S. 107 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.

S. 108(1)(2)(5)-(7) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.

S. 109 in force at 17.12.2004 for specified purposes by S.I. 2004/3350, art. 2, Sch.

S. 110(3) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.

S. 111 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.

S. 112(1)-(3)(4)(b)(c)(d) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.

S. 116 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.

S. 112(4)(a)(7)(8) in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4

S. 117(4) in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4

S. 115(3) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(1), Sch. Pt. 1

S. 115(1)(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5

S. 115(3) in force at 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(5), Sch. Pt. 5

S. 117(1)(3)(7)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2

S. 117(2)(a)(5)(6) in force at 1.4.2005 by S.I. 2005/275, art. 2(6), Sch. Pt. 6

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

S. 114(1)(b)(3)(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3

S. 114(1)(a)(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 108(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 110(1)(a) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 112(5)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 113 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 119 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 109 in force at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7

S. 109 in force at 21.7.2005 for specified purposes by S.I. 2005/1720, art. 2(6)(b); S.I. 2005/2024; S.I. 2005/2025

S. 110(1)(b) in force at 1.9.2005 by S.I. 2005/1720, art. 2(16), Sch. Pt. 3

S. 109 in force at 1.9.2005 for specified purposes by S.I. 2005/2447, art. 2(4), Sch. Pt. 1

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1

S. 110(2) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2

S. 109 in force at 1.1.2006 for specified purposes and 1.4.2006 for specified purposes by S.I. 2005/3331, art. 2(4), Sch. Pt. 4

S. 109 in force at 6.4.2006 for specified purposes by S.I. 2006/560, art. 2(3), Sch. Pt. 3

S. 117(7)(b) in force at 1.1.2007 for specified purposes and 1.3.2007 in so far as not already in force by S.I. 2006/2272, art. 2(6)

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except Ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72 (as amended (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688), regs. 1(2), 2(1)-(19); (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 2 (with reg. 10))

Words in s. 115(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 104(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11 (as amended (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 2(3)-(5); (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(4)(5))

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

Words in s. 115(3) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(4); 2020 c. 1, Sch. 5 para. 1(1)

S. 115A inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(2)

Words in s. 115(2) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(a)

Words in s. 115(2)(a) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(b)

http://www.legislation.gov.uk/ukpga/2004/35/part/2/chapter/1Pensions Act 2004An Act to make provision relating to pensions and financial planning for retirement and provision relating to entitlement to bereavement payments, and for connected purposes.texttext/xmlenStatute Law Database2024-06-03Expert Participation2024-04-06Part 2The Board of the Pension Protection FundChapter 1The BoardEstablishment
107The Board of the Pension Protection Fund

There shall be a body corporate called the Board of the Pension Protection Fund (in this Act referred to as “the Board”).

108Membership of the Board1

The Board is to consist of the following members—

a

a chairman,

b

the Chief Executive of the Board, and

c

at least five other persons (“ordinary members”).

2

The chairman must not be appointed from the staff of the Board or be the chairman of the Regulator.

3

The number of ordinary members must not exceed any maximum number which may be prescribed.

4

At least two ordinary members must be appointed from the staff of the Board.

5

No member of the Determinations Panel established by the Regulator under section 9, or member of the staff of the Regulator, is eligible for appointment as a member of the Board.

6

Any power to appoint ordinary members must be exercised so as to secure that a majority of the members of the Board are non-executive members.

7

In this Part—

a

references to executive members of the Board are to—

i

the Chief Executive, and

ii

the ordinary members appointed from the staff of the Board, and

b

references to non-executive members of the Board are to members who are not executive members.

109Further provision about the Board

Schedule 5 makes further provision about the Board, including provision as to—

the appointment of members,

the terms of appointment, tenure and remuneration of members,

the appointment of the Chief Executive and other staff,

the proceedings of the Board,

its accounts, and

the status and liability of the Board, its members and staff.

General provision about functions
110Board’s functions1

The Board must hold, manage and apply, in accordance with this Part and any provision in force in Northern Ireland corresponding to it—

a

a fund to be known as the Pension Protection Fund, and

b

a fund to be known as the Fraud Compensation Fund.

2

Sections 175 and 189 make provision for contributions to those funds to be levied by the Board.

3

The Board also has such other functions as are conferred on it by, or by virtue of, this or any other enactment.

111Supplementary powers

The Board may do anything which—

a

is calculated to facilitate the exercise of its functions, or

b

is incidental or conducive to their exercise.

Non-executive functions
112Non-executive functions1

The functions listed in subsection (4) (in this Part referred to as “the non-executive functions”) are functions of the Board.

2

The Board must establish a committee to discharge the non-executive functions on its behalf.

3

Only non-executive members of the Board may be members of that committee.

4

The non-executive functions are—

a

the duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;

b

the duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;

c

the duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;

d

the duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.

5

The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Board’s annual report to the Secretary of State under section 119.

6

The committee’s report must relate to the same period as that covered by the Board’s report.

7

The members of any sub-committee of the committee (established by virtue of paragraph 15(2) of Schedule 5)—

a

may include persons who are not members of the committee, but

b

must not include persons who are executive members or other staff of the Board.

8

The committee may authorise any of its sub-committees to discharge on its behalf—

a

any of the non-executive functions;

b

the duty to prepare a report under subsection (5).

Financial matters
113Investment of funds1

The Board may invest for the purposes of the prudent management of its financial affairs.

2

When exercising the power conferred by subsection (1) in relation to the Pension Protection Fund, the Board must have regard to—

a

the interests of persons who are or may become entitled to compensation under the pension compensation provisions (see section 162) or any corresponding provisions in force in Northern Ireland, and

b

the effect of the exercise of the power on the rate of any levy which may be imposed under section 174 or 175 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.

3

When exercising the power conferred by subsection (1) in relation to the Fraud Compensation Fund, the Board must have regard to—

a

the interests of members of occupational pension schemes in relation to which section 189(1), or any corresponding provision in force in Northern Ireland, applies, and

b

the effect of the exercise of the power on the level of any levy which may be imposed under section 189 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.

4

For the purposes of subsection (1) there must be at least two fund managers.

5

For this purpose “fund manager” means an individual who or firm which is appointed by the Board to manage the fund maintained under section 173 (the Pension Protection Fund).

6

The Board must not appoint an individual or firm as a fund manager unless it is satisfied—

a

in the case of an individual, that the individual has the appropriate knowledge and experience for managing the investments of the Pension Protection Fund, or

b

in the case of a firm, that arrangements are in place to secure that any individual who will exercise functions which the firm has as fund manager will, at the time he exercises those functions, have the appropriate knowledge and experience for managing the investments of that Fund.

114Investment principles1

The Board must secure—

a

that a statement of investment principles is prepared and maintained, and

b

that the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.

2

In this section “statement of investment principles” means a written statement of the investment principles governing determinations about investments made by or on behalf of the Board.

3

Before preparing or revising a statement of investment principles, the Board must comply with any prescribed requirements.

4

A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.

115Borrowing1

The Board may—

a

borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;

b

give security for any money borrowed by it.

2

The Board may not borrow under this section if the effect would be—

a

to take the aggregate amount outstanding in respect of the principal of sums borrowed by it under this section over its borrowing limit, or

b

to increase the amount by which the aggregate amount so outstanding exceeds that limit.

3

In this section—

borrowing limit” means such limit as the Secretary of State may specify by order;

deposit-taker” means—

a

a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ...

b

...

4

The definition of “deposit-taker” in subsection (3) must be read with—

a

section 22 of the Financial Services and Markets Act 2000,

b

any relevant order under that section, and

c

Schedule 2 to that Act.

115ALoans made by the Secretary of State1

The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any corresponding provision in force in Northern Ireland.

2

A loan under this section may be made on such terms (including as to repayment and interest) as the Secretary of State may determine.

116Grants

The Secretary of State may pay the Board out of money provided by Parliament such sums as he may determine towards any of its expenses, other than expenditure which by virtue of section 173(3) or 188(3) is payable out of—

a

the Pension Protection Fund, or

b

the Fraud Compensation Fund.

117Administration levy1

Regulations may provide for the imposition of a levy (“administration levy”) in respect of eligible schemes (see section 126) for the purpose of meeting—

a

expenditure of the Secretary of State relating to the establishment of the Board;

b

any expenditure of the Secretary of State under section 116.

