Pension Schemes Act 2026
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Change 1
78 Approval of individuals responsible for key functions
(1) An individual may not be responsible for a key function in relation to an operating superfund unless they are approved by the Regulator to be responsible for that key function in relation to the superfund. (2) The Regulator may approve an individual only if satisfied that they are a fit and proper person to be responsible for that key function in relation to the superfund. (3) In deciding whether it is so satisfied the Regulator must take into account, in particular, any matters specified in regulations made by the Secretary of State. (4) The Regulator may not approve an individual to be responsible for risk management if the individual is already responsible for taking investment decisions, and vice versa. (5) An application for approval must be made in the manner and form specified by the Regulator. (6) Approval may be given for a specified period or subject to specified conditions (in which case the person is only approved to be responsible for the key function in question for that period or while those conditions are met). (7) Approval may be given in advance of the superfund being authorised or becoming an operating superfund. (8) If no longer satisfied as described in subsection (2) in relation to an individual, the Regulator may by notice to the responsible body— (a) suspend its approval in relation to the individual for a period specified in the notice, or (b) revoke its approval in relation to the individual with effect from a date specified in the notice. (9) Subsection (1) does not apply to an individual while— (a) they are responsible for a key function on a temporary basis, and (b) the Regulator agrees, in light of the particular circumstances of the case, to the person’s being responsible for the key function on that basis without approval. (10) If an individual is responsible for a key function in relation to an operating superfund in breach of subsection (1), section 10 of the Pensions Act 1995 (civil penalties) applies to— (a) the individual, and (b) the responsible body. (11) Regulations under subsection (3) are subject to the negative procedure.
78 Approval of individuals responsible for key functions
(1) An individual may not be responsible for a key function in relation to an operating superfund unless they are approved by the Regulator to be responsible for that key function in relation to the superfund. (2) The Regulator may approve an individual only if satisfied that they are a fit and proper person to be responsible for that key function in relation to the superfund. (3) In deciding whether it is so satisfied the Regulator must take into account, in particular, any matters specified in regulations made by the Secretary of State. (4) The Regulator may not approve an individual to be responsible for risk management if the individual is already responsible for taking investment decisions, and vice versa. (5) An application for approval must be made in the manner and form specified by the Regulator. (6) Approval may be given for a specified period or subject to specified conditions (in which case the person is only approved to be responsible for the key function in question for that period or while those conditions are met). (7) Approval may be given in advance of the superfund being authorised or becoming an operating superfund. (8) If no longer satisfied as described in subsection (2) in relation to an individual, the Regulator may by notice to the responsible body— (a) suspend its approval in relation to the individual for a period specified in the notice, or (b) revoke its approval in relation to the individual with effect from a date specified in the notice. (9) Subsection (1) does not apply to an individual while— (a) they are responsible for a key function on a temporary basis, and (b) the Regulator agrees, in light of the particular circumstances of the case, to the person’s being responsible for the key function on that basis without approval. (10) If an individual is responsible for a key function in relation to an operating superfund in breach of subsection (1), section 10 of the Pensions Act 1995 (civil penalties) applies to— (a) the individual, and (b) the responsible body. (11) Regulations under subsection (3) are subject to the negative procedure.
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