112 Establishment of new public schemes and transfer of rights
(1) The Secretary of State may by regulations establish one or more schemes (“new public schemes”) which provide for pensions or other benefits to be payable to or in respect of persons who are or have been members of the AWE Pension Scheme (“qualifying persons”).
(2) The Secretary of State may by regulations make provision for the transfer of qualifying accrued rights to a new public scheme (without the need for any approval or consent of the trustee company or AWE PLC, or any other person, to the transfer).
(3) Regulations under subsection (2) may include provision for the discharge of liabilities in respect of qualifying accrued rights that are transferred.
(4) In this Chapter—
“qualifying accrued rights” means—
any right to future benefits under the AWE Pension Scheme which, at the qualifying time, has accrued to or in respect of a qualifying person,
any entitlement under the AWE Pension Scheme to the present payment of a pension or other benefit which a qualifying person has at the qualifying time, or
any entitlement to benefits, or right to future benefits, under the AWE Pension Scheme which a survivor of a qualifying person has at the qualifying time in respect of the qualifying person;
“the qualifying time” means the time immediately before the date specified or described in regulations.
(5) For the purposes of the definition of “qualifying accrued rights”—
(a) references to pensions or other benefits (including future benefits) includes money purchase benefits, and
(b) references to a right include a pension credit right.
(6) Regulations under subsection (4) specifying or describing a date for the purposes of the definition of “the qualifying time” may make provision for the purposes of transfers of qualifying accrued rights generally, transfers of a particular description or a particular transfer.
(1) A new public scheme may include provision—
(a) for pensions or other benefits to be payable to or in respect of some or all persons described in section 112(1);
(b) for the provision of money purchase benefits or benefits that are not money purchase benefits (or both);
(c) for increasing in particular circumstances the amounts payable in respect of qualifying accrued rights;
(d) for the payment or receipt of transfer values or other lump sum payments for the purpose of creating rights to benefits under a new public scheme or otherwise;
(e) in relation to any persons who are active members of the AWE Pension Scheme which differs from the provision made in relation to persons who are deferred members of the AWE Pension Scheme, other than provision in relation to qualifying accrued rights.
(2) Regulations under section 112(1) may—
(a) provide for a new public scheme to be treated as an occupational pension scheme, a previously contracted-out scheme or another type of occupational pension scheme for the purposes of an enactment specified or described in the regulations;
(b) provide for the enactment to apply in relation to a new public scheme subject to modifications specified in the regulations.
(3) Regulations under section 112(1) amending a new public scheme may make retrospective provision.
(4) Regulations under section 112(1) may—
(a) confer functions on the Secretary of State or another person;
(b) provide for a person to exercise a discretion in dealing with a matter.
(5) The Secretary of State may—
(a) make arrangements for a new public scheme to be administered by any person;
(b) delegate to any person a function exercisable by the Secretary of State under a new public scheme.
(6) In this section, a “previously contracted-out scheme” means a scheme that before 6 April 2016 was a salary related contracted-out scheme within the meaning of Part 3 of the Pension Schemes Act 1993.
114 Protection against adverse treatment: transfer of rights
(1) When making regulations under section 112 which transfer qualifying accrued rights to a new public scheme, the Secretary of State must ensure that the following requirements are met in respect of each person whose qualifying accrued rights are transferred—
(a) the general scheme requirement (see subsection (2)), and
(b) where the qualifying accrued rights transferred are a person’s rights or entitlements to money purchase benefits other than pensions in payment, the money purchase requirement (see subsection (3)).
(2) The general scheme requirement is that, so far as relevant to the qualifying accrued rights transferred by the regulations, the provision in the new public scheme immediately after the regulations are made is in all material respects at least as good as the provision in the AWE Pension Scheme immediately before that time.
(3) The money purchase requirement is that the value of the rights or entitlements to money purchase benefits, other than pensions in payment, that a person has under the new public scheme immediately after, and as a result of, the transfer is at least equivalent to the value of the qualifying accrued rights of the person that are transferred.
