Pensions Act 2004

SCHEDULE 2 The reserved regulatory functions

Section 10 Part 1 Functions under the Pension Schemes Act 1993 (c. 48) 1 The power by direction under section 99(4) to grant an extension of the period within which the trustees or managers of a scheme are to carry out certain duties. 2 The power by direction under section 101J(2) to extend the period for compliance with a transfer notice. 3 The power under regulations made by virtue of section 168(4) to require a person to pay a penalty. 3A A power under section 24H (compliance with conditions of conversion of guaranteed minimum pension). Part 2 Functions under the Pensions Act 1995 (c. 26) 4 The power to make an order under section 3(1) prohibiting a person from being a trustee. 5 The power to make an order under section 3(3) revoking such an order. 5A The power under section 3A(3) to give a notice waiving a prohibition. 6 The power to make an order under section 4(1) suspending a trustee. 7 The power to make an order under section 4(2) extending the period for which an order under section 4(1) of that Act has effect. 8 The power to make an order under section 4(5) revoking an order under section 4(1) of that Act suspending a trustee. 9 The power to make an order appointing a trustee under any of the following provisions of section 7— (a) subsection (1) where a trustee is removed by an order under section 3 (prohibition orders) or by section 3A; (b) subsection (3)(a) , (c) or (d). 10 The power under section 9 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. 11 The power to require a person to pay a penalty under section 10 (including under regulations made by virtue of subsection (3) of that section). 12 The power to make an order under section 11 directing or authorising an occupational pension scheme to be wound up. 13 The power to give directions to trustees under section 15. 13A The duty under section 23(4), and regulations made thereunder, to compile and maintain a register of persons who satisfy prescribed conditions to act as independent trustees, but only in so far as that duty entails the removal of a person from that register if he does not satisfy, or no longer satisfies, any such prescribed condition. 14 The power under section 29(5) to give a notice waiving a disqualification under section 29 of that Act. 15 The power under section 30(2) 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. 15A. The power under section 58(7) to extend or further extend the period referred to in section 58(6) of that Act in relation to a schedule of contributions for an occupational pension scheme. 15B. The power under section 60(7) to extend or further extend the period applicable under section 60(3) of that Act in relation to securing an increase in the value of the assets of an occupational pension scheme. 16 The power to make an order under section 67G(2) by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent. 17 The power to make an order under section 67H(2) prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme. 18 The power to make an order under section 69 authorising the modification of an occupational pension scheme or modifying the scheme. 19 The power to make an order under section 71A modifying an occupational pension scheme with a view to ensuring that it is properly wound up. Part 3 Functions under the Welfare Reform and Pensions Act 1999 (c. 30) 20 The power by direction under section 2(3)(b) to remove a scheme from the register of stakeholder pension schemes. Part 4 Functions under this Act 21 The power to make or extend a restraining order under section 20. 22 The power to make an order under section 20(10) permitting payments out of an account that is subject to a restraining order. 23 The power to make a repatriation order under section 21. 24 The power to make a freezing order under section 23. 25 The power to make an order under section 25(3) extending the period for which a freezing order has effect. 26 The power to make an order under section 26 validating action taken in contravention of a freezing order. 27 The power to make an order under section 28 directing that specified steps are taken. 28 The power to make an order under section 30 giving a direction where a freezing order ceases to have effect. 29 The power to make an order under section 31(3) directing the notification of members. 30 The power to issue a contribution notice under section 38. 30A The power to issue a direction under section 39A(6) to any person. 31 The power to issue a direction under section 41(4) to the trustees or managers of an occupational pension scheme. 32 The power to issue a revised contribution notice under section 41(9). 33 The power to issue a financial support direction under section 43. 33A The power to issue a direction under section 43A(3) to any person. 34 The power to issue a contribution notice under section 47. 35 The power to issue a direction under section 50(4) to the trustees or managers of an occupational pension scheme. 36 The power to issue a revised contribution notice under section 50(9). 37 The power to make a restoration order under section 52. 38 The power to issue a contribution notice under section 55. 39 The power to issue a notice under section 71 requiring a report to be provided to the Regulator. 40 The power to make a direction under section 76(8) extending the retention period for documents taken into possession under section 75. 41 The power to make a direction under section 78(10) extending the retention period for documents taken into possession under that section. 41A The power to require a person to pay a penalty under section 88A. 42 The power to make an order under section 231 modifying a scheme, giving directions or imposing a schedule of contributions. 43 The power to issue a ring-fencing notice under section 292. 44 The power to vary or revoke under section 101— (a) a determination made by the Determinations Panel whether to exercise one of the other functions listed in this Schedule, or (b) an order, notice or direction made, issued or given in the exercise of one of those functions— (i) by the Panel, or (ii) by the Regulator in compliance with a direction of a tribunal under section 103. Part 4A Functions under the Pension Schemes Act 2017 44A The power to withdraw authorisation of a Master Trust scheme under section 19. 44B The power to give a direction under section 28(4) (direction to pursue continuity option). 44C The power to make a pause order under section 31. 44D The power to make an order under paragraph 2(2) of Schedule 1 extending the period for which a pause order has effect. 44E The power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order. 44F The power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers. 44G Terms used in this Part have the same meaning as in Part 1 of the Pension Schemes Act 2017. PART 4B Functions under Part 1 of the Pension Schemes Act 2021 44H The power to give a direction under section 23(2) (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme). 44I The power to give a direction under section 29(6) (direction to implement proposals in a resolution plan). 44J The power under section 30 to withdraw authorisation of a collective money purchase scheme. 44K The power to give a direction under section 41(4) (direction to pursue a continuity option). 44L The power to make a pause order under section 44. 44M The power to make an order under paragraph 2(2) of Schedule 2 extending the period for which a pause order has effect. 44N The power to make an order under paragraph 3 of Schedule 2 validating action taken in contravention of a pause order. 44O The power to make an order under paragraph 4(3) of Schedule 2 directing the notification of members or employers. PART 5 OTHER FUNCTIONS 45 The power to make an order under regulation 19 of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 (S.I. 2006/349) to waive or relax any of the requirements of regulations 6 to 16 of those Regulations.