2

An administration levy is payable to the Secretary of State by or on behalf of—

a

the trustees or managers of an eligible scheme, or

b

any other prescribed person.

3

An administration levy is payable at the prescribed rate and at prescribed times.

4

Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.

5

An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.

6

An amount so payable is recoverable by the Secretary of State or, if he so determines, by the Regulator on his behalf.

7

Without prejudice to the generality of subsections (1), (5) and (6), regulations under this section may include provision relating to—

a

the collection and recovery of amounts payable by way of levy under this section;

b

the circumstances in which any such amount may be waived.

118Fees1

Regulations may authorise the Board—

a

to charge prescribed fees;

b

to charge fees sufficient to meet prescribed costs.

2

Regulations under subsection (1) may prescribe, or authorise the Board to determine, the time at which any fee is due.

3

Any fee which is owed to the Board by virtue of regulations under this section may be recovered as a debt due to the Board.

Annual reports
119Annual reports to Secretary of State1

The Board must prepare a report for each financial year.

2

Each report—

a

must deal with the activities of the Board in the financial year for which it is prepared, including the matters mentioned in subsection (3), and

b

must include the report prepared under subsection (5) of section 112 by the committee established under that section.

3

The matters referred to in subsection (2)(a) are—

a

the strategic direction of the Board and the manner in which it has been kept under review;

b

the steps taken to scrutinise the performance of the Chief Executive in securing that the Board’s functions are exercised efficiently and effectively;

c

the Board’s objectives and targets and the steps taken to monitor the extent to which they are being met.

4

The Board must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.

5

The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.

6

In this section “financial year” means—

a

the period beginning with the date on which the Board is established and ending with the next following 31st March, and

b

each successive period of 12 months.