(4) The Secretary of State may by regulations make provision about the determination of the value of rights or entitlements for the purposes of subsection (3).
(5) Regulations under subsection (4) may, among other things—
(a) make provision about the person by whom, and the manner in which, the value of rights or entitlements is to be determined,
(b) make provision about the date or period by reference to which the value of the qualifying accrued rights transferred is to be determined (subject to subsection (6)), and
(c) make provision that applies generally or only for a specific purpose (for example, in relation to a particular transfer).
(6) Regulations under subsection (4) may not make provision for the value of the qualifying accrued rights transferred to be determined by reference to a date which falls, or a period which ends, more than three months before the transfer.
(7) Subsection (1) does not require provision to be included in a new public scheme if the Secretary of State is of the opinion that the provision would be incompatible with an enactment (including an enactment applying as a result of any provision made by or under this Chapter).
(8) Nothing in subsections (1) to (3) is to be read as—
(a) requiring particular provisions of a new public scheme to take a particular form,
(b) requiring a new public scheme to be established in a particular way,
(c) requiring any power or duty conferred or imposed by a new public scheme to be exercised or performed in a particular way, or
(d) affecting any power of any person to amend a new public scheme.
115 Protection against adverse treatment: amendment of new public schemes
(1) The Secretary of State may not make regulations under section 112 amending a new public scheme unless—
(a) in a case where the amendment, on coming into force, would or might adversely affect subsisting rights at that time, the consent requirements or the procedure requirements are satisfied in relation to the amendment, or
(b) in any other case, the consultation requirements are satisfied in relation to the amendment.
(2) The consent requirements are requirements specified or described in regulations made by the Secretary of State for the purpose of obtaining the consent of interested persons, or their representatives, to amendment of a new public scheme.
(3) The consultation requirements are requirements specified or described in regulations made by the Secretary of State for the purpose of consulting interested persons, or their representatives, about amendment of a new public scheme.
(4) The procedure requirements are requirements which—
(a) are specified or described in regulations made by the Secretary of State for steps to be taken before amending a new public scheme, and
(b) are not requirements for the purpose of obtaining the consent of, or consulting, interested persons or their representatives.
(5) In this section, “subsisting rights”, in relation to any time, means—
(a) any right to future benefits under a new public scheme which, at that time, has accrued to or in respect of a member of the scheme,
(b) any entitlement under a new public scheme to the present payment of a pension or other benefit which a member of the scheme has at that time, or
(c) any entitlement to benefits, or rights to future benefits, under a new public scheme which a survivor of a member of the scheme has at that time in respect of the member.
(6) For the purposes of the definition of “subsisting rights”—
(a) references to pensions or other benefits (including future benefits) include money purchase benefits, and
(b) references to a right include a pension credit right.
(7) In this section, “interested persons”, in relation to an amendment of a scheme, means persons who appear to the Secretary of State to be likely to be affected by the amendment.
(1) The Secretary of State may by regulations provide for the transfer of assets or liabilities of the AWE Pension Scheme (without the need for any approval or consent of the trustee company or AWE PLC, or any other person, to the transfer) to—
(a) the Secretary of State,
(b) a nominee of the Secretary of State or the Treasury, or
(c) a company established by the Secretary of State or the Treasury for the purpose of holding the assets or the liabilities pending their disposal or discharge.
(2) Where any assets of the AWE Pension Scheme are transferred before regulations under section 112(2) are made, regulations under this section must make provision for the purposes of—
(a) securing the ability of the trustee company to meet any liability it has, or may have, or
(b) securing that any such liability is to be met by the Secretary of State or the Treasury.
(3) The regulations may in connection with those purposes, or otherwise in connection with a transfer of assets or liabilities under the regulations—
(a) make provision for the Secretary of State or the Treasury to give directions to the trustee company or AWE PLC;
(b) exempt the trustee company, or AWE PLC, from liability in connection with acts or omissions pursuant to any such directions;
(c) disapply (to such extent as is specified) any specified statutory provision or rule of law;
(d) provide for any specified statutory provision to apply (whether or not it would otherwise apply) with specified modifications;
(e) impose a moratorium on the commencement or continuation of proceedings or other legal processes of any specified description.
