Change 1 Article Choose an article Title and introductory text 1 The Pensions Regulator 2 Membership of the Regulator 3 Further provision about the Regulator 4 Regulator’s functions 5 Regulator’s objectives 6 Supplementary powers 7 Transfer of OPRA’s functions to the Regulator 8 Non-executive functions 9 The Determinations Panel 10 Functions exercisable by the Determinations Panel 11 Annual reports to Secretary of State 12 Provision of information, education and assistance 13 Improvement notices 14 Third party notices 14A Appointment of skilled person to assist public service pension scheme 15 Injunctions and interdicts 16 Restitution 17 Power of the Regulator to recover unpaid contributions 18 Pension liberation: interpretation 19 Pension liberation: court’s power to order restitution 20 Pension liberation: restraining orders 21 Pension liberation: repatriation orders 22 Powers to wind up occupational pension schemes 23 Freezing orders 24 Consequences of freezing order 25 Period of effect etc of freezing order 26 Validation of action in contravention of freezing order 27 Effect of determination to wind up scheme on freezing order 28 Effect of winding up order on freezing order 29 Effect of assessment period under Part 2 on freezing order 30 Power to give a direction where freezing order ceases to have effect 31 Notification of trustees, managers, employers and members 32 Sections 23 to 31: supplementary 33 Prohibition orders 34 Suspension orders 35 Appointments of trustees by the Regulator 36 Independent trustees 37 Disqualification 38 Contribution notices where avoidance of employer debt 38A Section 38 contribution notice: meaning of “material detriment test” 38B Section 38 contribution notice issued by reference to material detriment test: defence 38C Section 38 contribution notice: meaning of “employer insolvency test” 38D Section 38 contribution notice issued by reference to employer insolvency test: defence 38E Section 38 contribution notice: meaning of “employer resources test” 38F Section 38 contribution notice issued by reference to employer resources test: defence 39 The sum specified in a section 38 contribution notice 39A Section 38 contribution notice: transfer of members of the scheme 39B Section 39A: supplemental 40 Content and effect of a section 38 contribution notice 41 Section 38 contribution notice: relationship with employer debt 42 Section 38 contribution notice: clearance statements 42A Offence of failing to comply with a section 38 contribution notice 42B Financial penalty for failure to comply with a section 38 contribution notice 43 Financial support directions 43A Financial support directions: transfer of members of the scheme 43B Section 43A: supplemental 44 Meaning of “service company” and “insufficiently resourced” 45 Meaning of “financial support” 46 Financial support directions: clearance statements 47 Contribution notices where non-compliance with financial support direction 48 The sum specified in a section 47 contribution notice 49 Content and effect of a section 47 contribution notice 50 Section 47 contribution notice: relationship with employer debt 51 Sections 43 to 50: interpretation 52 Restoration orders where transactions at an undervalue 53 Restoration orders: supplementary 54 Content and effect of a restoration order 55 Contribution notice where failure to comply with restoration order 56 Content and effect of a section 55 contribution notice 57 Sections 38 to 56: partnerships and limited liability partnerships 58 Regulator’s right to apply under section 423 of Insolvency Act 1986 58A Offence of avoidance of employer debt 58B Offence of conduct risking accrued scheme benefits 58C Financial penalty for avoidance of employer debt 58D Financial penalty for conduct risking accrued scheme benefits 59 Register of occupational and personal pension schemes 60 Registrable information 61 The register: inspection, provision of information and reports etc 62 The register: duties of trustees or managers 63 Duty of the Regulator to issue scheme return notices 64 Duty of trustees or managers to provide scheme return 65 Scheme returns: supplementary 66 Register of prohibited trustees 67 Accessibility of register of prohibited trustees 68 Information relevant to the Board 69 Duty to notify the Regulator of certain events 69A Duty to give notices and statements to the Regulator in respect of certain events 70 Duty to report breaches of the law 70A Duty to report late payment of employer contributions 71 Reports by skilled persons 72 Provision of information 72A Interviews 73 Inspection of premises 74 Inspection of premises in respect of employers' obligations 75 Inspection of premises: powers of inspectors 76 Inspection of premises: supplementary 77 Penalties