Pension Schemes Act 2026
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Change 1
44 Regulations about consolidation of non-scale default arrangements
(1) The appropriate authority may make regulations about the consolidation of non-scale default arrangements into approved main scale default arrangements. (2) The regulations may, in particular, make provision— (a) requiring the provider of a pension scheme, subject to any exemptions specified in the regulations, to consolidate a non-scale default arrangement operated by it into an approved main scale default arrangement operated by it; (b) requiring the provider of a pension scheme to prepare, and provide the appropriate regulator with, an action plan about how and when a non-scale default arrangement operated by it is to be so consolidated; (c) conferring functions on the appropriate regulator, including functions involving the exercise of a discretion; (d) for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000; (e) for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of a decision made under the regulations. (3) Regulations under this section— (a) may not be made until the review under section 43 has been completed and the report on it published, and (b) must take account of the review’s conclusions. (4) Regulations under this section are subject to the affirmative procedure.
44 Regulations about consolidation of non-scale default arrangements
(1) The appropriate authority may make regulations about the consolidation of non-scale default arrangements into approved main scale default arrangements. (2) The regulations may, in particular, make provision— (a) requiring the provider of a pension scheme, subject to any exemptions specified in the regulations, to consolidate a non-scale default arrangement operated by it into an approved main scale default arrangement operated by it; (b) requiring the provider of a pension scheme to prepare, and provide the appropriate regulator with, an action plan about how and when a non-scale default arrangement operated by it is to be so consolidated; (c) conferring functions on the appropriate regulator, including functions involving the exercise of a discretion; (d) for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000; (e) for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of a decision made under the regulations. (3) Regulations under this section— (a) may not be made until the review under section 43 has been completed and the report on it published, and (b) must take account of the review’s conclusions. (4) Regulations under this section are subject to the affirmative procedure.
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