Pension Schemes Act 2026
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Change 1
36 Interpretation of Chapter
(1) In this Chapter— “the alternative proposals”, in relation to a small dormant pension pot, has the meaning given by section 23(1); “auto-enrolment scheme” has the meaning given by subsection (5); “consolidator arrangement” has the meaning given by section 30(2); “consolidator scheme” has the meaning given by section 30(1); “the default proposal”, in relation to a small dormant pension pot, has the meaning given by section 23(1); “destination proposer” has the meaning given by section 23(7); “dormant”, in relation to a pension pot, has the meaning given by section 22(3); “eligible”, in relation to a Master Trust scheme, has the meaning given by section 29(8); “exempt”, in relation to a pension pot, has the meaning given by section 25; “the FCA” means the Financial Conduct Authority; “FCA-regulated”, in relation to a pension scheme, has the meaning given by subsection (2); “FCA-regulated”, in relation to a person, has the meaning given by section 33(4); “functions” includes powers and duties; “Master Trust scheme” has the same meaning as in the Pension Schemes Act 2017 (see section 1(1) of that Act); “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181(1) of that Act); “pension pot” has the meaning given by section 37; “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993; “prescribed” means specified in, or determined in accordance with, small pots regulations; “proposal”, in relation to a small dormant pension pot, has the meaning given by section 23(2); “provider”, in relation to an FCA-regulated pension scheme, means the person mentioned in subsection (2)(b); “small”, in relation to a pension pot, has the meaning given by section 22(2); “small pots regulations” has the meaning given by section 22(1); “terms”, in relation to a pension scheme, has the meaning given by subsection (3); “transfer”, in relation to a pension pot, includes a transfer of an amount representing its value; “transfer notice” has the meaning given by section 24(1); “trustees or managers”, in relation to a pension scheme, means (subject to subsection (4))— in the case of a scheme established under a trust, the trustees of the scheme, and in any other case, the persons responsible for the management of the scheme; “VFM rating” has the same meaning as in Chapter 1. (2) A pension scheme is “FCA-regulated” if the operation of the scheme— (a) is carried on in such a way as to be a regulated activity for the purposes of the Financial Services and Markets Act 2000, and (b) is carried on in the United Kingdom by a person who is in relation to that activity an authorised person under section 19 of that Act. (3) A reference in this Part to the terms of a pension scheme is to the terms of any instrument or agreement— (a) in which the scheme is comprised, or (b) to which the provider of the scheme and any member are parties in connection with the scheme. (4) A reference in this Chapter to the trustees or managers of a pension scheme is, where the scheme is FCA-regulated, a reference to the provider of the scheme. (5) A pension scheme is an “auto-enrolment scheme” if any individual is or at any time was an active member of the scheme in consequence of arrangements under section 3(2), 5(2) or 7(3) of the Pensions Act 2008 (arrangements for jobholder to become active member of automatic enrolment scheme). (6) In subsection (5) “active member” has the same meaning as in Part 1 of the Pensions Act 2008 (see section 99 of that Act).
36 Interpretation of Chapter
(1) In this Chapter— “the alternative proposals”, in relation to a small dormant pension pot, has the meaning given by section 23(1); “auto-enrolment scheme” has the meaning given by subsection (5); “consolidator arrangement” has the meaning given by section 30(2); “consolidator scheme” has the meaning given by section 30(1); “the default proposal”, in relation to a small dormant pension pot, has the meaning given by section 23(1); “destination proposer” has the meaning given by section 23(7); “dormant”, in relation to a pension pot, has the meaning given by section 22(3); “eligible”, in relation to a Master Trust scheme, has the meaning given by section 29(8); “exempt”, in relation to a pension pot, has the meaning given by section 25; “the FCA” means the Financial Conduct Authority; “FCA-regulated”, in relation to a pension scheme, has the meaning given by subsection (2); “FCA-regulated”, in relation to a person, has the meaning given by section 33(4); “functions” includes powers and duties; “Master Trust scheme” has the same meaning as in the Pension Schemes Act 2017 (see section 1(1) of that Act); “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181(1) of that Act); “pension pot” has the meaning given by section 37; “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993; “prescribed” means specified in, or determined in accordance with, small pots regulations; “proposal”, in relation to a small dormant pension pot, has the meaning given by section 23(2); “provider”, in relation to an FCA-regulated pension scheme, means the person mentioned in subsection (2)(b); “small”, in relation to a pension pot, has the meaning given by section 22(2); “small pots regulations” has the meaning given by section 22(1); “terms”, in relation to a pension scheme, has the meaning given by subsection (3); “transfer”, in relation to a pension pot, includes a transfer of an amount representing its value; “transfer notice” has the meaning given by section 24(1); “trustees or managers”, in relation to a pension scheme, means (subject to subsection (4))— in the case of a scheme established under a trust, the trustees of the scheme, and in any other case, the persons responsible for the management of the scheme; “VFM rating” has the same meaning as in Chapter 1. (2) A pension scheme is “FCA-regulated” if the operation of the scheme— (a) is carried on in such a way as to be a regulated activity for the purposes of the Financial Services and Markets Act 2000, and (b) is carried on in the United Kingdom by a person who is in relation to that activity an authorised person under section 19 of that Act. (3) A reference in this Part to the terms of a pension scheme is to the terms of any instrument or agreement— (a) in which the scheme is comprised, or (b) to which the provider of the scheme and any member are parties in connection with the scheme. (4) A reference in this Chapter to the trustees or managers of a pension scheme is, where the scheme is FCA-regulated, a reference to the provider of the scheme. (5) A pension scheme is an “auto-enrolment scheme” if any individual is or at any time was an active member of the scheme in consequence of arrangements under section 3(2), 5(2) or 7(3) of the Pensions Act 2008 (arrangements for jobholder to become active member of automatic enrolment scheme). (6) In subsection (5) “active member” has the same meaning as in Part 1 of the Pensions Act 2008 (see section 99 of that Act).
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