relating to sections 72 to 75 77A Fixed penalty notices 77B Escalating penalty notices 78 Warrants 79 Sections 72 to 78: interpretation 80 Offences of providing false or misleading information 80A Financial penalty for providing false or misleading information to Regulator 80B Financial penalty for providing false or misleading information to trustees or managers 81 Use of information 82 Restricted information 83 Information supplied to the Regulator by corresponding overseas authorities 84 Disclosure for facilitating exercise of functions by the Regulator 85 Disclosure for facilitating exercise of functions by the Board 86 Disclosure for facilitating exercise of functions by other supervisory authorities 87 Other permitted disclosures 88 Tax information etc 88A Financial penalties 88B Financial penalties: time for recovery 88C Financial penalties: recovery 89 Publishing reports etc 89A Reports about misappropriation etc in public service pension schemes 90 Codes of practice 90A Codes of practice: public service pension schemes 91 Procedure for issue and publication of codes of practice 92 Revocation of codes of practice 93 The Regulator’s procedure in relation to its regulatory functions 94 Publication of procedure in relation to regulatory functions 95 Application of standard and special procedure 96 Standard procedure 97 Special procedure: applicable cases 98 Special procedure 99 Compulsory review 100 Duty to have regard to the interests of members etc 101 Powers to vary or revoke orders, notices or directions etc 102 The Pensions Regulator Tribunal 102A Offences 103 References in relation to decisions of Regulator 104 Appeal on a point of law 105 Redetermination etc by the Tribunal 106 Legal assistance scheme 107 The Board of the Pension Protection Fund 108 Membership of the Board 109 Further provision about the Board 110 Board’s functions 111 Supplementary powers 112 Non-executive functions 113 Investment of funds 114 Investment principles 115 Borrowing 115A Loans made by the Secretary of State 116 Grants 117 Administration levy 119 Annual reports to Secretary of State 120 Duty to notify insolvency events in respect of employers 121 Insolvency event, insolvency date and insolvency practitioner 122 Insolvency practitioner’s duty to issue notices confirming status of scheme 123 Approval of notices issued under section 122 124 Board’s duty where there is a failure to comply with section 122 125 Binding notices confirming status of scheme 126 Eligible schemes 127 Duty to assume responsibility for schemes following insolvency event 128 Duty to assume responsibility for schemes following application or notification 129 Applications and notifications for the purposes of section 128 130 Board’s duty where application or notification received under section 129 131 Protected liabilities 132 Assessment periods 133 Admission of new members, payment of contributions etc 134 Directions 135 Restrictions on winding up, discharge of liabilities etc 136 Power to validate contraventions of section 135 137 Board to act as creditor of the employer 138 Payment of scheme benefits 139 Loans to pay scheme benefits 140 Reviewable ill health pensions 141 Effect of a review 142 Sections 140 and 141: interpretation 143 Board’s obligation to obtain valuation of assets and protected liabilities 143A Determinations under section 143 144 Approval of valuation 145 Binding valuations 146 Schemes which become eligible schemes 147 New schemes created to replace existing schemes 148 Withdrawal following issue of section 122(4) notice 149 Circumstances in which Board ceases to be involved with an eligible scheme 150 Consequences of the Board ceasing to be involved with a scheme 151 Application for reconsideration 152 Duty to assume responsibility following reconsideration 153 Closed schemes 154 Requirement to wind up schemes with sufficient assets to meet protected liabilities 155 Treatment of closed schemes 156 Valuations of closed schemes 157 Applications and notifications where closed schemes have insufficient assets 158 Duty to assume responsibility for closed schemes 159 Closed schemes: further assessment periods 160 Transfer notice 161 Effect of Board assuming responsibility for a scheme 162 The pension compensation provisions 163 Adjustments to be made where the Board assumes responsibility for a scheme 164 Postponement of compensation entitlement for the assessment period 165 Guaranteed minimum pensions 166 Duty to pay scheme benefits unpaid at assessment date etc 167 Modification of Chapter where liabilities discharged during assessment period 168 Administration of compensation 168A Charges in respect of pension sharing etc 169 Discharge of liabilities in respect of compensation 170 Discharge of liabilities