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<TLCTerm eId="term-borrowing-limit" href="/ontology/term/uk.borrowing-limit" showAs="borrowing limit"/>
<TLCTerm eId="term-deposit-taker" href="/ontology/term/uk.deposit-taker" showAs="deposit-taker"/>
<TLCTerm eId="term-financial-year" href="/ontology/term/uk.financial-year" showAs="financial year"/>
<TLCConcept eId="period-concept1" href="/ontology/time/2004.12.17" showAs="since 2004-12-17"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2005.02.10" showAs="since 2005-02-10"/>
<TLCConcept eId="period-concept3" href="/ontology/time/2005.03.08" showAs="since 2005-03-08"/>
<TLCConcept eId="period-concept4" href="/ontology/time/2005.04.01" showAs="since 2005-04-01"/>
<TLCConcept eId="period-concept5" href="/ontology/time/2005.04.06" showAs="since 2005-04-06"/>
<TLCConcept eId="period-concept6" href="/ontology/time/2005.09.01" showAs="since 2005-09-01"/>
<TLCConcept eId="period-concept7" href="/ontology/time/2005.12.09" showAs="since 2005-12-09"/>
<TLCConcept eId="period-concept8" href="/ontology/time/2006.04.06" showAs="since 2006-04-06"/>
<TLCConcept eId="period-concept9" href="/ontology/time/2007.03.01" showAs="since 2007-03-01"/>
<TLCConcept eId="period-concept10" href="/ontology/time/2021.10.20" showAs="since 2021-10-20"/>
<TLCConcept eId="period-concept11" href="/ontology/time/2024.01.04" showAs="since 2024-01-04"/>
<TLCConcept eId="period-concept12" href="/ontology/time/2024.04.06" showAs="since 2024-04-06"/>
</references>
<notes source="#source">
<note class="commentary I" eId="key-ba5ac5eef30e436d006e511890e407a9">
<p>
S. 107 in force at 17.12.2004 by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-2136ade1183767861820468ec1fc7d1d">
<p>
S. 108(1)(2)(5)-(7) in force at 17.12.2004 by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-a39ee683a69c323792a84c0d1eda56eb">
<p>
S. 109 in force at 17.12.2004 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-5f8f677f1444de159cd1f866b35efb2d">
<p>
S. 110(3) in force at 17.12.2004 by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-c1099865686cf1b04574dd36453f0602">
<p>
S. 111 in force at 17.12.2004 by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-2ac43ccd812fba35ee38d1337fca272b">
<p>
S. 112(1)-(3)(4)(b)(c)(d) in force at 17.12.2004 by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-43942ca8e8dce655343f125084f79ce6">
<p>
S. 116 in force at 17.12.2004 by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350">S.I. 2004/3350</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2">art. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule">Sch.</ref>
</p>
</note>
<note class="commentary I" eId="key-3b2394c2236c5a82721c26f5ed609aa7">
<p>
S. 112(4)(a)(7)(8) in force at 10.2.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/4">art. 2(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/4">Sch. Pt. 4</ref>
</p>
</note>
<note class="commentary I" eId="key-e13d8cefd4a2aad6ed45fcda6665fb48">
<p>
S. 117(4) in force at 10.2.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/4">art. 2(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/4">Sch. Pt. 4</ref>
</p>
</note>
<note class="commentary I" eId="key-0ce39c84aff44efc3258b528fcc84e71">
<p>
S. 115(3) in force at 10.2.2005 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/1">art. 2(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/1">Sch. Pt. 1</ref>
</p>
</note>
<note class="commentary I" eId="key-3d8976f4be6595cc28aa5f86373570d6">
<p>
S. 115(1)(2)(4) in force at 8.3.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/5">art. 2(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/5">Sch. Pt. 5</ref>
</p>
</note>
<note class="commentary I" eId="key-95bee3036df9ff7f469ceb7d7ae6aadb">
<p>
S. 115(3) in force at 8.3.2005 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/5">art. 2(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/5">Sch. Pt. 5</ref>
</p>
</note>
<note class="commentary I" eId="key-639a395f9f8ebd6b8b223fd5f649e66f">
<p>
S. 117(1)(3)(7)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/2">art. 2(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/2">Sch. Pt. 2</ref>
</p>
</note>
<note class="commentary I" eId="key-6b5cd400f739ff2739f47ade9f1e7800">
<p>
S. 117(2)(a)(5)(6) in force at 1.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/6">art. 2(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/6">Sch. Pt. 6</ref>
</p>
</note>
<note class="commentary C" eId="key-a7ed8489e179b987a8f0f27af89fb104">
<p>
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/277">The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/1/1">regs. 1(1)</ref>
,
<rref from="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/2" upTo="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/11">2-11</rref>
</p>
</note>
<note class="commentary C" eId="key-8ae4f61b00045ebee33fee3b22100c82">
<p>
Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441">The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/1">regs. 1</ref>
,
<rref from="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/2" upTo="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/60">2-60</rref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/71">71</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/72">72</ref>
</p>
</note>
<note class="commentary I" eId="key-7497f53be928e968f686eb4365dfa81c">
<p>
S. 114(1)(b)(3)(4) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/3">art. 2(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/3">Sch. Pt. 3</ref>
</p>
</note>
<note class="commentary I" eId="key-acc5354d064e789ff267795a46a86abb">
<p>
S. 114(1)(a)(2) in force at 6.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-8080a32d595df859a48013ce93c2a9f2">
<p>
S. 108(4) in force at 6.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-9fe98efea81042ff9c79fbeeaef397e7">
<p>
S. 110(1)(a) in force at 6.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-bda9fc2660545ac5a86ad3de92b658e3">
<p>
S. 112(5)(6) in force at 6.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-c4bd9a99b1c773331ff960adcdd2b76a">
<p>
S. 113 in force at 6.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-85c125eb77491862bc39b0b935a88197">
<p>
S. 119 in force at 6.4.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-54db3f4e321fb808cee5fd833134c5d1">
<p>
S. 109 in force at 6.4.2005 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275">S.I. 2005/275</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7">art. 2(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7">Sch. Pt. 7</ref>
</p>
</note>
<note class="commentary I" eId="key-44c40810bf1eb53658196881ef64a6c3">
<p>
S. 109 in force at 21.7.2005 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1720">S.I. 2005/1720</ref>
, art. 2(6)(b);
<ref href="http://www.legislation.gov.uk/id/uksi/2005/2024">S.I. 2005/2024</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2005/2025">S.I. 2005/2025</ref>
</p>
</note>
<note class="commentary I" eId="key-e722d6d28f0de796e335ecf3f5e8752f">
<p>
S. 110(1)(b) in force at 1.9.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1720">S.I. 2005/1720</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1720/article/2/16">art. 2(16)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1720/schedule/part/3">Sch. Pt. 3</ref>
</p>
</note>
<note class="commentary I" eId="key-85793614784c6a2a9d6d4c85fa14bdd6">
<p>
S. 109 in force at 1.9.2005 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/2447">S.I. 2005/2447</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/2447/article/2/4">art. 2(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/2447/schedule/part/1">Sch. Pt. 1</ref>
</p>
</note>
<note class="commentary C" eId="key-9f7630100fb0bee3a3dbda1545f54369">
<p>
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986">The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/1/1">regs. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/4">4</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986/schedule/1">Sch. 1</ref>
</p>
</note>
<note class="commentary I" eId="key-437e9371d94271e4d8fade3f53a225fc">
<p>
S. 110(2) in force at 9.12.2005 by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/3331">S.I. 2005/3331</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/3331/article/2/2">art. 2(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/3331/schedule/part/2">Sch. Pt. 2</ref>
</p>
</note>
<note class="commentary I" eId="key-12f04822c56b826e547d3d8db8f91345">
<p>
S. 109 in force at 1.1.2006 for specified purposes and 1.4.2006 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/3331">S.I. 2005/3331</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/3331/article/2/4">art. 2(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/3331/schedule/part/4">Sch. Pt. 4</ref>
</p>
</note>
<note class="commentary I" eId="key-012cae74a7463118eed592883ed617cb">
<p>
S. 109 in force at 6.4.2006 for specified purposes by
<ref href="http://www.legislation.gov.uk/id/uksi/2006/560">S.I. 2006/560</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/560/article/2/3">art. 2(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/560/schedule/part/3">Sch. Pt. 3</ref>
</p>
</note>
<note class="commentary I" eId="key-8368c3555e339a82870db6154bf1e851">
<p>
S. 117(7)(b) in force at 1.1.2007 for specified purposes and 1.3.2007 in so far as not already in force by
<ref href="http://www.legislation.gov.uk/id/uksi/2006/2272">S.I. 2006/2272</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/2272/article/2/6">art. 2(6)</ref>
</p>
</note>
<note class="commentary C" eId="M_C_5055b213-8be6-481c-c832-455a7658859e">
<p>
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986">The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/1/1">regs. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/4">4</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1986/schedule/1">Sch. 1</ref>
(as amended (17.7.2008) by
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1903">The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1903/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1903/regulation/5/2">5(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1903/regulation/13">13</ref>
; (10.7.2009) by
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1851">The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1851/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1851/regulation/5">5</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1851/regulation/18">18</ref>
; (2.4.2010) by
<ref href="http://www.legislation.gov.uk/id/uksi/2010/1149">The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/1149/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/1149/regulation/5">5</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/1149/regulation/15">15</ref>
)
</p>
</note>
<note class="commentary C" eId="M_C_ccf587bb-6136-4e57-bc24-b44b42367394">
<p>
Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except Ch. 4)) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441">The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/1">regs. 1</ref>
,
<rref from="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/2" upTo="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/60">2-60</rref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/71">71</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/72">72</ref>
(as amended (23.7.2012) by
<ref href="http://www.legislation.gov.uk/id/uksi/2012/1688">The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2012/1688/regulation/1/2">regs. 1(2)</ref>
,
<rref from="http://www.legislation.gov.uk/id/uksi/2012/1688/regulation/2/1" upTo="http://www.legislation.gov.uk/id/uksi/2012/1688/regulation/2/19">2(1)-(19)</rref>
; (24.1.2013) by
<ref href="http://www.legislation.gov.uk/id/uksi/2012/3083">The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2012/3083/regulation/1/2/b">regs. 1(2)(b)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2012/3083/regulation/2">2</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2012/3083/regulation/10">reg. 10</ref>
))
</p>
</note>
<note class="commentary F" eId="key-184b64f840015f1bcfe8b895f35aece1">
<p>
Words in s. 115(3) substituted (1.4.2013) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/18/paragraph/104/2">Sch. 18 para. 104(2)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2013/423">S.I. 2013/423</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/423/article/3">art. 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/423/schedule">Sch.</ref>
</p>
</note>
<note class="commentary C" eId="M_C_89250d8d-2e97-42ed-8b0c-f03c2fbee42a">
<p>
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/277">The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/1/1">regs. 1(1)</ref>
,
<rref from="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/2" upTo="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/11">2-11</rref>
(as amended (8.3.2010) by
<ref href="http://www.legislation.gov.uk/id/uksi/2010/196">The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196)</ref>
, regs. 1, 2(3)-(5); (30.4.2013) by
<ref href="http://www.legislation.gov.uk/id/uksi/2013/627">The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627)</ref>
, regs. 1(1), 8(4)(5))
</p>
</note>
<note class="commentary C" eId="key-483d3a59fcd96500e50be37af78ac6ce">
<p>
Pt. 2 applied in part (24.7.2014) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711">The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/1/1">regs. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/42/1">42(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/53">53</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/57">57</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/6">regs. 6</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/41">41</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/44/1">44(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/47/1">47(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/69/2">69(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/72/1">72(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/76/1">76(1)</ref>
); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2
</p>
</note>
<note class="commentary F" eId="key-ffdd1dbec39fc629562f18bf402d9767">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/3">s. 115(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/192">The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/192/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/192/regulation/5/4">5(4)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-371e4304f67a614a772260bc65fd0e75">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115A">S. 115A</ref>
inserted (20.10.2021) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/29">Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/29/section/2/2">s. 2(2)</ref>
</p>
</note>
<note class="commentary F" eId="key-58600a1a39b265e360657bed244aeccb">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2">s. 115(2)</ref>
inserted (20.10.2021) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/29">Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/29/section/2/3/a">s. 2(3)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-64c8738fd068be0bc2deae8cc925a083">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2/a">s. 115(2)(a)</ref>
inserted (20.10.2021) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/29">Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2021/29/section/2/3/b">s. 2(3)(b)</ref>
</p>
</note>
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<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
<ukm:InForce CommencingURI="http://www.legislation.gov.uk/id/uksi/2012/1682" CommencingClass="UnitedKingdomStatutoryInstrument" Date="2012-06-30" Qualification="wholly in force" CommencingYear="2012" CommencingNumber="1682">
<ukm:CommencingProvisions>
<ukm:Section Ref="article-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/article/2">art. 2</ukm:Section>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/schedule/2">Sch. 2</ukm:Section>
</ukm:CommencingProvisions>
</ukm:InForce>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingYear="2008" EffectId="key-c9dc47b2a955ec6f44b711d7cc7d956d" AffectedNumber="35" AffectedExtent="E+W+S" Modified="2024-05-22T08:35:15Z" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" RequiresApplied="true" Type="inserted" AffectingProvisions="Sch. 10 para. 3" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedYear="2004" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingNumber="30" Row="25" URI="http://www.legislation.gov.uk/id/effect/key-c9dc47b2a955ec6f44b711d7cc7d956d" Comments="Confers Power" AffectedClass="UnitedKingdomPublicGeneralAct" AppliedModified="2013-12-11T22:01:50.027Z" AffectedProvisions="s. 117A">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section xmlns:err="http://www.legislation.gov.uk/namespaces/error" Ref="section-117A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117A" err:Ref="Section missing in legislation" Missing="true">s. 117A</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-10" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10">Sch. 10 </ukm:Section>
<ukm:Section Ref="schedule-10-paragraph-3" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10/paragraph/3">para. 3</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedProvisions="s. 188(1)(ba)" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingProvisions="Sch. 10 para. 6" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedNumber="35" EffectId="key-c958e55657761bbee4abf4ee41ecf55f" AffectedExtent="E+W+S+N.I." URI="http://www.legislation.gov.uk/id/effect/key-c958e55657761bbee4abf4ee41ecf55f" AffectedYear="2004" Modified="2024-05-22T08:35:15Z" RequiresApplied="true" Type="inserted" Row="47" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" AffectingYear="2008" AffectingNumber="30" AppliedModified="2013-12-11T22:01:50.027Z">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-188-1-ba" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/188/1/ba" FoundRef="section-188">s. 188(1)(ba)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-10" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10">Sch. 10 </ukm:Section>
<ukm:Section Ref="schedule-10-paragraph-6" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10/paragraph/6">para. 6</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect URI="http://www.legislation.gov.uk/id/effect/key-50e8048ba769a3a4a10d27385322c2d0" AffectingClass="UnitedKingdomPublicGeneralAct" Row="48" AffectingYear="2008" AffectedProvisions="s. 189A" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Type="inserted" Modified="2024-05-22T08:35:15Z" AffectingProvisions="Sch. 10 para. 7" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedNumber="35" AffectedExtent="E+W+S" Comments="Confers Power" RequiresApplied="true" AffectedYear="2004" EffectId="key-50e8048ba769a3a4a10d27385322c2d0" AppliedModified="2013-12-11T22:01:50.027Z" AffectingNumber="30" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section xmlns:err="http://www.legislation.gov.uk/namespaces/error" Ref="section-189A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/189A" err:Ref="Section missing in legislation" Missing="true">s. 189A</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-10" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10">Sch. 10 </ukm:Section>
<ukm:Section Ref="schedule-10-paragraph-7" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10/paragraph/7">para. 7</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" EffectId="key-44e50491cd05da38b994328e245e43b8" AffectingNumber="30" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" RequiresApplied="true" Type="added" AffectedExtent="E+W+S" URI="http://www.legislation.gov.uk/id/effect/key-44e50491cd05da38b994328e245e43b8" AffectedNumber="35" Modified="2024-05-22T08:35:15Z" AffectedClass="UnitedKingdomPublicGeneralAct" AppliedModified="2013-12-11T22:01:50.027Z" AffectingYear="2008" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedYear="2004" AffectingProvisions="Sch. 10 para. 8" AffectedProvisions="s. 209(9)" Row="49">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-209-9" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/209/9" FoundRef="section-209">s. 209(9)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-10" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10">Sch. 10 </ukm:Section>
<ukm:Section Ref="schedule-10-paragraph-8" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/10/paragraph/8">para. 8</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingNumber="30" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" Modified="2024-05-22T08:35:15Z" AffectingYear="2008" URI="http://www.legislation.gov.uk/id/effect/key-b059171ebfcf69cc5ab39d50fa427be0" AffectingClass="UnitedKingdomPublicGeneralAct" RequiresApplied="false" AffectedClass="UnitedKingdomPublicGeneralAct" Row="67" AffectedExtent="E+W+S" Type="words in Sch. 4 para. 7(5) renumbered as Sch. 4 para. 7(5)(a)" AppliedModified="2013-12-11T22:01:50.027Z" AffectedYear="2004" AffectingProvisions="s. 44(8)(a)" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" EffectId="key-b059171ebfcf69cc5ab39d50fa427be0" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedProvisions="Sch. 4 para. 7(5)(a)" AffectedNumber="35">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="schedule-4" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4">Sch. 4 </ukm:Section>
<ukm:Section Ref="schedule-4-paragraph-7-5-a" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4/paragraph/7/5/a" FoundRef="schedule-4-paragraph-7">para. 7(5)(a)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-44-8-a" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/44/8/a">s. 44(8)(a)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
