cases not involving placement under the law of the United Kingdom)) in relation to that child.<Emphasis>Unfair adoption leave provisions</Emphasis>5B1Where an employment-related benefit scheme includes any unfair adoption leave provisions (irrespective of any differences on the basis of sex in the treatment accorded to members under those provisions), then—athe scheme shall be regarded to that extent as not complying with the principle of equal treatment; andbsubject to sub-paragraph (3), this Schedule shall apply accordingly.2In this paragraph “unfair adoption leave provisions”, in relation to an employment-related benefit scheme, means any provision—awhich relates to continuing membership of, or the accrual of rights under, the scheme during any period of paid adoption leave in the case of any member who is (or who, immediately before the commencement of such a period, was) an employed earner and which treats such a member otherwise than in accordance with the normal employment requirement; orbwhich requires the amount of any benefit payable under the scheme to or in respect of any such member, to the extent that it falls to be determined by reference to earnings during a period which included a period of paid adoption leave, to be determined otherwise than in accordance with the normal employment requirement.3In the case of any unfair adoption leave provision—athe more favourable treatment required by paragraph 3(1) is treatment no less favourable than would be accorded to the member in accordance with the normal employment requirement; andbparagraph 3(2) does not authorise the making of any such election as is there mentioned;but, in respect of any period of paid adoption leave, a member shall only be required to pay contributions on the amount of contractual remuneration or statutory adoption pay actually paid to or for him in respect of that period.4In this paragraph—“period of paid adoption leave”, in the case of a member, means a period—throughout which the member is absent from work in circumstances where sub-paragraph (5) or (6) applies, andfor which the employer (or, if he is no longer in his employment, his former employer) pays him any contractual remuneration or statutory adoption pay; and“the normal employment requirement” is the requirement that any period of paid adoption leave shall be treated as if it were a period throughout which the member in question works normally and receives the remuneration likely to be paid for doing so.5This sub-paragraph applies if—athe member’s absence from work is due to the placement, or expected placement, of a child for adoption under the law of any part of the United Kingdom, andbthe member is a person with whom the child is, or is expected to be, placed for such adoption.6This sub-paragraph applies if—athe member’s absence from work is due to the adoption or expected adoption of a child who has entered the United Kingdom in connection with or for the purposes of adoption which does not involve the placement of the child for adoption under the law of any part of the United Kingdom, andbthe member is a person by whom the child has been or is expected to be adopted.2The provision that may be made under section 142(1) of the Adoption and Children Act 2002 (c. 38) (power to make consequential etc provision to give full effect to any provision of that Act) includes provision modifying paragraph 5A or 5B of Schedule 5 to the Social Security Act 1989 (c. 24) (as inserted by subsection (1) above).Inalienability of occupational pension2661Section 91 of the Pensions Act 1995 (c. 26) (inalienability of occupational pension) is amended as follows.2In subsection (5) (exceptions to the rule of inalienability) at the end insert—fsubject to subsection (6), a charge or lien on, or set-off against, the person in question’s entitlement, or right, for the purpose of discharging some monetary obligation due from the person in question to the scheme arising out of a payment made in error in respect of the pension.3In subsection (6) (limits on the charge, lien or set-off under subsection (5)(d) or (e)) for “or (e)” substitute “ , (e) or (f) ”.<Emphasis>Voluntary contributions</Emphasis>Voluntary contributions2671Omit section 111 of the Pension Schemes Act 1993 (c. 48) (requirements for schemes to provide facilities for members to pay voluntary contributions, and relating to any such contributions).2In section 132 of that Act (duty to bring schemes into conformity with indirectly-applying requirements) omit from “or the voluntary” to third “requirements”.3In section 181(1) of that Act (general interpretation) omit the definition of “voluntary contributions requirements”.<Emphasis>Payments by employers</Emphasis>Payments made by employers to personal pension schemes2681Section 111A of the Pension Schemes Act 1993 (c. 48) (monitoring of employers' payments to personal pension schemes) is amended as follows.2For subsections (3) to (7) substitute—3The trustees or managers of the scheme must monitor the payment of contributions by or on behalf of the employer under the direct payment arrangements.4The trustees or managers may request the employer to provide them, (or arrange for them to be provided) with the payment information specified in the request.5For the purposes of subsection (4) “payment information” is information required by the trustees or managers to enable them to discharge the duty imposed by subsection (3).6The employer must comply with a request under subsection (4) within a reasonable period.7Where, as a result of the employer’s failure to so comply, the trustees or managers are unable to discharge the duty imposed by subsection (3), they must give notice to that effect to the Regulatory Authority within a reasonable period.7AWhere—aa contribution payable under the direct payment arrangements has not been paid on or before its due date, andbthe trustees or managers have reasonable cause to believe that the failure to pay the contribution is likely to be of material significance in the exercise by the Regulatory Authority of any of their functions,they must give notice to that effect to the Regulatory Authority and the employee within a reasonable period after the due date.3In subsection (8) (employer’s liability for civil penalties) for “subsection (3) or (5)” substitute “ subsection (6) and as a result the trustees or managers of the scheme are unable to discharge the duty imposed by subsection (3) ”.4In subsection (9) (liability of trustees or managers for civil penalties) for “subsection (6) or (7)” substitute “ subsection (7) or (7A) ”.Payments made by employers and members to occupational pension schemes2691In section 49 of the Pensions Act 1995 (c. 26) (other responsibilities of trustees, employers, etc), in subsection (9) (duty of trustee etc to report a failure by employer to pay contributions deducted from earnings on time) for paragraph (b) substitute—bif the trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Authority of any of their functions, they must, except in prescribed circumstances, give notice of the failure to the Authority and the member within a reasonable period after the end of the prescribed period under subsection (8).2In section 88 of that Act (schedules of payments to money purchase schemes), for subsection (1) (duty of trustees or managers to report a failure to pay amounts on time) substitute—1Where, in the case of an occupational pension scheme to which section 87 applies—athere is a failure to pay on or before the due date any amounts payable in accordance with the payment schedule, andbthe trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Authority of any of their functions,they must, except in prescribed circumstances, give notice of the failure to the Authority and to the members of the scheme within a reasonable period after the due date.<Emphasis>Winding up</Emphasis>Winding up2701For section 73 of the Pensions Act 1995 (c. 26) (preferential liabilities on winding up) substitute—Preferential liabilities on winding up731This section applies where an occupational pension scheme to which this section applies is being wound up to determine the order in which the assets of the scheme are to be applied towards satisfying the liabilities of the scheme in respect of pensions and other benefits.2This section applies to an occupational pension scheme other than a scheme which is—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.3The assets of the scheme must be applied first towards satisfying the amounts of the liabilities mentioned in subsection (4) and, if the assets are insufficient to satisfy those amounts in full, then—athe assets must be applied first towards satisfying the amounts of the liabilities mentioned in earlier paragraphs of subsection (4) before the amounts of the liabilities mentioned in later paragraphs, andbwhere the amounts of the liabilities mentioned in one of those paragraphs cannot be satisfied in full, those amounts must be satisfied in the same proportions.4The liabilities referred to in subsection (3) are—awhere—ithe trustees or managers of the scheme are entitled to benefits under a relevant pre-1997 contract of insurance entered into in relation to the scheme, andiieither that contract may not be surrendered or the amount payable on surrender does not exceed the liability secured by the contract,the liability so secured;bany liability for pensions or other benefits to the extent that the amount of the liability does not exceed the corresponding PPF liability, other than a liability within paragraph (a);cany liability for pensions or other benefits which, in the opinion of the trustees or managers, are derived from the payment by any member of voluntary contributions, other than a liability within paragraph (a) or (b);dany other liability in respect of pensions or other benefits.5For the purposes of subsection (4)—“corresponding PPF liability” in relation to any liability for pensions or other benefits means—where the liability is to a member of the scheme, the cost of securing benefits for or in respect of the member corresponding to the compensation which would be payable to or in respect of the member in accordance with the pension compensation provisions if the Board of the Pension Protection Fund assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 of the Pensions Act 2004 (pension protection), andwhere the liability is to another person in respect of a member of the scheme, the cost of securing benefits for that person corresponding to the compensation which would be payable to that person in respect of the member in accordance with the pension compensation provisions if the Board assumed responsibility for the scheme in accordance with that Chapter;“relevant pre-1997 contract of insurance” means a contract of insurance which was entered into before 6th April 1997 with a view to securing the whole or part of the scheme’s liability for—any pension or other benefit payable to or in respect of one particular person whose entitlement to payment of a pension or other benefit has arisen, andany benefit which will be payable in respect of that person on his death.6For the purposes of this section, when determining the corresponding PPF liability in relation to any liability of a scheme to, or in respect of, a member for pensions or other benefits, the pension compensation provisions apply with such modifications as may be prescribed.7Regulations may modify subsection (4).8For the purposes of that subsection—aregulations may prescribe how it is to be determined whether a liability for pensions or other benefits which, in the opinion of the trustees or managers of the scheme, are derived from the payment by any member of voluntary contributions falls within paragraph (a) or (b) of that subsection;bno pension or other benefit which is attributable (directly or indirectly) to a pension credit is to be regarded for the purposes of paragraph (c) of that subsection as derived from the payment of voluntary contributions.9Where, on the commencement of the winding up period, a member becomes a person to whom Chapter 5 of Part 4 of the Pension Schemes Act 1993 (early leavers: cash transfer sums and contribution refunds) applies, that Chapter applies in relation to him with such modifications as may be prescribed.10For the purposes of this section—“assets” of a scheme to which this section applies do not include any assets representing the value of any rights in respect of money purchase benefits under the scheme rules;“liabilities” of such a scheme do not include any liabilities in respect of money purchase benefits under the scheme rules;“the pension compensation provisions” has the same meaning as in Part 2 of the Pensions Act 2004 (see section 162 of that Act);“scheme rules” has the same meaning as in the Pensions Act 2004 (see section 318 of that Act);“winding up period”, in relation to an occupational pension scheme to which this section applies, means the period which—begins with the day on which the time immediately after the beginning of the winding up of the scheme falls, andends when the winding up of the scheme is completed.Operation of scheme during winding up period73A1This section applies where an occupational pension scheme to which section 73 applies is being wound up.2During the winding up period, the trustees or managers of the scheme—amust secure that any pensions or other benefits (other than money purchase benefits) paid to or in respect of a member are reduced, so far as necessary, to reflect the liabilities of the scheme to or in respect of the member which will be satisfied in accordance with section 73, andbmay, for the purposes of paragraph (a), take such steps as they consider appropriate (including steps adjusting future payments) to recover any overpayment or pay any shortfall.3During the winding up period—ano benefits may accrue under the scheme rules to, or in respect of, members of the scheme, andbno new members of any class may be admitted to the scheme.4Subsection (3) does not prevent any increase, in a benefit, which would otherwise accrue in accordance with the scheme or any enactment.5Subsection (3) does not prevent the accrual of money purchase benefits to the extent that they are derived from income or capital gains arising from the investment of payments which are made by, or in respect of, a member of the scheme.6Where a person is entitled to a pension credit derived from another person’s shareable rights under the scheme, subsection (3) does not prevent the trustees or managers of the scheme discharging their liability in respect of the credit under Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (sharing of rights under pension arrangements) by conferring appropriate rights under the scheme on that person.7Regulations may require the trustees or managers of the scheme, in prescribed circumstances—ato adjust the entitlement of a person to a pension or other benefit under the scheme rules where the entitlement arises as a result of a discretionary award which takes effect during the winding up period;bto adjust the entitlement of a person (“the survivor”) to a pension or other benefit under the scheme rules where—ia member of the scheme, or a person who was (or might have become) entitled to a pension or other benefit in respect of a member, dies during the winding up period, andiithe survivor’s entitlement is to a pension or other benefit in respect of the member (whether arising on the date of that death or subsequently).8Regulations under subsection (7) may, in particular—aprescribe how the required adjustments to entitlement are to be determined and the manner in which they are to be made;bin a case where the commencement of the winding up of the scheme is backdated (whether in accordance with section 154 of the Pensions Act 2004 (requirement to wind up schemes with sufficient assets to meet protected liabilities) or otherwise), require any adjustment to a person’s entitlement to be made with effect from the time the award takes effect;cwithout prejudice to sections 10(3) to (9), 73B(2) and 116, make provision about the consequences of breaching the requirements of the regulations.9If the scheme confers power on any person other than the trustees or managers of the scheme to apply the assets of the scheme in respect of pensions or other benefits (including increases in pensions or benefits), it cannot be exercised by that person but may, subject to the provisions made by or by virtue of this section and sections 73 and 73B, be exercised instead by the trustees or managers.10For the purposes of this section—“appropriate rights” has the same meaning as in paragraph 5 of Schedule 5 to the Welfare Reform and Pensions Act 1999 (pension credits: mode of discharge);“discretionary award” means an award of a prescribed description;“shareable rights” has the same meaning as in Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (sharing of rights under pension arrangements);and subsection (10) of section 73 applies as it applies for the purposes of that section.Sections 73 and 73A: supplementary73B1Any action taken in contravention of section 73A(3) is void.2If any provision made by or by virtue of the winding up provisions is not complied with in relation to a scheme to which section 73 applies, section 10 applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.3For the purposes of subsection (2), when determining whether section 73A(3) has been complied with subsection (1) of this section is to be disregarded.4Regulations may—aprescribe how, for the purposes of the winding up provisions—ithe assets and liabilities of a scheme to which section 73 applies, andiitheir value or amount,are to be determined, calculated and verified;bmodify any of the winding up provisions as it applies—ito prescribed schemes or prescribed descriptions of schemes;iiin relation to a scheme where only part of the scheme is being wound up;iiiin relation to a case where any liability of the scheme in respect of a member has been discharged by virtue of regulations under section 135(4) of the Pensions Act 2004 (power to make regulations permitting discharge of scheme’s liabilities during an assessment period).5Without prejudice to the generality of subsection (4), regulations under paragraph (b)(i) of that subsection may, in particular, modify any of the winding up provisions as it applies in relation to a scheme in relation to which there is more than one employer.6The winding up provisions do not apply—ain relation to any liability for an amount by way of pensions or other benefits which a person became entitled to payment of, under the scheme rules, before commencement of the winding up period,bin prescribed circumstances, in relation to any liability in respect of rights of a prescribed description to which a member of the scheme became entitled under the scheme rules by reason of his pensionable service under the scheme terminating before the commencement of the winding up period,cin relation to any liability in respect of rights of prescribed descriptions to which a member of the scheme had become entitled under the scheme rules before the commencement of the winding up period, ordin relation to any liability the discharge of which is validated under section 136 of the Pensions Act 2004 (power to validate actions taken during an assessment period to discharge liabilities of a scheme).7But nothing in subsection (6) prevents the winding up provisions applying in relation to a liability under Chapter 4 of Part 4 of the Pension Schemes Act 1993 (transfer values) which—aarose before the commencement of the winding up of the scheme, andbwas not discharged before the commencement of the winding up period.8Regulations may provide that, in prescribed circumstances, where—aan occupational pension scheme to which section 73 applies is being wound up,ba member of the scheme died before the winding up began, andcduring the winding up period a person becomes entitled under the scheme rules to a benefit of a prescribed description in respect of the member,his entitlement to payment of all or part of the benefit is, for the purposes of subsection (6), to be treated as having arisen immediately before the commencement of the winding up period.9If, immediately before the winding up period in relation to an occupational pension scheme to which section 73 applies, a person is entitled to an amount but has postponed payment of it, he is not, for the purposes of subsection (6), to be regarded as having become entitled to payment of the amount before that period.10For the purposes of this section—a“winding up provisions” means this section and sections 73, 73A and 74, andbsubsection (10) of section 73 applies as it applies for the purposes of that section.2In section 74 of the Pensions Act 1995 (c. 26) (discharge of liabilities by insurance, etc on winding up)—afor subsection (1) substitute—1This section applies where an occupational pension scheme to which section 73 applies is being wound up.,bin subsection (2) omit “(including increases in pensions)”,cin subsection (3), after paragraph (d) insert—eby the payment of a cash sum in circumstances where prescribed requirements are met.,din subsection (4)—ifor “rules of the scheme” substitute “ scheme rules ”, andiiomit “(including increases in pensions)”,eomit subsection (5)(b) and the word “or” immediately preceding it, andfafter subsection (5) insert—6For the purposes of this section—areferences to assets of the scheme do not include any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, andbreferences to liabilities of the scheme do not include any liabilities in respect of money purchase benefits under the scheme rules;and “scheme rules” has the same meaning as in the Pensions Act 2004 (see section 318 of that Act).<Emphasis>Deficiency in assets of certain occupational pension schemes</Emphasis>Debt due from the employer when assets insufficient2711Section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the assets) is amended as follows.2For subsections (1) to (4) substitute—1This section applies in relation to an occupational pension scheme other than a scheme which is—aa money purchase scheme, orba prescribed scheme or a scheme of a prescribed description.2If—aat any time which falls—iwhen a scheme is being wound up, butiibefore any relevant event in relation to the employer which occurs while the scheme is being wound up,the value of the assets of the scheme is less than the amount at that time of the liabilities of the scheme, andbthe trustees or managers of the scheme designate that time for the purposes of this subsection (before the occurrence of an event within paragraph (a)(ii)),an amount equal to the difference shall be treated as a debt due from the employer to the trustees or managers of the scheme.This is subject to subsection (3).3Subsection (2) applies only if—aeither—ino relevant event within subsection (6A)(a) or (b) occurred in relation to the employer during the period beginning with the appointed day and ending with the commencement of the winding up of the scheme, oriiduring the period—abeginning with the occurrence of the last such relevant event which occurred during the period mentioned in sub-paragraph (i), andbending with the commencement of the winding up of the scheme,a cessation notice was issued in relation to the scheme and became binding, andbno relevant event within subsection (6A)(c) has occurred in relation to the employer during the period mentioned in paragraph (a)(i).4Where—aimmediately before a relevant event (“the current event”) occurs in relation to the employer the value of the assets of the scheme is less than the amount at that time of the liabilities of the scheme,bthe current event—ioccurred on or after the appointed day, andiidid not occur in prescribed circumstances,cif the scheme was being wound up immediately before that event, subsection (2) has not applied in relation to the scheme to treat an amount as a debt due from the employer to the trustees or managers of the scheme,dif the current event is within subsection (6A)(a) or (b), either—ino relevant event within subsection (6A)(a) or (b) occurred in relation to the employer during the period beginning with the appointed day and ending immediately before the current event, oriia cessation event has occurred in relation to the scheme in respect of a cessation notice issued during the period—abeginning with the occurrence of the last such relevant event which occurred during the period mentioned in sub-paragraph (i), andbending immediately before the current event, andeno relevant event within subsection (6A)(c) has occurred in relation to the employer during the period mentioned in paragraph (d)(i),an amount equal to the difference shall be treated as a debt due from the employer to the trustees or managers of the scheme.4AWhere the current event is within subsection (6A)(a) or (b), the debt under subsection (4) is to be taken, for the purposes of the law relating to insolvency as it applies to the employer, to arise immediately before the occurrence of the current event.4BSubsection (4C) applies if, in a case within subsection (4)—athe current event is within subsection (6A)(a) or (b), andbthe scheme was not being wound up immediately before that event.4CWhere this subsection applies, the debt due from the employer under subsection (4) is contingent upon—aa scheme failure notice being issued in relation to the scheme after the current event and the following conditions being satisfied—ithe scheme failure notice is binding,iino relevant event within subsection (6A)(c) has occurred in relation to the employer before the scheme failure notice became binding, andiiia cessation event has not occurred in relation to the scheme in respect of a cessation notice issued during the period—abeginning with the occurrence of the current event, andbending immediately before the issuing of the scheme failure notice,and the occurrence of such a cessation event in respect of a cessation notice issued during that period is not a possibility, orbthe commencement of the winding up of the scheme before—iany scheme failure notice or cessation notice issued in relation to the scheme becomes binding, oriiany relevant event within subsection (6A)(c) occurs in relation to the employer.3In subsection (5) for “subsection (1)” substitute “ subsections (2) and (4) ”.4In subsection (6)—aafter “scheme” insert “ rules ”, andbat the end insert— “ In this subsection “scheme rules” has the same meaning as in the Pensions Act 2004 (“the 2004 Act”) (see section 318 of that Act). ”5After subsection (6) insert—6AFor the purposes of this section, a relevant event occurs in relation to the employer in relation to an occupational pension scheme if and when—aan insolvency event occurs in relation to the employer,bthe trustees or managers of the scheme make an application under subsection (1) of section 129 of the 2004 Act or receive a notice from the Board of the Pension Protection Fund under subsection (5)(a) of that section, orca resolution is passed for a voluntary winding up of the employer in a case where a declaration of solvency has been made under section 89 of the Insolvency Act 1986 (members' voluntary winding up).6BFor the purposes of this section—aa “cessation notice”, in the case of a relevant event within subsection (6A)(a), means—ia withdrawal notice issued under section 122(2)(b) of the 2004 Act (scheme rescue has occurred),iia withdrawal notice issued under section 148 of that Act (no insolvency event has occurred or is likely to occur),iiia notice issued under section 122(4) of that Act (inability to confirm status of scheme) in a case where the notice has become binding and section 148 of that Act does not apply,ba “cessation notice” in the case of a relevant event within subsection (6A)(b), means a withdrawal notice issued under section 130(3) of the 2004 Act (scheme rescue has occurred),ca cessation event occurs in relation to a scheme when a cessation notice in relation to the scheme becomes binding,dthe occurrence of a cessation event in relation to a scheme in respect of a cessation notice issued during a particular period (“the specified period”) is a possibility until each of the following are no longer reviewable—iany cessation notice which has been issued in relation to the scheme during the specified period,iiany failure to issue such a cessation notice during the specified period,iiiany notice which has been issued by the Board under Chapter 2 or 3 of Part 2 of the 2004 Act which is relevant to the issue of a cessation notice in relation to the scheme during the specified period or to such a cessation notice which has been issued during that period becoming binding,ivany failure to issue such a notice as is mentioned in sub-paragraph (iii),ethe issue or failure to issue a notice is to be regarded as reviewable—iduring the period within which it may be reviewed by virtue of Chapter 6 of Part 2 of the 2004 Act, andiiif the matter is so reviewed, until—athe review and any reconsideration,bany reference to the Ombudsman for the Board of the Pension Protection Fund in respect of the matter, andcany appeal against his determination or directions,has been finally disposed of, andfa “scheme failure notice” means a scheme failure notice issued under section 122(2)(a) or 130(2) of the 2004 Act (scheme rescue not possible).6CFor the purposes of this section—asection 121 of the 2004 Act applies for the purposes of determining if and when an insolvency event has occurred in relation to the employer,b“appointed day” means the day appointed under section 126(2) of the 2004 Act (no pension protection under Chapter 3 of Part 2 of that Act if the scheme begins winding up before the day appointed by the Secretary of State),creferences to a relevant event in relation to an employer do not include a relevant event which occurred in relation to him before he became the employer in relation to the scheme,dreferences to a cessation notice becoming binding are to the notice in question mentioned in subsection (6B)(a) or (b) and issued under Part 2 of the 2004 Act becoming binding within the meaning given by that Part of that Act, andereferences to a scheme failure notice becoming binding are to the notice in question mentioned in subsection (6B)(f) and issued under Part 2 of the 2004 Act becoming binding within the meaning given by that Part of that Act.6DWhere—aa resolution is passed for a voluntary winding up of the employer in a case where a declaration of solvency has been made under section 89 of the Insolvency Act 1986 (members' voluntary winding up), andbeither—ithe voluntary winding up of the employer is stayed other than in prescribed circumstances, oriia meeting of creditors is held in relation to the employer under section 95 of that Act (creditors' meeting which has the effect of converting a members' voluntary winding up into a creditors' voluntary winding up),this section has effect as if that resolution had never been passed and any debt which arose under this section by virtue of the passing of that resolution shall be treated as if it had never arisen.6Omit subsection (9).