207 Review and reconsideration by the Board of reviewable matters
(1) Regulations must—
(a) provide for the Board, on the written application of an interested person, to give a decision (“a review decision”) on any reviewable matter, and
(b) require a committee of the Board constituted for the purposes of this section (the “Reconsideration Committee”), on the written application of an interested person following a review decision, to reconsider the reviewable matter and give a decision (“a reconsideration decision”).
(2) In subsection (1), “interested person” in relation to a reviewable matter, means a person of a description prescribed in relation to reviewable matters of that description.
(3) Regulations under subsection (1) may—
(a) permit a review decision in respect of a reviewable matter of a prescribed description to be made otherwise than on an application, and
(b) permit a reconsideration decision in respect of such a matter to be made otherwise than on an application.
(4) Regulations under subsection (1) must provide for the Board’s powers on making a review decision or reconsideration decision to include power—
(a) to vary or revoke the determination, direction or other decision already made by the Board in respect of the reviewable matter,
(b) to substitute a different determination, direction or decision,
(c) to provide for such variations, revocations or substitutions, or any determinations, directions or other decisions made as a result of the review decision or reconsideration decision, to be treated as if they were made at such time (which may be a time prior to the making of the review decision or reconsideration decision) as the Board considers appropriate,
(d) to provide for any notice varied, substituted, issued or given by the Board as a result of the review decision or reconsideration decision, to be treated as if it were issued or given at such time (which may be a time prior to the making of the review decision or reconsideration decision) as the Board considers appropriate,
(e) generally to deal with the matters arising on the review decision or reconsideration decision as if they had arisen on the original determination, direction or decision,
(f) to pay such compensation as the Board considers appropriate to such persons as it may determine, and
(g) to make savings and transitional provision.
(5) Regulations under subsection (1) must include provision—
(a) about applications under the regulations for a review decision or reconsideration decision in respect of a reviewable matter, including the times by which they are to be made,
(b) requiring notice—
(i) of such applications, or
(ii) of a decision of the Board or the Reconsideration Committee by virtue of subsection (3) to give a review decision or reconsider a reviewable matter otherwise than on such an application,
to be given to interested persons in relation to the matter,
(c) with a view to securing that individuals concerned in giving a reconsideration decision were not concerned in the reviewable matter in respect of which the decision is to be made,
(d) as to the procedure for reaching and giving decisions under the regulations, including—
(i) rights of interested persons to make representations to the Reconsideration Committee on a reconsideration under regulations made under subsection (1)(b), and
(ii) the times by which decisions are to be given, and
(e) requiring notice of the review decision or the reconsideration decision in respect of a reviewable matter to be given to interested persons in relation to the matter.
(6) Provision required by subsection (5)(c) may modify paragraphs 15 and 16 of Schedule 5 (membership and procedure of committees of the Board).
208 Investigation by the Board of complaints of maladministration
(1) Regulations must make provision for dealing with relevant complaints.
(2) For the purposes of this Chapter, “relevant complaint” means a complaint—
(a) by a person who is or might become entitled to compensation under the pension compensation provisions, or
(b) by a person who has or may make an application under section 182 (fraud compensation),
alleging that he has sustained injustice in consequence of maladministration in connection with any act or omission by the Board or any person exercising functions on its behalf.
(3) Regulations under subsection (1) must—
(a) provide for the Board to investigate and give decisions on matters complained of in relevant complaints, and
(b) provide for a committee of the Board, on applications following such decisions, to investigate matters complained of and give decisions on them.
(4) Such regulations may, in particular, make provision—
(a) about the making of relevant complaints and applications under the regulations, including the times by which they are to be made,
(b) with a view to securing that individuals concerned in giving a decision were not concerned in the matter which is the subject of the relevant complaint in question,
(c) as to the procedure for reaching and giving decisions under the regulations, including—
(i) rights of prescribed persons to make representations to the Board, on an investigation under regulations made under subsection (3)(b), and
(ii) the times by which decisions are to be given, and
(d) requiring notice—
(i) of a relevant complaint under the regulations, or
(ii) of a decision under the regulations in respect of the complaint,
to be given to prescribed persons in relation to the matter.
(5) Regulations under subsection (1) may confer power on the Board to pay such compensation as it considers appropriate to such persons as it considers have sustained injustice in consequence of the matters complained of.
(6) The power conferred by subsection (4)(b) includes power to modify paragraphs 15 and 16 of Schedule 5 (membership and procedure of committees of the Board).
209 The Ombudsman for the Board of the Pension Protection Fund
(1) There is to be a commissioner to be known as the Ombudsman for the Board of the Pension Protection Fund (in this Act referred to as “the PPF Ombudsman”).
(2) The PPF Ombudsman is to be appointed by the Secretary of State on such terms and conditions as are determined by the Secretary of State.
(3) The PPF Ombudsman—
(a) is to hold and vacate office in accordance with the terms and conditions of his appointment, and
(b) may resign or be removed from office in accordance with those terms and conditions.
(4) The Secretary of State may by order make provision—
(a) about the payment, or provision for payment, of remuneration, compensation for loss of office, pension, allowances or gratuities to or in respect of the PPF Ombudsman;
(b) about the reimbursement of the PPF Ombudsman in respect of any expenses incurred by him in the performance of his functions;
(c) about the staff of the PPF Ombudsman and the provision of facilities (including additional staff) to him;
(d) about the delegation of the functions of the PPF Ombudsman to his staff or to any such additional staff;
(e) authorising the PPF Ombudsman—
(i) to charge such fees as are specified in the order;
(ii) to charge fees sufficient to meet such costs as are specified in the order;
(f) conferring powers to enable the PPF Ombudsman to obtain such information and documents as he may require for the performance of his functions;
(g) about restrictions on the disclosure of information held by him.
(5) An order under subsection (4)(e)—
(a) may prescribe, or authorise the PPF Ombudsman to determine, the time at which any fee is due, and
(b) provide that any fee which is owed to the PPF Ombudsman by virtue of an order under subsection (4)(e) may be recovered as a debt due to the PPF Ombudsman.
(6) The Secretary of State must pay to the PPF Ombudsman out of money provided by Parliament such sums as may be required to be paid by the Secretary of State to or in respect of the PPF Ombudsman by virtue of an order under subsection (4).