<ukm:InForce CommencingURI="http://www.legislation.gov.uk/id/uksi/2012/1682" CommencingClass="UnitedKingdomStatutoryInstrument" Date="2012-06-30" Qualification="wholly in force" CommencingYear="2012" CommencingNumber="1682">
<ukm:CommencingProvisions>
<ukm:Section Ref="article-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/article/2">art. 2</ukm:Section>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/schedule/2">Sch. 2</ukm:Section>
</ukm:CommencingProvisions>
</ukm:InForce>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingNumber="30" AffectedExtent="E+W+S" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedYear="2004" Modified="2024-05-22T08:35:15Z" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Type="inserted" Row="68" RequiresApplied="false" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" URI="http://www.legislation.gov.uk/id/effect/key-4a3acfd8cfadcff749e772e899fccf31" AffectedProvisions="Sch. 4 para. 7(5)(b)" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" AffectingYear="2008" EffectId="key-4a3acfd8cfadcff749e772e899fccf31" AppliedModified="2013-12-11T22:01:50.027Z" AffectingProvisions="s. 44(8)(b)" AffectedNumber="35" AffectingClass="UnitedKingdomPublicGeneralAct">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="schedule-4" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4">Sch. 4 </ukm:Section>
<ukm:Section Ref="schedule-4-paragraph-7-5-b" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4/paragraph/7/5/b" FoundRef="schedule-4-paragraph-7">para. 7(5)(b)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-44-8-b" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/44/8/b">s. 44(8)(b)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
<ukm:InForce CommencingURI="http://www.legislation.gov.uk/id/uksi/2012/1682" CommencingClass="UnitedKingdomStatutoryInstrument" Date="2012-06-30" Qualification="wholly in force" CommencingYear="2012" CommencingNumber="1682">
<ukm:CommencingProvisions>
<ukm:Section Ref="article-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/article/2">art. 2</ukm:Section>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/schedule/2">Sch. 2</ukm:Section>
</ukm:CommencingProvisions>
</ukm:InForce>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect EffectId="key-9d31ad03908125153311aa83ed186887" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" Row="70" AffectedYear="2004" AffectedProvisions="Sch. 4 para. 13(3)" AppliedModified="2013-12-11T22:01:50.027Z" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingProvisions="s. 44(9)(b)" Modified="2024-05-22T08:35:15Z" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" URI="http://www.legislation.gov.uk/id/effect/key-9d31ad03908125153311aa83ed186887" AffectedNumber="35" AffectingYear="2008" AffectingNumber="30" AffectedExtent="E+W+S" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" RequiresApplied="false" AffectingClass="UnitedKingdomPublicGeneralAct" Type="inserted">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="schedule-4" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4">Sch. 4 </ukm:Section>
<ukm:Section Ref="schedule-4-paragraph-13-3" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4/paragraph/13/3" FoundRef="schedule-4-paragraph-13">para. 13(3)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-44-9-b" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/44/9/b">s. 44(9)(b)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
<ukm:InForce CommencingURI="http://www.legislation.gov.uk/id/uksi/2012/1682" CommencingClass="UnitedKingdomStatutoryInstrument" Date="2012-06-30" Qualification="wholly in force" CommencingYear="2012" CommencingNumber="1682">
<ukm:CommencingProvisions>
<ukm:Section Ref="article-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/article/2">art. 2</ukm:Section>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/schedule/2">Sch. 2</ukm:Section>
</ukm:CommencingProvisions>
</ukm:InForce>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedYear="2004" AffectingYear="2008" Notes="This amendment not applied to legislation.gov.uk. Sch. 8 para. 10 (3.1.2012) omitted without ever being in force by virtue of 2011 c. 19, Sch. 4 para. 20; S.I. 2011/3034 art. 3(i)(iv)" AffectedExtent="E+W+S" Row="72" EffectId="key-ae08bd307a25c429c10b3cf4b1061f72" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedNumber="35" AffectedProvisions="Sch. 7 para. 21(2)(c)-(cc)" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Modified="2024-05-22T08:35:15Z" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingNumber="30" AppliedModified="2013-12-11T22:01:50.027Z" AffectingProvisions="Sch. 8 para. 11" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedClass="UnitedKingdomPublicGeneralAct" RequiresApplied="false" Type="substituted for Sch. 7 para. 21(2)(b)(c)" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" Comments="Repealed without ever being in force" URI="http://www.legislation.gov.uk/id/effect/key-ae08bd307a25c429c10b3cf4b1061f72">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="schedule-7" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7">Sch. 7 </ukm:Section>
<ukm:SectionRange Start="schedule-7-paragraph-21-2-c" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/c" End="schedule-7-paragraph-21-2-cc" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/cc" FoundEnd="schedule-7-paragraph-21" MissingEnd="true">
<ukm:Section Ref="schedule-7-paragraph-21-2-c" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/c">para. 21(2)(c)</ukm:Section>
-
<ukm:Section Ref="schedule-7-paragraph-21-2-cc" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/cc" FoundRef="schedule-7-paragraph-21">(cc)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-8" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/8">Sch. 8 </ukm:Section>
<ukm:Section Ref="schedule-8-paragraph-11" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/8/paragraph/11">para. 11</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingNumber="1" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/1" AffectedYear="2004" RequiresApplied="true" AffectingProvisions="s. 104(2)" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" Modified="2024-05-22T08:35:15Z" Type="inserted" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedNumber="35" AffectedProvisions="s. 38(7)(da)" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Row="15" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingYear="2021" URI="http://www.legislation.gov.uk/id/effect/key-80179df5f0ccd9231a58f5eb2ec8add2" EffectId="key-80179df5f0ccd9231a58f5eb2ec8add2" AffectedExtent="E+W+S">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-38-7-da" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/7/da" FoundRef="section-38">s. 38(7)(da)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-104-2" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/104/2">s. 104(2)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-131-1" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/1">s. 131(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedNumber="35" AffectingYear="2021" Type="inserted" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/1" AffectedProvisions="s. 80(1)(a)(iib)" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingProvisions="s. 109(3)" Modified="2024-05-22T08:35:15Z" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" URI="http://www.legislation.gov.uk/id/effect/key-b0c1230a6619b0a1c89c3088d499c2d0" RequiresApplied="true" EffectId="key-b0c1230a6619b0a1c89c3088d499c2d0" AffectedYear="2004" Row="20" AffectingNumber="1" AffectedExtent="E+W+S">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-80-1-a" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/80/1/a">s. 80(1)(a)</ukm:Section>
<ukm:Section Ref="section-80-1-iib" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/80/1/iib" FoundRef="section-80">(iib)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-109-3" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/109/3">s. 109(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-131-1" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/1">s. 131(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedClass="UnitedKingdomPublicGeneralAct" AffectedExtent="E+W+S" AffectingProvisions="Sch. 3 para. 19(b)" AffectingNumber="1" AffectingClass="UnitedKingdomPublicGeneralAct" Modified="2024-05-22T08:35:15Z" AffectedYear="2004" AffectingYear="2021" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/1" EffectId="key-d29fa2e87a4be7b6562c98b53c711160" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Row="59" Type="inserted" RequiresApplied="false" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectedNumber="35" AffectedProvisions="s. 291(4)(f) and word" URI="http://www.legislation.gov.uk/id/effect/key-d29fa2e87a4be7b6562c98b53c711160">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-291-4-f" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/291/4/f" FoundRef="section-291">s. 291(4)(f)</ukm:Section>
and word
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-3" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3">Sch. 3 </ukm:Section>
<ukm:Section Ref="schedule-3-paragraph-19-b" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/19/b">para. 19(b)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-131-1" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/1">s. 131(1)</ukm:Section>
<ukm:Section Ref="section-131-3-a" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a">s. 131(3)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Date="2021-02-11" Qualification="for specified purposes"/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectedNumber="35" AffectedProvisions="s. 23(1A)" Type="inserted" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" EffectId="key-49c9364128c0405f527ad7e63ed90326" AffectingNumber="8" Row="11" URI="http://www.legislation.gov.uk/id/effect/key-49c9364128c0405f527ad7e63ed90326" AffectingProvisions="Sch. 2 para. 26(3)" AffectedClass="UnitedKingdomPublicGeneralAct" Modified="2024-05-22T08:35:15Z" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectedExtent="E+W+S" AffectingYear="2015" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedYear="2004" AffectingClass="UnitedKingdomPublicGeneralAct" RequiresApplied="true">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-23-1A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/23/1A" FoundRef="section-23">s. 23(1A)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-26-3" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/26/3">para. 26(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Row="13" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedProvisions="s. 23(10A)" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingProvisions="Sch. 2 para. 26(5)" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingYear="2015" AffectedYear="2004" AffectingNumber="8" AffectedExtent="E+W+S" URI="http://www.legislation.gov.uk/id/effect/key-a89527790b7e936015462cf2969cdf7b" EffectId="key-a89527790b7e936015462cf2969cdf7b" Modified="2024-05-22T08:35:15Z" Type="inserted" RequiresApplied="true" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedNumber="35">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-23-10A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/23/10A" FoundRef="section-23">s. 23(10A)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-26-5" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/26/5">para. 26(5)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingYear="2015" AffectedNumber="35" AffectedExtent="E+W+S" Modified="2024-05-22T08:35:15Z" AffectedYear="2004" AffectingProvisions="Sch. 2 para. 27" Type="substituted for s. 38(1)" AffectingNumber="8" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectedProvisions="s. 38(1)-(1B)" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" EffectId="key-b81068b7d87411b9e52a05a373639d1a" URI="http://www.legislation.gov.uk/id/effect/key-b81068b7d87411b9e52a05a373639d1a" RequiresApplied="true" Row="14">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-38-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1" End="section-38-1B" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1B" FoundEnd="section-38" MissingEnd="true">