<CommentaryRef Ref="key-04c6e04f38b780b6812ef0f4c796e3bf"/><CommentaryRef Ref="key-89d6c149f8615734fcb212f349754a05"/><CommentaryRef Ref="key-61b9fd64e6d7f077286f94d5852f8d80"/>Debt due from the employer in the case of multi-employer schemes272After section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the assets) insert—Deficiencies in the assets: multi-employer schemes75A1Regulations may modify section 75 (deficiencies in the assets) as it applies in relation to multi-employer schemes.2The regulations may in particular provide for the circumstances in which a debt is to be treated as due under section 75 from an employer in relation to a multi-employer scheme (a “multi-employer debt”).3Those circumstances may include circumstances other than those in which the scheme is being wound up or a relevant event occurs (within the meaning of section 75).4For the purposes of regulations under this section, regulations under section 75(5) may prescribe alternative manners for determining, calculating and verifying—athe liabilities and assets of the scheme to be taken into account, andbtheir amount or value.5The regulations under this section may in particular—aprovide for the application of each of the prescribed alternative manners under section 75(5) to depend upon whether prescribed requirements are met;bprovide that, where in a particular case a prescribed alternative manner under section 75(5) is applied, the Authority may in prescribed circumstances issue a direction—ithat any resulting multi-employer debt is to be unenforceable for such a period as the Authority may specify, andiithat the amount of the debt is to be re-calculated applying a different prescribed manner under section 75(5) if prescribed requirements are met within that period.6The prescribed requirements mentioned in subsection (5) may include a requirement that a prescribed arrangement, the details of which are approved in a notice issued by the Authority, is in place.7The regulations may provide that the Authority may not approve the details of such an arrangement unless prescribed conditions are met.8Those prescribed conditions may include a requirement that—athe arrangement identifies one or more persons to whom the Authority may issue a contribution notice under the regulations, andbthe Authority are satisfied of prescribed matters in respect of each of those persons.9For the purposes of subsection (8) a “contribution notice” is a notice stating that the person to whom it is issued is under a liability to pay the sum specified in the notice—ato the trustees of the multi-employer scheme in question, orbwhere the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 of the Pensions Act 2004 (pension protection), to the Board.10The regulations may provide for the Authority to have power to issue a contribution notice to a person identified in an arrangement as mentioned in subsection (8) if—athe arrangement ceases to be in place or the Authority consider that the arrangement is no longer appropriate, andbthe Authority are of the opinion that it is reasonable to impose liability on the person to pay the sum specified in the notice.11Where a contribution notice is issued to a person under the regulations as mentioned in subsection (8), the sum specified in the notice is to be treated as a debt due from that person to the person to whom it is to be paid as specified in the notice.12Where the regulations provide for the issuing of a contribution notice by the Authority as mentioned in subsection (8)—athe regulations must—iprovide for how the sum specified by the Authority in a contribution notice is to be determined,iiprovide for the circumstances (if any) in which a person to whom a contribution notice is issued is jointly and severally liable for the debt,iiiprovide for the matters which the notice must contain, andivprovide for who may exercise the powers to recover the debt due by virtue of the contribution notice, andbthe regulations may apply with or without modifications some or all of the provisions of sections 47 to 51 of the Pensions Act 2004 (contribution notices where non-compliance with financial support direction) in relation to contribution notices issued under the regulations.13In this section “multi-employer scheme” means a trust scheme which applies to earners in employments under different employers.14This section is without prejudice to the powers conferred by—section 75(5) (power to prescribe the manner of determining, calculating and verifying assets and liabilities etc),section 75(10) (power to modify section 75 as it applies in prescribed circumstances),section 118(1)(a) (power to modify any provisions of this Part in their application to multi-employer trust schemes), andsection 125(3) (power to extend for the purposes of this Part the meaning of “employer”).<Emphasis>Pension disputes</Emphasis>Resolution of disputes273For section 50 of the Pensions Act 1995 (c. 26) (resolution of disputes) substitute—Requirement for dispute resolution arrangements501The trustees or managers of an occupational pension scheme must secure that dispute resolution arrangements complying with the requirements of this section are made and implemented.2Dispute resolution arrangements are arrangements for the resolution of pension disputes.3For this purpose a pension dispute is a dispute which—ais between—ithe trustees or managers of a scheme, andiione or more persons with an interest in the scheme (see section 50A),bis about matters relating to the scheme, andcis not an exempted dispute (see subsection (9)).4The dispute resolution arrangements must provide a procedure—afor any of the parties to the dispute mentioned in subsection (3)(a)(ii) to make an application for a decision to be taken on the matters in dispute (“an application for the resolution of a pension dispute”), andbfor the trustees or managers to take that decision. 4AThe dispute resolution arrangements may make provision for securing that an application for the resolution of a pension dispute may not be made to the trustees or managers unless—athe matters in dispute have been previously referred to a person of a description specified in the arrangements (“the specified person”) in order for him to consider those matters, andbthe specified person has given his decision on those matters,and for enabling the specified person's decision to be confirmed or replaced by the decision taken by the trustees or managers on the application, after reconsidering those matters. 5Where an application for the resolution of a pension dispute is made in accordance with the dispute resolution arrangements, the trustees or managers must—atake the decision required on the matters in dispute within a reasonable period of the receipt of the application by them, andbnotify the applicant of the decision within a reasonable period of it having been taken. 5AIn a case where a reference is made to the specified person in accordance with provision made under subsection (4A), subsection (5) applies in relation to the specified person as it applies in relation to the trustees or managers in a case where an application for the resolution of a pension dispute is made to them. 6The procedure provided for by the dispute resolution arrangements in pursuance of subsection (4) must include the provision required by section 50B.7Dispute resolution arrangements under subsection (1) must, in the case of existing schemes, have effect on and after the date of commencement of this section in relation to applications made on or after that date.8This section does not apply in relation to an occupational pension scheme if—aevery member of the scheme is a trustee of the scheme,bthe scheme has no more than one member, orcthe scheme is of a prescribed description.9For the purposes of this section a dispute is an exempted dispute if—aproceedings in respect of it have been commenced in any court or tribunal,bthe Pensions Ombudsman has commenced an investigation in respect of it as a result of a complaint made or a dispute referred to him, orcit is of a prescribed description.10If, in the case of an occupational pension scheme, the dispute resolution arrangements required by this section to be made—ahave not been made, orbare not being implemented,section 10 applies to any of the trustees or managers who have failed to take all reasonable steps to secure that such arrangements are made or implemented.Meaning of “person with an interest in the scheme”50A1For the purposes of section 50 a person is a person with an interest in an occupational pension scheme if—ahe is a member of the scheme,bhe is a widow, widower or surviving dependant of a deceased member of the scheme,che is a surviving non-dependant beneficiary of a deceased member of the scheme,dhe is a prospective member of the scheme,ehe has ceased to be within any of the categories of persons referred to in paragraphs (a) to (d), orfhe claims to be such a person as is mentioned in paragraphs (a) to (e) and the dispute relates to whether he is such a person.2In subsection (1)(c) a “non-dependant beneficiary”, in relation to a deceased member of an occupational pension scheme, means a person who, on the death of the member, is entitled to the payment of benefits under the scheme.3In subsection (1)(d) a “prospective member” means any person who, under the terms of his contract of service or the rules of the scheme—ais able, at his own option, to become a member of the scheme,bwill become so able if he continues in the same employment for a sufficiently long period,cwill be admitted to the scheme automatically unless he makes an election not to become a member, ordmay be admitted to it subject to the consent of his employer.The dispute resolution procedure50B1The procedure provided for by the dispute resolution arrangements in pursuance of section 50(4) must (in accordance with section 50(6)) include the following provision.2The procedure must provide that an application for the resolution of a pension dispute under section 50(4) may be made or continued on behalf of a person who is a party to the dispute mentioned in section 50(3)(a)(ii)—awhere the person dies, by his personal representative,bwhere the person is a minor or is otherwise incapable of acting for himself, by a member of his family or some other person suitable to represent him, andcin any other case, by a representative nominated by him.3 The procedure—amust include provision requiring an application to which subsection (3A) applies to be made by the end of such reasonable period as is specified;bmay include provision about the time limits for making such other applications for the resolution of pension disputes as are specified. 3AThis subsection applies to—aany application by a person with an interest in a scheme as mentioned in section 50A(1)(e), andbany application by a person with an interest in a scheme as mentioned in section 50A(1)(f) who is claiming to be such a person as is mentioned in section 50A(1)(e).4The procedure must include provision about—athe manner in which an application for the resolution of a pension dispute is to be made,bthe particulars which must be included in such an application, andcthe manner in which any decisions required in relation to such an application are to be reached and given. 4AThe provision made under subsection (4)(c) may include provision for decisions of the trustees or managers to be taken on their behalf by one or more of their number. 5The procedure must provide that if, after an application for the resolution of a pension dispute has been made, the dispute becomes an exempted dispute within the meaning of section 50(9)(a) or (b), the resolution of the dispute under the procedure ceases.<Emphasis>The Pensions Ombudsman</Emphasis>The Pensions Ombudsman and Deputy Pensions Ombudsmen2741In subsection (2) of section 145 of the Pension Schemes Act 1993 (c. 48) (the Pensions Ombudsman) after “hold” insert “ and vacate ”.2For subsection (3) of that section substitute—3The Pensions Ombudsman may resign or be removed from office in accordance with those terms and conditions.3After that section insert—Deputy Pensions Ombudsmen145A1The Secretary of State may appoint one or more persons to act as a deputy to the Pensions Ombudsman (“a Deputy Pensions Ombudsman”).2Any such appointment is to be upon such terms and conditions as the Secretary of State thinks fit.3A Deputy Pensions Ombudsman—ais to hold and vacate office in accordance with the terms and conditions of his appointment, andbmay resign or be removed from office in accordance with those terms and conditions.4A Deputy Pensions Ombudsman may perform the functions of the Pensions Ombudsman—aduring any vacancy in that office,bat any time when the Pensions Ombudsman is for any reason unable to discharge his functions, orcat any other time, with the consent of the Secretary of State.5References to the Pensions Ombudsman in relation to the performance of his functions are accordingly to be construed as including references to a Deputy Pensions Ombudsman in relation to the performance of those functions.6The Secretary of State may—apay to or in respect of a Deputy Pensions Ombudsman such amounts—iby way of remuneration, compensation for loss of office, pension, allowances and gratuities, oriiby way of provision for any such benefits,as the Secretary of State may determine, andbreimburse the Pensions Ombudsman in respect of any expenses incurred by a Deputy Pensions Ombudsman in the performance of any of the Pensions Ombudsman’s functions.4In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) (other disqualifying offices), after “Pensions Ombudsman” insert “ and any deputy to that Ombudsman appointed under section 145A of the Pension Schemes Act 1993 ”.5In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (c. 25)(other disqualifying offices), at the appropriate place insert— “ Pensions Ombudsman and any deputy to that Ombudsman appointed under section 145A of the Pension Schemes Act 1993. ”6The persons to whom section 1 of the Superannuation Act 1972 (c. 11) (persons to or in respect of whom benefits may be provided by schemes under that section) applies are to include a deputy to the Pensions Ombudsman.7The Pensions Ombudsman must pay to the Minister for the Civil Service, at such times as he may direct, such sums as he may determine in respect of the increase attributable to subsection (6) in the sums payable out of money provided by Parliament under that Act.8The Pensions Ombudsman must also pay to the Minister for the Civil Service, at such times as he may direct, such sums as he may determine in respect of the amount payable out of money provided by Parliament under that Act which is attributable to the following persons being persons to whom section 1 of that Act applies—athe Pensions Ombudsman;bthe employees of the Pensions Ombudsman.Jurisdiction2751After section 146(4) of the Pension Schemes Act 1993 (c. 48) (power to apply Part 10 of that Act to those concerned with the administration of a scheme) insert—4AFor the purposes of subsection (4) a person or body of persons is concerned with the administration of an occupational or personal pension scheme where the person or body is responsible for carrying out an act of administration concerned with the scheme.2The amendment made by this section has effect in relation to the making of any provision under section 146(4) of the Pension Schemes Act 1993 applying Part 10 of that Act in relation to a complaint or a dispute in so far as it relates to a matter which arises on or after the day on which this section comes into force.3For the purposes of subsection (2), a question falling within section 146(1)(g) of the Pension Schemes Act 1993 is to be treated as a dispute.Investigations2761Omit section 54 of the Child Support, Pensions and Social Security Act 2000 (c. 19) (“the 2000 Act”) (which amends sections 148, 149 and 151 of the Pension Schemes Act 1993 and which has not been brought into force except for the purpose of making regulations and rules).2Omit the following provisions of the Pension Schemes Act 1993—asection 148(5)(ba) and (bb) as inserted by section 54(2) of the 2000 Act,bsection 149(1), (1A) and (1B) as substituted by section 54(3) of the 2000 Act,csection 149(3)(ba) as substituted by section 54(4) of the 2000 Act,dsection 149(3)(d) and the word “and” immediately preceding it as inserted by section 54(5) of the 2000 Act,esection 149(8) as inserted by section 54(6) of the 2000 Act,fsection 151(1)(c) and the word “and” immediately preceding it as inserted by section 54(7) of the 2000 Act,gsection 151(3)(ba) and (bb) as substituted by section 54(8) of the 2000 Act, andhin section 151(3)(c) the words “any of paragraphs (a) to (bb)” as inserted by section 54(8) of the 2000 Act,to the extent that those amendments made by section 54 of the 2000 Act have been brought into force for the purpose of making regulations and rules.<Emphasis>Pension compensation</Emphasis>Amendments relating to the Pensions Compensation Board2771The Pensions Act 1995 (c. 26) is amended as follows.2In section 80 (review of decisions of the Pensions Compensation Board)—aafter subsection (2) insert—2AThe Compensation Board may also review such a determination without an application being made., andbfor subsections (4) and (5) substitute—4Regulations may make provision—awith respect to reviews under this section (or any corresponding provision in force in Northern Ireland);bwith respect to applications under subsection (2) (or any corresponding provision in force in Northern Ireland) and the procedure to be adopted on any such application.3In section 81 (cases where compensation provisions apply), omit subsections (1)(d), (2A) and (7).4In section 83 (amount of compensation) for subsections (3) and (4) substitute—3The amount of the payment, or (if there is more than one) the aggregate, must not exceed the aggregate of—athe amount (if any) by which the shortfall at the application date exceeds the recoveries of value made between the application date and the settlement date, andbinterest at the prescribed rate for the prescribed period on the amount of that excess (if any).<Emphasis>Annual increases in rate of pensions</Emphasis>Annual increase in rate of certain occupational pensions2781Section 51 of the Pensions Act 1995 (annual increase in rate of certain occupational pensions) is amended in accordance with subsections (2) to (6).2In subsection (1)—aomit “and” at the end of sub-paragraph (i) of paragraph (a),bat the end of sub-paragraph (ii) of that paragraph insert—iiiin the case where the pension becomes a pension in payment on or after the commencement day, is not a money purchase scheme, and, andcfor paragraph (b) substitute—bthe whole, or any part of, the pension is attributable—ito pensionable service on or after the appointed day, oriiin the case of money purchase benefits where the pension is in payment before the commencement day, to payments in respect of employment carried on on or after the appointed day, andcapart from this section—ithe annual rate of the pension, oriiif only part of the pension is attributable as described in paragraph (b), so much of the annual rate as is attributable to that part,would not be increased each year by at least the appropriate percentage of that rate.3In subsection (2) after “money purchase benefits” insert “ where the pension is in payment before the commencement day ”.4In subsection (4)(b) for “5 per cent per annum” substitute— iin the case of a category X pension, 5% per annum, andiiin the case of a category Y pension, 2.5% per annum.5After subsection (4) insert—4AFor the purposes of this section, a pension is a category X pension if it is—aa pension which became a pension in payment before the commencement day, orba pension—iwhich becomes a pension in payment on or after the commencement day, andiithe whole of which is attributable to pensionable service before that day.4BFor the purposes of this section, a pension is a category Y pension if it is a pension—awhich becomes a pension in payment on or after the commencement day, andbthe whole of which is attributable to pensionable service on or after the commencement day.4CFor the purposes of applying this section in the case of a pension—awhich becomes a pension in payment on or after the commencement day,bpart of which is attributable to pensionable service before the commencement day, andcpart of which is attributable to pensionable service on or after that day,each of those parts of the pension is to be treated as if it were a separate pension.6In subsection (5)—afor “the provisions of subsections (2) and (3)” substitute “ any of the provisions of this section ”, andbin paragraph (a), after “appointed day” insert “ or the commencement day ”.7After that section insert—Meaning of “the appropriate percentage”51ZA1For the purposes of section 51(1)(c) and (2), “the appropriate percentage” in relation to an increase in the whole or part of the annual rate of a pension—ain the case of a category X pension, means the revaluation percentage for the latest revaluation period specified in the order under paragraph 2 of Schedule 3 to the Pension Schemes Act 1993 (revaluation of accrued pension benefits) which is in force at the time of the increase, andbin the case of a category Y pension, means whichever is the lesser of—ithe revaluation percentage for the latest revaluation period specified in the order under paragraph 2 of Schedule 3 to the Pension Schemes Act 1993 which is in force at the time of the increase, andii2.5%.2In this section “the revaluation percentage” and “the revaluation period” have the same meaning as in paragraph 2 of Schedule 3 to the Pension Schemes Act 1993.8In section 54(3) of that Act (sections 51 to 53: supplementary), at the appropriate place insert—“the commencement day” means the day appointed for the coming into force of section 278 of the Pensions Act 2004 (amendments to section 51),.Annual increase in rate of certain personal pensions2791Section 162 of the Pensions Act 1995 (c. 26) (annual increase in rate of certain personal pensions) is amended in accordance with subsection (2).2In subsection (1) omit “and” at the end of paragraph (a) and for paragraph (b) substitute—bthe pension became a pension in payment before the commencement day,cthe whole, or any part of, the pension is attributable to contributions in respect of employment carried on on or after the appointed day, anddapart from this section—ithe annual rate of the pension, oriiif only part of the pension is attributable as described in paragraph (c), so much of the annual rate as is attributable to that part,would not be increased each year by at least the appropriate percentage of that rate.3In section 163(3) of that Act (section 162: supplementary)—ain the definition of “appropriate percentage”, for the words from “revaluation period” to the end substitute “ latest revaluation period specified in the order under paragraph 2 of Schedule 3 to the Pension Schemes Act 1993 (revaluation of accrued pension benefits) which is in force at the time of the increase (expressions used in this definition having the same meaning as in that paragraph of that Schedule) ”, andbat the appropriate place insert—“the commencement day” means the day appointed for the coming into force of section 279 of the Pensions Act 2004 (amendments to section 162),.Power to increase pensions giving effect to pension credits etc2801Section 40 of the Welfare Reform and Pensions Act 1999 (c. 30) (power of the Secretary of State to increase pensions provided to give effect to certain rights) is amended as follows.2In subsection (1), for “5%” substitute “ the maximum percentage ”.3In subsection (2), for “This” substitute “ Subject to subsection (2A), this ”.4After subsection (2) insert—2ASubsection (2) does not apply to pensions which—aare money purchase benefits, andbbecome pensions in payment on or after the commencement day.2BFor the purposes of subsection (1) the “maximum percentage” means—a5% in a case where—ithe pension is in payment before the commencement day, oriithe pension is not in payment before the commencement day but the entitlement to the relevant pension credit arose before that day, andb2.5% in a case where the entitlement to the relevant pension credit arises on or after the commencement day.5In subsection (3), at the appropriate places insert—“commencement day” means the day appointed for the coming into force of section 280 of the Pensions Act 2004 (amendments to section 40);“money purchase benefit” has the meaning given by section 181(1) of the Pension Schemes Act 1993;“relevant pension credit” means the pension credit to which the eligible pension credit rights or, as the case may be, the safeguarded rights are (directly or indirectly) attributable;.<Emphasis>Revaluation</Emphasis>Exemption from statutory revaluation requirement2811Section 84 of the Pension Schemes Act 1993 (c. 48) (basis of revaluation) is amended as follows.2In subsection (5), after paragraph (a) insertor bunder any arrangement which maintains the value of the pension or other benefit by reference to the rise in the retail prices index during that period,.3After that subsection add—6In subsection (5)(b), “retail prices index” means—athe general index of retail prices (for all items) published by the Office for National Statistics, orbwhere that index is not published for a month, any substituted index or figures published by that Office.