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) The Secretary of State may appoint one or more persons to act as a deputy to the PPF Ombudsman (in this Chapter referred to as “a Deputy PPF Ombudsman”).
(2) Any such appointment is to be on such terms and conditions as the Secretary of State determines.
(3) A Deputy PPF Ombudsman—
(a) is to hold and vacate office in accordance with the terms and conditions of his appointment, and
(b) may resign or be removed from office in accordance with those terms and conditions.
(4) A Deputy PPF Ombudsman may perform the functions of the PPF Ombudsman—
(a) during any vacancy in that office,
(b) at any time when the PPF Ombudsman is for any reason unable to discharge his functions, or
(c) at any other time, with the consent of the Secretary of State.
(5) References to the PPF Ombudsman in relation to the performance of his functions are accordingly to be construed as including references to a Deputy PPF Ombudsman in relation to the performance of those functions.
(6) An order by the Secretary of State under section 209(4) may make provision—
(a) about the payment, or provision for payment, of remuneration, compensation for loss of office, pension, allowances or gratuities to or in respect of a Deputy PPF Ombudsman;
(b) about the reimbursement of any expenses incurred by a Deputy PPF Ombudsman in the performance of any of the PPF Ombudsman’s functions.
(1) In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) (other disqualifying offices), at the appropriate place insert— “ Ombudsman for the Board of the Pension Protection Fund and any deputy to that Ombudsman appointed under section 210 of the Pensions Act 2004. ”
(2) In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (c. 25) (other disqualifying offices), at the appropriate place insert— “ Ombudsman for the Board of the Pension Protection Fund and any deputy to that Ombudsman appointed under section 210 of the Pensions Act 2004. ”
(3) The persons to whom section 1 of the Superannuation Act 1972 (c. 11) (persons to or in respect of whom benefits may be provided by schemes under that section) applies are to include—
the PPF Ombudsman
a Deputy PPF Ombudsman
the employees of the PPF Ombudsman.
(4) The PPF Ombudsman must pay to the Minister for the Civil Service, at such times as he may direct, such sums as he may determine in respect of the increase attributable to subsection (3) in the sums payable out of money provided by Parliament under that Act.
(5) In Schedule 4 to the Parliamentary Commissioner Act 1967 (c. 13) (relevant tribunals for the purposes of section 5(7) of that Act), at the appropriate place insert— “ The Ombudsman for the Board of the Pension Protection Fund established under section 209 of the Pensions Act 2004. ”
(1) The PPF Ombudsman must prepare a report on the discharge of his functions for each financial year.
(2) The PPF Ombudsman must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.
(3) The Secretary of State must arrange for the publication of each report sent to him under subsection (2).
(4) In this section “financial year” means—
(a) the period beginning with the date on which the PPF Ombudsman is established and ending with the next following 31st March, and
(b) each successive period of 12 months.
(1) As soon as is reasonably practicable, the PPF Ombudsman shall send to the Comptroller and Auditor General a statement of the PPF Ombudsman’s accounts in respect of a financial year.
(2) The Comptroller and Auditor General shall—
(a) examine, certify and report on a statement received under this section; and
(b) send a copy of the statement and the report to the Secretary of State who shall lay them before Parliament.
(3) In this section “financial year” means a period of 12 months ending with 31st March.
213 Reference of reviewable matter to the PPF Ombudsman
(1) Regulations must make provision—
(a) for a reviewable matter to be referred to the PPF Ombudsman following a reconsideration decision under regulations made under subsection (1)(b) or by virtue of subsection (3)(b) of section 207 in respect of the matter, and
(b) for the PPF Ombudsman—
(i) to investigate and determine what (if any) is the appropriate action for the Board to take in relation to the matter, and
(ii) to remit the matter to the Board with directions for the purpose of giving effect to his determination.
(2) Regulations under subsection (1) must make provision about the making of references to the PPF Ombudsman, including provision—
(a) about the descriptions of persons who may make them,
(b) about the manner of making such references, including the times by which they are to be made, and
(c) for prescribed persons to be notified of—
(i) references made under the regulations, and
(ii) determinations and directions given under the regulations.
(3) Regulations under subsection (1) must—
(a) require the PPF Ombudsman to conduct an oral hearing in relation to any reviewable matter referred to him under the regulations or to dispose of the matter on the basis of written representations,
(b) enable the PPF Ombudsman to consider evidence relating to the matter which was not available to the Board or the Reconsideration Committee, and
(c) make other provision about the procedure for conducting investigations, and reaching and giving determinations, under the regulations, including the times by which determinations are to be given.
(4) The provision that may be made by virtue of subsection (3)(c) includes provision—
(a) conferring rights on prescribed persons—
(i) to make representations to the PPF Ombudsman in relation to a reviewable matter referred to him by virtue of this section,
(ii) to be heard or represented at any oral hearing by the PPF Ombudsman in relation to such a matter,
(b) about the consideration of evidence by the PPF Ombudsman, including—
(i) production of documents,
(ii) oral hearings,
(iii) expert evidence,
(iv) attendance of witnesses,
(c) conferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,
(d) as to the costs or expenses of prescribed persons,
(e) conferring rights on prescribed persons to apply for a stay (or in Scotland, for a sist) in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying (or sisting) the proceedings if it is satisfied of prescribed matters, and
(f) for securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.
(5) Regulations under subsection (1) may include provision—
(a) conferring power on the PPF Ombudsman to direct the Board to pay such compensation as he considers appropriate to such persons as he may direct,
(b) conferring power on the Board to make such payments,
(c) conferring power on the PPF Ombudsman to direct that—
(i) any determinations, directions or other decisions which are made by the Board in accordance with any determination or direction given by him, or
(ii) any variations, revocations or substitutions of its determinations, directions or other decisions which are made by the Board in accordance with any determination or direction given by him,
are to be treated as if they were made at such time (which may be a time prior to his determination or direction) as he considers appropriate,
(d) conferring power on the PPF Ombudsman to direct that any notice varied, substituted, issued or given by the Board in accordance with any determination or direction given by him is to be treated—
(i) as if it were issued or given at such time (which may be a time prior to his determination or direction) as he considers appropriate;
(ii) as if it became binding for the purposes of this Part at the time at which he gives his determination or direction or at such later time as he considers appropriate,
(e) prescribing the circumstances in which any determination or other act of the Board in accordance with any determination or direction given by the PPF Ombudsman, is not to be treated as being a reviewable matter for the purposes of this Chapter, and
(f) conferring such other powers on the Board as may be required when a matter is remitted to it (including such powers as the Board may have on making a review decision or a reconsideration decision under regulations made under section 207(1)).