<ukm:Section Ref="section-38-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1">s. 38(1)</ukm:Section>
-
<ukm:Section Ref="section-38-1B" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1B" FoundRef="section-38">(1B)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-27" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/27">para. 27</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Row="16" AffectedNumber="35" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedExtent="E+W+S" URI="http://www.legislation.gov.uk/id/effect/key-1aa979989ecb84a54831e58f906bdb9c" AffectedYear="2004" AffectedProvisions="s. 43(1)-(1B)" RequiresApplied="true" AffectingNumber="8" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" EffectId="key-1aa979989ecb84a54831e58f906bdb9c" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectingYear="2015" Modified="2024-05-22T08:35:15Z" AffectingProvisions="Sch. 2 para. 28(2)" Type="substituted for s. 43(1)" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-43-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1" End="section-43-1B" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1B" FoundEnd="section-43" MissingEnd="true">
<ukm:Section Ref="section-43-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1">s. 43(1)</ukm:Section>
-
<ukm:Section Ref="section-43-1B" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1B" FoundRef="section-43">(1B)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-28-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/28/2">para. 28(2)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Type="substituted for s. 52(1)" EffectId="key-111c865d0f84895a5bfacde0433a18f7" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedNumber="35" AffectingNumber="8" AffectingProvisions="Sch. 2 para. 29" AffectingClass="UnitedKingdomPublicGeneralAct" Comments="Contains power" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Modified="2024-05-22T08:35:15Z" AffectedProvisions="s. 52(1)-(1B)" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedExtent="E+W+S" AffectedYear="2004" URI="http://www.legislation.gov.uk/id/effect/key-111c865d0f84895a5bfacde0433a18f7" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" Row="18" AffectingYear="2015" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" RequiresApplied="true">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-52-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/52/1" End="section-52-1B" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/52/1B" FoundEnd="section-52" MissingEnd="true">
<ukm:Section Ref="section-52-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/52/1">s. 52(1)</ukm:Section>
-
<ukm:Section Ref="section-52-1B" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/52/1B" FoundRef="section-52">(1B)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-29" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/29">para. 29</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Modified="2024-05-22T08:35:15Z" AffectedProvisions="s. 126(1)-(1B)" RequiresApplied="true" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedNumber="35" Type="substituted for s. 126(1)" URI="http://www.legislation.gov.uk/id/effect/key-27cd9a3dbabc9ac96f108d3382bc7d56" AffectedExtent="E+W+S" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedYear="2004" AffectingNumber="8" EffectId="key-27cd9a3dbabc9ac96f108d3382bc7d56" AffectingProvisions="Sch. 2 para. 31" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Row="26" Comments="Contains power" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingYear="2015" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-126-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/126/1" End="section-126-1B" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/126/1B" FoundEnd="section-126" MissingEnd="true">
<ukm:Section Ref="section-126-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/126/1">s. 126(1)</ukm:Section>
-
<ukm:Section Ref="section-126-1B" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/126/1B" FoundRef="section-126">(1B)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-31" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/31">para. 31</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect URI="http://www.legislation.gov.uk/id/effect/key-4670a5a61f193eef3304079faecfa90a" AffectedExtent="E+W+S+N.I." AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingNumber="8" AffectingProvisions="Sch. 2 para. 38(3)(a)" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingClass="UnitedKingdomPublicGeneralAct" Type="inserted" Row="63" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" Modified="2024-05-22T08:35:15Z" AffectedYear="2004" RequiresApplied="true" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" EffectId="key-4670a5a61f193eef3304079faecfa90a" AffectedNumber="35" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedProvisions="s. 318(3)(a)(viii)-(x)" AffectingYear="2015">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-318-3-a-viii" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/318/3/a/viii" FoundStart="section-318" End="section-318-3-a-x" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/318/3/a/x" FoundEnd="section-318" MissingEnd="true">
<ukm:Section Ref="section-318-3-a-viii" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/318/3/a/viii" FoundRef="section-318">s. 318(3)(a)(viii)</ukm:Section>
-
<ukm:Section Ref="section-318-3-a-x" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/318/3/a/x" FoundRef="section-318">(x)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-38-3-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/38/3/a">para. 38(3)(a)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
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<num>
<noteRef href="#M_C_ccf587bb-6136-4e57-bc24-b44b42367394" marker="C5" class="commentary C"/>
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<strong>Part 2</strong>
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<heading>The Board of the Pension Protection Fund</heading>
<chapter eId="part-2-chapter-1" period="#period10">
<num>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
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Chapter 1
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<heading>The Board</heading>
<hcontainer name="crossheading" eId="part-2-chapter-1-crossheading-establishment" period="#period8">
<heading>
<em>Establishment</em>
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107
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<heading>
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The Board of the Pension Protection Fund
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<content>
<p>
There shall be a body corporate called the Board of the Pension Protection Fund (in this Act referred to as “
<term refersTo="#term-the-board">the Board</term>
”).
</p>
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<section eId="section-108" period="#period5">
<num>108</num>
<heading>
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Membership of the Board
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<noteRef href="#key-2136ade1183767861820468ec1fc7d1d" marker="I2" class="commentary I"/>
1
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<p>The Board is to consist of the following members—</p>
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<num>a</num>
<content>
<p>a chairman,</p>
</content>
</paragraph>
<paragraph eId="section-108-1-b">
<num>b</num>
<content>
<p>the Chief Executive of the Board, and</p>
</content>
</paragraph>
<paragraph eId="section-108-1-c">
<num>c</num>
<content>
<p>at least five other persons (“ordinary members”).</p>
</content>
</paragraph>
</subsection>
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<num>
<noteRef href="#key-2136ade1183767861820468ec1fc7d1d" marker="I2" class="commentary I"/>
2
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<content>
<p>The chairman must not be appointed from the staff of the Board or be the chairman of the Regulator.</p>
</content>
</subsection>
<subsection eId="section-108-3">
<num>3</num>
<content>
<p>The number of ordinary members must not exceed any maximum number which may be prescribed.</p>
</content>
</subsection>
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<num>
<noteRef href="#key-8080a32d595df859a48013ce93c2a9f2" marker="I17" class="commentary I"/>
4
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<content>
<p>At least two ordinary members must be appointed from the staff of the Board.</p>
</content>
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<num>
<noteRef href="#key-2136ade1183767861820468ec1fc7d1d" marker="I2" class="commentary I"/>
5
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<content>
<p>No member of the Determinations Panel established by the Regulator under section 9, or member of the staff of the Regulator, is eligible for appointment as a member of the Board.</p>
</content>
</subsection>
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<num>
<noteRef href="#key-2136ade1183767861820468ec1fc7d1d" marker="I2" class="commentary I"/>
6
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<content>
<p>Any power to appoint ordinary members must be exercised so as to secure that a majority of the members of the Board are non-executive members.</p>
</content>
</subsection>
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<num>
<noteRef href="#key-2136ade1183767861820468ec1fc7d1d" marker="I2" class="commentary I"/>
7
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<intro>
<p>In this Part—</p>
</intro>
<paragraph eId="section-108-7-a">
<num>a</num>
<intro>
<p>references to executive members of the Board are to—</p>
</intro>
