Pension Schemes Act 2026
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Change 1
31 Further provision about contents of small pots regulations
(1) Small pots regulations may, in particular— (a) authorise the Pensions Regulator to charge a prescribed fee in respect of an application for authorisation under the regulations; (b) confer a right of appeal to the First-tier Tribunal or the Upper Tribunal; (c) require the trustees or managers of a relevant pension scheme to take prescribed steps to improve the accuracy and completeness of information held by them; (d) require a relevant person, other than the FCA, to provide prescribed information, in such form and at such time as may be prescribed, to— (i) a relevant person, or (ii) an individual for whom a relevant pension scheme holds a pension pot; (e) require the trustees or managers of a relevant pension scheme to keep, and retain for a prescribed period, prescribed records; (f) provide (otherwise than under paragraphs (c) to (e)) for the processing of information; (g) limit the fees that may be charged by a relevant pension scheme in connection with the transfer of a pension pot under the regulations; (h) require a destination proposer, the trustees or managers of a relevant pension scheme, or the Secretary of State, to pay compensation to an individual who has suffered a loss as a result of a breach of the regulations; (i) confer (otherwise than under any of paragraphs (a) to (h)) a function on a relevant person, including a function involving the exercise of a discretion; (j) provide for the delegation of a function conferred by the regulations. (2) In subsection (1)(c) to (f), a reference to information includes personal data, and a reference to records includes records of personal data. (3) The processing of personal data in accordance with the regulations does not breach— (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). (4) In this section— “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); “processing” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); “relevant pension scheme” means— an auto-enrolment scheme, or a consolidator scheme; “relevant person” means— the Pensions Regulator, the FCA, a destination proposer, or the trustees or managers of a relevant pension scheme. (5) The power to make small pots regulations is capable of being exercised so as to amend or repeal provision contained in an Act. (6) In particular, small pots regulations may— (a) amend section 146 of the Pension Schemes Act 1993 (functions of the Pensions Ombudsman) so as to confer on the Pensions Ombudsman the function of investigating and determining complaints or disputes relating to a destination proposer; (b) amend section 175 of that Act (levies towards certain expenditure) so as to include expenditure of— (i) a destination proposer, or (ii) the Secretary of State by virtue of section 31(1)(h) (compensation).
31 Further provision about contents of small pots regulations
(1) Small pots regulations may, in particular— (a) authorise the Pensions Regulator to charge a prescribed fee in respect of an application for authorisation under the regulations; (b) confer a right of appeal to the First-tier Tribunal or the Upper Tribunal; (c) require the trustees or managers of a relevant pension scheme to take prescribed steps to improve the accuracy and completeness of information held by them; (d) require a relevant person, other than the FCA, to provide prescribed information, in such form and at such time as may be prescribed, to— (i) a relevant person, or (ii) an individual for whom a relevant pension scheme holds a pension pot; (e) require the trustees or managers of a relevant pension scheme to keep, and retain for a prescribed period, prescribed records; (f) provide (otherwise than under paragraphs (c) to (e)) for the processing of information; (g) limit the fees that may be charged by a relevant pension scheme in connection with the transfer of a pension pot under the regulations; (h) require a destination proposer, the trustees or managers of a relevant pension scheme, or the Secretary of State, to pay compensation to an individual who has suffered a loss as a result of a breach of the regulations; (i) confer (otherwise than under any of paragraphs (a) to (h)) a function on a relevant person, including a function involving the exercise of a discretion; (j) provide for the delegation of a function conferred by the regulations. (2) In subsection (1)(c) to (f), a reference to information includes personal data, and a reference to records includes records of personal data. (3) The processing of personal data in accordance with the regulations does not breach— (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). (4) In this section— “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); “processing” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); “relevant pension scheme” means— an auto-enrolment scheme, or a consolidator scheme; “relevant person” means— the Pensions Regulator, the FCA, a destination proposer, or the trustees or managers of a relevant pension scheme. (5) The power to make small pots regulations is capable of being exercised so as to amend or repeal provision contained in an Act. (6) In particular, small pots regulations may— (a) amend section 146 of the Pension Schemes Act 1993 (functions of the Pensions Ombudsman) so as to confer on the Pensions Ombudsman the function of investigating and determining complaints or disputes relating to a destination proposer; (b) amend section 175 of that Act (levies towards certain expenditure) so as to include expenditure of— (i) a destination proposer, or (ii) the Secretary of State by virtue of section 31(1)(h) (compensation).
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