<Emphasis>Contracting out</Emphasis>Meaning of “working life” in Pension Schemes Act 1993282In section 181 of the Pension Schemes Act 1993 (c. 48) (general interpretation), in subsection (1) for the definition of “working life” substitute—“working life”, in relation to a person, means the period beginning with the tax year in which the person attains the age of 16 and ending with—athe tax year before the one in which the person attains the age of 65 in the case of a man or 60 in the case of a woman, orbif earlier, the tax year before the one in which the person dies.Power to prescribe conditions by reference to Inland Revenue approval283In section 9 of the Pension Schemes Act 1993 (requirements for certification of schemes: general), after subsection (5) insert—5ARegulations about pension schemes made under this Chapter may contain provisions framed by reference to whether or not a scheme—ais approved under Chapter 1 (retirement benefit schemes) of Part 14 of the Income and Corporation Taxes Act 1988, or is a relevant statutory scheme within the meaning of that Chapter, orbis approved under Chapter 4 (personal pension schemes) of that Part.Restrictions on commutation and age at which benefits may be received2841For section 21(1) of the Pension Schemes Act 1993 (commutation of guaranteed minimum pensions) substitute—1A scheme may, in such circumstances and subject to such restrictions and conditions as may be prescribed, provide for the payment of a lump sum instead of a pension required to be provided by the scheme in accordance with section 13 or 17.2In section 17 of that Act (minimum pensions for widows and widowers), at the end insert—8Where—aa lump sum is paid to an earner under provisions included in a scheme by virtue of section 21(1), andbthose provisions are of a prescribed description,the earner shall be treated for the purposes of this section as having any guaranteed minimum under section 14 that he would have had but for that payment.3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Stakeholder pensions</Emphasis>Meaning of “stakeholder pension scheme”2851Section 1 of the Welfare Reform and Pensions Act 1999 (c. 30) (meaning of “stakeholder pension scheme”) is amended in accordance with subsections (2) to (4).2In subsection (1) (requirements to be met by stakeholder pension schemes), in paragraph (a) for “to (9)” substitute “ to (10) ”.3In subsection (5) (prescribed requirements relating to administrative expenses of scheme), in paragraph (a) for “by or on behalf of” substitute “ by, or on behalf or in respect of, ”.4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Part 6Financial assistance scheme for members of certain pension schemesFinancial assistance scheme for members of certain pension schemes2861The Secretary of State must make provision, by regulations, for a scheme for making payments to, or in respect of, qualifying members of qualifying pension schemes (“the financial assistance scheme”).1AThe Secretary of State must, in particular, make provision for securing that (subject to any relevant restriction) the aggregate amount of—aany annual payment payable to a qualifying member of such a scheme, andbthe member's actual pension (if any),is not less than 80% of the member's expected pension, irrespective of the date of his attaining normal retirement age (or the date when he would have attained that age if he dies before attaining it).1BA “relevant restriction” means any provision of the regulations which—aoperates to restrict the amount of an annual payment by means of a cap on the product of the calculation of a specified fraction of the member's expected pension, orbprovides for an annual payment not to be payable where the member's actual pension exceeds any specified amount.1CRegulations under subsection (1) may prescribe circumstances in which subsection (1A) does not apply.2For the purposes of this section—“actual pension” and “expected pension”, in relation to a qualifying member of a qualifying pension scheme, mean the amounts which, in accordance with regulations under subsection (1), are to be taken into account as the member's actual pension and expected pension, respectively, in determining the amount of any annual payment payable to the member;“annual payment” has the meaning given by regulations under subsection (1);“qualifying member”, in relation to a qualifying pension scheme, means a person who, at such time as may be prescribed, is a member of the scheme or has ceased to be a member of the scheme,and in respect of whom prescribed conditions are satisfied at such time as may be prescribed;“qualifying pension scheme” means an occupational pension scheme (including such a scheme which has been fully wound up)—which, at such time as may be prescribed, is not—a money purchase scheme, ora scheme of a prescribed description,the winding up of which began , subject to any prescribed exception, during the prescribed period ending immediately before the day appointed under section 126(2),the employer in relation to which satisfies such conditions as may be prescribed at such time as may be prescribed, andprescribed details of which have been notified to such person as may be prescribed by a person of a prescribed description—in the prescribed form and manner, andbefore the prescribed date;......3Regulations under subsection (1) may, in particular, make provision—afor the financial assistance scheme to be managed by the Secretary of State, a body established by or for the purposes of the regulations or such other person as may be prescribed;bfor the person who manages the financial assistance scheme (“the scheme manager”) to hold (whether on trust or otherwise), manage and apply a fund in accordance with the regulations or, where the fund is held on trust, the deed of trust;cfor the property, rights and liabilities of qualifying pension schemes to be transferred to a prescribed person in prescribed circumstances and for the trustees or managers of a qualifying pension scheme in respect of which such a transfer has occurred to be discharged from prescribed liabilities;dprescribing the circumstances in which payments are to be made by the scheme manager to, or in respect of, qualifying members of qualifying pension schemes and the manner in which the amount of any payment is to be determined, and, where the fund is held by the fund manager on trust, the circumstances and manner may be prescribed by reference to the deed of trust;eauthorising the Secretary of State—iwhere he is not the scheme manager, to pay grants to the scheme manager;iiwhere he is the scheme manager, to pay amounts into the fund held by him in accordance with the regulations;iiito pay grants to other prescribed persons in connection with the financial assistance scheme;fprescribing the circumstances in which amounts are to be paid into or out of the fund held by the scheme manager;gfor or in connection with—ithe review of, or appeals against, any determination, or failure to make a determination, in connection with the financial assistance scheme, oriithe investigation of complaints relating to the financial assistance scheme,and for the establishment of a body or the appointment of a person or persons to hear such appeals or conduct such investigations;hconferring functions in relation to the financial assistance scheme on the Pensions Regulator or the Board of the Pension Protection Fund;iproviding for a person to exercise a discretion in dealing with any matter in relation to the financial assistance scheme;japplying any provision of Part 1 or 2 with such modifications as may be prescribed;and such regulations may make different provision for different cases or descriptions of case and include such incidental, supplementary, consequential or transitional provision as appears to the Secretary of State to be expedient.4Any amount which, by virtue of subsection (3)(e), the Secretary of State pays under regulations under subsection (1) is to be to paid out of money provided by Parliament.5Regulations under subsection (1) may not make provision for the imposition of a levy or charge on any person for the purpose of funding, directly or indirectly, the financial assistance scheme.6Regulations under subsection (1) may not require any income or capital of a qualifying member of a qualifying pension scheme (other than income or capital which derives, directly or indirectly, from that scheme) to be taken into account when determining whether the member is entitled to a payment under the financial assistance scheme or the amount of any payment to which the member is entitled.7For the purposes of subsection (6), regulations may prescribe the circumstances in which a qualifying member of a qualifying pension scheme is to be regarded as having income or capital which derives, directly or indirectly, from that scheme.8A time or period prescribed under subsection (2) may fall (or, in the case of a period, wholly or partly fall) at a time before the passing of this Act.9Nothing in this section prejudices the operation of section 315 (subordinate legislation (general provisions)).<Addition ChangeId="key-a27cc1192ac4112409a80287090dbb2d-1583616325896" CommentaryRef="key-a27cc1192ac4112409a80287090dbb2d">Restriction on purchase of annuities</Addition>286A1This section applies to any qualifying pension scheme which has not been fully wound up.2The trustees of the scheme must not purchase or agree to purchase annuities on behalf of qualifying members unless—abefore 26 September 2007 the trustees entered into a binding commitment to purchase the annuities, orbthe purchase of the annuities is approved by the scheme manager on the application of the trustees and any condition imposed under subsection (4)(b) is satisfied.3An application under subsection (2)(b) must be in writing and must set out the trustees' reasons for applying.4An approval under subsection (2)(b)—amay be given if the scheme manager thinks it appropriate to do so, andbmay be made subject to such conditions (if any) as the scheme manager thinks appropriate.5If the trustees fail to comply with subsection (2), the purchase or agreement to purchase is void if the scheme manager so determines.6A determination under subsection (5) may be made if the scheme manager thinks it appropriate to do so.7When making a decision under this section as to whether something is appropriate, the scheme manager may take into account such factors as are in the scheme manager's opinion relevant.8An application under the Financial Assistance Scheme (Halting Annuitisation) Regulations 2007 (S.I. 2007/2533) that has not been determined before 26 June 2008 has effect as if made under subsection (2)(b).9An approval given under those regulations has effect for the purposes of subsection (2)(b) as if given under this section.10In this section “qualifying pension scheme”, “qualifying member” and “scheme manager” have the same meaning as in section 286.11Regulations may provide that references in this section to the scheme manager have effect as references to such person as may be prescribed.Part 7Cross-border activities within European Union<CommentaryRef Ref="key-b04934cd888e7276c0a6939405dcd835"/><Emphasis><Acronym Expansion="United Kingdom">UK</Acronym> occupational pension scheme receiving contributions from European employer</Emphasis>Occupational pension scheme receiving contributions from European employer287. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General authorisation to accept contributions from European employers288. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Approval in relation to particular European employer289. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notification of legal requirements of host member State outside United Kingdom290. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Duty of trustees or managers to act consistently with law of host member State291. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Power of Regulator to require ring-fencing of assets292. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Exemption from enrolment duty under Part 1 of Pensions Act 2008292A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<CommentaryRef Ref="key-b04934cd888e7276c0a6939405dcd835"/><Emphasis>European occupational pension scheme receiving contributions from UK employer</Emphasis>Functions of Regulator in relation to institutions administered in other member States293. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<CommentaryRef Ref="key-b04934cd888e7276c0a6939405dcd835"/><Emphasis>Assistance for other European regulators</Emphasis>Stopping disposal of assets of institutions administered in other member States294. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<CommentaryRef Ref="key-b04934cd888e7276c0a6939405dcd835"/><Emphasis>Interpretation</Emphasis>Interpretation of Part295. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Part 8State pensions<Emphasis>Entitlement to more than one pension</Emphasis>Persons entitled to more than one Category B retirement pension296In section 43(3) of the Social Security Contributions and Benefits Act 1992 (c. 4) (persons entitled to more than one retirement pension)—afor paragraph (a) substitute—ato both a Category A retirement pension and one or more Category B retirement pensions under this Part for the same period,aato more than one Category B retirement pension (but not a Category A retirement pension) under this Part for the same period, or, andbfor the words from “paragraph (a)” to “above” substitute “ paragraph (a), (aa) or (b) (as the case may be) ”.<Emphasis>Deferral of state pension</Emphasis>Deferral of retirement pensions and shared additional pensions2971For section 55 of the Social Security Contributions and Benefits Act 1992 (increase of retirement pension where entitlement is deferred) substitute—Pension increase or lump sum where entitlement to retirement pension is deferred551Where a person’s entitlement to a Category A or Category B retirement pension is deferred, Schedule 5 to this Act has effect.2In that Schedule—paragraph A1 makes provision enabling an election to be made where the pensioner’s entitlement is deferredparagraphs 1 to 3 make provision about increasing pension where the pensioner’s entitlement is deferredparagraphs 3A and 3B make provision about lump sum payments where the pensioner’s entitlement is deferredparagraph 3C makes provision enabling an election to be made where the pensioner’s deceased spouse has deferred entitlementparagraphs 4 to 7 make provision about increasing pension where the pensioner’s deceased spouse has deferred entitlementparagraphs 7A and 7B make provision about lump sum payments where the pensioner’s deceased spouse has deferred entitlementparagraphs 7C to 9 make supplementary provision.3For the purposes of this Act a person’s entitlement to a Category A or Category B retirement pension is deferred if and so long as that person—adoes not become entitled to that pension by reason only—iof not satisfying the conditions of section 1 of the Administration Act (entitlement to benefit dependent on claim), oriiin the case of a Category B retirement pension payable by virtue of a spouse’s contributions, of the spouse not satisfying those conditions with respect to his Category A retirement pension, orbin consequence of an election under section 54(1), falls to be treated as not having become entitled to that pension,and, in relation to any such pension, “period of deferment” shall be construed accordingly.2For section 55C of that Act (increase of shared additional pension where entitlement is deferred) substitute—Pension increase or lump sum where entitlement to shared additional pension is deferred55C1Where a person’s entitlement to a shared additional pension is deferred, Schedule 5A to this Act has effect.2In that Schedule—paragraph 1 makes provision enabling an election to be made where the person’s entitlement is deferredparagraphs 2 and 3 make provision about increasing pension where the person’s entitlement is deferredparagraphs 4 and 5 make provision about lump sum payments where the person’s entitlement is deferred.3For the purposes of this Act, a person’s entitlement to a shared additional pension is deferred—awhere he would be entitled to a Category A or Category B retirement pension but for the fact that his entitlement is deferred, if and so long as his entitlement to such a pension is deferred, andbotherwise, if and so long as he does not become entitled to the shared additional pension by reason only of not satisfying the conditions of section 1 of the Administration Act (entitlement to benefit dependent on claim),and, in relation to a shared additional pension, “period of deferment” shall be construed accordingly.3In paragraph 6 of Schedule 4 to the Pensions Act 1995 (c. 26) (which, with effect from 6th April 2010, amends the existing law regarding the deferment of pensions), for sub-paragraph (5) (commencement) substitute—5The preceding sub-paragraphs shall come into force as follows—asub-paragraphs (1) and (4) shall come into force on 6th April 2005;bsub-paragraphs (2) and (3) shall have effect in relation to incremental periods (within the meaning of Schedule 5 to the Social Security Contributions and Benefits Act 1992 (c. 4)) beginning on or after that date.4Schedule 11 (which contains further amendments relating to the deferral of retirement pensions and shared additional pensions) has effect.<Emphasis>Miscellaneous</Emphasis>Disclosure of state pension information2981Section 42 of the Child Support, Pensions and Social Security Act 2000 (c. 19) (disclosure of state pension information) is amended as follows.2In subsection (2), for the words from the beginning to “information”, substitute, “ The Secretary of State may, in the prescribed manner, disclose or authorise the disclosure of any information ”.3After subsection (3) insert—3AFor the purposes of this section and of any regulations made under it, anything done by or in relation to a person who—aprovides, or proposes to provide, relevant services to a person falling within subsection (3) (“the qualifying person”), andbis authorised in writing by the qualifying person to act for the purposes of this section,is treated as done by or in relation to the qualifying person.In paragraph (a) “relevant services” means services that may involve the giving of advice or forecasts to which information to which this section applies may be relevant.4In subsection (7)—aomit the “and” at the end of paragraph (c), andbafter paragraph (d) insert—, andea projection of the amount of any lump sum to which that individual is likely to become entitled, or might become entitled in particular circumstances.5In subsection (11)—afor the definitions of “basic retirement pension” and “additional retirement pension”, substitute—“additional retirement pension” means any additional pension or shared additional pension under the Social Security Contributions and Benefits Act 1992, or any graduated retirement benefit under sections 36 and 37 of the National Insurance Act 1965;“basic retirement pension” means any basic pension under the Social Security Contributions and Benefits Act 1992;,bafter the definition of “employer”, insert—“lump sum” means a lump sum under Schedule 5 or 5A to the Social Security Contributions and Benefits Act 1992;, andcfor the definitions of “trustee” and “manager”, substitute—“trustee or manager”, in relation to an occupational or personal pension scheme, means—ain the case of a scheme established under a trust, the trustee or trustees of the scheme, andbin any other case, the person or persons responsible for the management of the scheme.Claims for certain benefits following termination of reciprocal agreement with Australia2991This section applies to claims for—aretirement pension,bbereavement benefit, orcwidow’s benefit,made on or after 1st March 2001 (the date from which the termination of the reciprocal agreement with Australia had effect).2This section also applies to claims for retirement pension or widow’s benefit made before 1st March 2001 if the claimant only became entitled to the pension or benefit on or after that date.3For the purposes of such claims—athe relevant provisions of the reciprocal agreement with Australia shall be treated as continuing in force as provided by this section; andbthe relevant UK legislation shall have effect as if modified to the extent required to give effect to those provisions (as they continue in force by virtue of this section).4The relevant provisions of that agreement are treated as continuing in force as follows—areferences to periods during which a person was resident in Australia are only to periods spent in Australia before 6th April 2001 and forming part of a period of residence in Australia which began before 1st March 2001;bArticles 3(3) and 5(2) (entitlement by virtue of previous receipt of pension in Australia) apply only to persons who were last in Australia during a period falling within paragraph (a) above;creferences to the territory of the United Kingdom do not include the islands of Jersey, Guernsey, Alderney, Herm or Jethou;dreferences to widow’s benefit, widow’s payment, widow’s pension and widowed mother’s allowance include, respectively, bereavement benefit, bereavement payment, bereavement allowance and widowed parent’s allowance;efor the purposes of claims by a widower—ifor retirement pension by virtue of his wife’s insurance, oriifor bereavement benefit,references to widows and husbands include, respectively, widowers and wives.5An order made under—asection 179 of the Social Security Administration Act 1992 (c. 5), orbsection 155 of the Social Security Administration (Northern Ireland) Act 1992 (c. 8),may, in consequence of a change in the law of Great Britain or, as the case may be, Northern Ireland, modify the relevant provisions of the reciprocal agreement with Australia as they are treated as continuing in force for the purposes of claims to which this section applies.6For the purposes of this section—a“the reciprocal agreement with Australia” means the agreement set out in Schedule 1 to the Social Security (Australia) Order 1992 (S.I. 1992/ 1312) and the Social Security (Australia) Order (Northern Ireland) 1992 (S.R. 1992 No. 269) (as amended by the exchange of notes set out in Schedule 3 to those Orders);b“the relevant provisions” of that agreement are the provisions of Articles 1, 3, 5, 8, 18, 20 and 24, so far as they relate to the United Kingdom;c“the relevant UK legislation” is—ithe Social Security Contributions and Benefits Act 1992 (c. 4);iithe Social Security Administration Act 1992;iiithe Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7); andivthe Social Security Administration (Northern Ireland) Act 1992;and, for the purposes of subsection (5), a change in the law of Great Britain or Northern Ireland includes any change made after the date of the reciprocal agreement with Australia.7In this section—“retirement pension” has the meaning given by the reciprocal agreement with Australia;“bereavement benefit” means bereavement payment, widowed parent’s allowance or bereavement allowance payable under the Social Security Contributions and Benefits Act 1992 or the Social Security Contributions and Benefits (Northern Ireland) Act 1992;“widow’s benefit” means widow’s payment, widowed mother’s allowance or widow’s pension payable under either of those Acts.8This section shall be deemed to have had effect at all times on and after 1st March 2001.9Nothing in this section affects Article 2(2) of the Social Security (Australia) Order 2000 (S.I. 2000/3255) or Article 2(2) of the Social Security (Australia) Order (Northern Ireland) 2000 (S.R. 2000 No. 407) (which provide for cases where a person was in receipt of benefit on 28th February 2001 or had claimed a benefit to which he was entitled on or before that date).Part 9Miscellaneous and supplementary<Emphasis>Dissolution of existing bodies</Emphasis>Dissolution of OPRA3001The Occupational Pensions Regulatory Authority (“OPRA”) is hereby dissolved.2An order under section 322 which appoints the day on which subsection (1) comes into force may provide—afor all property, rights and liabilities to which OPRA is entitled or subject immediately before that day to become the property, rights and liabilities of the Regulator or the Secretary of State, andbfor any function of OPRA falling to be exercised on or after that day, or which fell to be exercised before that day but has not been exercised, to be exercised by the Regulator, the Secretary of State or the Department for Social Development in Northern Ireland.3Subject to subsection (4), information obtained by the Regulator by virtue of subsection (2) is to be treated for the purposes of sections 82 to 87 (disclosure of information) as having been obtained by the Regulator in the exercise of its functions from the person from whom OPRA obtained it.4Information obtained by the Regulator by virtue of subsection (2) which was supplied to OPRA for the purposes of its functions by an authority exercising functions corresponding to the functions of OPRA in a country or territory outside the United Kingdom (the “overseas authority”) is to be treated for the purposes mentioned in subsection (3) as having been supplied to the Regulator for the purposes of its functions by the overseas authority.5Where tax information disclosed to OPRA is obtained by the Regulator by virtue of subsection (2), subsection (3) does not apply and subsections (3) and (4) of section 88 apply as if that information had been disclosed to the Regulator by virtue of subsection (2) of that section.For this purpose “tax information” has the same meaning as in that section.Transfer of employees from OPRA to the Regulator3011For the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 1981 (S.I. 1981/1794) (“TUPE”), the transfer of functions from OPRA to the Regulator (“the transfer”) is to be treated as a transfer of an undertaking.2The provisions of Regulation 7 of TUPE (exclusion of occupational pension schemes) shall not apply in relation to the transfer.Dissolution of the Pensions Compensation Board3021The Pensions Compensation Board is hereby dissolved.2An order under section 322 appointing the day on which subsection (1) is to come into force may provide—afor all property, rights and liabilities to which the Pensions Compensation Board is entitled or subject immediately before that day to become property, rights and liabilities of the Board, andbfor any function of the Pensions Compensation Board falling to be exercised on or after that day, or which fell to be exercised before that day but has not been exercised, to be exercised by the Board.3Information obtained by the Board by virtue of subsection (2) is to be treated for the purposes of sections 197 to 201 and 203 (disclosure of information) as having been obtained by the Board in the exercise of its functions from the person from whom the Pensions Compensation Board obtained it.4Where tax information disclosed to the Pensions Compensation Board is obtained by the Board by virtue of subsection (2), subsection (3) does not apply, and subsections (3) and (4) of section 202 apply as if that information had been disclosed to the Board by virtue of subsection (2) of that section.For this purpose “tax information” has the same meaning as in that section.5Where the Pensions Compensation Board’s disclosure under section 114(3) of the Pensions Act 1995 (c. 26) of information to which subsection (3) applies was subject to any express restriction, the Board’s powers of disclosure under sections 198 to 201 and 203, in relation to that information, are subject to the same restriction.<Emphasis>Service of notifications etc and electronic working</Emphasis>Service of notifications and other documents3031This section applies where provision made (in whatever terms) by or under this Act authorises or requires—aa notification to be given to a person, orba document of any other description (including a copy of a document) to be sent to a person.2The notification or document may be given to the person in question—aby delivering it to him,bby leaving it at his proper address, orcby sending it by post to him at that address.3The notification or document may be given or sent to a body corporate by being given or sent to the secretary or clerk of that body.4The notification or document may be given or sent to a firm by being given or sent to—aa partner in the firm, orba person having the control or management of the partnership business.5The notification or document may be given or sent to an unincorporated body or association by being given or sent to a member of the governing body of the body or association.6For the purposes of this section and section 7 of the Interpretation Act 1978 (c. 30) (service of documents by post) in its application to this section, the proper address of a person is—ain the case of a body corporate, the address of the registered or principal office of the body,bin the case of a firm, or an unincorporated body or association, the address of the principal office of the firm, body or association,cin the case of any person to whom the notification or other document is given or sent in reliance on any of subsections (3) to (5), the proper address of the body corporate, firm or (as the case may be) other body or association in question, anddin any other case, the last known address of the person in question.7In the case of—aa company registered outside the United Kingdom,ba firm carrying on business outside the United Kingdom, orcan unincorporated body or association with offices outside the United Kingdom,the references in subsection (6) to its principal office include references to its principal office within the United Kingdom (if any).8In this section “notification” includes notice; and references in this section to sending a document to a person include references to making an application to him.9This section has effect subject to section 304.Notification and documents in electronic form3041This section applies where—asection 303 authorises the giving or sending of a notification or other document by its delivery to a particular person (“the recipient”), andbthe notification or other document is transmitted to the recipient—iby means of an electronic communications network, oriiby other means but in a form that nevertheless requires the use of apparatus by the recipient to render it intelligible.2The transmission has effect for the purposes of this Act as a delivery of the notification or other document to the recipient, but only if the requirements imposed by or under this section are complied with.3Where the recipient is a relevant authority—ait must have indicated its willingness to receive the notification or other document in a manner mentioned in subsection (1)(b),bthe transmission must be made in such manner, and satisfy such other conditions, as it may require, andcthe notification or other document must take such form as it may require.4Where the person making the transmission is a relevant authority, it may (subject to subsection (5)) determine—athe manner in which the transmission is made, andbthe form in which the notification or other document is transmitted.5Where the recipient is a person other than a relevant authority—athe recipient, orbthe person on whose behalf the recipient receives the notification or other document,must have indicated to the person making the transmission the recipient’s willingness to receive notifications or documents transmitted in the form and manner used.6An indication given to any person for the purposes of subsection (5)—amust be given to that person in such manner as he may require,bmay be a general indication or one that is limited to notifications or documents of a particular description,cmust state the address to be used and must be accompanied by such other information as that person requires for the making of the transmission, anddmay be modified or withdrawn at any time by a notice given to that person in such manner as he may require.7An indication, requirement or determination given, imposed or made by a relevant authority for the purposes of this section is to be given, imposed or made by being published in such manner as it considers appropriate for bringing it to the attention of the persons who, in its opinion, are likely to be affected by it.8Where both the recipient and the person making the transmission are relevant authorities—asubsections (3) and (4) do not apply, andbthe recipient must have indicated to the person making the transmission the recipient’s willingness to receive notifications or documents transmitted in the form and manner used.9Subsection (8) of section 303 applies for the purposes of this section as it applies for the purposes of that section.10In this section, “relevant authority” means the Regulator, the Board or the Secretary of State and in the application of this section to Northern Ireland by virtue of section 323(2)(g)(ii) also includes the Department for Social Development in Northern Ireland.11In this section and section 305, “electronic communications network” has the same meaning as in the Communications Act 2003 (c. 21).Timing and location of things done electronically3051The Secretary of State may by order make provision specifying, for the purposes of any enactment contained in, or made under, this Act, the manner of determining—athe times at which things done under that enactment by means of electronic communications networks are done, andbthe places at which such things are so done, and at which things transmitted by means of such networks are received.2The provision made under subsection (1) may include provision as to the country or territory in which an electronic address is to be treated as located.3An order made by the Secretary of State may also make provision about the manner of proving in any legal proceedings—athat something done by means of an electronic communications network satisfies the requirements of an enactment contained in, or made under, this Act for the doing of that thing, andbthe matters mentioned in subsection (1)(a) and (b).4An order under this section may provide for such presumptions to apply (whether conclusive or not) as the Secretary of State considers appropriate.