(4) “Specified” means specified in the regulations.
(5) Regulations under this section may include provision for the making of payments into the Consolidated Fund.
(1) The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to—
(a) a new public scheme;
(b) members of a new public scheme;
(c) persons who have survived a member of a new public scheme and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member;
(d) a person within section 116(1)(a), (b) or (c).
(2) Regulations under subsection (1) may include provision for treating a new public scheme as a registered pension scheme.
(3) The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to, or in connection with, anything done by or under, or in consequence of, regulations made under this Chapter in relation to—
(a) the AWE Pension Scheme;
(b) the trustee company;
(c) AWE PLC;
(d) the Secretary of State;
(e) a qualifying person;
(f) a person who has survived a qualifying person and who has an entitlement to benefits, or a right to future benefits, under the scheme in respect of the qualifying person.
(4) Regulations under subsection (1) or (3) may include provision for any of the following—
(a) a tax provision not to apply or to apply with modifications;
(b) anything done to have or not to have a specified consequence for the purposes of a tax provision;
(c) the withdrawal of relief and the charging of a relevant tax.
(5) Provision made by regulations under subsection (1) or (3), other than provision withdrawing a relief or charging a relevant tax, may make retrospective provision.
(6) In this section—
“relevant tax” means—
income tax;
capital gains tax;
corporation tax;
inheritance tax;
stamp duty and stamp duty reserve tax;
stamp duty land tax;
“registered pension scheme” has the meaning given in Part 4 of the Finance Act 2004;
“tax provision” means any provision made by or under an enactment relating to a relevant tax.
(1) The Secretary of State may by regulations make provision requiring a person specified or described in the regulations to give the Secretary of State a document or other information specified or described in the regulations.
(2) Regulations under subsection (1) may only make provision in respect of documents or other information which the Secretary of State reasonably requires for the purposes of—
(a) making regulations under this Chapter, or
(b) establishing or administering a new public scheme, including transferring qualifying accrued rights to such a scheme.
(3) Regulations under subsection (1) may, among other things, include—
(a) provision about the time when the document or other information must be given;
(b) provision about the form and manner in which it must be given;
(c) provision for the imposition of a financial penalty on a person who, without reasonable excuse, fails to comply with a requirement imposed by the regulations (including provision for appeals to a court or tribunal).
(4) For the purposes of facilitating the establishment or administration of a new public scheme, including the transfer of qualifying accrued rights to such a scheme, information described in subsection (5) may be shared among the following persons—
(a) the Secretary of State;
(b) the Treasury;
(c) a trustee company of the AWE Pension Scheme;
(d) a person who exercises functions under the AWE Pension Scheme;
(e) AWE PLC;
(f) a person who administers, or exercises functions under, a new public scheme.
(5) The information is information relating to—
(a) rights or entitlements to pensions or other benefits under the AWE Pension Scheme;
(b) the administration of the AWE Pension Scheme;
(c) rights or entitlements to pensions or other benefits under a new public scheme, so far as they are rights or entitlements of, or in respect of, qualifying persons;
(d) the administration of a new public scheme.
(6) The disclosure of information in accordance with this section, or regulations made under this section, does not breach—
(a) any obligation of confidence owed by a person in relation to that information, or
(b) any other restriction on the disclosure of information (however imposed).
(1) The Secretary of State must consult the trustee company before making—
(a) regulations under section 112 which establish a new public scheme or transfer qualifying accrued rights to a new public scheme, or
(b) regulations under section 116 which make provision for the transfer of assets or liabilities.
(2) The Secretary of State may not make regulations under any provision of this Chapter, other than under section 118(1), unless the Treasury have consented to the making of the regulations.
(3) Regulations under section 112 are subject to the affirmative procedure if—
(a) the making of the regulations is subject to the consent requirements (see section 115), or
(b) the regulations make provision which has retrospective effect.