<subparagraph eId="section-108-7-a-i">
<num>i</num>
<content>
<p>the Chief Executive, and</p>
</content>
</subparagraph>
<subparagraph eId="section-108-7-a-ii">
<num>ii</num>
<content>
<p>the ordinary members appointed from the staff of the Board, and</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="section-108-7-b">
<num>b</num>
<content>
<p>references to non-executive members of the Board are to members who are not executive members.</p>
</content>
</paragraph>
</subsection>
</section>
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<num>
<noteRef href="#key-a39ee683a69c323792a84c0d1eda56eb" marker="I3" class="commentary I"/>
<noteRef href="#key-54db3f4e321fb808cee5fd833134c5d1" marker="I22" class="commentary I"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-44c40810bf1eb53658196881ef64a6c3" marker="I23" class="commentary I"/>
<noteRef href="#key-85793614784c6a2a9d6d4c85fa14bdd6" marker="I25" class="commentary I"/>
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<noteRef href="#key-12f04822c56b826e547d3d8db8f91345" marker="I27" class="commentary I"/>
<noteRef href="#key-012cae74a7463118eed592883ed617cb" marker="I28" class="commentary I"/>
109
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<heading>
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<noteRef href="#key-9f7630100fb0bee3a3dbda1545f54369" marker="C3" class="commentary C"/>
Further provision about the Board
</heading>
<content>
<p>Schedule 5 makes further provision about the Board, including provision as to—</p>
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<p>the appointment of members,</p>
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<p>the terms of appointment, tenure and remuneration of members,</p>
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<p>the appointment of the Chief Executive and other staff,</p>
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<item>
<p>the proceedings of the Board,</p>
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<item>
<p>its accounts, and</p>
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<p>the status and liability of the Board, its members and staff.</p>
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<hcontainer name="crossheading" eId="part-2-chapter-1-crossheading-general-provision-about-functions" period="#period7">
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<em>General provision about functions</em>
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<num>110</num>
<heading>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
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Board’s functions
</heading>
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<num>1</num>
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<p>The Board must hold, manage and apply, in accordance with this Part and any provision in force in Northern Ireland corresponding to it—</p>
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<paragraph eId="section-110-1-a" period="#period5">
<num>
<noteRef href="#key-9fe98efea81042ff9c79fbeeaef397e7" marker="I18" class="commentary I"/>
a
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<content>
<p>a fund to be known as the Pension Protection Fund, and</p>
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<paragraph eId="section-110-1-b" period="#period6">
<num>
<noteRef href="#key-e722d6d28f0de796e335ecf3f5e8752f" marker="I24" class="commentary I"/>
b
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<content>
<p>a fund to be known as the Fraud Compensation Fund.</p>
</content>
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<num>
<noteRef href="#key-437e9371d94271e4d8fade3f53a225fc" marker="I26" class="commentary I"/>
2
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<content>
<p>Sections 175 and 189 make provision for contributions to those funds to be levied by the Board.</p>
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</subsection>
<subsection eId="section-110-3" period="#period1">
<num>
<noteRef href="#key-5f8f677f1444de159cd1f866b35efb2d" marker="I4" class="commentary I"/>
3
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<content>
<p>The Board also has such other functions as are conferred on it by, or by virtue of, this or any other enactment.</p>
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<section eId="section-111" period="#period1">
<num>
<noteRef href="#key-c1099865686cf1b04574dd36453f0602" marker="I5" class="commentary I"/>
111
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<heading>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-9f7630100fb0bee3a3dbda1545f54369" marker="C3" class="commentary C"/>
Supplementary powers
</heading>
<intro>
<p>The Board may do anything which—</p>
</intro>
<paragraph eId="section-111-a">
<num>a</num>
<content>
<p>is calculated to facilitate the exercise of its functions, or</p>
</content>
</paragraph>
<paragraph eId="section-111-b">
<num>b</num>
<content>
<p>is incidental or conducive to their exercise.</p>
</content>
</paragraph>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="part-2-chapter-1-crossheading-nonexecutive-functions" period="#period5">
<heading>
<em>Non-executive functions</em>
</heading>
<section eId="section-112" period="#period5">
<num>112</num>
<heading>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
Non-executive functions
</heading>
<subsection eId="section-112-1" period="#period1">
<num>
<noteRef href="#key-2ac43ccd812fba35ee38d1337fca272b" marker="I6" class="commentary I"/>
1
</num>
<content>
<p>
The functions listed in subsection (4) (in this Part referred to as “
<term refersTo="#term-the-non-executive-functions">the non-executive functions</term>
”) are functions of the Board.
</p>
</content>
</subsection>
<subsection eId="section-112-2" period="#period1">
<num>
<noteRef href="#key-2ac43ccd812fba35ee38d1337fca272b" marker="I6" class="commentary I"/>
2
</num>
<content>
<p>The Board must establish a committee to discharge the non-executive functions on its behalf.</p>
</content>
</subsection>
<subsection eId="section-112-3" period="#period1">
<num>
<noteRef href="#key-2ac43ccd812fba35ee38d1337fca272b" marker="I6" class="commentary I"/>
3
</num>
<content>
<p>Only non-executive members of the Board may be members of that committee.</p>
</content>
</subsection>
<subsection eId="section-112-4" period="#period2">
<num>4</num>
<intro>
<p>The non-executive functions are—</p>
</intro>
<paragraph eId="section-112-4-a" period="#period2">
<num>
<noteRef href="#key-3b2394c2236c5a82721c26f5ed609aa7" marker="I8" class="commentary I"/>
a
</num>
<content>
<p>the duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;</p>
</content>
</paragraph>
<paragraph eId="section-112-4-b" period="#period1">
<num>
<noteRef href="#key-2ac43ccd812fba35ee38d1337fca272b" marker="I6" class="commentary I"/>
b
</num>
<content>
<p>the duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;</p>
</content>
</paragraph>
<paragraph eId="section-112-4-c" period="#period1">
<num>
<noteRef href="#key-2ac43ccd812fba35ee38d1337fca272b" marker="I6" class="commentary I"/>
c
</num>
<content>
<p>the duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;</p>
</content>
</paragraph>
<paragraph eId="section-112-4-d" period="#period1">
<num>
<noteRef href="#key-2ac43ccd812fba35ee38d1337fca272b" marker="I6" class="commentary I"/>
d
</num>
<content>
<p>the duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-112-5" period="#period5">
<num>
<noteRef href="#key-bda9fc2660545ac5a86ad3de92b658e3" marker="I19" class="commentary I"/>
5
</num>
<content>
<p>The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Board’s annual report to the Secretary of State under section 119.</p>
</content>
</subsection>
<subsection eId="section-112-6" period="#period5">
<num>
<noteRef href="#key-bda9fc2660545ac5a86ad3de92b658e3" marker="I19" class="commentary I"/>
6
</num>
<content>
<p>The committee’s report must relate to the same period as that covered by the Board’s report.</p>
</content>
</subsection>
<subsection eId="section-112-7" period="#period2">
<num>
<noteRef href="#key-3b2394c2236c5a82721c26f5ed609aa7" marker="I8" class="commentary I"/>
7
</num>
<intro>
<p>The members of any sub-committee of the committee (established by virtue of paragraph 15(2) of Schedule 5)—</p>
</intro>
<paragraph eId="section-112-7-a">
<num>a</num>
<content>
<p>may include persons who are not members of the committee, but</p>
</content>
</paragraph>
<paragraph eId="section-112-7-b">
<num>b</num>
<content>
<p>must not include persons who are executive members or other staff of the Board.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-112-8" period="#period2">
<num>
<noteRef href="#key-3b2394c2236c5a82721c26f5ed609aa7" marker="I8" class="commentary I"/>
8
</num>
<intro>
<p>The committee may authorise any of its sub-committees to discharge on its behalf—</p>
</intro>
<paragraph eId="section-112-8-a">
<num>a</num>
<content>
<p>any of the non-executive functions;</p>
</content>
</paragraph>
<paragraph eId="section-112-8-b">
<num>b</num>
<content>
<p>the duty to prepare a report under subsection (5).</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="part-2-chapter-1-crossheading-financial-matters" period="#period10">
<heading>
<em>Financial matters</em>
</heading>
<section eId="section-113" period="#period5">
<num>
<noteRef href="#key-c4bd9a99b1c773331ff960adcdd2b76a" marker="I20" class="commentary I"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
113
</num>
<heading>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
Investment of funds
</heading>
<subsection eId="section-113-1">
<num>1</num>
<content>
<p>The Board may invest for the purposes of the prudent management of its financial affairs.</p>
</content>
</subsection>
<subsection eId="section-113-2">
<num>2</num>
<intro>
<p>When exercising the power conferred by subsection (1) in relation to the Pension Protection Fund, the Board must have regard to—</p>
</intro>
<paragraph eId="section-113-2-a">
<num>a</num>
<content>
<p>the interests of persons who are or may become entitled to compensation under the pension compensation provisions (see section 162) or any corresponding provisions in force in Northern Ireland, and</p>
</content>
</paragraph>
<paragraph eId="section-113-2-b">
<num>b</num>
<content>
<p>the effect of the exercise of the power on the rate of any levy which may be imposed under section 174 or 175 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-113-3">
<num>3</num>
<intro>
<p>When exercising the power conferred by subsection (1) in relation to the Fraud Compensation Fund, the Board must have regard to—</p>
</intro>
<paragraph eId="section-113-3-a">
<num>a</num>
<content>
<p>the interests of members of occupational pension schemes in relation to which section 189(1), or any corresponding provision in force in Northern Ireland, applies, and</p>
</content>
</paragraph>
<paragraph eId="section-113-3-b">
<num>b</num>
<content>