<Emphasis>General</Emphasis>Overriding requirements3061Where any provision mentioned in subsection (2) conflicts with the provisions of an occupational or personal pension scheme—athe provision mentioned in subsection (2), to the extent that it conflicts, overrides the provisions of the scheme, andbthe scheme has effect with such modifications as may be required in consequence of paragraph (a).2The provisions referred to in subsection (1) are those of—aany order made by the Regulator under Part 1;bany regulations made under section 19(7);cany regulations made under section 21(4);dany regulations made under section 24(7);daany direction issued by the Regulator under section 39A(6);eany direction issued by the Regulator under section 41(4);eaany direction issued by the Regulator under section 43A(3);fany direction issued by the Regulator under section 50(4);gPart 2 (other than Chapter 1), any subordinate legislation made under that Part and any direction given under section 134 or 154;hPart 3 and any subordinate legislation made under that Part;iany regulations under section 237;jsections 241 and 242, any regulations made under sections 241 to 243 and any arrangements under sections 241 and 242;ksections 247 and 248 and any regulations under sections 247 to 249;lsections 256 and 258;many ring-fencing notice issued by the Regulator under section 292;nany regulations under section 286, 307, 308, 315(6) or 318(4) or (5) and any order under section 322(5).3Subsection (1) is without prejudice to section 32(1) (overriding effect of freezing orders made by the Regulator) and section 154(12) (overriding effect of requirement to wind up pension scheme under Part 2).4In the case of a company to which section 242 (requirement for member-nominated directors of corporate trustees) applies, where any provision mentioned in subsection (5) conflicts with the provisions of the company’s articles of association—athe provision mentioned in subsection (5), to the extent that it conflicts, overrides the provisions of the articles, andbthe articles have effect with such modifications as may be required in consequence of paragraph (a).5The provisions referred to in subsection (4) are those of—asection 242;bany regulations made under section 242 or 243;cany arrangements under section 242.Modification of this Act in relation to certain categories of schemes3071Regulations may modify any of the provisions mentioned in subsection (2) as it applies in relation to—ahybrid schemes;bmulti-employer schemes;cany case where a partnership is the employer, or one of the employers, in relation to an occupational pension scheme.2The provisions referred to in subsection (1) are those of—aPart 1 (the Pensions Regulator),bPart 2 (the Board of the Pension Protection Fund), other than Chapter 1,baPart 3 (scheme funding),csections 257 and 258 (pension protection),dsections 259 and 261 (consultation by employers),esection 286 (financial assistance scheme for members of certain pension schemes), ...f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Regulations may also modify any of the provisions of Part 2 as it applies in relation to an eligible scheme in respect of which a relevant public authority has—agiven a guarantee in relation to any part of the scheme, any benefits payable under the scheme rules or any member of the scheme, orbmade any other arrangements for the purposes of securing that the assets of the scheme are sufficient to meet any part of its liabilities.4In this section—“eligible scheme” has the meaning given by section 126;“hybrid scheme” means an occupational pension scheme—which is not a money purchase scheme, butwhere some of the benefits that may be provided are—money purchase benefits attributable to voluntary contributions of the members, orother money purchase benefits;“multi-employer scheme” means an occupational pension scheme in relation to which there is more than one employer;“relevant public authority” means—a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975 (c. 26)),a government department (including any body or authority exercising statutory functions on behalf of the Crown), orthe Scottish Ministers.Modification of pensions legislation that refers to employers3081Regulations may modify any provision of pensions legislation for the purpose of ensuring that it, or another provision of pensions legislation, does not purport to refer to the employer of a self-employed person.2Where a provision of pensions legislation contains a reference to an employer in connection with an occupational pension scheme, regulations may modify the provision, or another provision of pensions legislation, for the purpose of excluding from the reference an employer who is a person—awho does not participate in the scheme as regards people employed by him, orbwho, as regards people employed by him, participates in the scheme only to a limited extent.3For the purposes of this section—a“pensions legislation” means any enactment contained in or made by virtue of—ithe Pension Schemes Act 1993 (c. 48),iiPart 1 of the Pensions Act 1995 (c. 26), other than sections 62 to 66A of that Act (equal treatment),iiiPart 1 of the Welfare Reform and Pensions Act 1999 (c. 30), orivthis Act;ba person is “self-employed” if he is in an employment but is not employed in it by someone else;ca person who holds an office (including an elective office), and is entitled to remuneration for holding it, shall be taken to be employed by the person responsible for paying the remuneration.4In subsection (3)(b) “employment” includes any trade, business, profession, office or vocation.Offences by bodies corporate and partnerships3091Where an offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a director, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity, he as well as the body corporate is guilty of the offence and liable to be proceeded against and punished accordingly.2Where the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his functions of management as to a director of a body corporate.3Where an offence under this Act committed by a Scottish partnership is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a partner, he as well as the partnership is guilty of the offence and liable to be proceeded against and punished accordingly.4In this section “Scottish partnership” means a partnership constituted under the law of Scotland.Admissibility of statements3101A statement made by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.2But in proceedings to which this subsection applies—ano evidence relating to the statement may be adduced, andbno question relating to it may be asked,by or on behalf of the prosecution or (as the case may be) the Regulator, unless evidence relating to it is adduced, or a question relating to it is asked, in the proceedings by or on behalf of that person.3Subsection (2) applies to—acriminal proceedings in which that person is charged with a relevant offence, orbproceedings as a result of which that person may be required to pay a financial penalty on a relevant ground under or by virtue of—aisection 88A (financial penalties),bisection 238G (penalties for contravention of regulations under section 238D),isection 168 of the Pension Schemes Act 1993 (breach of regulations),iasection 10 of the Pensions Act 1995 (civil penalties),ibparagraph 10 of Schedule 17 to the Pensions Act 2014 (penalties for contravention of regulations etc),icparagraph 3 of Schedule 18 to that Act (penalties for contravention of regulations etc),iisection 164 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49) (breach of regulations),iiiArticle 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties),ivArticle 83A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (financial penalties),vArticle 215G of that Order (penalties for contravention of regulations under Article 215D),viparagraph 10 of Schedule 17 to the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.)) (penalties for contravention of regulations etc), orviiparagraph 3 of Schedule 18 to that Act (penalties for contravention of regulations etc).3AFor the purposes of this section a financial penalty is payable on a relevant ground if it is payable otherwise than under—asection 88A as it applies by virtue of—isection 80A (financial penalty for providing false or misleading information to Regulator), oriisection 80B (financial penalty for providing false or misleading information to trustees or managers), orbArticle 83A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) as it applies by virtue of—iArticle 75A of that Order (financial penalty for providing false or misleading information to Regulator), oriiArticle 75B of that Order (financial penalty for providing false or misleading information to trustees or managers).4In this section—“information requirement” means any statement made in compliance with any duty imposed by or by virtue of—section 64 (duties of trustees or managers to provide scheme return);section 70 (duty to report breaches of the law);section 72 (requirement to provide information to the Regulator); section 72A (requirement to attend interview etc); section 75 (inspection of premises: powers of inspectors to examine etc);section 78(2)(d) (power of inspector entering under warrant to require a person to provide an explanation of a document);section 190 (information to be provided to the Board);section 191 (notices requiring provision of information to the Board etc);section 192 (entry of premises: powers of appointed persons to examine etc);section 194(2)(d) (power of inspector entering under warrant to require a person to provide an explanation of a document);section 209 (power to make order enabling PPF Ombudsman to obtain information, documents etc);section 213 or 214 (disclosure of information on references made to PPF Ombudsman);section 228 (failure to make payments in accordance with schedule of contributions);paragraph 19 of Schedule 1 (power to make regulations enabling Regulator to summon persons to give evidence before it);paragraph 11 of Schedule 4 (the Pensions Regulator Tribunal: evidence);Tribunal Procedure Rules so far as applying to decisions of the Regulator;“relevant offence” means any offence other than one under—section 77 (neglect or refusal to provide information etc to the Regulator);section 80 (providing false or misleading information to the Regulator);section 193 (neglect or refusal to provide information etc to the Board);section 195 (providing false or misleading information to the Board);any provision in force in Northern Ireland corresponding to a provision mentioned in paragraphs (a) to (d);section 5 of the Perjury Act 1911 (c. 6) (false statements made otherwise than on oath);section 44(2) of the Criminal Law (Consolidation) (Scotland) Act 1995 (c. 39) (false statements made otherwise than on oath);Article 10 of the Perjury (Northern Ireland) Order 1979 (S.I. 1979/1714 (N.I. 19)).Protected items3111A person may not be required under or by virtue of this Act to produce, disclose or permit the inspection of protected items.2For this purpose “protected items” means—acommunications between a professional legal adviser and his client or any person representing his client which fall within subsection (3);bcommunications between a professional legal adviser, his client or any person representing his client and any other person which fall within subsection (3) (as a result of paragraph (b) of that subsection);citems which—iare enclosed with, or referred to in, such communications,iifall within subsection (3), andiiiare in the possession of a person entitled to possession of them.3A communication or item falls within this subsection if it is made—ain connection with the giving of legal advice to the client, orbin connection with, or in contemplation of, legal proceedings and for the purpose of those proceedings.4A communication or item is not a protected item if it is held with the intention of furthering a criminal purpose.Liens312If a person claims a lien on a document, its production under any provision made by or by virtue of this Act does not affect the lien.Crown application3131In this section “the relevant provisions” means—aParts 1 to 5,bsections 306, 307, 310, 311, 312, 314, 315, 318(4) and (5) and 322(5).2The relevant provisions apply to a pension scheme managed by or on behalf of the Crown as they apply to other pension schemes; and, accordingly, references in those provisions to a person in his capacity as a trustee or manager of, or person prescribed in relation to, a pension scheme include the Crown, or a person acting on behalf of the Crown, in that capacity.3The relevant provisions apply to persons employed by or under the Crown in like manner as if such persons were employed by a private person; and references in those provisions to a person in his capacity as an employer include the Crown, or a person acting on behalf of the Crown in that capacity.4This section does not apply to any of the relevant provisions under or by virtue of which a person may be prosecuted for an offence; but such a provision applies to persons in the public service of the Crown as it applies to other persons.5Nothing in the relevant provisions applies to Her Majesty in Her private capacity (within the meaning of the Crown Proceedings Act 1947 (c. 44)).<Emphasis>Regulations and orders</Emphasis>Breach of regulations314The following provisions of the Pensions Act 1995 (c. 26) apply to regulations under this Act as if they were regulations made by virtue of Part 1 of that Act—asection 10(3) to (9) (power to impose civil penalties for contravention of regulations under Part 1 of that Act);bsection 116 (power to provide for contravention of regulations under that Part to be criminal offence).Subordinate legislation (general provisions)3151Any power conferred by this Act to make subordinate legislation is exercisable by statutory instrument, except any order-making power conferred on the Regulator.2Any power conferred by this Act to make subordinate legislation may be exercised—aeither in relation to all cases to which the power extends, or in relation to those cases subject to specified exceptions, or in relation to any specified cases or descriptions of case;bso as to make, as respects the cases in relation to which it is exercised—ithe full provision to which the power extends or any lesser provision (whether by way of exceptions or otherwise),iithe same provision for all cases in relation to which the power is exercised, or different provision for different cases or different descriptions of case or different provision as respects the same case or description of case for different purposes of this Act, oriiiany such provision either unconditionally or subject to any specified condition.3Any power conferred by this Act to make subordinate legislation—aif it is expressed to be exercisable for alternative purposes, may be exercised in relation to the same case for any or all of those purposes, andbif it is conferred for the purposes of any one provision of this Act, is without prejudice to any power to make subordinate legislation for the purposes of any other provision.4A power conferred by this Act to make subordinate legislation includes power to provide for a person to exercise a discretion in dealing with any matter.5Any power conferred by this Act to make subordinate legislation also includes power to make such incidental, supplementary, consequential or transitional provision as appears to the authority making the subordinate legislation to be expedient.6Regulations may, for the purposes of or in connection with the coming into force of any provisions of this Act, make any such provision as could be made by virtue of section 322(5) by an order bringing those provisions into force.Parliamentary control of subordinate legislation3161Subject to subsections (2) , (2A) and (3), a statutory instrument containing regulations or an order or rules under this Act is subject to annulment in pursuance of a resolution of either House of Parliament.2A statutory instrument which contains—zaregulations under section 38A(10) or 38B(13) (section 38 contribution notices: “the material detriment test”);zaaregulations under section 38E(2)(a) (section 38 contribution notice: constitution of resources of employer);zabregulations under section 38E(2)(b) (section 38 contribution notice: valuation of resources of employer);zbregulations under section 39A(5), 39B(8) or 43B(8) (contribution notices and financial support directions: bulk transfers);zcregulations under section 58A(1) (offence of avoidance of employer debt: power to except certain schemes);zdregulations under section 58B(1) (offence of conduct risking accrued scheme benefits: power to except certain schemes);zeregulations under section 58C(1) (financial penalty for avoidance of employer debt: power to except certain schemes);zfregulations under section 58D(1) (financial penalty for conduct risking accrued scheme benefits: power to except certain schemes);zgregulations under section 73(5B)(a) (inspection of premises: power to specify provisions by reference to which there may be inspection);zhregulations under section 88A(3) (financial penalties: power to amend maximum amount of penalty);a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .bregulations under section 167 (modification of Chapter 3 of Part 2 where liabilities discharged during the assessment period);cregulations under section 174 (the initial levy);dregulations under section 175 (pension protection levies);ean order under section 177(6) (orders relating to amounts to be raised by pension protection levies);fan order under section 178(1) (the levy ceiling) which is made by virtue of section 178(8) ;gan order or regulations under section 209 (the PPF Ombudsman);hregulations under section 213 (reference of reviewable matter to the PPF Ombudsman);iregulations under section 214 (investigation by PPF Ombudsman of complaints of maladministration);iathe first regulations under section 221A(4)(a) and (b) (funding and investment strategy: matters to be taken into account etc and level of detail);ibthe first regulations under section 221B(2)(d) (Part 2 of statement of strategy: additional matters to be included);icthe first regulations under section 221B(8)(a) and (b) (Part 2 of statement of strategy: matters to be taken into account etc and level of detail);jregulations under section 237 (combined pension forecasts);kregulations under section 238 (information and advice to employees);karegulations under section 238A (qualifying pensions dashboard service);kbregulations under section 238D (information from occupational pension schemes);kcregulations under section 238G (compliance with regulations under section 238D);lan order under section 243(1) (power to provide for minimum fraction of member-nominated trustees or directors to be one-half);mregulations which make provision by virtue of section 261(2)(f) (power to make amendments etc to certain Acts);nregulations under section 286 (financial assistance scheme for members of certain pension schemes) , except regulations prescribing an exception for the purposes of paragraph (b) of the definition of “qualifying pension scheme” in subsection (2) of that section; naregulations under section 286A(11) (power to provide that references in section 286A to the scheme manager are to have effect as references to a prescribed person);oregulations which make provision by virtue of section 314(b) (power to provide for contravention of regulations to be criminal offence);pregulations under section 318(4)(b) (power to extend meaning of employer);qan order under section 319(2)(a) (power to make consequential amendments to Acts);ran order under paragraph 24(8) of Schedule 7 (power to vary percentage of periodic compensation that can be commuted);s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ortan order under paragraph 30(1) of that Schedule (power to vary percentage paid as compensation from the Pension Protection Fund);must not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.2ASubsection (1) does not apply to regulations under section 286 prescribing an exception for the purposes of paragraph (b) of the definition of “qualifying pension scheme” in subsection (2) of that section, if a draft of the instrument containing them has been laid before and approved by a resolution of each House of Parliament.3Subsection (1) does not apply to—aan order under section 91(9) (commencement of code of practice);ban order under section 126(2) (schemes winding up before day appointed by order not eligible schemes for purposes of Part 2);can order under section 182(10) (order appointing day after which losses of non-trust schemes are relevant for fraud compensation purposes);dan order under section 322 (commencement).Consultations about regulations3171Before the Secretary of State makes any regulations by virtue of this Act (other than Part 8), he must consult such persons as he considers appropriate.2Subsection (1) does not apply—ato regulations contained in a statutory instrument made for the purpose only of consolidating other instruments revoked by it,bin a case where it appears to the Secretary of State that by reason of urgency consultation is inexpedient,cto regulations contained in a statutory instrument made before the end of the period of six months beginning with the coming into force of the provision of this Act by virtue of which the regulations are made, ordto regulations contained in a statutory instrument which—istates that it contains only regulations which are consequential upon a specified enactment, andiiis made before the end of the period of six months beginning with the coming into force of that enactment.<Emphasis>Interpretation</Emphasis>General interpretation3181In this Act, unless the context otherwise requires—“active member” has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26);“the Board” has the meaning given by section 107;“contravention” includes failure to comply;“direct payment arrangements”, in relation to a personal pension scheme, has the same meaning as in section 111A of the Pension Schemes Act 1993 (c. 48);“earnings” has the meaning given by section 181(1) of the Pension Schemes Act 1993;“employee” has the meaning given by section 181(1) of the Pension Schemes Act 1993;“employer”—in relation to an occupational pension scheme, means the employer of persons in the description of employment to which the scheme in question relates (but see subsection (4)), andin relation to a personal pension scheme, where direct payment arrangements exist in respect of one or more members of the scheme who are employees, means an employer with whom those arrangements exist;“enactment” includes an enactment comprised in subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30));“managers”, in relation to an occupational or personal pension scheme (other than a scheme established under a trust), means the persons responsible for the management of the scheme;“member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member within the meaning of section 124(1) of the Pensions Act 1995 (c. 26) (but see subsection (5));“modifications” includes additions, omissions and amendments, and related expressions are to be construed accordingly;“money purchase benefit” has the meaning given by section 181(1) of the Pension Schemes Act 1993 (c. 48);“money purchase scheme” has the meaning given by section 181(1) of the Pension Schemes Act 1993;“occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;“ pension board ” has the meaning given by section 124(1) of the Pensions Act 1995;“pension credit” has the meaning given by section 124(1) of the Pensions Act 1995;“personal pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;“the PPF Ombudsman” has the meaning given by section 209(1);“prescribed” means prescribed by regulations;“professional adviser”, in relation to an occupational pension scheme, has the meaning given by section 47 of the Pensions Act 1995;" public service pension scheme ” means, subject to subsection (6)—a scheme under section 1 of the Public Service Pensions Act 2013 (new public service schemes);a new public body pension scheme (within the meaning of that Act);any statutory pension scheme which is connected with a scheme referred to in paragraph (a) or (b) (and for this purpose “statutory pension scheme” and “connected” have the meanings given in that Act);“the register” has the meaning given by section 59(1);“regulations” means regulations made by the Secretary of State;“the Regulator” has the meaning given by section 1;“ scheme manager ”, in relation to a public service pension scheme, has the same meaning as in the Public Service Pensions Act 2013 (see section 4 of that Act);...2In this Act, unless the context otherwise requires, references to the scheme rules, in relation to a pension scheme , are references to—athe rules of the scheme, except so far as overridden by a relevant legislative provision,bthe relevant legislative provisions, to the extent that they have effect in relation to the scheme and are not reflected in the rules of the scheme, andcany provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of Part 4 of the Pension Schemes Act 1993 (preservation of benefit under occupational pension schemes).3For the purposes of subsection (2)—a“relevant legislative provision” means any provision contained in any of the following provisions—iSchedule 5 to the Social Security Act 1989 (c. 24) (equal treatment for men and women);iiChapter 2 or 3 of Part 4 of the Pension Schemes Act 1993 (certain protection for early leavers) or regulations made under either of those Chapters;iiaChapter 1 or 2 of Part 4ZA of that Act (transfers and contribution refunds) or regulations made under either of those Chapters;iiiPart 4A of that Act (requirements relating to pension credit benefit) or regulations made under that Part;ivsection 110(1) of that Act (requirement as to resources for annual increase of guaranteed minimum pensions);vPart 1 of the Pensions Act 1995 (c. 26) (occupational pensions) or subordinate legislation made or having effect as if made under that Part;visection 31 of the Welfare Reform and Pensions Act 1999 (c. 30) (pension debits: reduction of benefit);viiany provision mentioned in section 306(2) of this Act;xisection 55 of the Pension Schemes Act 2015;xiiregulations made under section 56 or 57 of the Pension Schemes Act 2015;xiiisections 21, 23, 26, 28, 29 and 33 of and Schedule 1 to the Pension Schemes Act 2017;xivregulations under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;xvsections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;ba relevant legislative provision is to be taken to override any of the provisions of the scheme if, and only if, it does so by virtue of any of the following provisions—iparagraph 3 of Schedule 5 to the Social Security Act 1989 (c. 24);iisection 129(1) of the Pension Schemes Act 1993;iiisection 117(1) of the Pensions Act 1995;ivsection 31(4) of the Welfare Reform and Pensions Act 1999;vsection 306(1) of this Act.ixsection 55(3) of the Pension Schemes Act 2015;xregulations made under section 56(4) or 57(4) of the Pension Schemes Act 2015;xisections 21(7), 23(7), 26(9), 28(6), 29(2) and 33(5) of and paragraph 1(7) of Schedule 1 to the Pension Schemes Act 2017;xiisections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.4Regulations may, in relation to occupational pension schemes, extend for the purposes of Parts 1, 2 and 4 to 7 and this Part the meaning of “employer” to include—apersons who have been the employer in relation to the scheme;bsuch other persons as may be prescribed.5Regulations may for any purpose of any provision of this Act—aprescribe the persons who are to be regarded as members or prospective members of an occupational or personal pension scheme, andbmake provision as to the times at which and circumstances in which a person is to be treated as becoming, or as ceasing to be, such a member or prospective member.6A scheme which would otherwise fall within the definition of “public service pension scheme” in subsection (1) does not fall within that definition if—ait is an injury or compensation scheme (within the meaning of the Public Service Pensions Act 2013), orbit is specified in an order made by the Secretary of State after consulting the Treasury.