214 Investigation by PPF Ombudsman of complaints of maladministration
(1) Regulations must provide for the investigation and determination by the PPF Ombudsman of such matters as may be prescribed following decisions on relevant complaints given by the Board or the committee of the Board referred to in section 208(3)(b) under regulations made under that section.
(2) Regulations under this section must make provision—
(a) prescribing the descriptions of person who may refer matters to the PPF Ombudsman under the regulations,
(b) about the manner in which such references may be made, including the times by which they are to be made,
(c) about the procedure for conducting investigations, and reaching and giving determinations, on such references, including the times by which the determinations are to be given,
(d) about the powers of the PPF Ombudsman on making such determinations, including—
(i) the power to direct the Board to pay such compensation as he considers appropriate to such persons as he considers have sustained injustice in consequence of the matters complained of, and
(ii) the power to direct the Board to take or refrain from taking such other steps as he may specify,
(e) conferring such powers on the Board as are necessary to comply with such requirements,
(f) for prescribed persons to be notified of—
(i) references to the PPF Ombudsman under the regulations, and
(ii) determinations and directions by the PPF Ombudsman under the regulations,
(g) conferring rights on prescribed persons—
(i) to make representations to the PPF Ombudsman in relation to a matter referred to him by virtue of this section,
(ii) to be heard or represented at any oral hearing by the PPF Ombudsman in relation to such a matter,
(h) about the consideration of evidence by the PPF Ombudsman, including—
(i) production of documents,
(ii) oral hearings,
(iii) expert evidence,
(iv) attendance of witnesses,
(i) conferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,
(j) as to the costs or expenses of prescribed persons,
(k) conferring rights on prescribed persons to apply for a stay (or in Scotland, for a sist) in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying (or sisting) the proceedings if it is satisfied of prescribed matters, and
(l) for securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.
The PPF Ombudsman may refer any question of law arising for determination in connection with—
(a) a reviewable matter referred to him by virtue of regulations under section 213, or
(b) a matter referred to him by virtue of regulations under section 214,
to, in England and Wales, the High Court or, in Scotland, the Court of Session.
(1) If the PPF Ombudsman considers it appropriate to do so in any particular case, he may publish in such form and manner as he considers appropriate a report of any investigation carried out by virtue of regulations under section 213 or 214 and of the result of that investigation.
(2) For the purposes of the law of defamation, the publication of any matter by the PPF Ombudsman under or by virtue of any provision of this Chapter shall be absolutely privileged.
(1) A person bound by a determination or direction by the PPF Ombudsman by virtue of regulations made under section 213 or 214 may appeal on a point of law arising from the determination or direction—
(a) in England and Wales, to the High Court, or
(b) in Scotland, to the Court of Session.
(2) Any determination or direction of the PPF Ombudsman is enforceable—
(a) in England and Wales, in the county court as if it were a judgment or order of that court, and
(b) in Scotland, in like manner as an extract registered decree arbitral bearing warrant for execution issued by the sheriff court of any sheriffdom in Scotland.
(1) This section applies if any person—
(a) without lawful excuse obstructs the PPF Ombudsman in the performance of his functions, or
(b) is guilty of any act or omission in relation to an investigation by the PPF Ombudsman under regulations made under section 213 or 214, which, if that investigation were a proceeding in the court, would constitute contempt of court.
(2) The PPF Ombudsman may certify the offence to the court.
(3) Where an offence is certified under subsection (2), the court may—
(a) inquire into the matter,
(b) hear any witnesses who may be produced against or on behalf of the person charged with the offence and any statement that may be offered in defence, and
(c) deal with him in any manner in which the court could deal with him if he had committed the like offence in relation to the court.
(4) This section is to be construed, in its application to Scotland, as if contempt of court were categorised as an offence in Scots law.
(5) In this section “the court” means—
(a) in England and Wales, the county court;
(b) in Scotland, the sheriff.
(1) Subsection (3) applies where—
(a) a qualifying insolvency event occurs in relation to the employer in relation to an eligible scheme, and
(b) the winding up of the scheme begins at or after the time of that event but not later than the first of the following events in relation to the scheme—
(i) a scheme failure notice or a withdrawal notice issued under section 122(2) in relation to the scheme becoming binding,
(ii) a withdrawal notice issued under section 148 in relation to the scheme becoming binding, or
(iii) a notice issued under section 122(4) becoming binding in a case where section 148 does not apply.
(2) Subsection (3) also applies where—
(a) the trustees or managers of an eligible scheme—
(i) make an application to the Board under subsection (1) of section 129, or
(ii) receive a notice from the Board under subsection (5)(a) of that section, and
(b) the winding up of the scheme begins—
(i) at or after the time the application is made or notice is received, but
(ii) not later than a scheme failure notice or a withdrawal notice issued under section 130(2) or (3) in relation to the scheme becoming binding.
(3) The winding up of the scheme is to be taken as beginning immediately before the event within subsection (1)(a) or, as the case may be, subsection (2)(a) if—
(a) the winding up is in pursuance of an order of the Regulator under section 11 of the Pensions Act 1995 (c. 26) directing the winding up of the scheme, or
(b) in any other case, the trustees or managers of the scheme so determine.
(4) In a case where subsection (3) applies, the Regulator may by order direct any person specified in the order—
(a) to take such steps as are so specified as it considers are necessary as a result of the winding up of the scheme beginning in accordance with that subsection, and
(b) to take those steps within a period specified in the order.
(5) If the trustees or managers of a scheme fail to comply with a direction to them contained in an order under subsection (4), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(6) That section also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under subsection (4).
(7) For the purposes of this section “qualifying insolvency event” has the same meaning as in section 127.
(8) Subsection (4) of section 128 applies for the purposes of subsection (2) of this section as it applies for the purposes of subsection (1) of that section.
(9) This section is to be read subject to section 135 (which restricts the winding up of an eligible scheme during an assessment period).
