Pension Schemes Act 2026
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Change 1
42 Regulations restricting creation of new non-scale default arrangements
(1) The appropriate authority may make regulations for the purpose of restricting the ability of the provider of a pension scheme to begin operating a non-scale default arrangement. (2) The regulations may, in particular, make provision— (a) prohibiting the provider of a pension scheme from beginning to operate a non-scale default arrangement unless the arrangement is approved by the appropriate regulator; (b) about the criteria which the appropriate regulator must apply in deciding whether to approve a non-scale default arrangement; (c) about the conditions which the appropriate regulator may or must attach to approval; (d) about the ongoing requirements to which the provider of a pension scheme is to be subject in relation to a non-scale default arrangement approved under the regulations; (e) where assets of a pension scheme are held subject to a non-scale default arrangement that is being operated in breach of the regulations, requiring the provider of the pension scheme in question to ensure that the assets are held subject to a different arrangement of a description specified in the regulations; (f) conferring functions on the appropriate regulator, including functions involving the exercise of a discretion; (g) for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000; (h) for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of anything done under the regulations. (3) Regulations under this section are subject to the affirmative procedure.
42 Regulations restricting creation of new non-scale default arrangements
(1) The appropriate authority may make regulations for the purpose of restricting the ability of the provider of a pension scheme to begin operating a non-scale default arrangement. (2) The regulations may, in particular, make provision— (a) prohibiting the provider of a pension scheme from beginning to operate a non-scale default arrangement unless the arrangement is approved by the appropriate regulator; (b) about the criteria which the appropriate regulator must apply in deciding whether to approve a non-scale default arrangement; (c) about the conditions which the appropriate regulator may or must attach to approval; (d) about the ongoing requirements to which the provider of a pension scheme is to be subject in relation to a non-scale default arrangement approved under the regulations; (e) where assets of a pension scheme are held subject to a non-scale default arrangement that is being operated in breach of the regulations, requiring the provider of the pension scheme in question to ensure that the assets are held subject to a different arrangement of a description specified in the regulations; (f) conferring functions on the appropriate regulator, including functions involving the exercise of a discretion; (g) for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000; (h) for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of anything done under the regulations. (3) Regulations under this section are subject to the affirmative procedure.
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