<Emphasis>Miscellaneous and supplementary</Emphasis>Minor and consequential amendments3191Schedule 12 (which makes minor and consequential amendments) has effect.2The Secretary of State may by order make provision consequential on this Act amending, repealing or revoking (with or without savings) any provision of—aan Act passed before or in the same session as this Act, orban instrument made under an Act before the passing of this Act.Repeals and revocations320The enactments mentioned in Schedule 13 are repealed or revoked to the extent specified.Pre-consolidation amendments3211The Secretary of State may by order make such modifications of—athis Act,bthe Pension Schemes Act 1993 (c. 48),cthe Pensions Act 1995 (c. 26),dParts 1 to 4 of the Welfare Reform and Pensions Act 1999 (c. 30), andeChapter 2 of Part 2 of the Child Support, Pensions and Social Security Act 2000 (c. 19),as in his opinion facilitate, or are otherwise desirable in connection with, the consolidation of those enactments or any of them.2No order is to be made under this section unless a Bill for repealing and re-enacting—athe enactments modified by the order, orbenactments relating to matters connected with the matters to which enactments modified by the order relate,has been presented to either House of Parliament.3An order under this section is not to come into force until immediately before the commencement of the Act resulting from that Bill.Commencement3221Subject to subsections (2) to (4), the provisions of this Act come into force in accordance with provision made by the Secretary of State by order.2The following provisions come into force on the day this Act is passed—ain Part 4, sections 234, 235 and 236 and Schedule 10 (provisions relating to retirement planning);bin Part 5, section 281 (exemption from statutory revaluation requirement);cin Part 8—isection 296 (entitlement to more than one state pension),iisection 297(3) (commencement of amendments of state pension deferment provisions made by Pensions Act 1995),iiisection 298 (disclosure of state pension information), except subsections (4) and (5)(b), andivsection 299 (claims for certain benefits following termination of reciprocal agreement with Australia);din this Part (miscellaneous and general)—isections 303 to 305 (service of notifications etc and electronic working), andiithis section and sections 313, 315 (other than subsection (6)), 316, 317, 318 (other than subsections (4) and (5)) and 323 to 325;ethe repeal by this Act of section 50(2) of the Welfare Reform and Pensions Act 1999.3Section 297 (and Schedule 11) (deferral of retirement pensions and shared additional pensions), other than the provisions coming into force in accordance with subsection (2)—acome into force on the day this Act is passed so far as is necessary for enabling the making of any regulations for which they provide, andbotherwise, come into force on 6th April 2005.4The repeals by this Act of section 134(3) of, and paragraph 21(14) of Schedule 4 to, the Pensions Act 1995 (c. 26) come into force on 6th April 2005.5Without prejudice to section 315(5), the power to make an order under this section includes power—ato make transitional adaptations or modifications—iof the provisions brought into force by the order, oriiin connection with those provisions, of any provisions of Parts 1 to 7 of this Act or of the Pension Schemes Act 1993 (c. 48), the Pensions Act 1995, Parts 1, 2 or 4 of the Welfare Reform and Pensions Act 1999 (c. 30) or Chapter 2 of Part 2 of the Child Support, Pensions and Social Security Act 2000 (c. 19), orbto save the effect of any of the repealed provisions of those Acts, or those provisions as adapted or modified by the order,as it appears to the Secretary of State expedient, including different adaptations or modifications for different periods.Extent3231Subject to the following provisions, this Act extends to England, Wales and Scotland.2The following provisions of this Act also extend to Northern Ireland—ain Part 1 (the Regulator)—isections 1, 2, 4 (other than subsection (2)(b)), 8, 9, 11, 59, 102 and 106,iiin Schedule 1, paragraphs 1 to 19, 20(1) to (3) and (7), 21 (other than paragraph (b)), 22 to 25 and 27 to 35, and section 3 so far as it relates to those provisions, andiiiSchedule 4,bin Part 2 (the Board)—isections 107, 108, 109, 110(1) and (3), 112, 113, 114, 115, 118, 119, 161(2)(a), (3) and (5) to (8), 173, 188, 209 (other than paragraphs (b) to (d), (f) and (g) of subsection (4), subsection (6) so far as relating to any of those paragraphs and subsections (7) and (8)), 210, 211(3) and (4), 212 and 220,iisection 111 so far as that provision has effect in relation to functions of the Board conferred by any provision of, or made under, this Act which extends to Northern Ireland,iiiSchedule 5 (other than paragraph 18), andivSchedule 6 (other than paragraph 7),cin Part 4 (retirement planning), sections 234 and 235 and paragraphs 2 and 4 of Schedule 10 (and section 236 so far as it relates to those paragraphs),din Part 5 (personal and occupational pension schemes: miscellaneous provisions), sections 274 and 277(2)(b),ePart 6 (financial assistance scheme for members of certain pension schemes),fin Part 8 (state pensions), section 299, andgin this Part—isections 300(1) and (2), 301, 302(1) and (2), 307, 308 and 310,iisections 303 to 306, 309, 313, 315, 316 and 318 so far as those provisions have effect for the purposes of provisions which themselves extend to Northern Ireland, andiiithis section and sections 319(2), 321, 322, 324 and 325.3Section 106 (legal assistance scheme) does not extend to Scotland.4An amendment or repeal contained in this Act has the same extent as the enactment to which it relates and sections 236 (except so far as it relates to paragraphs 2 and 4 of Schedule 10), 319(1) and 320 have effect accordingly.Northern Ireland3241An Order in Council under paragraph 1(1) of the Schedule to the Northern Ireland Act 2000 (c. 1) (legislation for Northern Ireland during suspension of devolved government) which contains a statement that it is made only for purposes corresponding to those of this Act—ais not subject to paragraph 2 of that Schedule (affirmative resolution of both Houses of Parliament), butbis subject to annulment in pursuance of a resolution of either House of Parliament.2Where an Order in Council to which subsection (1) applies makes provision (“the NI provisions”) which corresponds to the GB transfer provisions, regulations may make provision to secure that any transfer of property, rights and liabilities, or modification of a term of a contract of insurance, by virtue of the NI provisions is recognised for the purposes of the law of England and Wales and the law of Scotland.3In subsection (2) “the GB transfer provisions” means section 161(1), (2)(a), (3) and (5) to (8) and Schedule 6 (other than paragraph 7).Short title325This Act may be cited as the Pensions Act 2004.S. 297 wholly in force at 6.4.2005; s. 297(3) in force at Royal Assent and s. 297(1)(2)(4) in force for specified purposes at Royal Assent and at 6.4.2005 otherwise see s. 322S. 298 partly in force; s. 298(1)-(3)(5)(a)(c) in force at Royal Assent see s. 322S. 315 partly in force; s. 315(1)-(5) in force at Royal Assent see s. 322S. 318 partly in force; s. 318(1)-(5) in force at Royal Assent see s. 322S. 1 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 2(1)(2)(4)-(6) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 3 in force at 17.12.2004 for specified purposes by S.I. 2004/3350, art. 2, Sch.S. 4(1)(b) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 5(3) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 6 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 8(2)(3)(7)(8)(a) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 9 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 10(9)(b) in force at 17.12.2004 for specified purposes by S.I. 2004/3350, art. 2, Sch.S. 12(1)(2)(a)(b)(3)(4) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 91(1)-(9) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 107 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 108(1)(2)(5)-(7) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 109 in force at 17.12.2004 for specified purposes by S.I. 2004/3350, art. 2, Sch.S. 110(3) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 111 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 112(1)-(3)(4)(b)(c)(d) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 116 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 191 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 193(1) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 193(4)-(7) in force at 17.12.2004 for specified purposes by S.I. 2004/3350, art. 2, Sch.S. 209(1)-(3) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 210(1)-(3) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 274 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 277 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch. (with art. 4)S. 11 in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4S. 112(4)(a)(7)(8) in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4S. 117(4) in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4S. 3 in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(4), Sch. Pt. 4S. 115(3) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(1), Sch. Pt. 1S. 126(2) in force at 10.2.2005 for specified purposes and 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(1), Sch. Pt. 1S. 300(2) in force at 10.2.2005 for specified purposes and 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(1), Sch. Pt. 1S. 307(1)(b)(3) in force at 10.2.2005 for specified purposes and 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(1), Sch. Pt. 1S. 115(1)(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5S. 115(3) in force at 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(5), Sch. Pt. 5S. 307(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5S. 278 in force at 15.3.2005 for specified purposes by S.I. 2005/695, art. 2(4) (with arts. 4-6, Sch. 2, Sch. 3)S. 280 in force at 15.3.2005 for specified purposes by S.I. 2005/695, art. 2(4) (with arts. 4-6, Sch. 2, Sch. 3)S. 272 in force at 15.3.2005 in so far as not already in force by S.I. 2005/695, art. 2(2) (with arts. 4-6, Sch. 2, Sch. 3)S. 272(5)-(14) in force at 15.3.2005 by S.I. 2005/695, art. 2(2) (with arts. 4-6, Sch. 2, Sch. 3)S. 121 applied (1.4.2005) by The Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (S.I. 2005/626), regs. 1(2), 8(3)S. 181(5) excluded (1.4.2005) by The Occupational Pension Schemes (Levies) Regulations 2005 (S.I. 2005/842), regs. 1(2), 12(2)S. 59(2) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 117(1)(3)(7)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 126(1)(b)(5) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 174(1)-(3) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 181(5)(8) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 189(11)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 209(7)(8) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 3 in force at 1.4.2005 for specified purposes by S.I. 2005/275, art. 2(2), Sch. Pt. 2 at 10.2.2005 for specified purposes; at 1.4.2005 for all other purposes in so far as it relates to Sch. 1 para. 26, (with transitional provisions and savings in S.I. 2005/695, arts. 5(8), 6, Schs. 2, 3 (as amended by S.I. 2005/1108, art. 3(b))S. 319(1) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(4), Sch. Pt. 4 and at 1.4.2005 for specified purposes by S.I. 2005/275, art. 2(2), Sch. Pt. 2 (with transitional provisions and savings in S.I. 2005/695, arts. 5(8), 6, Schs. 2, 3 (as amended by S.I. 2005/1108, art. 3(b))S. 320 in force at 10.2.2005 for specified purposes and at 1.4.2005 for specified purposes by S.I. 2005/275, art. 2(2), Sch. Pt. 2 (with transitional provisions and savings in S.I. 2005/695, arts. 5(8), 6, Schs. 2, 3 (as amended by S.I. 2005/1108, art. 3(b))S. 117(2)(a)(5)(6) in force at 1.4.2005 by S.I. 2005/275, art. 2(6), Sch. Pt. 6S. 126(1)(a) in force at 1.4.2005 by S.I. 2005/275, art. 2(6), Sch. Pt. 6S. 181(1)(a)(2)(a)(3)(4)(6)(7) in force at 1.4.2005 by S.I. 2005/275, art. 2(6), Sch. Pt. 6S. 320 in force at 1.4.2005 for specified purposes by S.I. 2005/695, art. 2(6) (with arts. 4-6, Sch. 2, Sch. 3)Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72S. 135 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 67(1)Ss. 175-181 modified (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 for specified purposes in so far as not already in force) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 73-75S. 134 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (S.I. 2005/449), regs. 1(1), 3(1)S. 60(4) modified (6.4.2005) by The Register of Occupational and Personal Pension Schemes Regulations 2005 (S.I. 2005/597), regs. 1(1), 3(3)S. 82(2) modified (6.4.2005) by The Register of Occupational and Personal Pension Schemes Regulations 2005 (S.I. 2005/597), regs. 1(1), 5(3)S. 126(2) power exercised: 6.4.2005 appointed by S.I. 2005/599, art. 2S. 91(9) power exercised: 6.4.2005 appointed by S.I. 2005/1108, art. 2(1)S. 235 excluded (N.I.) (6.4.2005) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255), arts. 1(2), 83(3)(4) (with art. 285(5)); S.R. 2005/48, art. 2(7), Sch. Pt. 7S. 235 excluded (N.I.) (6.4.2005) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255), arts. 1(2), 184(4) (with art. 285(5)); S.R. 2005/48, art. 2(7), Sch. Pt. 7S. 10(5)(a) for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes, 6.4.2005 by S.I. 2005/275, art. 2(3), Sch. Pt. 3 S. 19(7) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes, 6.4.2005 by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 21(4) for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes, 6.4.2005 by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 23(10) in relation to paragraph (b)(i) of the definition of "the actuary" for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to that paragraph of that definition, 6.4.2005 by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 24(7)(a) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 30(7)(c) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 36(2)(3) in force at 10.2.2005 for specified purposes and 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 38(1)(b) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 43(1)(b)(3)(c)(9) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 44(3)(a)(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 45(2)(b) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 52(1)(b)(7)(a) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 57(1)-(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 60(2)(h)(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 61(1)-(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 69(2)(3)(a)(ii)(b)(ii)(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 93(2)(q) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 97(5)(u) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 106(1)-(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 114(1)(b)(3)(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 120(3)(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 121(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 122(3)(5)(8) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 123(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 122 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 125(4)(a) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 126(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 129(1)(b)(3)(8) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 130(5)(8) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 133(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 134(3) in force in so far as it relates to paragraph (iii) of the definition of "relevant person" in paragraph (a) for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to that definition in that paragraph at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 135(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 138(10)(b)(12) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 139(6) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 140(3)(b)(6) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 141(2)(6) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 143(3)-(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 143(11) in force in so far as it relates to paragraphs (i) and (ii)(a) of the definition of "actuarial valuation" in paragraph (a) for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to those paragraphs of that definition at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 145(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 146(1)(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 147(1)(a)(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 148(8) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 150(5)(6)(a)-(c) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 151(4)(6)(9)(b) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 151(8) in force in so far as it relates to paragraph (b) of the definition of "audited scheme accounts" for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to that paragraph of that definition at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 167(1) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 179(1)(a)(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 179(2) in force in so far as it relates to paragraph (b)(i) of the definition of "the actuary" for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to that paragraph of that definition at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 190 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 203(1) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 206(2)-(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 207 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 208(1)(3)-(6) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 209(4)(a)-(d)(f)(g) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 210(6) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 258(7) in force in so far as it relates to the definition of "relevant contributions" for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to that definition at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 270 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9))S. 271 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(10)(11))S. 272(1)-(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 307(1)(a)(c) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 318(4)(a) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 162 in force in so far as it relates to specified paragraphs of Schedule 7 for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in so far as it relates to those specified paragraphs of Schedule 7 at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 19(1)-(6)(8)-(10) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 21(1)-(3)(5)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 23(1)-(9)(11) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 23(10) in force at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 24(1)-(6)(7)(b)(8)-(10) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 30(1)-(6)(7)(a)(b)(8)(9) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 36(1)(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in so far as not already in force (6.4.2005) by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 38(1)(a)(2)(3)(5)(6)(7)(a)-(f)(8)-(11) in force in so far as not already in force except subsections (4) and (7)(g) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 43(1)(a)(2)(3)(a)(b)(4)-(6)(7)(a)-(d)(8)(10)(11) in force in so far as not already in force except subsection (7)(e) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 44(1)(2)(3)(b)(5)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 45(1)(2)(a)(c)(d)(3)(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 52(1)(a)(2)-(6)(7)(b)(8)(9) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 57(5)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 59(1)(3)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 60(1)(2)(a)-(g)(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 61(4)-(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 69(1)(3)(a)(i)(b)(i)(4)(6)-(9) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 93(1)(2)(a)-(p)(3)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 97(1)-(4)(5)(a)-(t)(v) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 103(1)(a)(b)(2)-(9) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 106(5)(6) in force in so far as not already in force (6.4.2005) by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 114(1)(a)(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 120(1)(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 122(1)(2)(4)(6)(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 123(1)-(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 125(1)-(3)(4)(b) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 126(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 129(1)(a)(2)(4)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 130(1)-(4)(6)(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 133(1)(2)(4)-(11) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 134(1)(2)(a)-(c)(4)-(6) in force in so far as not already in force except subsection (2)(d) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 134(3) in force in so far as not already in force except subsection (2)(d) at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 135(1)-(3)(5)-(11) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 138(1)-(9)(11)(13) in force in so far as not already in force except subsection (10)(a) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 139(1)-(5)(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 140(1)(2)(3)(a)(4)(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 141(1)(3)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 143(1)(2)(6)-(10) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 143(11) in force in so far as not already in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 145(1)-(3) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 146(2)-(4)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 147(1)(b)-(d)(2)-(4)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 148(1)-(7)(9) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 150(1)-(4)(7) in force in so far as not already in force except subsection (6)(d) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 151(1)-(3)(5)(7)(9)(a)(10)(11)(12)(b)(13) in force in so far as not already in force except paragraph (a) in the definition of “audited scheme accounts” [which is in s. 151(8)] and (12)(a) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 151(8) in force in so far as not already in force except paragraph (a) in the definition of “audited scheme accounts” [which is in s. 151(8)] and (12)(a) at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 152(1)-(3)(5)-(7)(9)-(12) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 167(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 179(4)-(6) in force in so far as not already in force except subsection (1)(b) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 179(2) in force in so far as not already in force except subsection (1)(b) at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 203(2)-(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 206(1) in force in so far as not already in force except subsection (5) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 208(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 258(1)(2)(a)(b)(c)(i)(3)-(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 258(7) in force in so far as not already in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 2(3) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 4(1)(a)(2)(3) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 5(1)(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 7 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7 (with transitional provisions and savings in S.I. 2005/695, arts. 5(8), 6, Schs. 2, 3 (as amended by S.I. 2005/1108, art. 3(b))S. 8(1)(4)-(6)(8)(b)(9)(10) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 13 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 14 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 15 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 16 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 17 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 18(1)(2)(3)(a)(c)(4)(a)(c)(d)(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 20(1)(2)(3)(a)(b)(4)-(11) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 22 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 25 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 26 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 27 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 28 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 29 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 31 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 32 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 33 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7 (with transitional provisions and savings in S.I. 2005/695, arts. 5(8), 6, Schs. 2, 3 (as amended by S.I. 2005/1108, art. 3(b))S. 34 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7 (with transitional provisions and savings in S.I. 2005/695, arts. 5(8), 6, Schs. 2, 3 (as amended by S.I. 2005/1108, art. 3(b))S. 35 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 37 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 39 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 40 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 41(1)-(9)(10)(a)-(e)(11)(12) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 42(1)(2)(a)(b)(3)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 46 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 47(1)-(3)(4)(a)-(f)(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 48 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 49 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 50(1)-(9)(10)(a)-(e)(11) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 51 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 53 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 54 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 55 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 56 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 58 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 62 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 63 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 64 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 65 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 66 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 67 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 68 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 70 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 71 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 72 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 73 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 74 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 75 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 76 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 77 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 78 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 79 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 80 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 81 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 82 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 83 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 