in respect of money purchase benefits 171 Equal treatment 172 Relationship with fraud compensation regime 173 Pension Protection Fund 174 Initial levy 175 Pension protection levies 176 Supplementary provisions about pension protection levies 177 Amounts to be raised by the pension protection levies 178 The levy ceiling 179 Valuations to determine scheme underfunding 180 Pension protection levies during the transitional period 181 Calculation, collection and recovery of levies 181A Pension protection levy: interest for late payment 182 Cases where fraud compensation payments can be made 183 Board’s duties in respect of certain applications under section 182 184 Recovery of value 185 Fraud compensation payments 186 Interim payments 187 Board’s powers to make fraud compensation transfer payments 188 Fraud Compensation Fund 189 Fraud compensation levy 190 Information to be provided to the Board etc 191 Notices requiring provision of information 192 Entry of premises 193 Penalties relating to sections 191 and 192 194 Warrants 195 Offence of providing false or misleading information to the Board 196 Use of information 197 Restricted information 198 Disclosure for facilitating exercise of functions by the Board 199 Disclosure for facilitating exercise of functions by the Regulator 200 Disclosure for facilitating exercise of functions by other supervisory authorities 201 Other permitted disclosures 202 Tax information 203 Provision of informationto members of schemes etc 204 Sections 190 to 203: interpretation 205 Publishing reports etc 206 Meaning of “reviewable matters” 207 Review and reconsideration by the Board of reviewable matters 208 Investigation by the Board of complaints of maladministration 209 The Ombudsman for the Board of the Pension Protection Fund 210 Deputy PPF Ombudsmen 211 Status etc of the PPF Ombudsman and deputies 212 Annual reports to Secretary of State 212A Accounts and audit 213 Reference of reviewable matter to the PPF Ombudsman 214 Investigation by PPF Ombudsman of complaints of maladministration 215 Referral of questions of law 216 Publishing reports etc 217 Determinations of the PPF Ombudsman 218 Obstruction etc of the PPF Ombudsman 219 Backdating the winding up of eligible schemes 220 Pension sharing 221 Pension schemes to which this Part applies 221A Funding and investment strategy 221B Statement of strategy 222 The statutory funding objective 223 Statement of funding principles 224 Actuarial valuations and reports 225 Certification of technical provisions 226 Recovery plan 227 Schedule of contributions 228 Failure to make payments 229 Matters requiring agreement of the employer 230 Matters on which advice of actuary must be obtained 231 Powers of the Regulator 231A Requirements for winding up procedure 232 Power to modify provisions of this Part 233 Construction as one with the Pensions Act 1995 234 Promoting and facilitating financial planning for retirement 235 Supply of information for purposes of section 234 236 Use and supply of information: private pensions policy and retirement planning 238A Qualifying pensions dashboard service 238B Qualifying pension dashboard service: further provision 238C Sections 238A and 238B: interpretation 238D Information from occupational pension schemes 238E Information from occupational pension schemes: further provision 238F Sections 238D and 238E: interpretation 238G Compliance 239 Categories of pension scheme 241 Requirement for member-nominated trustees 242 Requirement for member-nominated directors of corporate trustees 243 Member-nominated trustees and directors: supplementary 244 Investment principles 245 Power to make regulations governing investment by trustees 246 Borrowing by trustees 247 Requirement for knowledge and understanding: individual trustees 248 Requirement for knowledge and understanding: corporate trustees 248A Requirement for knowledge and understanding: pension boards of public service pension schemes 249 Requirement for knowledge and understanding: supplementary 249A Requirement for an effective system of governance 249B Requirement for internal controls: public service pension schemes 250 Payment of surplus to employer 251 Payment of surplus to employer: transitional power to amend scheme 252 UK-based scheme to be trust with effective rules 253 Non-UK scheme to be trust with UK-resident trustee 254 Representative of non-UK scheme to be treated as trustee 255 Activities of occupational pension schemes 256 No indemnification for fines or civil penalties 257 Conditions for pension protection 258 Form of protection 259 Consultation by employers: occupational pension schemes 260 Consultation by employers: personal pension schemes 261 Further provisions about regulations relating to consultation 