Change 1 Article Choose an article Title and introductory text 1 The new authority. 2 Reports to Secretary of State. 3 Prohibition orders. 3A Prohibition orders: directors of corporate trustees etc 4 Suspension orders. 5 Removal of trustees: notices. 6 Removal or suspension of trustees: consequences. 7 Appointment of trustees. 8 Appointment of trustees: consequences. 9 Removal and appointment of trustees: property. 10 Civil penalties. 11 Powers to wind up schemes. 12 Powers to wind up public service schemes. 13 Injunctions and interdicts. 14 Restitution. 15 Directions. 16 Requirement for member-nominated trustees. 17 Exceptions. 18 Corporate trustees: member-nominated directors. 19 Corporate trustees: exceptions. 20 Selection, and eligibility, of member-nominated trustees and directors. 21 Member-nominated trustees and directors: supplementary. 22 Circumstances in which following provisions apply. 23 Power to appoint independent trustees 24 Members’ powers to apply to court to enforce duty. 25 Appointment and powers of independent trustees: further provisions. 26 Insolvency practitioner or official receiver to give information to trustees. 26A Information to be given to the Authority in a s. 22 case 26B Information to be given in cases where s. 22 disapplied 26C Construction of ss. 26A and 26B 27 Trustee not to be auditor or actuary of the scheme. 28 Section 27: consequences. 29 Persons disqualified for being trustees. 30 Persons disqualified: consequences. 30A Accessibility of register of disqualified trustees 31 Trustees not to be indemnified for fines or civil penalties. 32 Decisions by majority. 33 Investment powers: duty of care. 34 Power of investment and delegation. 35 Investment principles. 36 Choosing investments. 36A Restriction on borrowing by trustees 36B Power to modify scheme in relation to payment of surplus to employer 37 Payment of surplus to employer. 38 Power to defer winding up. 39 Exercise of powers by member trustees. 40 Restriction on employer-related investments. 41 Provision of documents for members. 41A Climate change risk 41B Climate change risk: publication of information 41C Sections 41A and 41B: compliance 42 Time off for performance of duties and for training. 43 Payment for time off. 44 Time limit for proceedings. 45 Remedies. 46 Right not to suffer detriment in employment or be unfairly dismissed. 47 Professional advisers. 48 “Blowing the whistle”. 49 Other responsibilities of trustees, employers, etc. 49A Record of winding-up decisions. 50 Requirement for dispute resolution arrangements 50A Meaning of “person with an interest in the scheme” 50B The dispute resolution procedure 51 Annual increase in rate of pension. 51ZA Meaning of “the appropriate percentage” 51ZB Meaning of “cash balance benefit” 51A Restriction on increase where annuity tied to investments. 52 Restriction on increase where member is under 55. 53 Effect of increases above the statutory requirement. 54 Sections 51 to 53: supplementary. 55 Section 51: end of annual increase in GMP. 56 Minimum funding requirement. 57 Valuation and certification of assets and liabilities. 58 Schedules of contributions. 59 Determination of contributions: supplementary. 60 Serious underprovision. 61 Sections 56 to 60: supplementary. 62 The equal treatment rule. 63 Equal treatment rule: supplementary. 64 Equal treatment rule: exceptions. 65 Equal treatment rule: consequential alteration of schemes. 66 Equal treatment rule: effect on terms of employment, etc. 66A Prohibition on different rules for overseas residents etc. 67 The subsisting rights provisions 67A The subsisting rights provisions: interpretation 67B The consent requirements 67C The actuarial equivalence requirements 67D The actuarial equivalence requirements: further provisions 67E The trustee approval requirement 67F The reporting requirement 67G Powers of the Authority: voidable modifications 67H Powers of the Authority to intervene 67I Subsisting rights provisions: civil penalties 68 Power of trustees to modify schemes by resolution. 69 Grounds for applying for modifications: winding up registered schemes 70 Section 69: supplementary. 71 Effect of orders under section 69. 71A Modification by Authority to secure winding-up. 72 Modification of public service pension schemes. 72A Reports to Authority about winding-up. 72B Directions by Authority for facilitating winding-up. 72C Duty to comply with directions under s. 72B. 73 Preferential liabilities on winding up. 73A Operation of scheme during winding up period 73B Sections 73 and 73A: supplementary 74 Discharge of liabilities by insurance, etc. 75 Deficiencies in the assets. 75A Deficiencies in the assets: multi-employer schemes 76 Excess assets on winding up. 77 Excess assets remaining after winding up: power to distribute. 79 Reports to Secretary of State. 80 Review of decisions. 81 Cases where compensation provisions apply. 82 Applications for payments. 83 Amount of compensation. 84 Payments made in anticipation. 85 Surplus funds. 86 Modification of compensation provisions. 87 Schedules of payments to money purchase schemes. 88 Schedules of payments to money purchase schemes: supplementary. 89 Application of further provisions to money purchase schemes. 90 Unpaid contributions in cases of insolvency. 91 Inalienability of occupational pension. 92 Forfeiture, etc. 93 Forfeiture by reference to obligation to employer. 94 Sections 91 to 93: supplementary. 95 Pension rights of individuals adjudged bankrupt etc. 96 Review of decisions. 97 References and appeals from the Authority. 98 Provision of information. 99 Inspection of premises. 100 Warrants. 101 Information and inspection: penalties. 102 Savings for certain privileges etc. 103 Publishing reports. 104 Restricted information. 