Pension Schemes Act 2026
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Change 1
119 Regulations
(1) The Secretary of State must consult the trustee company before making— (a) regulations under section 112 which establish a new public scheme or transfer qualifying accrued rights to a new public scheme, or (b) regulations under section 116 which make provision for the transfer of assets or liabilities. (2) The Secretary of State may not make regulations under any provision of this Chapter, other than under section 118(1), unless the Treasury have consented to the making of the regulations. (3) Regulations under section 112 are subject to the affirmative procedure if— (a) the making of the regulations is subject to the consent requirements (see section 115), or (b) the regulations make provision which has retrospective effect. (4) Regulations under section 116 are subject to the affirmative procedure if they make provision falling with subsection (3)(c), (d) or (e) of that section. (5) Regulations under section 118(1) are subject to the affirmative procedure if they make provision about the amount of a financial penalty. (6) A statutory instrument containing regulations under section 117 is subject to annulment in pursuance of a resolution of the House of Commons. (7) Any other regulations under this Chapter are subject to the negative procedure.
119 Regulations
(1) The Secretary of State must consult the trustee company before making— (a) regulations under section 112 which establish a new public scheme or transfer qualifying accrued rights to a new public scheme, or (b) regulations under section 116 which make provision for the transfer of assets or liabilities. (2) The Secretary of State may not make regulations under any provision of this Chapter, other than under section 118(1), unless the Treasury have consented to the making of the regulations. (3) Regulations under section 112 are subject to the affirmative procedure if— (a) the making of the regulations is subject to the consent requirements (see section 115), or (b) the regulations make provision which has retrospective effect. (4) Regulations under section 116 are subject to the affirmative procedure if they make provision falling with subsection (3)(c), (d) or (e) of that section. (5) Regulations under section 118(1) are subject to the affirmative procedure if they make provision about the amount of a financial penalty. (6) A statutory instrument containing regulations under section 117 is subject to annulment in pursuance of a resolution of the House of Commons. (7) Any other regulations under this Chapter are subject to the negative procedure.
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