(4) Regulations under section 116 are subject to the affirmative procedure if they make provision falling with subsection (3)(c), (d) or (e) of that section.
(5) Regulations under section 118(1) are subject to the affirmative procedure if they make provision about the amount of a financial penalty.
(6) A statutory instrument containing regulations under section 117 is subject to annulment in pursuance of a resolution of the House of Commons.
(7) Any other regulations under this Chapter are subject to the negative procedure.
In this Chapter—
“active member” has the meaning given by section 124(1) of the Pensions Act 1995;
“deferred member” has the meaning given by section 124(1) of the Pensions Act 1995;
“enactment” includes—
an enactment comprised in subordinate legislation (within the meaning given by section 21 of the Interpretation Act 1978),
an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru,
an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament,
an enactment comprised in, or in an instrument made under, Northern Ireland legislation;
“member” has the meaning given by section 124(1) of the Pensions Act 1995;
“money purchase benefits” has the meaning given by section 181 of the Pension Schemes Act 1993;
“new public scheme” has the meaning given by section 112(1);
“occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;
“pension credit right” has the meaning given by section 124(1) of the Pensions Act 1995;
“qualifying person” has the meaning given by section 112(1);
“the trustee company” means AWE Pension Trustees Ltd.
121 Alienation or forfeiture of occupational pension
(1) The Pensions Act 1995 is amended in accordance with subsections (2) and (3).
(2) In section 91 (inalienability of occupational pension)—
(a) in subsection (6), in the words after paragraph (b)—
(i) for “there is a dispute as to its amount” substitute “a dispute has arisen as to the amount of the monetary obligation in question”;
(ii) for the words from “the obligation in question” to the end substitute “one of the following conditions is met.”;
(b) after subsection (6) insert—
(6A) The conditions mentioned in subsection (6) are—
(a) that the dispute has been resolved by the parties to it;
(b) that the Pensions Ombudsman has made a determination under Part 10 of the Pension Schemes Act 1993or Part 10 of the Pension Schemes (Northern Ireland) Act 1993 (investigations) as to the amount of the monetary obligation in question;
(c) that the monetary obligation in question has become enforceable—
(i) under an order of a competent court, or
(ii) in consequence of an award of an arbitrator or, in Scotland, an arbiter to be appointed (failing agreement between the parties) by the sheriff.
(3) In section 93 (forfeiture by reference to obligation to employer), in subsection (3)—
(a) for “there is a dispute” substitute “a dispute has arisen”;
(b) for the words from “the obligation has become” to the end substitute
—
(a) the dispute has been resolved by the parties to it,
(b) the Pensions Ombudsman has made a determination under Part 10 of the Pension Schemes Act 1993or Part 10 of the Pension Schemes (Northern Ireland) Act 1993 (investigations) as to the amount of the monetary obligation in question, or
(c) the monetary obligation in question has become enforceable—
(i) under an order of a competent court, or
(ii) in consequence of an award of an arbitrator or, in Scotland, an arbiter to be appointed (failing agreement between the parties) by the sheriff.
(4) The Pensions (Northern Ireland) Order 1995 is amended in accordance with subsections (5) and (6).
(5) In Article 89 (inalienability of occupational pension)—
(a) in paragraph (6), in the words after sub-paragraph (b)—
(i) for “there is a dispute as to its amount” substitute “a dispute has arisen as to the amount of the monetary obligation in question”;
(ii) for the words from “the obligation in question” to the end substitute “one of the following conditions is met.”;
(b) after paragraph (6) insert—
(6A) The conditions mentioned in paragraph (6) are—
(a) that the dispute has been resolved by the parties to it;
(b) that the Pensions Ombudsman has made a determination under Part 10 of the Pension Schemes (Northern Ireland) Act 1993 or Part 10 of the Pension Schemes Act 1993 (investigations) as to the amount of the monetary obligation in question;
(c) that the monetary obligation in question has become enforceable—
(i) under an order of a competent court, or
(ii) in consequence of an award of an arbitrator.