105 Information supplied to the Authority by corresponding overseas authorities. 106 Disclosure for facilitating discharge of functions by the Authority. 107 Disclosure for facilitating discharge of functions by other supervisory authorities. 108 Other permitted disclosures. 109 Disclosure of information by the Inland Revenue. 110 Provision of information. 111 Information: penalties. 112 Savings for certain privileges. 113 Publishing reports. 114 Disclosure of information. 115 Offences by bodies corporate and partnerships. 116 Breach of regulations. 117 Overriding requirements. 118 Powers to modify this Part. 119 Calculations etc. under regulations: sub-delegation. 120 Consultations about regulations. 121 Crown application. 122 Consequential amendments. 123 “Connected” and “associated” persons. 124 Interpretation of Part I. 125 Section 124: supplementary. 126 Equalisation of pensionable age and of entitlement to certain benefits and increase in pensionable age. 127 Enhancement of additional pension, etc. where family credit or disability working allowance paid. 128 Additional pension: calculation of surpluses. 129 Contribution conditions. 130 Up-rating of pensions increased under section 52 of the Social Security Contributions and Benefits Act. 131 Graduated retirement benefit. 132 Extension of Christmas bonus for pensioners. 133 Contributions paid in error. 134 Minor amendments. 135 The “principal appointed day” for Part III. 137 State scheme contributions and rebates. 138 Minimum contributions towards appropriate personal pension schemes. 139 Money purchase and personal pension schemes: verification of ages. 140 Reduction in benefits for members of certified schemes. 141 State scheme etc. premiums and buyback into State scheme. 142 Interim arrangements for giving effect to protected rights. 143 Requirements for interim arrangements. 144 Interim arrangements: supplementary. 145 Extension of interim arrangements to occupational pension schemes. 146 Discharge of protected rights on winding up: insurance policies. 147 Monitoring personal pension schemes. 148 Earner employed in more than one employment. 149 Hybrid occupational pension schemes. 150 Dissolution of Occupational Pensions Board. 151 Minor and consequential amendments related to sections 136 to 150. 152 Extension of scope of right to cash equivalent. 153 Right to guaranteed cash equivalent. 154 Right to guaranteed cash equivalent: supplementary. 155 Breach of regulations under the Pension Schemes Act 1993. 156 Employment of staff by the Pensions Ombudsman. 157 Jurisdiction of Pensions Ombudsman. 158 Costs and expenses. 159 Disclosing information. 160 Interest on late payment of benefit. 161 Repeal of sections 136 to 143 of the Pension Schemes Act 1993. 162 Annual increase in rate of personal pension. 163 Section 162: supplementary. 164 Power to reject notice choosing appropriate personal pension scheme. 165 Levy. 166 Pensions on divorce etc. 167 Pensions on divorce, etc.: Scotland. 168 War pensions for widows: effect of remarriage. 169 Extensions of Pensions Appeal Tribunals Act 1943. 170 Pensions for dependants of the Prime Minister etc. 171 Equal treatment in relation to official pensions. 172 Information about public service schemes. 173 General minor and consequential amendments. 174 Orders and regulations (general provisions). 175 Parliamentary control of orders and regulations. 176 Interpretation. 177 Repeals. 178 Extent. 179 Northern Ireland. 180 Commencement. 181 Short title. SCHEDULE 2 Pensions Compensation Board SCHEDULE 3 Amendments consequential on Part I SCHEDULE 4 Equalisation of and increase in pensionable age for men and women SCHEDULE 5 Amendments relating to Part III SCHEDULE 6 General minor and consequential amendments SCHEDULE 7 Repeals
What to do with it
As published
33 Investment powers: duty of care.
(1) Liability for breach of an obligation under any rule of law to take care or exercise skill in the performance of any investment functions, where the function is exercisable—
(a) by a trustee of a trust scheme, or
(b) by a person to whom the function has been delegated under section 34,
cannot be excluded or restricted by any instrument or agreement.
(2) In this section, references to excluding or restricting liability include—
(a) making the liability or its enforcement subject to restrictive or onerous conditions,
(b) excluding or restricting any right or remedy in respect of the liability, or subjecting a person to any prejudice in consequence of his pursuing any such right or remedy, or
(c) excluding or restricting rules of evidence or procedure.
(3) This section does not apply—
(a) to a scheme falling within any prescribed class or description, or
(b) to any prescribed description of exclusion or restriction.
Your wording
Your change, as a redline
33 Investment powers: duty of care.
(1) Liability for breach of an obligation under any rule of law to take care or exercise skill in the performance of any investment functions, where the function is exercisable—
(a) by a trustee of a trust scheme, or
(b) by a person to whom the function has been delegated under section 34,
cannot be excluded or restricted by any instrument or agreement.
(2) In this section, references to excluding or restricting liability include—
(a) making the liability or its enforcement subject to restrictive or onerous conditions,
(b) excluding or restricting any right or remedy in respect of the liability, or subjecting a person to any prejudice in consequence of his pursuing any such right or remedy, or
(c) excluding or restricting rules of evidence or procedure.
(3) This section does not apply—
(a) to a scheme falling within any prescribed class or description, or
(b) to any prescribed description of exclusion or restriction.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.