Commentary on provisions of Act
Section 1: No indemnification for penalties under pensions dashboards regulations
- Subsection (1) adds section 238G of the Pensions Act 2004 to section 256(1)(b) of the Pensions Act 2004. Section 238G is the power under which compliance provisions can be made in regulations regarding pensions dashboards. The effect of which is that no amount can be paid out of the assets of an occupational or personal scheme for the purpose of reimbursing or providing for the reimbursement of, any trustee or manager of the scheme in respect of a penalty which they are required to pay under or by virtue of the Pensions Dashboards Regulations referred to in paragraph 6 above. Where this prohibition in section 256(1) is breached, an offence is committed where the provisions of section 256(4) are satisfied.
- Subsection (2) makes corresponding provision for Northern Ireland by amending article 233(1) of the Pensions (Northern Ireland) Order 2005 (N.I.1)), by adding article 215G of that Order to article 233(1)(b).
Section 2: Extent, commencement and short title
- The provisions under this section are self-explanatory.