(6) In Article 91 (forfeiture by reference to obligation to employer), in paragraph (3)—
(a) for “there is a dispute” substitute “a dispute has arisen”;
(b) for the words from “the obligation has become” to the end substitute
—
(a) the dispute has been resolved by the parties to it,
(b) the Pensions Ombudsman has made a determination under Part 10 of the Pension Schemes (Northern Ireland) Act 1993 or Part 10 of the Pension Schemes Act 1993 (investigations) as to the amount of the monetary obligation in question, or
(c) the monetary obligation in question has become enforceable—
(i) under an order of a competent court, or
(ii) in consequence of an award of an arbitrator.
In the following provisions (which relate to the life expectancy required for a person to be regarded as “terminally ill” for purposes relating to compensation or assistance from the Pension Protection Fund or Financial Assistance Scheme), for “6 months” or “six months” substitute “12 months”—
(a) in the Pensions Act 2004, in Schedule 7, paragraph 25B(3);
(b) in the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), in Schedule 6, paragraph 25B(3);
(c) in the Pensions Act 2008, in Schedule 5, paragraph 12(3);
(d) in the Pensions (No. 2) Act (Northern Ireland) 2008 (c.13 (N.I.)), in Schedule 4, paragraph 12(3);
(e) in the Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regulations 2(9) and 17(3D)(b)(i).
(1) The Pensions Act 2004 is amended as follows.
(2) In section 113 (investment of funds), in subsection (2)(b), omit “174 or”.
(3) For the italic heading before section 174 substitute “Pension protection levies”.
(4) Omit section 174 (initial levy).
(5) In section 175 (pension protection levies)—
(a) for subsection (1) substitute—
(1) For each financial year, the Board—
(a) may impose a risk-based pension protection levy in respect of a description of eligible scheme (or in respect of all eligible schemes), and
(b) if it does so, may also impose a scheme-based pension protection levy in respect of the same or a different description of eligible scheme (or in respect of all eligible schemes).
In this Chapter “pension protection levy” means a levy imposed in accordance with this section.
;
(b) in subsection (3), after paragraph (a) insert—
(aa) the risks associated with a description of scheme which the Board considers is not supported by a substantive employer covenant;
;
(c) in subsection (5), in the words before paragraph (a), after “financial year” insert “for which it decides to impose the pension protection levies (or one of them)”;
(d) omit subsection (7);
(e) before subsection (8) insert—
(7A) For the purposes of subsection (3)(aa), a scheme is “not supported by a substantive employer covenant” if, based on the financial position of the employer, there is no realistic prospect of the employer being able to provide the trustees or managers with material financial support for the purpose of satisfying liabilities of the scheme.
For that purpose the employer’s “financial position” means its financial position ignoring—
(a) any capital buffer (within the meaning of Part 3 of the Pension Schemes Act 2026), and
(b) any financial support which it may obtain from another person but to which it is not entitled.
;
(f) in subsection (8), omit the definition of “initial period”;
(g) in subsection (10)—
(i) in the words before paragraph (a), for “duty” substitute “power”;
(ii) omit paragraph (b) and the “and” before it.
(6) In section 176 (supplementary provisions about pension protection levies)—
(a) in subsection (1)—
(i) for paragraph (a) substitute—
(a) no pension protection levies were imposed in the previous financial year, or
;
(ii) in paragraph (b), for “the pension protection levies” substitute “any pension protection levies”;
(iii) omit paragraph (c) and the “or” before it;
(b) for subsection (2) substitute—
(2) The Board must publish in the prescribed manner details of—
(a) any decision to impose, or not to impose, the levies for a financial year in respect of a description of scheme;
(b) any determination under section 175(5).
(7) In section 177 (amounts to be raised by the pension protection levies)—
(a) at the beginning insert—
(A1) Subsections (1) to (5) apply where the Board decides to impose one or both of the pension protection levies for a financial year.
