Pension Schemes Act 2026
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Change 1
17 Consequences of a “not delivering” rating
(1) A regulated VFM scheme or regulated VFM arrangement to which a “not delivering” rating has been assigned (an “affected” scheme or arrangement) must— (a) prepare an action plan and provide a copy of it to the Pensions Regulator; (b) give notice in a prescribed format to any person who is a participating employer in relation to the scheme or arrangement of— (i) the VFM rating that has effect in relation to the scheme or arrangement; (ii) any actions the trustees or managers consider it appropriate for the employer to take having regard to the “not delivering” rating; (c) ensure that with effect from the publication of the VFM assessment in which the rating is set out no person is to become an employer in relation to the scheme or (as the case may be) arrangement; (d) take any other steps that may be prescribed. (2) Where a transfer solution (see subsection (3)) applies to an affected scheme or arrangement, the Pensions Regulator may— (a) require the accrued rights and benefits of all (or a subset of) the members of the scheme or arrangement to be transferred to a pension scheme (or arrangement under a pension scheme) that— (i) is selected by the responsible trustees or managers, and (ii) meets prescribed conditions; (b) specify conditions that must be met by a scheme or arrangement selected under paragraph (a). (3) For the purposes of subsection (2), a transfer solution applies to an affected scheme or arrangement if— (a) the Pensions Regulator considers that— (i) based on the assessment carried out by the responsible trustees or managers under section 15(6)(a) in the action plan of the scheme or arrangement, transferring the benefits of all (or a subset of) the members of the scheme or arrangement to another pension scheme (or arrangement under a pension scheme) could reasonably be expected to result in the generality of the members of the scheme or arrangement receiving improved long-term value for money, and (ii) any other measures proposed under section 15(6)(b) in the action plan of the scheme or arrangement are unlikely to result in its achieving an intermediate (or “fully delivering”) rating or substantially improving its performance with regard to the provision of value for money, and (b) any prescribed conditions are met. (4) Value for money regulations may make provision— (a) about the process for transferring accrued rights and benefits under subsection (2) (which may for example include provision for restricting or prohibiting administrative costs and as to time limits); (b) conferring on the Pensions Regulator power to direct the trustees or managers of the affected scheme to do things permitted or required by the regulations; (c) conferring a discretion on the Pensions Regulator; (d) about the winding up of a relevant scheme in circumstances where the accrued rights and benefits of the members are, or are to be, transferred out of the scheme. (5) In this section— “employer” has the same meaning as in section 16; “participating employer” has the same meaning as in section 16.
17 Consequences of a “not delivering” rating
(1) A regulated VFM scheme or regulated VFM arrangement to which a “not delivering” rating has been assigned (an “affected” scheme or arrangement) must— (a) prepare an action plan and provide a copy of it to the Pensions Regulator; (b) give notice in a prescribed format to any person who is a participating employer in relation to the scheme or arrangement of— (i) the VFM rating that has effect in relation to the scheme or arrangement; (ii) any actions the trustees or managers consider it appropriate for the employer to take having regard to the “not delivering” rating; (c) ensure that with effect from the publication of the VFM assessment in which the rating is set out no person is to become an employer in relation to the scheme or (as the case may be) arrangement; (d) take any other steps that may be prescribed. (2) Where a transfer solution (see subsection (3)) applies to an affected scheme or arrangement, the Pensions Regulator may— (a) require the accrued rights and benefits of all (or a subset of) the members of the scheme or arrangement to be transferred to a pension scheme (or arrangement under a pension scheme) that— (i) is selected by the responsible trustees or managers, and (ii) meets prescribed conditions; (b) specify conditions that must be met by a scheme or arrangement selected under paragraph (a). (3) For the purposes of subsection (2), a transfer solution applies to an affected scheme or arrangement if— (a) the Pensions Regulator considers that— (i) based on the assessment carried out by the responsible trustees or managers under section 15(6)(a) in the action plan of the scheme or arrangement, transferring the benefits of all (or a subset of) the members of the scheme or arrangement to another pension scheme (or arrangement under a pension scheme) could reasonably be expected to result in the generality of the members of the scheme or arrangement receiving improved long-term value for money, and (ii) any other measures proposed under section 15(6)(b) in the action plan of the scheme or arrangement are unlikely to result in its achieving an intermediate (or “fully delivering”) rating or substantially improving its performance with regard to the provision of value for money, and (b) any prescribed conditions are met. (4) Value for money regulations may make provision— (a) about the process for transferring accrued rights and benefits under subsection (2) (which may for example include provision for restricting or prohibiting administrative costs and as to time limits); (b) conferring on the Pensions Regulator power to direct the trustees or managers of the affected scheme to do things permitted or required by the regulations; (c) conferring a discretion on the Pensions Regulator; (d) about the winding up of a relevant scheme in circumstances where the accrued rights and benefits of the members are, or are to be, transferred out of the scheme. (5) In this section— “employer” has the same meaning as in section 16; “participating employer” has the same meaning as in section 16.
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