The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014
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Change 1
As published
46 Provision of information: schemes and benefits treated as money purchase
(1) This regulation applies—
(a) in the case of a scheme which is an eligible scheme on the appointed day, where the trustees or managers of the scheme have, before the appointed day, excluded liabilities relating to benefits which are not money purchase benefits from a valuation under section 179 of the 2004 Act because those liabilities were treated as if they related to money purchase benefits; or
(b) where the trustees or managers of a scheme which includes liabilities relating to benefits which are not money purchase benefits have not, before the appointed day, carried out valuations under section 179 of that Act because they treated the scheme as if it were a money purchase scheme.
(2) Where this regulation applies, the trustees or managers of the scheme must, on or before 31st March 2015, inform the Regulator that the scheme includes benefits which are not money purchase benefits but have been treated as money purchase benefits.
(3) Where—
(a) paragraph (1)(a) of this regulation applies; and
(b) the scheme is an eligible scheme on the appointed day,
the Board, or the Regulator on the Board’s behalf, may direct the trustees or managers of the scheme to provide any information or documents relevant to the calculation of the levies in relation to the scheme.
(4) Information or documents relevant to the calculation of the levies includes, in particular—
(a) accounts in relation to the scheme;
(b) actuarial reports in relation to the scheme; and
(c) actuarial valuations in relation to the scheme.
(5) The Board or the Regulator on the Board’s behalf may revoke or vary any direction given under paragraph (3).
(6) Where a direction under paragraph (3) given to the trustees or managers of a scheme is not complied with, section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance with the direction.
Your change, as a redline
46 Provision of information: schemes and benefits treated as money purchase
(1) This regulation applies—
(a) in the case of a scheme which is an eligible scheme on the appointed day, where the trustees or managers of the scheme have, before the appointed day, excluded liabilities relating to benefits which are not money purchase benefits from a valuation under section 179 of the 2004 Act because those liabilities were treated as if they related to money purchase benefits; or
(b) where the trustees or managers of a scheme which includes liabilities relating to benefits which are not money purchase benefits have not, before the appointed day, carried out valuations under section 179 of that Act because they treated the scheme as if it were a money purchase scheme.
(2) Where this regulation applies, the trustees or managers of the scheme must, on or before 31st March 2015, inform the Regulator that the scheme includes benefits which are not money purchase benefits but have been treated as money purchase benefits.
(3) Where—
(a) paragraph (1)(a) of this regulation applies; and
(b) the scheme is an eligible scheme on the appointed day,
the Board, or the Regulator on the Board’s behalf, may direct the trustees or managers of the scheme to provide any information or documents relevant to the calculation of the levies in relation to the scheme.
(4) Information or documents relevant to the calculation of the levies includes, in particular—
(a) accounts in relation to the scheme;
(b) actuarial reports in relation to the scheme; and
(c) actuarial valuations in relation to the scheme.
(5) The Board or the Regulator on the Board’s behalf may revoke or vary any direction given under paragraph (3).
(6) Where a direction under paragraph (3) given to the trustees or managers of a scheme is not complied with, section 10 of the 1995 Act (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance with the direction.
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