(1) Regulations may modify any of the provisions of this Part as it applies in relation to—
(a) cases where a person’s shareable rights under an eligible scheme have (at any time) become subject to a pension debit;
(b) cases where—
(i) a pension sharing order or provision in respect of such rights is made before the time a transfer notice under section 160 is received by the trustees or managers of the eligible scheme, and
(ii) that order or provision takes effect on or after the receipt by them of the notice.
(2) Regulations may also modify any of the provisions of Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (c. 30) (pension sharing) as it applies in relation to—
(a) cases within subsection (1)(a) where any liability of the trustees or managers of the eligible scheme in respect of a pension credit was not discharged before the time a transfer notice under section 160 was received by the trustees or managers of the eligible scheme;
(b) cases within subsection (1)(b).
(3) In this section—
“pension debit” and “shareable rights” have the same meaning as in Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (c. 30) (pension sharing);
“pension sharing order or provision” means an order or provision falling within section 28(1) of that Act (activation of pension sharing).
(1) The provisions of this Part apply to every occupational pension scheme other than—
(a) a money purchase scheme, or
(b) a prescribed scheme or a scheme of a prescribed description.
(2) Regulations under subsection (1)(b) may provide for exemptions from all or any of the provisions of this Part.
(1) The trustees or managers must determine, and from time to time review and if necessary revise, a strategy for ensuring that pensions and other benefits under the scheme can be provided over the long term.
This is referred to in this Part as a “funding and investment strategy”.
(2) The strategy must, in particular, specify—
(a) the funding level the trustees or managers intend the scheme to have achieved as at the relevant date or relevant dates, and
(b) the investments the trustees or managers intend the scheme to hold on the relevant date or relevant dates.
(3) In subsection (2)—
(a) “funding level” means the ratio of the scheme's assets to its liabilities;
(b) “relevant date” means a date determined in accordance with regulations.
(4) Provision may be made by regulations—
(a) requiring the trustees or managers of a scheme, in determining or revising a funding and investment strategy, to take into account prescribed matters and follow prescribed principles;
(b) as to the level of detail required in a funding and investment strategy;
(c) as to the period within which a funding and investment strategy must be determined;
(d) requiring a funding and investment strategy to be reviewed, and if necessary revised, at such intervals and on such occasions as may be prescribed.
(5) The provision that may be made by virtue of subsection (4)(a) includes provision requiring the trustees or managers, in specifying a funding level for the purposes of subsection (2)(a), to adopt prescribed actuarial methods or assumptions.
(6) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) The trustees or managers must, as soon as reasonably practicable after determining or revising the scheme's funding and investment strategy, prepare a written statement of—
(a) the scheme's funding and investment strategy, and
(b) the supplementary matters set out in subsection (2).
(2) The supplementary matters are—
(a) the extent to which, in the opinion of the trustees or managers, the funding and investment strategy is being successfully implemented and, where it is not, the steps they propose to take to remedy the position (including details as to timing);
(b) the main risks faced by the scheme in implementing the funding and investment strategy and how the trustees or managers intend to mitigate or manage them;
(c) reflections of the trustees or managers on any significant decisions taken by them in the past that are relevant to the funding and investment strategy (including any lessons learned that have affected other decisions or may do so in the future);
(d) such other matters as may be prescribed.
(3) In this Part—
(a) a statement under subsection (1) is referred to as a “statement of strategy”;
(b) the text included in a statement of strategy by virtue of subsection (1)(a) is referred to as “Part 1” of the statement;
(c) the text included in a statement of strategy by virtue of subsection (1)(b) is referred to as “Part 2” of the statement.
(4) The trustees or managers must from time to time, and at such times and on such occasions as may be prescribed—
(a) review Part 2 of the scheme's statement of strategy, and
(b) if necessary in the light of that review, revise that Part and prepare a replacement statement of strategy incorporating it.
(5) The trustees or managers must consult the employer when preparing or revising Part 2 of a statement of strategy.
(6) A statement of strategy prepared for a trust scheme must be signed on behalf of the trustees by a person who—
(a) is the chair of the trustees, and
(b) meets such other conditions as may be prescribed.
(7) Where subsection (6) cannot be complied with because the trustees of a trust scheme do not have a chair, they must appoint one.
(8) Provision may be made by regulations—
(a) requiring the trustees or managers of a scheme, in preparing or revising Part 2 of a statement of strategy, to take into account prescribed matters and follow prescribed principles;
(b) as to the level of detail required in Part 2 of a statement of strategy;
(c) as to the form of a statement of strategy;
(d) requiring the trustees or managers of a scheme to send a statement of strategy to the Regulator at such times and on such occasions as may be prescribed.
(9) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) Every scheme is subject to a requirement (“the statutory funding objective”) that it must have sufficient and appropriate assets to cover its technical provisions.
(2) A scheme’s “technical provisions” means the amount required, on an actuarial calculation, to make provision for the scheme’s liabilities.
(2A) The scheme's technical provisions shall be calculated in a way that is consistent with the scheme's funding and investment strategy, as set out in the scheme's statement of strategy.
(3) For the purposes of this Part—
(a) the assets to be taken into account and their value shall be determined, calculated and verified in a prescribed manner, and
(b) the liabilities to be taken into account shall be determined in a prescribed manner and , subject to subsection (2A), the scheme’s technical provisions shall be calculated in accordance with any prescribed methods and assumptions.
(4) Regulations may—
(a) provide for alternative prescribed methods and assumptions,
(b) provide that it is for the trustees or managers to determine which methods and assumptions are to be used in calculating a scheme’s technical provisions, and
(c) require the trustees or managers, in making their determination, to take into account prescribed matters and follow prescribed principles.
(5) Any provision of the scheme rules that limits the amount of the scheme’s liabilities by reference to the value of its assets shall be disregarded.
(1) The trustees or managers must prepare, and from time to time review and if necessary revise, a written statement of—
(a) their policy for securing that the statutory funding objective is met, and
(b) such other matters as may be prescribed.
This is referred to in this Part as a “statement of funding principles”.
(2) The statement must, in particular, record any decisions by the trustees or managers as to—
(a) the methods and assumptions to be used in calculating the scheme’s technical provisions, and
(b) the period within which, and manner in which, any failure to meet the statutory funding objective is to be remedied.