84 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 85 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 86(1) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 87 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 88 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 89 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 90(1)(2)(a)-(j)(3)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 91(10)-(12) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 92 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 94 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 95(1)(a)(b)(i)(2)(3) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 96(1)-(5)(6)(a)-(t)(v) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 98 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 99 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 100 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 101(1)(2)(a)-(c)(3)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 108(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 110(1)(a) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 112(5)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 113 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 119 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 121(1)-(4)(6)(8)(9)(a)(10)(11) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 124 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 122 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 127 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 128 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 131 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 132(1)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 136 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 137 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 142 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 144 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 149 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 154(1)(2)(a)(c)(6)-(15) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 160(1)-(3)(5)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 160(7) in force in so far as it relates to section 172(1) at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 161(2)(c) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 173(1)(c)-(e)(g)(i)(3)(b)-(d)(h)(i) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 175(2)(a)(i)(iii)(3)(a) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 192 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 193 in force in so far as it relates to s. 192 at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 194 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 195 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 196 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 197 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 198 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 199 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 200 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 201 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 202 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 204(1)(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 205 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 209(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 210(4)(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 211 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 219 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 257 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 263 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 265 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7 (with art. 2(12))S. 266 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 275 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 276 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 278 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 279 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 280 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 282 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 285 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 298(4)(5)(b) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 300(3)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 301 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 3 in force at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 109 in force at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 162 in force in so far as not already in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 319(1) in force at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 320 in force at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 10 in force at 6.4.2005 in so far as not already in force by S.I. 2005/695, art. 2(1) (with arts. 4-6, Sch. 2, Sch. 3)S. 300(1) in force at 6.4.2005 by S.I. 2005/695, art. 2(3) (with arts. 4-6, Sch. 2, Sch. 3)S. 319(1) in force at 6.4.2005 for specified purposes by S.I. 2005/695, art. 2(7), Sch. 1 (with arts. 4-6, Sch. 2, Sch. 3)S. 320 in force at 6.4.2005 for specified purposes by S.I. 2005/695, art. 2(7), Sch. 1 (with arts. 4-6, Sch. 2, Sch. 3)S. 164 in force at 6.4.2005 by S.I. 2005/1108, art. 2(2), Sch.S. 319(1) in force at 6.4.2005 for specified purposes by S.I. 2005/1108, art. 2(2), Sch.S. 320 in force at 6.4.2005 for specified purposes by S.I. 2005/1108, art. 2(2), Sch.S. 272 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and then for all other purposes at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3S. 143(5A)(5B) inserted (6.4.2005) by The Occupational Pension Schemes (Modification of Pension Protection Provisions) Regulations 2005 (S.I. 2005/705), regs. 1(2), 2(2)Words in s. 143(9) inserted (6.4.2005) by The Occupational Pension Schemes (Modification of Pension Protection Provisions) Regulations 2005 (S.I. 2005/705), regs. 1(2), 2(3)Words in s. 158(6)(a) substituted (6.4.2005) by The Occupational Pension Schemes (Modification of Pension Protection Provisions) Regulations 2005 (S.I. 2005/705), regs. 1(2), 2(4)S. 272(13)(14) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 302(2) in force at 27.5.2005 by S.I. 2005/1436, art. 2(6)S. 286 modified (1.6.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(b), 76; S.I. 2005/1436 art. 2(5)S. 286 in force at 1.6.2005 by S.I. 2005/1436, art. 2(5)S. 318(5) in force at 1.6.2005 by S.I. 2005/1436, art. 2(5)S. 173(1)(b) in force at 20.6.2005 for specified purposes (in so far as it relates to section 174 of the Act (initial levy)) by S.I. 2005/1436, art. 2(2)(a)S. 173(2)(4)(5) in force at 20.6.2005 by S.I. 2005/1436, art. 2(2)(a)S. 175 in force at 20.6.2005 for specified purposes (in so far as it relates to a consultation by the Board under section 176 of the Act (supplementary provisions about pension protection levies)) by S.I. 2005/1436, art. 2(2)(b)S. 176 in force for the purpose only of conferring power to make regulations (27.5.2005); and for all other purposes (20.6.2005) by S.I. 2005/1436, art. 2(4)S. 91(9) power exercised: 30.6.2005 appointed by S.I. 2005/1720, art. 2(1)S. 121(7) in force at 30.6.2005 by S.I. 2005/1720, art. 2(2)S. 256 in force at 30.6.2005 by S.I. 2005/1720, art. 2(8)S. 319(1) in force at 30.6.2005 for specified purposes in so far as it relates to Sch. 12 para. 76(3) by S.I. 2005/1720, art. 2(12)S. 173(3)(k) in force for the purpose only of conferring power to make regulations (1.6.2005); and for all other purposes (30.6.2005) by S.I. 2005/1436, art. 2(3)S. 283 in force at 1.7.2005 by S.I. 2005/1720, art. 2(9)S. 168 in force at 20.7.2005 by S.I. 2005/1436, art. 2(1); s. 168 as modified by regulations made under s. 286(3)(j) in force at 20.7.2005 by S.I. 2005/1436, art. 2(1); S.I. 2005/1986S. 213(1)-(3)(4)(a)-(d)(f)(5)(a)-(d)(f) in force for specified purposes at 1.7.2005 and in force for remaining purposes at 21.7.2005 by S.I. 2005/1720, art. 2(4); S.I. 2005/2024S. 214(1)(2)(a)-(j)(l) in force for specified purposes at 1.7.2005 and in force for remaining purposes at 21.7.2005 by S.I. 2005/1720, art. 2(5); S.I. 2005/2025S. 212 in force at 21.7.2005 by S.I. 2005/1720, art. 2(6)(a)S. 215 in force at 21.7.2005 by S.I. 2005/1720, art. 2(6)(a)S. 216 in force at 21.7.2005 by S.I. 2005/1720, art. 2(6)(a)S. 217 in force at 21.7.2005 by S.I. 2005/1720, art. 2(6)(a)S. 218 in force at 21.7.2005 by S.I. 2005/1720, art. 2(6)(a)S. 109 in force at 21.7.2005 for specified purposes by S.I. 2005/1720, art. 2(6)(b); S.I. 2005/2024; S.I. 2005/2025S. 137(2) modified by SI 2005/441 reg. 67(2) (as substituted (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4))S. 120 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 62(1) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 122 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 62(2) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 123 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 62(3) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 124 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 62(4) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 125 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 62(5) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4) S. 126 modified (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 61, 63 and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 127 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 64(1) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 128 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 64(2) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 129 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 65(1) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 130 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 65(2) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 132 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 66 and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 136 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 67(2) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 144 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 68(1) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4) S. 145 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 68(2) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 146 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 69 and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4) S. 147 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 69(2) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4) S. 148 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 69(3) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 160 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 70(1) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)S. 10(6)(ha)(hb) inserted (19.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(1), 2(1) (with reg. 2(3))Ss. 38-56 modified (1.9.2005) by The Pensions Regulator (Financial Support Directions etc.) Regulations 2005 (S.I. 2005/2188), regs. 1, 15, 16Ss. 197-201 extended (1.9.2005) by The Pensions Act 2004 (Commencement No. 6, Transitional Provisions and Savings) Order 2005 (S.I. 2005/1720), art. 4(9)S. 203 extended (1.9.2005) by The Pensions Act 2004 (Commencement No. 6, Transitional Provisions and Savings) Order 2005 (S.I. 2005/1720), art. 4(9)S. 182 in force at 1.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(3)(a)S. 183 in force at 1.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(3)(a)S. 185 in force at 1.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(3)(a)S. 186 in force at 1.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(3)(a)S. 319(1) in force at 1.9.2005 for specified purposes by S.I. 2005/1720, art. 2(3)(b)S. 302(1) in force at 1.9.2005 by S.I. 2005/1720, art. 2(10)S. 110(1)(b) in force at 1.9.2005 by S.I. 2005/1720, art. 2(16), Sch. Pt. 3S. 172(2)-(4)(5)(a)-(c)(6) in force at 1.9.2005 by S.I. 2005/1720, art. 2(16), Sch. Pt. 3S. 184 in force at 1.9.2005 by S.I. 2005/1720, art. 2(16), Sch. Pt. 3S. 188(1)(2)(3)(a)-(c)(e)(4)(5) in force at 1.9.2005 by S.I. 2005/1720, art. 2(16), Sch. Pt. 3S. 319(1) in force at 1.9.2005 for specified purposes by S.I. 2005/1720, art. 2(16), Sch. Pt. 3S. 320 in force at 1.9.2005 for specified purposes by S.I. 2005/1720, art. 2(16), Sch. Pt. 3 (with arts. 4, 5) (as amended (26.6.2009) by S.I. 2009/1583, art. 2)S. 206(5) in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 302(3)-(5) in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 306(1)(2)(a)-(g)(l)(n)(3) in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 309 in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 310 in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 311 in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 312 in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 314 in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 319(2)(a) in force at 1.9.2005 by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 109 in force at 1.9.2005 for specified purposes by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 319(1) in force at 1.9.2005 for specified purposes by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 320 in force at 1.9.2005 for specified purposes by S.I. 2005/2447, art. 2(4), Sch. Pt. 1S. 319(1) in force at 22.9.2005 for specified purposes by S.I. 2005/1720, art. 2(11)S. 252 in force at 22.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(14), Sch. Pt. 1S. 255 in force at 22.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(14), Sch. Pt. 1S. 319(1) in force at 22.9.2005 for specified purposes by S.I. 2005/2447, art. 2(3)(a)S. 320 in force at 22.9.2005 for specified purposes by S.I. 2005/2447, art. 2(3)(b)S. 243 in force at 1.11.2005 by S.I. 2005/2447, art. 2(2)S. 121(4)(e) substituted (10.11.2005) by The Pension Protection Fund (Insolvent Partnerships) (Amendment of Insolvency Events) Order 2005 (S.I. 2005/2893), arts. 1, 2S. 90(2)(k) in force at 14.11.2005 by S.I. 2005/2447, art. 2(1)S. 209(4)(d) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(1)(a)S. 209(4)(f) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(1)(b)S. 209(4)(g) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(1)(c)S. 212 applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(2)S. 213(4)(d) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(3)S. 215 applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(4)S. 216(2) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(5)S. 217(1) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(6)S. 217(2) applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(7)S. 218 applied (with modifications) (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 2, 3(8)Pt. 1 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1Words in s. 24(6) inserted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order 2005 (S.I. 2005/2053), art. 1(3), Sch. para. 27(a)Word in s. 24(6) omitted (5.12.2005) by virtue of The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order 2005 (S.I. 2005/2053), art. 1(3), Sch. para. 27(b)Words in s. 24(6) inserted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order 2005 (S.I. 2005/2053), art. 1(3), Sch. para. 27(c)S. 110(2) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 175(1)(2)(a)(ii)(b)(3)(b)(4)(a)(b)(5)-(10) in force at 9.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 177(1)-(3)(9)(a) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 178(1)(2) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 180(1)-(3) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 181(1)(b) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 319(2)(b) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 319(1) in force at 9.12.2005 for specified purposes by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 320 in force at 9.12.2005 for specified purposes by S.I. 2005/3331, art. 2(2), Sch. Pt. 2Pt. 3 excluded (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 17Pt. 3 modified (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 19, Sch. 2Pt. 3 extended by S.I. 1996/1172 reg. 49(4)(a)(i) (as substituted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 1(5)(a))Pt. 3 excluded by S.I. 2000/3198 Sch. (as inserted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 13(4))S. 224 applied (with modifications) (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 4 para. 2S. 227 applied (with modifications) (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 4 para. 5Ss. 224-231 modified (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 4 para. 7Pt. 3 applied (30.12.2005) by The Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381), regs. 1, 15(1)Pt. 3 modified (30.12.2005) by The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 (S.I. 2005/3380), regs. 1, 5(1)S. 13(7) modified (30.12.2005) by The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 (S.I. 2005/3380), regs. 1, 13S. 14(8) modified (30.12.2005) by The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 (S.I. 2005/3380), regs. 1, 13S. 90(6) modified (30.12.2005) by The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 (S.I. 2005/3380), regs. 1, 13Pt. 3 extended by S.I. 1996/1172, reg. 49(4)(a)(i) (as substituted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 1(5)(a))S. 221 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 222 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 223 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 224 in force 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 225 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 226 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 227 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 228 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 229 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 230 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 231 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 232 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 233 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 244 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 245 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 246 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 306(2)(h)(m) in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 315(6) in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 319(1) in force at 4.12.2005 for specified purposes and 30.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 320 in force at 4.12.2005 for specified purposes and 30.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 249A inserted (30.12.2005) by The Occupational Pension Schemes (Internal Controls) Regulations 2005 (S.I. 2005/3379), regs. 1(1), 2S. 255 in force at 1.7.2005 for specified purposes by S.I. 2005/1720, art. 2(14), Sch. Pt. 1S. 252 in force at 1.7.2005 for specified purposes by S.I. 2005/1720, art. 2(14), Sch. Pt. 1S. 239 in force at 1.7.2005 for specified purposes by S.I. 2005/1720, art. 2(7)S. 186 in force at 12.7.2005 for specified purposes by S.I. 2005/1720, art. 2(3)(a)S. 185 in force at 12.7.2005 for specified purposes by S.I. 2005/1720, art. 2(3)(a)S. 183 in force at 12.7.2005 for specified purposes by S.I. 2005/1720, art. 2(3)(a)S. 182 in force at 12.7.2005 for specified purposes by S.I. 2005/1720, art. 2(3)(a)S. 221 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 222 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 223 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 224 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 225 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 226 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 227 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 228 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 229 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 230 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 231 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 232 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 233 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1S. 168(1)(2)(a)-(c)(e)(f)(3) in force at 1.1.2006 by S.I. 2005/3331, art. 2(3), Sch. Pt. 3S. 220 in force at 1.1.2006 by S.I. 2005/3331, art. 2(3), Sch. Pt. 3S. 319(1) in force at 1.1.2006 for specified purposes by S.I. 2005/3331, art. 2(3), Sch. Pt. 3S. 259 modified (2.2.2006) by The Occupational Pension Schemes (Consultation by Employers) (Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/16), regs. 1(2), 2S. 261 modified (2.2.2006) by The Occupational Pension Schemes (Consultation by Employers) (Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/16), regs. 1(2), 2S. 175 modified (with application in accordance with reg. 3(1) of the amending S.I.) by The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/566), regs. 1(1), 3(2)(a)S. 175(1) modified (with application in accordance with reg. 3(1) of the amending S.I.) by The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/566), regs. 1(1), 3(2)(b)S. 175 modified (with application in accordance with reg. 4(1) of the amending S.I.) by The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/566), regs. 1(1), 4S. 175 modified (with application in accordance with reg. 5(1) of the amending S.I.) by The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/566), regs. 1(1), 5S. 181(5) excluded (1.4.2006) by The Pension Protection Fund (General and Miscellaneous Amendments) Regulations 2006 (S.I. 2006/580), regs. 1(1)(a), 20S. 189(1)(2)(3)(a)(4)-(10)(11)(b) in force at 1.1.2006 for specified purposes by S.I. 2005/3331, art. 2(4), Sch. Pt. 4S. 109 in force at 1.1.2006 for specified purposes and 1.4.2006 for specified purposes by S.I. 2005/3331, art. 2(4), Sch. Pt. 4S. 151(8) in force at 1.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(2), Sch. Pt. 2S. 173(1)(b) in force at 1.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(2), Sch. Pt. 2S. 177(9)(b) in force at 1.4.2006 by S.I. 2006/560, art. 2(2), Sch. Pt. 2Ss. 241, 242 modified (6.4.2006) by The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 2006 (S.I. 2006/714), regs. 1(1), 5S. 247(3)(4) restricted (6.4.2006) by The Occupational Pension Schemes (Trustees Knowledge and Understanding) Regulations 2006 (S.I. 2006/686), regs. 1(1), 2(1)S. 248(3)(5) restricted (6.4.2006) by The Occupational Pension Schemes (Trustees Knowledge and Understanding) Regulations 2006 (S.I. 2006/686), regs. 1(1), 2(2)S. 247(3)(4) excluded (6.4.2006) by The Occupational Pension Schemes (Trustees Knowledge and Understanding) Regulations 2006 (S.I. 2006/686), regs. 1(1), 3S. 248(3)(5) excluded (6.4.2006) by The Occupational Pension Schemes (Trustees Knowledge and Understanding) Regulations 2006 (S.I. 2006/686), regs. 1(1), 4S. 239 in force at 6.4.2006 in so far as not already in force by S.I. 2005/1720, art. 2(7)S. 320 in force at 6.4.2006 for specified purposes by S.I. 2005/1720, art. 2(13)S. 269 in force at 1.7.2005 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/1720, art. 2(15), Sch. Pt. 2S. 284 in force at 1.7.2005 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/1720, art. 2(15), Sch. Pt. 2S. 241 in force at at 1.11.2005 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/2447, art. 2(5), Sch. Pt. 2S. 242 in force at 1.11.2005 for specified purpose and 6.4.2006 in so far as not already in force by S.I. 2005/2447, art. 2(5), Sch. Pt. 2S. 262 in force at 6.4.2006 in so far as not already in force by S.I. 2005/2447, art. 2(5), Sch. Pt. 2S. 161(1)(2)(a)(b)(3)(a)(4)(6)-(8) in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 163(1)-(4)(5)(a)(6)(7) in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 166(1)-(5)(8) in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 170 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 171 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 253 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 259 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 260 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 261 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 264 in force at 1.1.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 319(1) in force at 1.1.2006 for specified purposes and 6.4.2006 for specified purposes by S.I. 2005/3331, art. 2(5), Sch. Pt. 5S. 161(5) in force at 6.4.2006 by S.I. 2005/3331, art. 2(6), Sch. Pt. 6S. 319(1) in force at 6.4.2006 for specified purposes by S.I. 2005/3331, art. 2(6), Sch. Pt. 6S. 320 in force at 6.4.2006 for specified purposes by S.I. 2005/3331, art. 2(6), Sch. Pt. 6S. 249(2) in force at 9.3.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(1), Sch. Pt. 1S. 250 in force at 9.3.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(1), Sch. Pt. 1S. 251 in force at 9.3.2006 for specified purposes and 6.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(1), Sch. Pt. 1S. 18(3)(b)(4)(b) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 86(2) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 160(7) in force at 6.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 165 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 169(1)(2)(a)-(c) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 173(1)(a)(f)(3)(a)(e)-(g)(j) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 204(3) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 247 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 248 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 249(1)(3) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 254 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 267 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 268 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 306(2)(j)(k)(4)(5) in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 321 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 109 in force at 6.4.2006 for specified purposes by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 319(1) in force at 6.4.2006 for specified purposes by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 320 in force at 6.4.2006 for specified purposes by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 257(1)(a) substituted (with application in accordance with reg. 21(1) of the amending S.I.) by The Transfer of Undertakings (Protection of Employment) Regulations 2006 (S.I. 2006/246), reg. 1(2), Sch. 2 para. 13(2)S. 257(6) omitted (with application in accordance with reg. 21(1) of the amending S.I.) by virtue of The Transfer of Undertakings (Protection of Employment) Regulations 2006 (S.I. 2006/246), reg. 1(2), Sch. 2 para. 13(3)Words in s. 257(8) substituted (with application in accordance with reg. 21(1) of the amending S.I.) by The Transfer of Undertakings (Protection of Employment) Regulations 2006 (S.I. 2006/246), reg. 1(2), Sch. 2 para. 13(4)S. 231A inserted (24.7.2006) by The Occupational Pension Schemes (Winding up Procedure Requirement) Regulations 2006 (S.I. 2006/1733), regs. 1, 2(1), S. 177(5)(8) in force at 1.9.2006 by S.I. 2006/2272, art. 2(1)S. 178(5) in force at 1.9.2006 by S.I. 2006/2272, art. 2(1)S. 177(4) in force at 1.9.2006 for specified purposes and 1.10.2006 in so far as not already in force by S.I. 2006/2272, art. 2(2)S. 178(4)(7)(9) in force at 1.9.2006 for specified purposes and 1.10.2006 in so far as not already in force by S.I. 2006/2272, art. 2(2)S. 91(9) power exercised: 22.11.2006 appointed by S.I. 2006/3079, art. 2S. 178(6) in force at 1.10.2006 for specified purposes and 1.12.2006 in so far as not already in force by S.I. 2006/2272, art. 2(4)S. 319(1) in force at 1.10.2006 for specified purposes and 1.1.2007 for specified purposes by S.I. 2006/2272, art. 2(3)S. 91(9) power fully exercised: 24.1.2007 appointed by S.I. 2007/76, art. 2S. 117(7)(b) in force at 1.1.2007 for specified purposes and 1.3.2007 in so far as not already in force by S.I. 2006/2272, art. 2(6)S. 178(3)(8) in force at 1.1.2007 for specified purposes and 1.3.2007 in so far as not already in force by S.I. 2006/2272, art. 2(6)S. 153(1)-(3)(5)(6)(8) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 154(2)(b)(3)-(5) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 157(2)-(6)(8) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 153(4)(7) in force at 1.11.2006 for specified purposes and 6.4.2007 in so far as not already in force by S.I. 2006/2272, art. 2(5), Sch. Pt. 1S. 155(1)(4) in force at 1.11.2006 for specified purposes and 6.4.2007 in so far as not already in force by S.I. 2006/2272, art. 2(5), Sch. Pt. 1S. 156(1)(2)(5)(6) in force at 1.11.2006 for specified purposes and 6.4.2007 in so far as not already in force by S.I. 2006/2272, art. 2(5), Sch. Pt. 1S. 157(1)(7)(9) in force at 1.11.2006 for specified purposes and 6.4.2007 in so far as not already in force by S.I. 2006/2272, art. 2(5), Sch. Pt. 1S. 132(6) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 155(2)(3) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 156(3)(4) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 158 in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 159 in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 160(4) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 172(5)(d) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2S. 320 in force at 6.4.2007 for specified purposes by S.I. 2006/2272, art. 2(7), Sch. Pt. 2 (with art. 3)Words in s. 273 inserted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(2), 30(3)Word in s. 273 substituted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(3), 30(3)Words in s. 273 inserted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(4), 