;
(b) in each of subsections (1), (2) and (3), for “a financial year” substitute “the financial year”;
(c) omit subsection (4);
(d) for subsection (5) substitute—
(5) The Board must impose pension protection levies for the financial year in a form which it estimates will raise an amount which does not exceed the sum of—
(a) the amount estimated under subsection (1) in respect of any pension protection levies imposed for the previous financial year, and
(b) 25% of the levy ceiling for the previous financial year.
;
(e) in subsection (8), for the words from “Regulations” to “(6),” substitute “An order under subsection (6)”;
(f) in subsection (9), omit paragraph (b) and the “and” before it.
(8) In section 178 (levy ceiling)—
(a) in subsection (1), omit “for which levies are required to be imposed under section 175”;
(b) omit subsection (2);
(c) in subsection (3), in the words before paragraph (a), omit “after the first year for which levies are imposed under section 175”.
(9) Omit section 180 (transitional provision now spent).
(10) In section 181 (calculation, collection and recovery of levies), in subsection (1), omit paragraph (a) and the “and” after it.
(11) In section 316 (parliamentary control of subordinate legislation), in subsection (2), omit paragraph (c).
(1) In section 4A of the Financial Guidance and Claims Act 2018 (specific functions included in the pensions guidance function)—
(a) in subsection (2)—
(i) omit the “and” after paragraph (b);
(ii) after paragraph (c) insert—
(d) the Pension Protection Fund, including information relating to an individual, and
(e) the financial assistance scheme, including information relating to an individual.
;
(b) in subsection (6), at the appropriate place insert—
“financial assistance scheme” means the scheme provided for by regulations under section 286 of the Pensions Act 2004 (financial assistance scheme for members of certain pension schemes);
.
(2) The Pensions Act 2004 is amended as follows.
(3) In section 203 (provision of information relating to the Pension Protection Fund to members of schemes etc)—
(a) in subsection (1)(a), after “times” insert “or in prescribed circumstances”;
(b) after subsection (1) insert—
(1A) Regulations under subsection (1)(a) may make provision about how information is to be provided, including provision requiring—
(a) the use of electronic communications;
(b) the use of facilities or services specified or of a description specified in the regulations;
(c) information to be provided in such a way that it can subsequently be provided by means of—
(i) a qualifying pensions dashboard service, or
(ii) the pensions dashboard service provided by the Money and Pensions Service.
(1B) In subsection (1A)—
“pensions dashboard service” means a pensions dashboard service within the meaning of section 238A(1);
“qualifying pensions dashboard service” has the meaning given by section 238A(2).
(4) In section 238A (qualifying pensions dashboard service), in subsection (4), after paragraph (b) insert—
(ba) information of a prescribed description about—
(i) the Pension Protection Fund;
(ii) the financial assistance scheme;
(bb) Pension Protection Fund information relating to the individual in question of such description as may be prescribed;
(bc) financial assistance scheme information relating to the individual in question of such description as may be prescribed;
.
(5) In section 238C (interpretation), in subsection (4), at the appropriate place insert—
“financial assistance scheme” means the scheme provided for by regulations under section 286 (financial assistance scheme for members of certain pension schemes);
.
125 Information to be given to pension schemes by employers
(1) Part 1 of the Pensions Act 2008 (pension scheme membership for jobholders) is amended as follows.
(2) After section 11 (information to be given to the Pensions Regulator) insert—
Information to be given to pension schemes
11A (1) The Secretary of State may make regulations requiring employers to provide information relating to—
(a) jobholders who are active members of a qualifying scheme, or
(b) workers who are active members of a pension scheme that satisfies the requirements of section 9,
to the trustees or managers of the scheme (where the scheme is an occupational pension scheme) or the provider of the scheme (where the scheme is a personal pension scheme).
(2) Regulations under this section may make provision—
(a) specifying the information to be provided;
(b) about when, or the frequency with which, the information (or a particular item of information) is to be provided;
(c) about how and in what form the information is to be provided.
(3) The information that regulations under this section may require employers to provide includes information about persons ceasing to be jobholders or workers within subsection (1)(a) or (b).
