Part 3

Personal Accounts Delivery Authority

Initial function of the Authority
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1
The Authority may do anything it thinks appropriate for preparing for the implementation of, or for advising on the modification of, any relevant proposals about personal accounts.
2
In this Part “relevant proposals about personal accounts” means proposals by the Secretary of State (whether or not Parliament has given any approval on which their implementation depends) which are—
a
proposals for the establishment of a national low-cost portable pensions savings scheme, or
b
proposals that are made in connection with proposals falling within paragraph (a) and—
i
relate to the subject-matter of those proposals, or
ii
relate to matters that are incidental or supplemental to those proposals or proposals falling within sub-paragraph (i), or to any consequential or transitional matters.
3
Subject to subsections (4) and (5), the Authority may do anything which is calculated to facilitate, or is incidental or conducive to, the discharge of its function under this section.
4
Nothing in this section is to be taken, in relation to proposals that have not yet been approved by Parliament—
a
as dispensing with the need for any Parliamentary approval otherwise required for the implementation of the proposals; or
b
as requiring the Authority, before any such approval is given, to carry out any activities other than—
i
the formulation of the proposals;
ii
the taking of preparatory steps towards their implementation when approved;
iii
activities which are carried out in connection with activities falling within sub-paragraph (i) or (ii).
5
The Authority may not borrow money from any person for the purposes of, or in connection with, its function under this section.
6
The Secretary of State may from time to time issue guidance to the Authority about the discharge of its function under this section.
7
If guidance is issued under subsection (6), the Authority must have regard to it in discharging its function under this section.
8
In this Part “modification” includes omissions, alterations and additions.