30(3)Words in s. 273 inserted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(5), 30(3)Words in s. 273 inserted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(6), 30(3)Words in s. 273 substituted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(7), 30(3)Words in s. 273 substituted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(8), 30(3)Words in s. 273 inserted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(9), 30(3)Words in s. 273 inserted (26.9.2007) by Pensions Act 2007 (c. 22), ss. 16(10), 30(3)Words in s. 230(3) repealed (1.11.2007) by Pensions Act 2007 (c. 22), s. 30(2), Sch. 5 para. 9, Sch. 7 Pt. 8; S.I. 2007/3063, art. 2(b)(c)Words in s. 254(1) substituted (26.11.2007) by The Occupational Pension Schemes (EEA States) Regulations 2007 (S.I. 2007/3014), regs. 1, 4(b)Words in s. 253(1) substituted (26.11.2007) by The Occupational Pension Schemes (EEA States) Regulations 2007 (S.I. 2007/3014), regs. 1, 4(a)Words in s. 253(6) substituted (26.11.2007) by The Occupational Pension Schemes (EEA States) Regulations 2007 (S.I. 2007/3014), regs. 1, 4(a)S. 286(1A)(1B) inserted (14.12.2007) by Pensions Act 2007 (c. 22), ss. 18(2), 30(2)(d); S.I. 2007/3512, art. 2Words in s. 286(2) inserted (14.12.2007) by Pensions Act 2007 (c. 22), ss. 18(3), 30(2)(d); S.I. 2007/3512, art. 2S. 212A inserted (26.3.2008) by The Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2008 (S.I. 2008/817), arts. 1, 8 (with art. 10)S. 286A inserted (retrospective to 26.6.2008) by Pensions Act 2008 (c. 30), s. 125(1)(2), 149(2)S. 91(9) power exercised: 28.7.2008 appointed by S.I. 2008/1882, art. 2Ss. 257 258 applied (29.9.2008) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 27S. 38 excluded (29.9.2008) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(ii)S. 43 excluded (29.9.2008) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(ii)Pt. 3 excluded (29.9.2008) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(iii)Pt. 3 excluded (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(iii)S. 38 excluded (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(ii)S. 43 excluded (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(ii)S. 52 excluded (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), Sch. 3 para. 11(b)(ii)Ss. 257, 258 applied (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 27S. 242 power to apply (with modifications) conferred (26.11.2008) by Pensions Act 2008 (c. 30), s. 149(2), Sch. 1 para. 1(6)S. 316(2A) inserted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 124(10), 149(2)Words in s. 316(1) inserted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 124(8), 149(2)Words in s. 316(2)(n) added (26.11.2008) by Pensions Act 2008 (c. 30), ss. 124(9), 149(2)S. 316(2)(na) inserted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 125(3), 149(2)S. 316(2)(za) inserted (26.11.2008) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 5S. 316(2)(zb) inserted (26.11.2008) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 12S. 44(3A)(3B) inserted (with effect in accordance with Sch. 9 para. 15(4) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 14(2)S. 44(3)(b) substituted (with effect in accordance with Sch. 9 para. 15(4) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 14(1)Words in s. 44(4) substituted (with effect in accordance with Sch. 9 para. 15(4) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 14(3)S. 84(4) inserted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 83, 149(2)S. 38(7A) inserted (with effect in accordance with Sch. 9 para. 15(1) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 7(4)S. 38(3)(d) substituted (with effect in accordance with Sch. 9 para. 15(1) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 7(2)Words in s. 38(7) substituted (with effect in accordance with Sch. 9 para. 15(1) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 7(3)(a)S. 38(7)(ea)(eb) inserted (with effect in accordance with Sch. 9 para. 15(1) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 7(3)(b)Ss. 39A, 39B inserted (with effect in accordance with Sch. 9 para. 15(3) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 9 (with Sch. 9 para. 16(1))Ss. 43A, 43B inserted (with effect in accordance with Sch. 9 para. 15(3) of the amending Act) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 10 (with Sch. 9 para. 16(2))S. 306(2)(da) inserted (26.11.2008) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 11(a)S. 306(2)(ea) inserted (26.11.2008) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 11(b)S. 90(2)(aa) inserted (26.11.2008) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 3Words in s. 286(2) inserted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 124(3), 149(2)S. 235 excluded by S.I. 2005/255 (N.I. 1), art. 83(5) (as substituted (N.I.) (26.1.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 61(1), 118(1) (with s. 73); S.R. 2009/22, art. 2(1)(a))S. 88 substituted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 62(1), 149(1); S.I. 2009/82, art. 2(1)(a)S. 82(6)(7) inserted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 64(2), 149(1); S.I. 2009/82, art. 2(1)(a)Words in s. 82(5)(a) inserted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 64(1), 149(1); S.I. 2009/82, art. 2(1)(a)Word in s. 82(3) substituted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 62(2), 149(1); S.I. 2009/82, art. 2(1)(a)Words in s. 323(2)(c) substituted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 63(3)(a), 149(1); S.I. 2009/82, art. 2(1)(a)Words in s. 323(2)(c) substituted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 63(3)(b), 149(1); S.I. 2009/82, art. 2(1)(a)Words in s. 323(4) substituted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 63(4), 149(1); S.I. 2009/82, art. 2(1)(a)S. 231(1)(za) inserted (26.1.2009) by Pensions Act 2008 (c. 30), ss. 132, 149(1); S.I. 2009/82, art. 2(1)(c)S. 166(6)(7) in force at 1.3.2009 by S.I. 2009/325, art. 2S. 257 applied (30.3.2009) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 4S. 258 applied (30.3.2009) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 4S. 38 modified (30.3.2009) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 5S. 43 modified (30.3.2009) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 5S. 38 modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 5S. 43 modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 5S. 257 applied (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 4S. 258 applied (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 4S. 97(5)(ta) inserted (1.3.2009 for specified purposes, 6.4.2009 in so far as not already in force) by Pensions Act 2007 (c. 22), ss. 14(6), 30(2)(a); S.I. 2009/406, art. 2(a)(b)S. 91(9) power exercised: 29.6.2009 appointed by S.I. 2009/1565, art. 2Words in s. 38(5)(a) inserted (for specified purposes and with effect in accordance with Sch. 9 para. 15(1) of the amending Act and 29.6.2009 so far as not already in force) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 9 para. 2(1); S.I. 2009/1566, art. 2(1)(b)(ii)Ss. 38A, 38B inserted (for specified purposes and with effect in accordance with Sch. 9 para. 15(1) of the amending Act and 29.6.2009 so far as not already in force) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 2(2); S.I. 2009/1566, art. 2(1)(b)(ii)S. 38(12)(13) inserted (for specified purposes and with effect in accordance with Sch. 9 para. 15(2) of the amending Act and 29.6.2009 so far as not already in force) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 8(1); S.I. 2009/1566, art. 2(1)(b)(ii)S. 286 excluded by S.I. 2005/255 (N.I. 1), art. 34A(9)(b) (as inserted (N.I.) (for specified purposes and with effect in accordance with Sch. 8 para. 15(1) of the amending Act and 29.6.2009 so far as not already in force) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), s. 118(3), Sch. 8 para. 2(2) (with s. 73); S.R. 2009/249, art. 2(b)(ii))S. 96(1A)(1B) inserted (29.6.2009) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 9 para. 4; S.I. 2009/1566, art. 2(1)(b)(i)S. 134(2)(d) in force at 23.6.2009 for specified purposes and 21.7.2009 in so far as not already in force by S.I. 2009/1542, art. 2S. 249A(3)(d) inserted (1.9.2009) by The Scottish Parliamentary Pensions Act 2009 (Consequential Modifications) Order 2009 (S.I. 2009/1682), art. 1(1), Sch. para. 2Words in s. 44(2)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(2)(a) (with art. 10)Words in s. 44(2)(c) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(2)(b)(i) (with art. 10)Words in s. 44(2)(c) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(2)(b)(ii) (with art. 10)Words in s. 45(2)(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(3) (with art. 10)S. 51(1) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(4) (with art. 10)Words in s. 57(2)(d) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(5)(a) (with art. 10)S. 57(6)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(5)(b) (with art. 10)Words in s. 87(2)(c)(ii) omitted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(6) (with art. 10)Words in s. 121(10) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(7) (with art. 10)Words in s. 201(2)(c)(ii) omitted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(8) (with art. 10)Words in s. 243(3) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(9) (with art. 10)Words in s. 248(8) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(10) (with art. 10)Word in s. 306(4) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 243(11) (with art. 10)S. 91(9) power exercised: 26.11.2009 appointed by S.I. 2009/3068, art. 2S. 257 applied (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), art. 12S. 258 applied (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), art. 12S. 181A inserted (26.2.2010) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 10 para. 5; S.I. 2010/467, art. 2(b)S. 173(1)(ba) inserted (26.2.2010) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 10 para. 4; S.I. 2010/467, art. 2(b)Words in s. 286(2) substituted (19.12.2008 for specified purposes, 31.3.2010 so far as not already in force) by Pensions Act 2008 (c. 30), ss. 124(2), 149(1); S.I. 2008/3241, art. 2; S.I. 2010/1145, art. 2 (with art. 3)Words in s. 286(2) repealed (19.12.2008 for specified purposes, 31.3.2010 so far as not already in force) by Pensions Act 2008 (c. 30), ss. 124(6), 149(1), Sch. 11 Pt. 5; S.I. 2008/3241, art. 2; S.I. 2010/1145, art. 2 (with art. 3)Pt. 1 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 Pt. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)S. 187 in force at 25.2.2010 for specified purposes and 6.4.2010 in so far as not already in force by S.I. 2010/443, art. 2(2)S. 188(3)(d) in force at 6.4.2010 by S.I. 2010/443, art. 2(3)S. 99(13) inserted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 76(c) (with Sch. 5)Words in s. 99(7) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 76(a) (with Sch. 5)Words in s. 99(8)(a) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 76(b) (with Sch. 5)S. 102 omitted (E.W.S.) (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 78 (with Sch. 5) and repealed (N.I.) (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), s. 5(2), Sch. 1 para. 7, Sch. 3 (with Sch. 2); S.R. 2010/101, art. 2S. 96(7) inserted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 75(c) (with Sch. 5)Words in s. 96(3) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 75(a) (with Sch. 5)Words in s. 96(5)(a) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 75(b) (with Sch. 5)S. 103(2A) inserted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(c) (with Sch. 5)S. 103(1)(2) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(b) (with Sch. 5)Words in s. 103(3) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(d) (with Sch. 5)Words in s. 103(4) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(e)(i) (with Sch. 5)Word in s. 103(4) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(e)(ii) (with Sch. 5)Words in s. 103(5) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(e)(i) (with Sch. 5)Word in s. 103(5) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(e)(ii) (with Sch. 5)Words in s. 103(6)(d) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(f) (with Sch. 5)Words in s. 103(7)-(9) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(f) (with Sch. 5)Words in s. 106(1) substituted (6.4.2010): (E.W.S.) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 83 (with Sch. 5) and (N.I.) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), s. 5(2), Sch. 1 para. 8 (with Sch. 2); S.R. 2010/101, art. 2Words in s. 310(4) inserted (E.W.S.) (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 84 (with Sch. 5) and added (N.I) (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), s. 5(2), Sch. 1 para. 9 (with Sch. 2); S.R. 2010/101, art. 2Words in s. 318(1) omitted (E.W.S.) (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 85 (with Sch. 5) and repealed (N.I.) (6.4.2010) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), s. 5(2), Sch. 1 para. 10 (with Sch. 2); S.R. 2010/101, art. 2S. 102 cross-heading substituted (6.4.2010): (E.W.S.) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 77 (with Sch. 5) and (N.I.) by Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4), s. 5(2), Sch. 1 para. 6 (with Sch. 2); S.R. 2010/101, art. 2Words in s. 103 heading substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 80(a) (with Sch. 5)S. 102A inserted (E.W.S.) (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 79 (with Sch. 5)S. 34(d) repealed (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(g), Sch. 4 Pt. 2 (with Sch. 5)S. 104 omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 81 (with Sch. 5)S. 105 omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 82 (with Sch. 5)S. 248 applied (with modifications) (5.7.2010) by The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2010 (S.I. 2010/8), regs. 1(3), 2S. 121(3)(d) applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 para. 4 (with reg. 27(a))S. 5(1)(ca) inserted (16.3.2011) by Pensions Act 2008 (c. 30), ss. 65, 149(1); S.I. 2011/664, art. 2(1)S. 168A and cross-heading inserted (6.3.2011 for specified purposes, 6.4.2011 so far as not already in force) by Pensions Act 2008 (c. 30), ss. 121, 149(1); S.I. 2011/664, art. 2(2)(3), Sch. Pts. 1, 2Words in s. 38(5)(a)(ii) repealed (with effect in accordance with Sch. 9 para. 15(1) of the amending Act and 6.4.2011 so far as not already in force) by Pensions Act 2008 (c. 30), s. 149(2)(3), Sch. 9 para. 6, Sch. 11 Pt. 6; S.I. 2011/664, art. 2(3), Sch. Pt. 2Words in s. 173(3)(b) inserted (6.4.2011) by Pensions Act 2008 (c. 30), ss. 123(2)(a), 149(1); S.I. 2011/664, art. 2(3), Sch. Pt. 2Words in s. 173(5) repealed (6.4.2011) by Pensions Act 2008 (c. 30), ss. 123(2)(b), 149(1), Sch. 11 Pt. 4; S.I. 2011/664, art. 2(3), Sch. Pt. 2Words in s. 249A(3)(c) substituted (24.10.2011) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 46; S.I. 2011/2485, art. 2(1)(2)(c)(ii)S. 307(2)(ba) inserted (3.11.2011) by Pensions Act 2011 (c. 19), ss. 31(2), 38(2)(a)S. 251(2A) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(3), 38(3)(b) (with s. 25(7))S. 251(6A) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(6), 38(3)(b) (with s. 25(7))Words in s. 251(1) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(2), 38(3)(b) (with s. 25(7))Words in s. 251(3) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(4), 38(3)(b) (with s. 25(7))S. 251(6)(aa) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(5)(a), 38(3)(b) (with s. 25(7))Words in s. 251(6)(b) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(5)(b), 38(3)(b) (with s. 25(7))Words in s. 251(6)(c) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 25(5)(c), 38(3)(b) (with s. 25(7))S. 96(6A)(6B) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 26(7), 38(4); S.I. 2011/3034, art. 3(f)S. 38(14) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 26(3), 38(4); S.I. 2011/3034, art. 3(f)Words in s. 38(5)(c)(i) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 26(2), 38(4); S.I. 2011/3034, art. 3(f)Words in s. 38(6)(b)(ii) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 26(2), 38(4); S.I. 2011/3034, art. 3(f)S. 43(12) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 26(6), 38(4); S.I. 2011/3034, art. 3(f)Words in s. 43(9) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 26(5), 38(4); S.I. 2011/3034, art. 3(f)S. 316(2)(a) omitted (3.1.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 18(2); S.I. 2011/3034, art. 3(i)(iii)Words in s. 316(2)(f) inserted (3.1.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 18(3); S.I. 2011/3034, art. 3(i)(iii)Word in s. 160(7) substituted (3.1.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 17(2)(a); S.I. 2011/3034, art. 3(i)(ii)Words in s. 160(7) omitted (3.1.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 17(2)(b); S.I. 2011/3034, art. 3(i)(ii)S. 172(1) omitted (3.1.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 17(3); S.I. 2011/3034, art. 3(i)(ii)S. 286(1C) inserted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 23(1), 38(4); S.I. 2011/3034, art. 3(e)Words in s. 286(3)(c) substituted (3.1.2012) by Pensions Act 2011 (c. 19), ss. 24, 38(4); S.I. 2011/3034, art. 3(e)S. 170(3) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 7(a)Words in s. 170(4) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 7(b)S. 285(4) repealed (6.4.2012 being "the abolition date" for the purposes of s. 15(1) of the amending Act) by Pensions Act 2007 (c. 22), s. 27(6), Sch. 7 Pt. 6 (with Sch. 4 Pt. 3); S.I. 2011/1267, art. 2(a)S. 285(5) repealed (6.4.2012 being "the abolition date" for the purposes of s. 15(1) of the amending Act) by Pensions Act 2007 (c. 22), s. 27(6), Sch. 7 Pt. 6 (with Sch. 4 Pt. 3); S.I. 2011/1267, art. 2(a)S. 257(7) repealed (6.4.2012 being "the abolition date" for the purposes of s. 15(1) of the amending Act) by Pensions Act 2007 (c. 22), ss. 15(4), 27(7), 30(2)(b), Sch. 4 para. 41, Sch. 7 Pt. 6 (with Sch. 4 Pt. 3); S.I. 2011/1267, art. 2(a)S. 284(3)-(7) repealed (6.4.2012 being "the abolition date" for the purposes of s. 15(1) of the amending Act) by Pensions Act 2007 (c. 22), s. 27(6), Sch. 7 Pt. 6 (with Sch. 4 Pt. 3); S.I. 2011/1267, art. 2(a)Ss. 303-305 modified by 2008 c. 30, s. 144A (as inserted (30.6.2012) by Pensions Act 2011 (c. 19), ss. 36(1), 38(4); S.I. 2012/1681, art. 2(2)(d))Ss. 303-305 modified by 2008 c. 30, s. 144A (as inserted (30.6.2012) by Pensions Act 2011 (c. 19), ss. 36(1), 38(4); S.I. 2012/1681, art. 2(2)(d))Word in s. 256(1)(b) substituted (3.11.2011 for specified purposes, 30.6.2012 so far as not already in force) by Pensions Act 2011 (c. 19), ss. 17(a), 38(1); S.I. 2012/1681, art. 2(2)(c)Words in s. 256(1)(b) inserted (3.11.2011 for specified purposes, 30.6.2012 so far as not already in force) by Pensions Act 2011 (c. 19), ss. 17(b), 38(1); S.I. 2012/1681, art. 2(2)(c)Word in s. 80(1)(a)(iii) repealed (30.6.2012) by Pensions Act 2008 (c. 30), ss. 48(b), 149(1), Sch. 11 Pt. 1; S.I. 2012/1682, art. 2, Sch. 2S. 80(1)(a)(v) and word inserted (30.6.2012) by Pensions Act 2008 (c. 30), ss. 48(a), 149(1); S.I. 2012/1682, art. 2, Sch. 2S. 74(A1)-(D1) inserted (30.6.2012) by Pensions Act 2008 (c. 30), ss. 61(3), 149(1); S.I. 2012/1682, art. 2, Sch. 2Word in s. 75(1) inserted (30.6.2012) by Pensions Act 2008 (c. 30), ss. 61(4), 149(1); S.I. 2012/1682, art. 2, Sch. 2Word in s. 76(9) inserted (30.6.2012) by Pensions Act 2008 (c. 30), ss. 61(5), 149(1); S.I. 2012/1682, art. 2, Sch. 2Words in s. 151(2)(b) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 9(2); S.I. 2012/1681, art. 3(b)(ii)Words in s. 151(3)(b) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 9(2); S.I. 2012/1681, art. 3(b)(ii)Words in s. 151(4)(a) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 14; S.I. 2012/1681, art. 3(b)(iii)Words in s. 151(6)(a)(ii) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 9(3)(a); S.I. 2012/1681, art. 3(b)(ii)Word in s. 151(6)(a)(ii) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 9(3)(b); S.I. 2012/1681, art. 3(b)(ii)Words in s. 151(6)(b)(ii) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 9(3)(a); S.I. 2012/1681, art. 3(b)(ii)Words in s. 151(10) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 9(4); S.I. 2012/1681, art. 3(b)(ii)S. 143A inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 6; S.I. 2012/1681, art. 3(b)(ii)S. 143A(4)(c) modified by S.I. 2005/441, reg. 68(1) (as amended (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688), regs. 1(2), 2(20))S. 143(2)(2A) substituted for s. 143(2) (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(2); S.I. 2012/1681, art. 3(b)(ii)S. 143(5C) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(6); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(5B) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(5); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(9) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(8)(a); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(9) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(8)(b); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(3) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(3); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(4) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(4); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(6) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(7)(a); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(6) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(7)(b); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(10) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(9); S.I. 2012/1681, art. 3(b)(ii)Words in s. 143(11)(b)(ii) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 5(10); S.I. 2012/1681, art. 3(b)(ii)S. 152(1A) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(2); S.I. 2012/1681, art. 3(b)(iii)S. 152(10A)-(10D) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(9); S.I. 2012/1681, art. 3(b)(iii)S. 152(2A)(2B) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(3); S.I. 2012/1681, art. 3(b)(iii)Words in s. 152(3) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(4)(a); S.I. 2012/1681, art. 3(b)(iii)Words in s. 152(3) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(4)(b); S.I. 2012/1681, art. 3(b)(iii)S. 152(4) omitted (23.7.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(5); S.I. 2012/1681, art. 3(b)(iii)S. 152(8) omitted (23.7.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(7); S.I. 2012/1681, art. 3(b)(iii)Words in s. 152(5) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(6)(a); S.I. 2012/1681, art. 3(b)(iii)Words in s. 152(5) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(6)(b); S.I. 2012/1681, art. 3(b)(iii)Words in s. 152(10) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 15(8); S.I. 2012/1681, art. 3(b)(iii)S. 158(3)(3A) substituted for s. 158(3) (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(2); S.I. 2012/1681, art. 3(b)(ii)Word in s. 158(6)(a) omitted (23.7.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(5)(b); S.I. 2012/1681, art. 3(b)(ii)Word in s. 158(6) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(5)(a); S.I. 2012/1681, art. 3(b)(ii)S. 158(6)(aa) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(5)(c); S.I. 2012/1681, art. 3(b)(ii)Words in s. 158(4) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(3); S.I. 2012/1681, art. 3(b)(ii)Words in s. 158(5) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(4)(a); S.I. 2012/1681, art. 3(b)(ii)Words in s. 158(5) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(4)(b); S.I. 2012/1681, art. 3(b)(ii)S. 158(5)(aa) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 11(4)(c); S.I. 2012/1681, art. 3(b)(ii)Word in s. 142(1) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 4; S.I. 2012/1681, art. 3(b)(ii)Words in s. 58(3) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 2(a); S.I. 2012/1681, art. 3(b)(ii)Words in s. 58(3) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 2(b); S.I. 2012/1681, art. 3(b)(ii)Words in s. 141(4) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 3(2); S.I. 2012/1681, art. 3(b)(ii)Words in s. 141(5)(a) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 3(3); S.I. 2012/1681, art. 3(b)(ii)Word in s. 144(1) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 7(2); S.I. 2012/1681, art. 3(b)(ii)Words in s. 144(2) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 7(3); S.I. 2012/1681, art. 3(b)(ii)Word in s. 145(1) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 8; S.I. 2012/1681, art. 3(b)(ii)Words in s. 154(2)(c) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 16(a); S.I. 2012/1681, art. 3(b)(iii)Words in s. 154(5)(b) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 10; S.I. 2012/1681, art. 3(b)(ii)Words in s. 160(3) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 12(2); S.I. 2012/1681, art. 3(b)(ii)Words in s. 160(4) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 12(3); S.I. 2012/1681, art. 3(b)(ii)Words in s. 172(4) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 16(b); S.I. 2012/1681, art. 3(b)(iii)Words in s. 172(5)(c) inserted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 16(b); S.I. 2012/1681, art. 3(b)(iii)Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except Ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72 (as amended (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688), regs. 1(2), 2(1)-(19); (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 2 (with reg. 10))Words in s. 115(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 104(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11 (as amended (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 2(3)-(5); (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(4)(5))S. 318(6) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 22(5) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 318(1) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 22(2) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 318(1) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 22(3) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 318(1) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 22(4) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 91(1) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 15(2) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 91(4)(a) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 15(3) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 91(10) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 15(3) (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)S. 90A inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 14 (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 92(1) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 16 (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 154(14) inserted (1.11.2013) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 18 (with Sch. 11 para. 8); S.I. 2013/2818, art. 3(d)Words in s. 103(9)(a) substituted (22.4.2014) by Crime and Courts Act 2013 (c. 22), s. 61(3), Sch. 9 para. 52; S.I. 2014/954, art. 2(c) (with art. 3) (with transitional provisions and savings in S.I. 2014/956, arts. 3-11)Words in s. 217(2)(a) substituted (22.4.2014) by Crime and Courts Act 2013 (c. 22), s. 61(3), Sch. 9 para. 52; S.I. 2014/954, art. 2(c) (with art. 3) (with transitional provisions and savings in S.I. 2014/956, arts. 3-11)Words in s. 218(5)(a) substituted (22.4.2014) by Crime and Courts Act 2013 (c. 22), s. 61(3), Sch. 9 para. 52; S.I. 2014/954, art. 2(c) (with art. 3) (with transitional provisions and savings in S.I. 2014/956, arts. 3-11)S. 121(9)(b) in force at 25.6.2014 by S.I. 2014/1636, art. 2S. 138(10)(a) in force at 25.6.2014 by S.I. 2014/1636, art. 2S. 161(3)(b) in force at 25.6.2014 by S.I. 2014/1636, art. 2S. 5(1)(cza) inserted (14.7.2014) by Pensions Act 2014 (c. 19), ss. 48, 56(3)(d)Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2Pt. 3 excluded (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 63 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2Pt. 3 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 64 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2S. 224(3)(a) modified (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 65 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2S. 286 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 72(3) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2S. 10(6)(ea) inserted (11.9.2014) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 19 para. 6; S.I. 2014/2377, art. 2(1)(a)(i)(2)(l)S. 63(3A) inserted (11.9.2014) by Pensions Act 2014 (c. 19), ss. 49(2), 56(1); S.I. 2014/2377, art. 2(1)(a)(i)(2)(i)S. 63(4A) inserted (11.9.2014) by Pensions Act 2014 (c. 19), ss. 49(3), 56(1); S.I. 2014/2377, art. 2(1)(a)(i)(2)(i)Words in s. 66(1) substituted (11.9.2014) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 19 para. 7; S.I. 2014/2377, art. 2(1)(a)(i)(2)(l)S. 96(6)(ia) inserted (11.9.2014) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 19 para. 8; S.I. 2014/2377, art. 2(1)(a)(i)(2)(l)S. 97(5)(ja) inserted (11.9.2014) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 19 para. 9; S.I. 2014/2377, art. 2(1)(a)(i)(2)(l)Words in s. 256(1)(b) inserted (11.9.2014) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 18 para. 10; S.I. 2014/2377, art. 2(1)(a)(i)(2)(k)Word