(3) Provision may be made by regulations—
(a) as to the period within which a statement of funding principles must be prepared, and
(b) requiring it to be reviewed, and if necessary revised, at such intervals, and on such occasions, as may be prescribed.
(4) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) The trustees or managers must obtain actuarial valuations—
(a) at intervals of not more than one year or, if they obtain actuarial reports for the intervening years, at intervals of not more than three years, and
(b) in such circumstances and on such other occasions as may be prescribed.
(2) In this Part—
(a) an “actuarial valuation” means a written report, prepared and signed by the actuary, valuing the scheme’s assets and calculating its technical provisions,
(b) the effective date of an actuarial valuation is the date by reference to which the assets are valued and the technical provisions calculated,
(c) an “actuarial report” means a written report, prepared and signed by the actuary, on developments affecting the scheme’s technical provisions since the last actuarial valuation was prepared, and
(d) the effective date of an actuarial report is the date by reference to which the information in the report is stated.
(3) The intervals referred to in subsection (1)(a) are between effective dates of the valuations, and—
(a) the effective date of the first actuarial valuation must be not more than one year after the establishment of the scheme, and
(b) the effective date of any actuarial report must be not more than one year after the effective date of the last actuarial valuation, or, if more recent, the last actuarial report.
(4) The trustees or managers must ensure that a valuation or report obtained by them is received by them within the prescribed period after its effective date.
(5) Nothing in this section affects any power or duty of the trustees or managers to obtain actuarial valuations or reports at more frequent intervals or in other circumstances or on other occasions.
(6) An actuarial valuation or report (whether obtained under this section or in pursuance of any other power or duty) must be prepared in such a manner, give such information, contain such statements and satisfy such other requirements as may be prescribed.
(7) The trustees or managers must secure that any actuarial valuation or report obtained by them (whether obtained under this section or in pursuance of any other power or duty) is made available to the employer within seven days of their receiving it.
(7A) As soon as reasonably practicable after receiving an actuarial valuation, the trustees or managers must send a copy of it to the Regulator, together with such other information as may be prescribed.
(8) Where subsection (1), (4) or (7) , (7) or (7A) is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) When an actuarial valuation is carried out, the calculation of the technical provisions must be certified by the actuary.
(2) The certificate must state that in the opinion of the actuary the calculation is made in accordance with regulations under section 222.
(3) If the actuary cannot give the certificate required by subsection (2) he must report the matter in writing to the Regulator within a reasonable period after the end of the period within which the valuation must be received by the trustees or managers.
Section 10 of the Pensions Act 1995 (civil penalties) applies to the actuary if he fails without reasonable excuse to comply with this subsection.
(1) If having obtained an actuarial valuation it appears to the trustees or managers of a scheme that the statutory funding objective was not met on the effective date of the valuation, they must, within the prescribed time—
(a) if there is no existing recovery plan in force, prepare a recovery plan;
(b) if there is an existing recovery plan in force, review and if necessary revise it.
(2) A recovery plan must set out—
(a) the steps to be taken to meet the statutory funding objective, and
(b) the period within which that is to be achieved.
(3) A recovery plan must comply with any prescribed requirements and must be appropriate having regard to the nature and circumstances of the scheme.
(3A) Provision may be made by regulations as to the matters to be taken into account, or the principles to be followed, in determining for the purposes of subsection (3) whether a recovery plan is appropriate having regard to the nature and circumstances of the scheme.
(4) In preparing or revising a recovery plan the trustees or managers must take account of prescribed matters.
(5) Provision may be made by regulations as to other circumstances in which a recovery plan may or must be reviewed and if necessary revised.
(6) The trustees or managers must, except in prescribed circumstances, send a copy of any recovery plan to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.
The copy of any recovery plan sent to the Regulator must be accompanied by the prescribed information.
(7) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) The trustees or managers must prepare, and from time to time review and if necessary revise, a schedule of contributions.
(2) A “schedule of contributions” means a statement showing—
(a) the rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme, and
(b) the dates on or before which such contributions are to be paid.
(3) Provision may be made by regulations—
(a) as to the period within which, after the establishment of a scheme, a schedule of contributions must be prepared,
(b) requiring the schedule of contributions to be reviewed, and if necessary revised, at such intervals, and on such occasions, as may be prescribed, and
(c) as to the period for which a schedule of contributions is to be in force.
(4) The schedule of contributions must satisfy prescribed requirements.
(5) The schedule of contributions must be certified by the actuary and—
(a) the duty to prepare or revise the schedule is not fulfilled, and
(b) the schedule shall not come into force,
until it has been so certified.
(6) The certificate must state that, in the opinion of the actuary—
(a) the schedule of contributions is consistent with the statement of funding principles, and
(b) the rates shown in the schedule are such that—
(i) where the statutory funding objective was not met on the effective date of the last actuarial valuation, the statutory funding objective can be expected to be met by the end of the period specified in the recovery plan, or
(ii) where the statutory funding objective was met on the effective date of the last actuarial valuation, the statutory funding objective can be expected to continue to be met for the period for which the schedule is to be in force.
(7) Where the statutory funding objective was not met on the effective date of the last actuarial valuation, the trustees or managers must send a copy of the schedule of contributions to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.
(8) Where any requirement of the preceding provisions of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(9) If the actuary is unable to give the certificate required by subsection (6), he must report the matter in writing to the Regulator within a reasonable period after the end of the period within which the schedule is required to be prepared or, as the case may be, revised.
Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to the actuary if he fails without reasonable excuse to comply with this subsection.
(10) The provisions of subsections (1), (3) and (5) to (9) above do not apply in relation to a schedule of contributions imposed by the Regulator under section 231 or, as the case may be, where such a schedule of contributions is in force.
(1) This section applies where an amount payable in accordance with the schedule of contributions by or on behalf of the employer or an active member of a scheme is not paid on or before the due date.
(2) If the trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Regulator of any of its functions, they must, except in prescribed circumstances, give notice of the failure to the Regulator and to the members within a reasonable period.
(3) The amount unpaid (whether payable by the employer or not), if not a debt due from the employer to the trustees or managers apart from this subsection, shall be treated as such a debt.