262 Modification of subsisting rights 263 Increase in age at which short service benefit must be payable 264 Early leavers: cash transfer sums and contribution refunds 265 Paternity leave and adoption leave 266 Inalienability of occupational pension 267 Voluntary contributions 268 Payments made by employers to personal pension schemes 269 Payments made by employers and members to occupational pension schemes 270 Winding up 271 Debt due from the employer when assets insufficient 272 Debt due from the employer in the case of multi-employer schemes 274 The Pensions Ombudsman and Deputy Pensions Ombudsmen 275 Jurisdiction 276 Investigations 277 Amendments relating to the Pensions Compensation Board 278 Annual increase in rate of certain occupational pensions 279 Annual increase in rate of certain personal pensions 280 Power to increase pensions giving effect to pension credits etc 281 Exemption from statutory revaluation requirement 282 Meaning of “working life” in Pension Schemes Act 1993 283 Power to prescribe conditions by reference to Inland Revenue approval 284 Restrictions on commutation and age at which benefits may be received 285 Meaning of “stakeholder pension scheme” 286 Financial assistance scheme for members of certain pension schemes 286A Restriction on purchase of annuities 296 Persons entitled to more than one Category B retirement pension 297 Deferral of retirement pensions and shared additional pensions 298 Disclosure of state pension information 299 Claims for certain benefits following termination of reciprocal agreement with Australia 300 Dissolution of OPRA 301 Transfer of employees from OPRA to the Regulator 302 Dissolution of the Pensions Compensation Board 303 Service of notifications and other documents 304 Notification and documents in electronic form 305 Timing and location of things done electronically 306 Overriding requirements 307 Modification of this Act in relation to certain categories of schemes 309 Offences by bodies corporate and partnerships 310 Admissibility of statements 311 Protected items 312 Liens 313 Crown application 314 Breach of regulations 315 Subordinate legislation (general provisions) 316 Parliamentary control of subordinate legislation 317 Consultations about regulations 318 General interpretation 319 Minor and consequential amendments 320 Repeals and revocations 321 Pre-consolidation amendments 322 Commencement 323 Extent 324 Northern Ireland 325 Short title SCHEDULE 1 The Pensions Regulator SCHEDULE 2 The reserved regulatory functions SCHEDULE 3 Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions SCHEDULE 5 The Board of the Pension Protection Fund SCHEDULE 6 Transfer of property, rights and liabilities to the Board SCHEDULE 7 Pension compensation provisions SCHEDULE 8 Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions SCHEDULE 9 Reviewable matters SCHEDULE 10 Use and supply of information: private pensions policy and retirement planning SCHEDULE 11 Deferral of retirement pensions and shared additional pensions SCHEDULE 12 Minor and consequential amendments SCHEDULE 13 Repeals and revocations
What to do with it
As published
12 Provision of information, education and assistance
(1) The Regulator may provide such information, education and assistance as it considers appropriate to those involved in—
(a) the administration of work-based pension schemes, or
(b) advising the trustees or managers in relation to such schemes as to their operation.
(2) To 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—
(a) employers in relation to work-based pension schemes,
(b) persons involved in advising such employers as to the operation of such schemes, or
(c) persons upon whom duties are imposed by or by virtue of section 238 (information and advice to employees).
(3) For 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).
(4) In 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).
Your wording
Your change, as a redline
12 Provision of information, education and assistance
(1) The Regulator may provide such information, education and assistance as it considers appropriate to those involved in—
(a) the administration of work-based pension schemes, or
(b) advising the trustees or managers in relation to such schemes as to their operation.
(2) To 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—
(a) employers in relation to work-based pension schemes,
(b) persons involved in advising such employers as to the operation of such schemes, or
(c) persons upon whom duties are imposed by or by virtue of section 238 (information and advice to employees).
(3) For 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).
(4) In 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).
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.