(3) In section 34 (effect of failure to comply), in subsection (3), for “11” substitute “11A”.
126 Funding of the Board of the Pension Protection Fund
(1) The Pensions Act 2004 is amended in accordance with subsections (2) to (5).
(2) Omit section 116 (power of Secretary of State to pay grants to Board of Pension Protection Fund).
(3) Omit section 117 (power of Secretary of State to impose administration levy on pension schemes).
(4) In section 173 (Pension Protection Fund), in subsection (3), before paragraph (a) insert—
(za) any sums required to meet expenditure of the Board that is attributable to the operation or administration of the Pension Protection Fund,
.
(5) In section 188 (fraud compensation fund), in subsection (3), before paragraph (a) insert—
(za) any sums required to meet expenditure of the Board that is attributable to the operation or administration of the Fraud Compensation Fund,
.
(6) No amount is payable to the Secretary of State by virtue of section 117 of the Pensions Act 2004 (administration levy) in respect of the financial years beginning with 1 April 2023 and 1 April 2024.
(7) In the Pensions Act 2008, in Schedule 10 (interest on late payment of levies), omit paragraph 3 (which makes an amendment about interest for late payment of the administration levy that has not been brought into force).
127 Funding of the Ombudsman for the Board of the Pension Protection Fund
(1) In the Pension Schemes Act 1993, in section 175(1) (general levy)—
(a) omit the “or” at the end of paragraph (d);
(b) after that paragraph insert—
(da) of the Secretary of State under section 209(6) of the Pensions Act 2004 (payments to PPF Ombudsman), or
.
(2) In section 209 of the Pensions Act 2004 (ombudsman for the Board of the Pension Protection Fund), omit subsections (7) and (8).
(1) The Government Actuary must, before the end of the period of 12 months beginning with the day on which this section comes into force—
(a) prepare and publish a document setting out cash flow projections for each of the next 50 years that cover the public service pension schemes within subsection (4);
(b) provide the document to the Treasury and the Office for Budget Responsibility.
(2) The Treasury must lay the document before Parliament.
(3) For the purposes of this section “cash flow” means—
(a) expenditure on benefits, and
(b) income from member contributions.
(4) The following public service pension schemes are within this subsection—
(a) any scheme under section 1 of the Public Service Pensions Act 2013 (schemes for persons in public service) which—
(i) is a defined benefits scheme (within the meaning of that Act), and
(ii) is not a scheme for local government workers (within the meaning of that Act);
(b) any scheme under section 1 of the Public Service Pensions Act (Northern Ireland) 2014 (schemes for persons in public service) which—
(i) is a defined benefits scheme (within the meaning of that Act), and
(ii) is not a scheme for local government workers (within the meaning of that Act).
(1) Regulations under this Act are to be made by statutory instrument.
(2) A power to make regulations under this Act includes power to make incidental, supplementary, consequential or transitional provision.
(3) A power to make regulations under this Act may be exercised—
(a) either in relation to all cases to which the power extends, or in relation to those cases subject to specified exceptions, or in relation to any specified cases or classes of case;
(b) so as to make, as respects the cases in relation to which it is exercised—
(i) the full provision to which the power extends or any less provision (whether by way of exception or otherwise),
(ii) the same provision for all cases in relation to which the power is exercised, or different provision for different cases or different classes of case or different provision as respects the same case or class of case for different purposes of this Act, or
(iii) any such provision either unconditionally or subject to any specified condition.
(4) A power to make regulations under any provision of this Act does not restrict the width of any power to make regulations under any other provision of this Act or under any other enactment.
(5) This section does not apply to regulations under section 133.
(1) Where regulations under this Act are subject to “the affirmative procedure”, the regulations may not be made unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, each House of Parliament.
(2) Where regulations under this Act are subject to “the negative procedure”, the statutory instrument containing them is subject to annulment in pursuance of a resolution of either House of Parliament.
(3) Any provision that may be made by regulations under this Act subject to the negative procedure may instead be made by regulations subject to the affirmative procedure.