(4) Section 10 of the Pensions Act 1995 (civil penalties) applies—
(a) where subsection (2) above is not complied with, to a trustee or manager who has failed to take all reasonable steps to secure compliance with that subsection;
(b) to the employer if he fails without reasonable excuse to make a payment required of him—
(i) in accordance with the schedule of contributions, or
(ii) by virtue of subsection (3) above.
(5) This section applies in relation to a schedule of contributions imposed by the Regulator under section 231 as in relation to one agreed between the trustees or managers and the employer.
(1) The trustees or managers must obtain the agreement of the employer to—
(za) the scheme's funding and investment strategy, as set out in the scheme's statement of strategy;
(a) any decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));
(b) any matter to be included in the statement of funding principles (see section 223);
(c) any provisions of a recovery plan (see section 226);
(d) any matter to be included in the schedule of contributions (see section 227).
(2) If it appears to the trustees or managers that it is not otherwise possible to obtain the employer’s agreement within the prescribed time to any such matter, they may (if the employer agrees) by resolution modify the scheme as regards the future accrual of benefits.
(3) No modification may be made under subsection (2) that on taking effect would or might adversely affect any subsisting right of—
(a) any member of the scheme, or
(b) any survivor of a member of the scheme.
For this purpose “subsisting right” and “survivor” have the meanings given by section 67A of the Pensions Act 1995 (c. 26).
(4) Any such modification must be—
(a) recorded in writing by the trustees or managers, and
(b) notified to the active members within one month of the modification taking effect.
(5) If the trustees or managers are unable to reach agreement with the employer within the prescribed time on any such matter as is mentioned in subsection (1), they must report the failure in writing to the Regulator within a reasonable period.
(6) Where subsection (1), (4) or (5) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
230 Matters on which advice of actuary must be obtained
(1) The trustees or managers must obtain the advice of the actuary before doing any of the following—
(a) making any decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));
(b) preparing or revising the statement of funding principles (see section 223);
(c) preparing or revising a recovery plan (see section 226);
(d) preparing or revising the schedule of contributions (see section 227);
(e) modifying the scheme as regards the future accrual of benefits under section 229(2).
(2) Regulations may require the actuary to comply with any prescribed requirements when advising the trustees or managers of a scheme on any such matter.
(3) The regulations may require the actuary to have regard to prescribed guidance.
“Prescribed guidance” means guidance that is prepared and from time to time revised by a prescribed body ....
(4) Where subsection (1) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) The powers conferred by this section are exercisable where it appears to the Regulator with respect to a scheme (as a result of a report made to it or otherwise)—
(zza) that the trustees or managers have failed to comply with any of the requirements of section 221A (funding and investment strategy) or regulations under that section;
(za) that the trustees or managers, when determining the methods and assumptions to be used in calculating the scheme's technical provisions, have failed to comply with a requirement imposed under section 222(4)(c);
(a) that the trustees or managers have failed to comply with the requirements of section 223 with respect to the preparation or revision of a statement of funding principles;
(b) that the trustees or managers have failed to obtain an actuarial valuation as required by section 224(1);
(c) that the actuary is unable, on an actuarial valuation required by section 224(1), to certify the calculation of the scheme’s technical provisions;
(d) that the trustees or managers have failed to comply with the requirements of section 226 with respect to the preparation or revision of a recovery plan;
(e) that the trustees or managers have failed to comply with the requirements of section 227 with respect to the preparation or revision of a schedule of contributions;
(f) that the actuary is unable to certify a schedule of contributions (see section 227(6));
(g) that the employer has failed to make payments in accordance with the schedule of contributions, or that are required of him by virtue of section 228(3), and the failure is of material significance;
(h) that the trustees or managers have been unable to reach agreement with the employer within the prescribed time as to a matter in relation to which such agreement is required (see section 229(5)).
(2) In any of those circumstances the Regulator may by order exercise all or any of the following powers—
(a) it may modify the scheme as regards the future accrual of benefits;
(aa) it may give a direction requiring the trustees or managers to revise the scheme's funding and investment strategy in accordance with the direction;
(b) it may give directions as to—
(i) the manner in which the scheme’s technical provisions are to be calculated, including the methods and assumptions to be used in calculating the scheme’s technical provisions, or
(ii) the period within which, and manner in which, any failure to meet the statutory funding objective is to be remedied;
(c) it may impose a schedule of contributions specifying—
(i) the rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme, and
(ii) the dates on or before which such contributions are to be paid.
(3) No modification may be made under subsection (2)(a) that on taking effect would or might adversely affect any subsisting right of—
(a) any member of the scheme, or
(b) any survivor of a member of the scheme.
For this purpose “subsisting right” and “survivor” have the meanings given by section 67A of the Pensions Act 1995.
(4) In exercising any of the powers conferred by this section the Regulator must comply with any prescribed requirements.
(5) The powers conferred by this section are in addition to any other powers exercisable by the Regulator under this Act or the Pensions Act 1995 (c. 26).
(1) Where an occupational pension scheme in respect of which a recovery plan has been prepared under section 226 begins to wind up during the recovery period, the trustees or managers of the scheme must as soon as reasonably practicable prepare a winding up procedure.
(2) A winding up procedure must—
(a) set out the action to be taken to establish the liabilities to or in respect of the members of the scheme, in respect of pensions or other benefits, and to recover any assets of the scheme;
(b) give an estimate of the amount of time it will take to establish those liabilities and to recover any such assets;
(c) give an indication of which of the accrued rights or benefits (if any), to which a person is entitled under the scheme, are likely to be affected by a reduction in actuarial value;
(d) specify which one or more of the ways mentioned in subsection (3)(a) to (e) of section 74 of the Pensions Act 1995 will be used to discharge the liabilities to or in respect of the members of the scheme in respect of pensions or other benefits;
(e) give an estimate of the amount of time it will take to discharge those liabilities.
(3) The requirement imposed by subsection (2)(c) applies only to the extent that the trustees or managers have sufficient information to give such an indication.
(4) A winding up procedure must be appropriate having regard to the nature and circumstances of the scheme.
(5) A winding up procedure may be reviewed, and if necessary revised, where the trustees or managers consider that there are reasons that may justify a variation to it.
(6) The trustees or managers must send a copy of any winding up procedure to the Regulator as soon as reasonably practicable after it has been prepared or, as the case may be, revised.