in s. 17(3) repealed (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 5(2)(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 17(3) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 5(2)(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 17(3) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 5(3)(a)(i) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Word in s. 17(3) repealed (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 5(3)(a)(ii) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 17(3) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 5(3)(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 13(7)(e) and word inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 3(3)(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 13(3)(a) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 3(2) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Word in s. 13(7)(c) repealed (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 3(3)(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 11(3)(d) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 2 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 70(1)(aa) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 6(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 70(1)(b) substituted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 6(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Word in s. 71(1)(b) repealed (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 8(2)(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 71(1)(ba) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 8(2)(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 71(1)(c) substituted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 8(2)(c) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 90(8) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 13(4) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b) (with art. 4(2))Words in s. 90(4) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 13(2) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b) (with art. 4(2))Words in s. 90(7) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 13(3) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b) (with art. 4(2))S. 73(2)(da) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 10(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 249A(3)(za) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 20(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)Words in s. 249A(a) substituted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 20(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 248A inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 19 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 249B inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 21 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 14A inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 4 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 70A and cross-heading inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 7 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 89A inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 12 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 72(2)(aa) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 9 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 89(4) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 11 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 93(2)(ba) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 17 (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)S. 138(9A)(9B) inserted (3.3.2015 for specified purposes, 6.4.2015 so far as not already in force) by Pension Schemes Act 2015 (c. 8), ss. 59(10), 89(1)(b)(3)(b) (with s. 87)S. 138(2A) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(3), 89(3)(b) (with s. 87)Words in s. 138(9) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(9), 89(3)(b) (with s. 87)Words in s. 138(1) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(2), 89(3)(b) (with s. 87)Words in s. 138(12) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(11), 89(3)(b) (with s. 87)Word in s. 138(13) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(12), 89(3)(b) (with s. 87)Word in s. 138(3) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), ss. 59(4), 89(3)(b) (with s. 87)Words in s. 138(5) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(5), 89(3)(b) (with s. 87)Words in s. 138(6) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(6), 89(3)(b) (with s. 87)Word in s. 138(7) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(7), 89(3)(b) (with s. 87)Word in s. 138(8) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 59(8), 89(3)(b) (with s. 87)Words in s. 138(3)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 40 (with s. 87)S. 18(3)(a) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 35(3)(a) (with s. 87)Words in s. 18(3)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 35(3)(b) (with s. 87)Words in s. 18(4)(a) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), ss. 70(4), 89(3)(b) (with s. 87)Words in s. 18(4)(d) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 35(4) (with s. 87)S. 18(5) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 35(5) (with s. 87)Words in s. 18(2)(a) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 35(2)(a) (with s. 87)Words in s. 18(2)(a)(ii) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 35(2)(b) (with s. 87)Words in s. 73(2)(d) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 38(a) (with s. 87)Words in s. 73(2)(d) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 38(b) (with s. 87)S. 13(7)(f) and word inserted (6.4.2015) by The Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879), regs. 1(2), 25(b)Word in s. 13(7)(d) omitted (6.4.2015) by virtue of The Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879), regs. 1(2), 25(a)S. 13(7)(g) and word inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 24(b) (with s. 87)Word in s. 13(7)(e) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 24(a) (with s. 87)Words in s. 318(2) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 41(2) (with s. 87)S. 318(3)(a)(ii)(iia) substituted for s. 318(3)(a)(ii) (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 41(3) (with s. 87)S. 318(3)(a)(xi)(xii) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 60(3)(a), 89(3)(b) (with s. 87)S. 318(3)(b)(ix)(x) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 60(3)(b), 89(3)(b) (with s. 87)Words in s. 23(4)(g) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 36 (with s. 87)S. 24(7)(a)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 37 (with s. 87)Word in s. 90(6) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 30(3)(a) (with s. 87)Words in s. 90(6) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 30(3)(b) (with s. 87)Words in s. 90(2)(i) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 30(2) (with s. 87)S. 135(4)(za) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 58(3), 89(3)(b) (with s. 87)Words in s. 135(6)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 39 (with s. 87)Word in s. 254(3)(c) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 33(a) (with s. 87)S. 254(3)(e) and word inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(a), Sch. 2 para. 33(b) (with s. 87)S. 121(2)(c) omitted (1.10.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 2(18) (with Sch. 6 para. 3); S.I. 2015/1732, art. 2(e)(i)Ss. 303-305 modified by S.I. 2015/879, reg. 33 (as inserted (6.4.2016) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2016 (S.I. 2016/304), regs. 1, 12)Word in s. 58(5)(a) substituted (6.4.2016) by The Enterprise and Regulatory Reform Act 2013 (Consequential Amendments) (Bankruptcy) and the Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) Regulations 2016 (S.I. 2016/481), reg. 1, Sch. 1 para. 18Word in s. 121(2)(a) substituted (6.4.2016) by The Enterprise and Regulatory Reform Act 2013 (Consequential Amendments) (Bankruptcy) and the Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) Regulations 2016 (S.I. 2016/481), reg. 1, Sch. 1 para. 18S. 258(2)(c)(i)(ii) substituted for words (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 73Words in s. 121(4)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 26(6)(a)S. 121(11)(a) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 26(6)(b)Words in s. 38(10)(c) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 26(2)Words in s. 51(3)(c) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 26(3)Words in s. 53(6)(c) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 26(4)Words in s. 57(2)(c) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 26(5)S. 162(2) modified (6.4.2017) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 20 para. 13 (with Sch. 20 paras. 9, 11); S.I. 2017/297, art. 2(b) (with transitional provisions in S.I. 2017/301)S. 138(2) modified (6.4.2017) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 20 para. 14(3) (with Sch. 20 paras. 9, 11); S.I. 2017/297, art. 2(b) (with transitional provisions in S.I. 2017/301)S. 126(4) modified (6.4.2017) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 20 para. 17 (with Sch. 20 paras. 9, 11); S.I. 2017/297, art. 2(b) (with transitional provisions in S.I. 2017/301)Words in s. 121(2)(b) substituted (6.4.2017) by The Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017 (S.I. 2017/540), reg. 1, Sch. 1 para. 4(2) (with reg. 4)Words in s. 121(3)(a) substituted (6.4.2017) by The Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017 (S.I. 2017/540), reg. 1, Sch. 1 para. 4(3) (with reg. 4)S. 121(3)(f) substituted (6.4.2017) by The Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017 (S.I. 2017/540), reg. 1, Sch. 1 para. 4(4) (with reg. 4)Words in s. 121(4)(c) substituted (6.4.2017) by The Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017 (S.I. 2017/540), reg. 1, Sch. 1 para. 4(5) (with reg. 4)S. 318(3)(a)(xiii) inserted (27.4.2017) by Pension Schemes Act 2017 (c. 17), s. 44(1)(c), Sch. 3 para. 12(a)S. 318(3)(b)(xi) inserted (27.4.2017) by Pension Schemes Act 2017 (c. 17), s. 44(1)(c), Sch. 3 para. 12(b)Word in s. 90(6) omitted (1.2.2018) by virtue of Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 9(3)(a); S.I. 2018/62, reg. 2Words in s. 90(6) inserted (1.2.2018) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 9(3)(b); S.I. 2018/62, reg. 2S. 90(2)(ja)(jb) inserted (1.2.2018) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 9(2); S.I. 2018/62, reg. 2Pt. 3 modified by S.I. 2005/3377, Sch. 2 paras. 3B, 3C (as inserted (6.4.2018) by The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations 2018 (S.I. 2018/237), regs. 1(2), 12(2))Ss. 182-187: power to modify conferred (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), ss. 36(1), 44(2); S.I. 2018/965, reg. 2S. 97(5)(tb)-(tf) inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 11; S.I. 2018/965, reg. 2Words in s. 13(7) inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 6(a); S.I. 2018/965, reg. 2Word in s. 13(7)(f) omitted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by virtue of Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 6(b); S.I. 2018/965, reg. 2S. 13(7)(h) inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 6(c); S.I. 2018/965, reg. 2S. 70(1)(f) inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 7; S.I. 2018/965, reg. 2S. 93(2)(pa) inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 10; S.I. 2018/965, reg. 2Word in s. 93(2)(p) omitted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by virtue of Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 10; S.I. 2018/965, reg. 2S. 303 applied (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 2(2)S. 304 applied (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 2(2)S. 182 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 23(1)(2)(a)(i)-(iii)S. 183 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 23(1)(2)(a)(iv)S. 185 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 23(1)(2)(a)(v)Words in s. 249A heading substituted (13.1.2019) by The Occupational Pension Schemes (Governance) (Amendment) Regulations 2018 (S.I. 2018/1103), regs. 1(2), 2(2)S. 249A(1)(1A) substituted for s. 249A(1) (13.1.2019) by The Occupational Pension Schemes (Governance) (Amendment) Regulations 2018 (S.I. 2018/1103), regs. 1(2), 2(3)S. 249A(3)(e) inserted (13.1.2019) by The Occupational Pension Schemes (Governance) (Amendment) Regulations 2018 (S.I. 2018/1103), regs. 1(2), 2(5)Words in s. 249A(2) substituted (13.1.2019) by The Occupational Pension Schemes (Governance) (Amendment) Regulations 2018 (S.I. 2018/1103), regs. 1(2), 2(4)Words in s. 73(2)(a) substituted (31.12.2020) by The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(2)(a); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 73(2)(a) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(2)(b); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 253(1) substituted (31.12.2020) by The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(7)(b); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 253(6) substituted (31.12.2020) by The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(7)(b); 2020 c. 1, Sch. 5 para. 1(1)Pt. 7 omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(9); 2020 c. 1, Sch. 5 para. 1(1)Word in s. 253 heading substituted (31.12.2020) by The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(7)(a); 2020 c. 1, Sch. 5 para. 1(1)Word in s. 254 heading substituted (31.12.2020) by The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(8)(a); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 115(3) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(4); 2020 c. 1, Sch. 5 para. 1(1)S. 249A(4) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(6); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 254(1) substituted (31.12.2020) by The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(8)(b); 2020 c. 1, Sch. 5 para. 1(1)S. 307(2)(f) and word omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(10); 2020 c. 1, Sch. 5 para. 1(1)S. 69A inserted (31.5.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), ss. 109(2), 131(1); S.I. 2021/620, reg. 2(1)(b)Words in s. 90(2)(aa) inserted (31.5.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 8(a); S.I. 2021/620, reg. 2(2)(d)S. 316(2)(zaa)(zab) inserted (25.6.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 12(2); S.I. 2021/752, reg. 2S. 121(3)(d) modified (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 para. 4 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)Word in s. 90(6) omitted (11.2.2021 for specified purposes, 13.12.2021 in so far as not already in force) by virtue of Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 13(3)(a)Ss. 38E, 38F inserted (31.5.2021 for specified purposes, 1.10.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 103(4), 131(1); S.I. 2021/620, reg. 2(1)(a); S.I. 2021/950, reg. 2(5)(a) (with reg. 3(1)(2))S. 72A inserted (31.5.2021 for specified purposes, 1.10.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 110(2), 131(1); S.I. 2021/620, reg. 2(1)(c); S.I. 2021/950, reg. 2(5)(b) (with reg. 9)Ss. 77A, 77B inserted (31.5.2021 for specified purposes, 1.10.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 112, 131(1); S.I. 2021/620, reg. 2(1)(d); S.I. 2021/950, reg. 2(5)(c) (with reg. 5)S. 80(1)(a)(iia) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 108(3), 131(1); S.I. 2021/950, reg. 2(3)(e) (with reg. 4)S. 80(1)(a)(iiia) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 7(2); S.I. 2021/950, reg. 2(4)(d)S. 73(6)(d)-(f) modified (1.10.2021) by The Pensions Regulator (Information Gathering Powers and Modification) Regulations 2021 (S.I. 2021/754), regs. 1, 4S. 38(7B) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 104(4), 131(1); S.I. 2021/950, reg. 2(3)(a) (with reg. 3(1)(2))Words in s. 38(5)(a) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 103(2)(a)(i), 131(1); S.I. 2021/950, reg. 2(5)(a) (with reg. 3(1)(2))Words in s. 38(5)(a) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 103(2)(a)(ii), 131(1); S.I. 2021/950, reg. 2(5)(a) (with reg. 3(1)(2))S. 38(7)(ec) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 104(3), 131(1); S.I. 2021/950, reg. 2(3)(a) (with reg. 3(1)(2))Words in s. 38(12)(c) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 103(2)(b), 131(1); S.I. 2021/950, reg. 2(5)(a) (with reg. 3(1)(2))S. 41(8A) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(3)(a), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 41(10A) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(3)(b), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 41(11A)(11B) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(3)(c), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 77(1A) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 110(4)(a), 131(1); S.I. 2021/950, reg. 2(5)(b)Word in s. 77(3) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 110(4)(b), 131(1); S.I. 2021/950, reg. 2(5)(b)Word in s. 77(4) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 110(4)(c), 131(1); S.I. 2021/950, reg. 2(5)(b)S. 39(4) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 105(2), 131(1); S.I. 2021/950, reg. 2(3)(b) (with reg. 3(1)(2))S. 39(4A) omitted (1.10.2021) by virtue of Pension Schemes Act 2021 (c. 1), ss. 105(3), 131(1); S.I. 2021/950, reg. 2(3)(b) (with reg. 3(1)(2))Ss. 58A, 58B and cross-heading inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 107(2), 131(1); S.I. 2021/950, reg. 2(3)(d) (with reg. 3(1)(4))Ss. 58C, 58D inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 107(3), 131(1); S.I. 2021/950, reg. 2(3)(d) (with reg. 3(1)(4))S. 42A inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(4), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 42B inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(5), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 80B inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 114, 131(1); S.I. 2021/950, reg. 2(3)(h) (with reg. 7)Ss. 88A-88C and cross-heading inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 115, 131(1); S.I. 2021/950, reg. 2(3)(i) (with reg. 3(1)(5))Ss. 38C, 38D inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 103(3), 131(1); S.I. 2021/950, reg. 2(5)(a) (with reg. 3(1)(2))S. 40(2A) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(2)(a), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 40(9)(ba) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(2)(b), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))S. 73(2A) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 111(3), 131(1); S.I. 2021/950, reg. 2(3)(f)S. 73(5A)(5B) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 111(4), 131(1); S.I. 2021/950, reg. 2(3)(f)S. 73(6A)(6B) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 111(6), 131(1); S.I. 2021/950, reg. 2(3)(f)S. 73(6)(d)-(f) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 111(5)(b), 131(1); S.I. 2021/950, reg. 2(3)(f)Words in s. 73(7) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 111(7), 131(1); S.I. 2021/950, reg. 2(3)(f)Word in s. 76(9) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 5(3)(a); S.I. 2021/950, reg. 2(4)(c)Words in s. 76(9) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 5(3)(b); S.I. 2021/950, reg. 2(4)(c)Words in s. 76(3)(a) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 5(2)(a); S.I. 2021/950, reg. 2(4)(c)Words in s. 76(3)(a) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 5(2)(b); S.I. 2021/950, reg. 2(4)(c)Word in s. 73(6)(b) omitted (1.10.2021) by virtue of Pension Schemes Act 2021 (c. 1), ss. 111(5)(a), 131(1); S.I. 2021/950, reg. 2(3)(f)S. 310(3A) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 11(3); S.I. 2021/950, reg. 2(4)(f)Words in s. 310(4) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 11(4); S.I. 2021/950, reg. 2(4)(f)S. 310(3)(b)(ai) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 11(2)(b); S.I. 2021/950, reg. 2(4)(f)Words in s. 310(3)(b) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 11(2)(a); S.I. 2021/950, reg. 2(4)(f)S. 310(3)(b)(ii)-(vii) substituted for s. 310(3)(b)(ii) (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 11(2)(d); S.I. 2021/950, reg. 2(4)(f)S. 310(3)(b)(i)-(ic) substituted for s. 310(3)(b)(i) and word (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 11(2)(c); S.I. 2021/950, reg. 2(4)(f)Words in s. 96(1A)(b) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 9(2); S.I. 2021/950, reg. 2(4)(f)Words in s. 96(1B)(a) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 9(3)(a); S.I. 2021/950, reg. 2(4)(f)Words in s. 96(1B)(b) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 9(3)(b); S.I. 2021/950, reg. 2(4)(f)Word in s. 75(1) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 4(a); S.I. 2021/950, reg. 2(4)(c)Words in s. 75(1) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 4(b); S.I. 2021/950, reg. 2(4)(c)Words in s. 78(1)(c)(iii) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 6(a); S.I. 2021/950, reg. 2(4)(c)Words in s. 78(1)(c)(iii) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 6(b); S.I. 2021/950, reg. 2(4)(c)S. 72(1A) omitted (1.10.2021) by virtue of Pension Schemes Act 2021 (c. 1), ss. 110(3), 131(1); S.I. 2021/950, reg. 2(5)(b) (with reg. 9)S. 72(1B) omitted (1.10.2021) by virtue of Pension Schemes Act 2021 (c. 1), ss. 110(3), 131(1); S.I. 2021/950, reg. 2(5)(b) (with reg. 9)Words in s. 69(7) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 108(2)(a), 131(1); S.I. 2021/950, reg. 2(3)(e) (with regs. 4, 8)Words in s. 69(8) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 108(2)(b), 131(1); S.I. 2021/950, reg. 2(3)(e) (with regs. 4, 8)S. 38B(12)(b) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 3; S.I. 2021/950, reg. 2(4)(c)S. 90(2)(ba) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 8(b); S.I. 2021/950, reg. 2(4)(e)Words in s. 256(1)(b) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 10; S.I. 2021/950, reg. 2(4)(f)S. 316(2)(zc)-(zh) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 12(3); S.I. 2021/950, reg. 2(4)(g)S. 115A inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(2)Words in s. 115(2) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(a)Words in s. 115(2)(a) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(b)S. 188(1)(ca) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(4)(a)Words in s. 188(3)(e) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(4)(b)S. 90(2)(jc)(jd) inserted (11.2.2021 for specified purposes, 13.12.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 13(2); S.I. 2021/1394, reg. 2(a)Words in s. 90(6) inserted (11.2.2021 for specified purposes, 13.12.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 13(3)(b); S.I. 2021/1394, reg. 2(a)Words in s. 82(6) substituted (28.4.2022) by The Criminal Justice Act 2003 (Commencement No. 33) and Sentencing Act 2020 (Commencement No. 2) Regulations 2022 (S.I. 2022/500), regs. 1(2), 5(1), Sch. Pt. 1S. 80(1)(c)(i)-(vi) substituted for words (1.10.2021 except for the reference to the Pension Schemes Act 2021, Pt. 1, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1), Sch. 7 para. 7(3); S.I. 2021/950, reg. 2(4)(d); S.I. 2022/721, reg. 3(d)S. 93(2)(pb)-(pe) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 14(3); S.I. 2022/721, regs. 1(2), 3(a)S. 97(5)(tg)-(tk) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 15; S.I. 2022/721, regs. 1(2), 3(a)S. 13(7)(i) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 12; S.I. 2022/721, regs. 1(2), 3(a)Words in s. 93(2)(pa) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 14(2)(a); S.I. 2022/721, regs. 1(2), 3(a)Word in s. 93(2)(pa) omitted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by virtue of Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 14(2)(b); S.I. 2022/721, regs. 1(2), 3(a)S. 126(1A) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 16; S.I. 2022/721, regs. 1(2), 3(a)S. 249A(3)(f) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 17; S.I. 2022/721, regs. 1(2), 3(a)Word in s. 254(3)(d) omitted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by virtue of Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 18(a); S.I. 2022/721, regs. 1(2), 3(a)S. 254(3)(f) and word inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 18(b); S.I. 2022/721, regs. 1(2), 3(a)S. 318(3)(a)(xiv)(xv) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 20(a); S.I. 2022/721, regs. 1(2), 3(a)S. 318(3)(b)(xii) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 20(b); S.I. 2022/721, regs. 1(2), 3(a)S. 73(2)(db)(dc) inserted (1.10.2021 except for the insertion of s. 73(2)(dc), 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 111(2)(a), 131(1); S.I. 2021/950, reg. 2(3)(f); S.I. 2022/721, regs. 1(2), 3(b)S. 80A inserted (1.10.2021 except for the insertion of s. 80A(2)(a)(iv)(c)(vi), 1.8.2022 insofar as it inserts s. 80A(2)(c)(vi)) by Pension Schemes Act 2021 (c. 1), ss. 113, 131(1); S.I. 2021/950, reg. 2(3)(g) (with reg. 6); S.I. 2022/721, regs. 1(2), 3(c)Word in s. 73(2)(e) substituted (29.6.2022 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 111(2)(b), 131(1); S.I. 2022/721, regs. 1(2), 2(a), 3(b)Ss. 303-305 applied (1.10.2022) by S.I. 1996/1715, Pt. 6 (as inserted by The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 (S.I. 2022/825), regs. 1(2), 2(2))Ss. 238D-238G inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 119(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(b)Ss. 238A-238C and cross-heading inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 118(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(a)S. 316(2)(ka) inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 118(3), 131(1)(3)(a); S.I. 2022/1044, reg. 2(a)S. 310(3)(b)(bi) inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 119(3), 131(1)(3)(a); S.I. 2022/1044, reg. 2(b)S. 316(2)(kb)(kc) inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 119(4), 131(1)(3)(a); S.I. 2022/1044, reg. 2(b)Words in s. 82(5)(a) substituted (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 tableWords in s. 82(6) substituted (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 tableS. 258 applied (31.10.2023) by The Transport (Scotland) Act 2019 (Consequential Provisions and Modifications) Order 2023 (S.I. 2023/80), arts. 1(3), 31S. 257 applied (31.10.2023) by The Transport (Scotland) Act 2019 (Consequential Provisions and Modifications) Order 2023 (S.I. 2023/80), arts. 1(3), 31S. 171(4A)(4B) inserted (coming into force in accordance with reg. 1(b) of the amending S.I.) by The Pensions Act 2004 and the Equality Act 2010 (Amendment) (Equal Treatment by Occupational Pension Schemes) Regulations 2023 (S.I. 2023/1308), reg. 2(3)Words in s. 171(1) substituted (coming into force in accordance with reg. 1(b) of the amending S.I.) by The Pensions Act 2004 and the Equality Act 2010 (Amendment) (Equal Treatment by Occupational Pension Schemes) Regulations 2023 (S.I. 2023/1308), reg. 2(2)Words in s. 171(6) inserted (coming into force in accordance with reg. 1(b) of the amending S.I.) by The Pensions Act 2004 and the Equality Act 2010 (Amendment) (Equal Treatment by Occupational Pension Schemes) Regulations 2023 (S.I. 2023/1308), reg. 2(4)S. 162(1)(c) omitted (coming into force in accordance with reg. 1(b) of the amending S.I.) by virtue of The Pensions Act 2004 (Amendment) (Pension Protection Fund Compensation) Regulations 2023 (S.I. 2023/1309), reg. 2(a)S. 316(2)(s) omitted (coming into force in accordance with reg. 1(b) of the amending S.I.) by virtue of The Pensions Act 2004 (Amendment) (Pension Protection Fund Compensation) Regulations 2023 (S.I. 2023/1309), reg. 2(b)Word in s. 87(2)(h) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 56(2)(a)Word in s. 201(2)(g) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 56(2)(b)Words in s. 256(1)(b) substituted (1.1.2024) by Pensions Dashboards (Prohibition of Indemnification) Act 2023 (c. 14), ss. 1(1), 2(4); S.I. 2023/1414, reg. 2S. 316(2)(ia)-(ic) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 11; S.I. 2024/451, reg. 2(b)Ss. 221A, 221B inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 2; S.I. 2024/451, reg. 2(b)Words in s. 224(8) substituted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 4(3); S.I. 2024/451, reg. 2(b) (with reg. 4)S. 224(7A) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 4(2); S.I. 2024/451, reg. 2(b) (with reg. 4)S. 226(3A) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 5; S.I. 2024/451, reg. 2(b)S. 80(1)(a)(iva) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 10(b); S.I. 2024/451, reg. 2(b)S. 231(1)(zza) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 7(2); S.I. 2024/451, reg. 2(b)S. 222(2A) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 3(2); S.I. 2024/451, reg. 2(b) (with reg. 3)S. 60(2)(ca) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 9; S.I. 2024/451, reg. 2(b)Word in s. 80(1)(a)(iv) omitted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by virtue of Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 10(a); S.I. 2024/451, reg. 2(b)Words in s. 222(3)(b) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 3(3); S.I. 2024/451, reg. 2(b) (with reg. 3)S. 229(1)(za) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 6; S.I. 2024/451, reg. 2(b)S. 231(2)(aa) inserted (11.2.2021 for specified purposes, 6.4.2024 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(b), Sch. 10 para. 7(3); S.I. 2024/451, reg. 2(b)