(1) Subject as follows, this Act extends to England and Wales and Scotland only.
(2) Sections 105 to 108 extend to Northern Ireland only.
(3) Chapter 3 of Part 4 extends to England and Wales, Scotland and Northern Ireland.
(4) Section 128 extends to England and Wales, Scotland and Northern Ireland.
(5) Any amendment, repeal or revocation made by this Act has the same extent as the provision amended, repealed or revoked.
(1) Any provision of or amendment made by this Act, so far as it confers a power to make subordinate legislation, comes into force on the day on which this Act is passed.
(2) So far as not brought into force under subsection (1), this Act comes into force as follows.
(3) Part 1 comes into force on such day as the Secretary of State may by regulations appoint.
(4) Part 2 comes into force as follows—
(a) Chapter 1 comes into force on such day as the Secretary of State may by regulations appoint;
(b) Chapter 2 comes into force on the day on which this Act is passed;
(c) Chapter 3 comes into force as follows—
(i) section 40, in respect of the insertion of section 28K of the Pensions Act 2008 (report about effects of pension scheme consolidation), comes into force on the day on which this Act is passed;
(ii) the remaining provisions of Chapter 3 come into force on such day as the Secretary of State may by regulations appoint;
(d) Chapter 4 comes into force on such day as the Secretary of State and the Treasury jointly may by regulations appoint;
(e) Chapter 5 comes into force on such day as the Treasury may by regulations appoint;
(f) Chapter 6 comes into force on such day as the Secretary of State may by regulations appoint.
(5) Regulations under subsection (4)(c) may not provide for the following to come into force before 1 January 2030—
(a) section 40(4), in respect of the insertion of Condition 1 in section 20(1A) of the Pensions Act 2008 (Master Trusts to be subject to scale requirement);
(b) section 40(8), in respect of the insertion of section 26(7A) of that Act (group personal pension schemes to be subject to scale requirement)
(but nothing in this subsection prevents section 40 from being brought into force before that date in respect of the insertion in that Act of other provision related to that mentioned in paragraph (a) or (b)).
(6) If section 40 has not been brought into force before the end of 2032 in respect of the insertion of—
(a) Condition 2 in section 20(1A) of the Pensions Act 2008 (asset allocation requirement: Master Trusts), and
(b) subsection (7B) in section 26 of the Pensions Act 2008 (asset allocation requirement: group personal pension schemes),
section 40 is repealed at the end of that year in respect of the insertion of those provisions.
(7) Part 3 comes into force on such day as the Secretary of State may by regulations appoint.
(8) Chapter 1 of Part 4 comes into force on the day on which this Act is passed.
(9) Chapter 2 of Part 4 comes into force on such day as the Secretary of State may by regulations appoint.
(10) Chapter 3 of Part 4 comes into force on the day on which this Act is passed (to the extent this is not already the case as a result of subsection (1)).
(11) Chapter 4 of Part 4 comes into force as follows—
(a) sections 121 and 122 come into force at the end of the period of two months beginning with the day on which this Act is passed;
(b) section 123 comes into force on such day as the Secretary of State may by regulations appoint;
(c) sections 124 and 125 come into force on the day on which this Act is passed;
(d) section 126—
(i) comes into force on 1 April 2026, or,
(ii) if this Act is passed after that date, is treated as having come into force on that date;
(e) section 127 is treated as having come into force on 1 April 2007;
(f) section 128 comes into force on the day on which this Act is passed.
(12) This Part comes into force as follows—
(a) sections 129 to 134 come into force on the day on which this Act is passed;
(b) the Schedule comes into force on such day as the Secretary of State may by regulations appoint.
(13) Transitional or saving provision may by regulations be made—
(a) by the Secretary of State in connection with the coming into force of any provision of this Act except Chapter 5 of Part 2;
(b) by the Treasury in connection with the coming into force of any provision of Chapter 5 of Part 2.
(14) Regulations under this section—
(a) may make different provision for different purposes;
(b) are to be made by statutory instrument.