Pension Schemes Act 2026
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Change 1
22 Small pots regulations
(1) The Secretary of State may make regulations (“small pots regulations”) for the purpose of securing that small dormant pension pots held by auto-enrolment schemes are— (a) held by consolidator schemes, and (b) in the case of consolidator schemes that have more than one arrangement, held subject to consolidator arrangements. (2) A pension pot is “small” if its value, determined as at such time and in such manner as is prescribed, is £1,000 or less (but is not nil). (3) A pension pot is “dormant” if— (a) no contributions were paid into the pension pot by, or on behalf or in respect of, the individual for whom the pot is held during such period of at least 12 months as is prescribed, and (b) the individual has, subject to any prescribed exceptions, taken no step to confirm or alter the way in which the pension pot is invested. (4) The period that may be prescribed under subsection (3)(a) in relation to a pension pot in existence at the time the regulations come into force may begin at any time after the coming into force of this section. (5) Small pots regulations— (a) are subject to the affirmative procedure if they— (i) are the first such regulations, (ii) prescribe a person under section 23(1) (determination of destinations for small pots), (iii) include provision under section 24(1) or 26(1) (requirements to send transfer notices or transfer pension pots), or (iv) amend or repeal provision contained in an Act; (b) otherwise, are subject to the negative procedure.
22 Small pots regulations
(1) The Secretary of State may make regulations (“small pots regulations”) for the purpose of securing that small dormant pension pots held by auto-enrolment schemes are— (a) held by consolidator schemes, and (b) in the case of consolidator schemes that have more than one arrangement, held subject to consolidator arrangements. (2) A pension pot is “small” if its value, determined as at such time and in such manner as is prescribed, is £1,000 or less (but is not nil). (3) A pension pot is “dormant” if— (a) no contributions were paid into the pension pot by, or on behalf or in respect of, the individual for whom the pot is held during such period of at least 12 months as is prescribed, and (b) the individual has, subject to any prescribed exceptions, taken no step to confirm or alter the way in which the pension pot is invested. (4) The period that may be prescribed under subsection (3)(a) in relation to a pension pot in existence at the time the regulations come into force may begin at any time after the coming into force of this section. (5) Small pots regulations— (a) are subject to the affirmative procedure if they— (i) are the first such regulations, (ii) prescribe a person under section 23(1) (determination of destinations for small pots), (iii) include provision under section 24(1) or 26(1) (requirements to send transfer notices or transfer pension pots), or (iv) amend or repeal provision contained in an Act; (b) otherwise, are subject to the negative procedure.
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