(7) Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
(8) In this section “recovery period”, in relation to an occupational pension scheme, means the period specified in the scheme’s recovery plan in accordance with section 226(2)(b).
234 Promoting and facilitating financial planning for retirement
(1) The Secretary of State and the Northern Ireland Department may take action for the purpose of promoting or facilitating financial planning for retirement.
(2) The action may in particular include the provision of facilities for the purpose of enabling or assisting an individual or a person authorised by him—
(a) to estimate the financial resources the individual is likely to need after his retirement;
(b) to estimate the financial resources that are likely to be available to the individual after his retirement, from pensions and other sources;
(c) to ascertain what action might be taken with a view to increasing the financial resources available to the individual after his retirement.
(3) This section does not authorise the Secretary of State or the Northern Ireland Department to take action which the Secretary of State or the Northern Ireland Department would otherwise be prohibited from taking under section 21 of the Financial Services and Markets Act 2000 (c. 8) (restrictions on financial promotion).
(4) In this section “the Northern Ireland Department” means the Department for Social Development in Northern Ireland.
235 Supply of information for purposes of section 234
(1) This section applies to—
(a) information which is relevant for determining the pensions and other benefits that may become payable to or in respect of an individual;
(b) information which relates to the financial resources of, or available to, an individual;
(c) information which relates to action taken in connection with—
(i) providing facilities for saving (for retirement or otherwise) by individuals, or
(ii) promoting or facilitating saving (for retirement or otherwise) by individuals.
(2) A person who holds information to which this section applies may supply it to—
(a) the Secretary of State or the Northern Ireland Department, or
(b) a person providing services to the Secretary of State or the Northern Ireland Department,
for use for the purposes of functions under section 234(1).
(3) Information supplied under subsection (2) must not be supplied by the recipient except—
(a) if the information relates to an individual—
(i) to the individual or a person authorised by him;
(ii) to another person, with the consent of the individual;
(b) in any case—
(i) to a person to whom it could be supplied under subsection (2);
(ii) to any person with a view to the institution of relevant criminal proceedings or otherwise for the purposes of relevant criminal proceedings.
(4) In subsection (3) “relevant criminal proceedings” means criminal proceedings under—
(a) the Pension Schemes Act 1993 (c. 48);
(b) the Pensions Act 1995 (c. 26);
(c) this Act;
(d) any enactment in force in Northern Ireland corresponding to an Act mentioned in any of paragraphs (a) to (c).
(5) In this section “the Northern Ireland Department” means the Department for Social Development in Northern Ireland.
(6) This section is subject to sections 88 and 202 (tax information disclosed to the Regulator or the Board).
236 Use and supply of information: private pensions policy and retirement planning
Schedule 10 (which makes provision about the use and supply of information for purposes relating to private pensions policy and retirement planning) has effect.
(1) A pensions dashboard service is an electronic communications service by means of which information about pensions may be requested by, and provided to, an individual or a person authorised by the individual.
(2) “Qualifying pensions dashboard service” means a pensions dashboard service in relation to which prescribed requirements are satisfied.
(3) Requirements prescribed under subsection (2) may, in particular, relate to—
(a) what relevant and other information is to be provided, how it is to be provided and the circumstances in which it is to be provided;
(b) how the pensions dashboard service is to be established, maintained and operated.
(4) In subsection (3)(a) “relevant information” means—
(a) information of a prescribed description about—
(i) state pensions;
(ii) basic or additional retirement pensions;
(b) state pension information relating to the individual in question of such description as may be prescribed;
(ba) information of a prescribed description about—
(i) the Pension Protection Fund;
(ii) the financial assistance scheme;
(bb) Pension Protection Fund information relating to the individual in question of such description as may be prescribed;
(bc) financial assistance scheme information relating to the individual in question of such description as may be prescribed;
(c) information of a prescribed description about occupational or personal pension schemes or a prescribed description of occupational or personal pension schemes;
(d) information relating to the individual in question and particular occupational or personal pension schemes of such description as may be prescribed.
(5) Requirements prescribed under subsection (2) may, in particular—
(a) require the pensions dashboard service to comply with standards, specifications or technical requirements published from time to time by—
(i) the Secretary of State,
(ii) the Money and Pensions Service, or
(iii) a person specified or of a description specified in the regulations;
(b) require the provider of the pensions dashboard service to satisfy prescribed conditions;
(c) require the provider of the pensions dashboard service to be a person approved from time to time by—
(i) the Secretary of State,
(ii) the Money and Pensions Service, or
(iii) a person specified or of a description specified in the regulations;
(d) require the provider of the pensions dashboard service to provide, or not to provide, information, facilities or services specified or of a description specified in connection with the pensions dashboard service.
(6) Requirements prescribed under subsection (2) may include provision under which a determination may fall to be made by—
(a) the Secretary of State,
(b) the Money and Pensions Service, or
(c) a person specified or of a description specified in the regulations.
238B Qualifying pension dashboard service: further provision
(1) Requirements prescribed under section 238A(2) may make provision about—
(a) dealing with requests for information about pensions, including provision about the use of intermediaries;
(b) the involvement of the provider of a pensions dashboard service in the arrangements for dealing with requests for information about pensions.
(2) The provision made by virtue of subsection (1) may, in particular, require—
(a) the use of electronic communications;
(b) the use of facilities or services specified or of a description specified in the regulations;
(c) the provision of assistance in connection with the establishment, maintenance or management of such facilities or services;
(d) participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services.
(3) The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to—
(a) the transmission of information,
(b) verifying the identity of a person,
(c) identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual,
(d) authenticating information transmitted by means of electronic communications, or
(e) ensuring the security of information transmitted by means of electronic communications.
(4) Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about—
(a) compliance with standards, specifications or technical requirements published from time to time by—
(i) the Secretary of State,
(ii) the Money and Pensions Service, or
(iii) a person specified or of a description specified in the regulations;
(b) the provider of the facility or service being a person approved from time to time by—
(i) the Secretary of State,
(ii) the Money and Pensions Service, or
(iii) a person specified or of a description specified in the regulations.
(5) Regulations under subsection (2)(d) may, in particular, require the provider of the pensions dashboard service—
(a) to cooperate with the Money and Pensions Service or a person specified or of a description specified in the regulations;
(b) to coordinate activities with the Money and Pensions Service or a person specified or of a description specified in the regulations;
(c) to enable the Money and Pensions Service or a person specified or of a description specified in the regulations to monitor or audit compliance by the provider.
(6) Except as provided by subsection (7), regulations under section 238A(2) may provide for the processing of personal data in accordance with the regulations not to be in breach of—
(a) any obligation of confidence owed by the person processing the personal data, or
(b) any other restriction on the processing of personal data (however imposed).
(7) Regulations under section 238A(2) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question).
(1) This section applies for the purposes of sections 238A and 238B.
(2) A reference to state pension information, in relation to an individual, is a reference to the information about that individual specified in—
(a) section 42(7) of the Child Support, Pensions and Social Security Act 2000, or
(b) section 38(7) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000.
(3) A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.
(4) In sections 238A and 238B—
“additional retirement pension” means—
any additional pension or shared additional pension under—
the Social Security Contributions and Benefits Act 1992, or
the Social Security Contributions and Benefits (Northern Ireland) Act 1992, or
any graduated retirement benefit under—
sections 36 and 37 of the National Insurance Act 1965, or
sections 35 and 36 of the National Insurance Act (Northern Ireland) 1966;
“basic retirement pension” means any basic pension under—
the Social Security Contributions and Benefits Act 1992, or
the Social Security Contributions and Benefits (Northern Ireland) Act 1992;
“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
“electronic communications service” has the meaning given by section 32 of the Communications Act 2003;
“financial assistance scheme” means the scheme provided for by regulations under section 286 (financial assistance scheme for members of certain pension schemes);
“personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
“state pension” means any state pension under—
Part 1 of the Pensions Act 2014, or
Part 1 of the Pensions Act (Northern Ireland) 2015.
238D Information from occupational pension schemes
(1) Regulations may impose requirements on the trustees or managers of a relevant occupational pension scheme with respect to—
(a) providing pensions information by means of—
(i) a qualifying pensions dashboard service, or
(ii) the pensions dashboard service provided by the Money and Pensions Service;
(b) facilitating the provision of pensions information by means of—
(i) a qualifying pensions dashboard service, or
(ii) the pensions dashboard service provided by the Money and Pensions Service.
(2) In this section “pensions information” means, in relation to a relevant occupational pension scheme, such information as may be prescribed, which may include in particular—
(a) information relating to—
(i) the constitution of the scheme,
(ii) the administration and finances of the scheme,
(iii) the rights and obligations that arise or may arise under the scheme,
(iv) the pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, and
(v) other matters relevant to occupational pension schemes in general or to occupational pension schemes of a description to which the scheme belongs;
(b) information as regards the position of an individual in relation to the scheme.
(3) Regulations under subsection (1) may, in particular, impose requirements about—
(a) the persons to whom pensions information must be provided;
(b) the circumstances in which pensions information must be provided;
(c) the steps to be taken before pensions information may be provided;
(d) the manner and form in which pensions information must be provided;
(e) the time within which pensions information must be provided;
(f) the way in which pensions information must be held.
(4) Regulations under subsection (1) may require the trustees or managers of a scheme to comply with standards, specifications or technical requirements published from time to time by—
(a) the Secretary of State,
(b) the Money and Pensions Service, or
(c) a person specified or of a description specified in the regulations.
(5) Regulations under subsection (1) may include provision under which a determination may fall to be made by—
(a) the Secretary of State,
(b) the Money and Pensions Service, or
(c) a person specified or of a description specified in the regulations.
(6) Regulations under subsection (1) may require the trustees or managers to provide prescribed information about their carrying out of requirements prescribed under this section to—
(a) the Regulator,
(b) the Money and Pensions Service, or
(c) a person specified or of a description specified in the regulations.
(7) In complying with requirements prescribed under this section, a trustee or manager of an occupational pension scheme must have regard to guidance issued from time to time by—
(a) the Secretary of State, or
(b) a person specified or of a description specified in the regulations.
238E Information from occupational pension schemes: further provision
(1) Regulations under section 238D(1) may make provision about—
(a) how pensions information is to be provided, including provision about the use of intermediaries;
(b) the involvement of the trustees or managers of a scheme in the arrangements for dealing with requests for information about pensions.
(2) The provision made by virtue of subsection (1) may, in particular, require—
(a) the use of electronic communications;
(b) the use of facilities or services specified or of a description specified in the regulations;
(c) the provision of assistance in connection with the establishment, maintenance or management of such facilities or services;
(d) participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services.
(3) The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to—
(a) the transmission of information,
(b) verifying the identity of a person,
(c) identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual,
(d) authenticating information transmitted by means of electronic communications, or
(e) ensuring the security of information transmitted by means of electronic communications.
(4) Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about—
(a) compliance with standards, specifications or technical requirements published from time to time by—
(i) the Secretary of State,
(ii) the Money and Pensions Service, or
(iii) a person specified or of a description specified in the regulations;
(b) the provider of the facility or service being a person approved from time to time by—
(i) the Secretary of State,
(ii) the Money and Pensions Service, or
(iii) a person specified or of a description specified in the regulations.
(5) Regulations under subsection (2)(d) may, in particular, require the trustees or managers—
(a) to cooperate with the Money and Pensions Service or other persons specified or of a description specified in the regulations;
(b) to coordinate activities with the Money and Pensions Service or other persons specified or of a description specified in the regulations.
(6) Except as provided by subsection (7), regulations under section 238D(1) may provide for the processing of personal data in accordance with the regulations not to be in breach of—
(a) any obligation of confidence owed by the person processing the personal data, or
(b) any other restriction on the processing of personal data (however imposed).
(7) Regulations under section 238D(1) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question).
(1) This section has effect for the purposes of sections 238D and 238E.
(2) A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.
(3) In sections 238D and 238E—
“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
“pensions dashboard service” means—
a pensions dashboard service within the meaning of section 238A, or
a pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));
“personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
“qualifying pensions dashboard service” means a pensions dashboard service that satisfies—
such requirements as may be prescribed by regulations under section 238A, or
such requirements as may be prescribed by regulations under Article 215A of the ;
“relevant occupational pension scheme” means an occupational pension scheme which is not a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999).