<p>the effect of the exercise of the power on the level of any levy which may be imposed under section 189 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-113-4">
<num>4</num>
<content>
<p>For the purposes of subsection (1) there must be at least two fund managers.</p>
</content>
</subsection>
<subsection eId="section-113-5">
<num>5</num>
<content>
<p>
For this purpose “
<term refersTo="#term-fund-manager">fund manager</term>
” means an individual who or firm which is appointed by the Board to manage the fund maintained under section 173 (the Pension Protection Fund).
</p>
</content>
</subsection>
<subsection eId="section-113-6">
<num>6</num>
<intro>
<p>The Board must not appoint an individual or firm as a fund manager unless it is satisfied—</p>
</intro>
<paragraph eId="section-113-6-a">
<num>a</num>
<content>
<p>in the case of an individual, that the individual has the appropriate knowledge and experience for managing the investments of the Pension Protection Fund, or</p>
</content>
</paragraph>
<paragraph eId="section-113-6-b">
<num>b</num>
<content>
<p>in the case of a firm, that arrangements are in place to secure that any individual who will exercise functions which the firm has as fund manager will, at the time he exercises those functions, have the appropriate knowledge and experience for managing the investments of that Fund.</p>
</content>
</paragraph>
</subsection>
</section>
<section eId="section-114" period="#period5">
<num>114</num>
<heading>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
Investment principles
</heading>
<subsection eId="section-114-1" period="#period5">
<num>1</num>
<intro>
<p>The Board must secure—</p>
</intro>
<paragraph eId="section-114-1-a" period="#period5">
<num>
<noteRef href="#key-acc5354d064e789ff267795a46a86abb" marker="I16" class="commentary I"/>
a
</num>
<content>
<p>that a statement of investment principles is prepared and maintained, and</p>
</content>
</paragraph>
<paragraph eId="section-114-1-b" period="#period5">
<num>
<noteRef href="#key-7497f53be928e968f686eb4365dfa81c" marker="I15" class="commentary I"/>
b
</num>
<content>
<p>that the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-114-2" period="#period5">
<num>
<noteRef href="#key-acc5354d064e789ff267795a46a86abb" marker="I16" class="commentary I"/>
2
</num>
<content>
<p>
In this section “
<term refersTo="#term-statement-of-investment-principles">statement of investment principles</term>
” means a written statement of the investment principles governing determinations about investments made by or on behalf of the Board.
</p>
</content>
</subsection>
<subsection eId="section-114-3" period="#period5">
<num>
<noteRef href="#key-7497f53be928e968f686eb4365dfa81c" marker="I15" class="commentary I"/>
3
</num>
<content>
<p>Before preparing or revising a statement of investment principles, the Board must comply with any prescribed requirements.</p>
</content>
</subsection>
<subsection eId="section-114-4" period="#period5">
<num>
<noteRef href="#key-7497f53be928e968f686eb4365dfa81c" marker="I15" class="commentary I"/>
4
</num>
<content>
<p>A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.</p>
</content>
</subsection>
</section>
<section eId="section-115" period="#period10">
<num>115</num>
<heading>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
Borrowing
</heading>
<subsection eId="section-115-1" period="#period3">
<num>
<noteRef href="#key-3d8976f4be6595cc28aa5f86373570d6" marker="I11" class="commentary I"/>
1
</num>
<intro>
<p>The Board may—</p>
</intro>
<paragraph eId="section-115-1-a">
<num>a</num>
<content>
<p>borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;</p>
</content>
</paragraph>
<paragraph eId="section-115-1-b">
<num>b</num>
<content>
<p>give security for any money borrowed by it.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-115-2" period="#period3">
<num>
<noteRef href="#key-3d8976f4be6595cc28aa5f86373570d6" marker="I11" class="commentary I"/>
2
</num>
<intro>
<p>
The Board may not borrow
<ins class="key-58600a1a39b265e360657bed244aeccb-1638367250787 first last">
<noteRef href="#key-58600a1a39b265e360657bed244aeccb" marker="F4" class="commentary attribute F"/>
under this section
</ins>
if the effect would be—
</p>
</intro>
<paragraph eId="section-115-2-a">
<num>a</num>
<content>
<p>
to take the aggregate amount outstanding in respect of the principal of sums borrowed by it
<ins class="key-64c8738fd068be0bc2deae8cc925a083-1638368010622 first last">
<noteRef href="#key-64c8738fd068be0bc2deae8cc925a083" marker="F5" class="commentary attribute F"/>
under this section
</ins>
over its borrowing limit, or
</p>
</content>
</paragraph>
<paragraph eId="section-115-2-b">
<num>b</num>
<content>
<p>to increase the amount by which the aggregate amount so outstanding exceeds that limit.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-115-3" period="#period3">
<num>
<noteRef href="#key-0ce39c84aff44efc3258b528fcc84e71" marker="I10" class="commentary I"/>
<noteRef href="#key-95bee3036df9ff7f469ceb7d7ae6aadb" marker="I12" class="commentary I"/>
3
</num>
<content>
<p>In this section—</p>
</content>
</subsection>
<hcontainer name="wrapper">
<content>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-borrowing-limit">borrowing limit</term>
” means such limit as the Secretary of State may specify by order;
</p>
</item>
<item>
<p>
<term refersTo="#term-deposit-taker">deposit-taker</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>
a person who has permission under
<ins class="substitution key-184b64f840015f1bcfe8b895f35aece1-1595018047953 first last">
<noteRef href="#key-184b64f840015f1bcfe8b895f35aece1" marker="F1" class="commentary attribute F"/>
Part 4A
</ins>
of the Financial Services and Markets Act 2000 (c. 8) to accept deposits,
<noteRef href="#key-ffdd1dbec39fc629562f18bf402d9767" marker="F2" class="commentary F"/>
...
</p>
</item>
<item>
<num>b</num>
<p>
<noteRef href="#key-ffdd1dbec39fc629562f18bf402d9767" marker="F2" class="commentary F"/>
...
</p>
</item>
</blockList>
</item>
</blockList>
</content>
</hcontainer>
<subsection eId="section-115-4" period="#period3">
<num>
<noteRef href="#key-3d8976f4be6595cc28aa5f86373570d6" marker="I11" class="commentary I"/>
4
</num>
<intro>
<p>The definition of “deposit-taker” in subsection (3) must be read with—</p>
</intro>
<paragraph eId="section-115-4-a">
<num>a</num>
<content>
<p>section 22 of the Financial Services and Markets Act 2000,</p>
</content>
</paragraph>
<paragraph eId="section-115-4-b">
<num>b</num>
<content>
<p>any relevant order under that section, and</p>
</content>
</paragraph>
<paragraph eId="section-115-4-c">
<num>c</num>
<content>
<p>Schedule 2 to that Act.</p>
</content>
</paragraph>
</subsection>
</section>
<section eId="section-115A" period="#period10">
<num>
<ins class="key-371e4304f67a614a772260bc65fd0e75-1638366574658">115A</ins>
</num>
<heading>
<ins class="key-371e4304f67a614a772260bc65fd0e75-1638366574658 first">
<noteRef href="#key-371e4304f67a614a772260bc65fd0e75" marker="F3" class="commentary attribute F"/>
Loans made by the Secretary of State
</ins>
</heading>
<subsection eId="section-115A-1">
<num>
<ins class="key-371e4304f67a614a772260bc65fd0e75-1638366574658">1</ins>
</num>
<content>
<p>
<ins class="key-371e4304f67a614a772260bc65fd0e75-1638366574658">The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any corresponding provision in force in Northern Ireland.</ins>
</p>
</content>
</subsection>
<subsection eId="section-115A-2">
<num>
<ins class="key-371e4304f67a614a772260bc65fd0e75-1638366574658">2</ins>
</num>
<content>
<p>
<ins class="key-371e4304f67a614a772260bc65fd0e75-1638366574658 last">A loan under this section may be made on such terms (including as to repayment and interest) as the Secretary of State may determine.</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-116" period="#period1">
<num>
<noteRef href="#key-43942ca8e8dce655343f125084f79ce6" marker="I7" class="commentary I"/>
116
</num>
<heading>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
Grants
</heading>
<intro>
<p>The Secretary of State may pay the Board out of money provided by Parliament such sums as he may determine towards any of its expenses, other than expenditure which by virtue of section 173(3) or 188(3) is payable out of—</p>
</intro>
<paragraph eId="section-116-a">
<num>a</num>
<content>
<p>the Pension Protection Fund, or</p>
</content>
</paragraph>
<paragraph eId="section-116-b">
<num>b</num>
<content>
<p>the Fraud Compensation Fund.</p>
</content>
</paragraph>
</section>
<section eId="section-117" period="#period9">
<num>117</num>
<heading>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
Administration levy
</heading>
<subsection eId="section-117-1" period="#period4">
<num>
<noteRef href="#key-639a395f9f8ebd6b8b223fd5f649e66f" marker="I13" class="commentary I"/>
1
</num>
<intro>
<p>Regulations may provide for the imposition of a levy (“administration levy”) in respect of eligible schemes (see section 126) for the purpose of meeting—</p>
</intro>
<paragraph eId="section-117-1-a">
<num>a</num>
<content>
<p>expenditure of the Secretary of State relating to the establishment of the Board;</p>
</content>
</paragraph>
<paragraph eId="section-117-1-b">
<num>b</num>
<content>
<p>any expenditure of the Secretary of State under section 116.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-117-2" period="#period4">
<num>2</num>
<intro>
<p>An administration levy is payable to the Secretary of State by or on behalf of—</p>
</intro>
<paragraph eId="section-117-2-a" period="#period4">
<num>
<noteRef href="#key-6b5cd400f739ff2739f47ade9f1e7800" marker="I14" class="commentary I"/>
a
</num>
<content>
<p>the trustees or managers of an eligible scheme, or</p>
</content>
</paragraph>
<paragraph eId="section-117-2-b">
<num>b</num>
<content>
<p>any other prescribed person.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-117-3" period="#period4">
<num>
<noteRef href="#key-639a395f9f8ebd6b8b223fd5f649e66f" marker="I13" class="commentary I"/>
3
</num>
<content>
<p>An administration levy is payable at the prescribed rate and at prescribed times.</p>
</content>
</subsection>
<subsection eId="section-117-4" period="#period2">
<num>
<noteRef href="#key-e13d8cefd4a2aad6ed45fcda6665fb48" marker="I9" class="commentary I"/>
4
</num>
<content>
<p>Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.</p>
</content>
</subsection>
<subsection eId="section-117-5" period="#period4">
<num>
<noteRef href="#key-6b5cd400f739ff2739f47ade9f1e7800" marker="I14" class="commentary I"/>
5
</num>
<content>
<p>An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.</p>
</content>
</subsection>
<subsection eId="section-117-6" period="#period4">
<num>
<noteRef href="#key-6b5cd400f739ff2739f47ade9f1e7800" marker="I14" class="commentary I"/>
6
</num>
<content>
<p>An amount so payable is recoverable by the Secretary of State or, if he so determines, by the Regulator on his behalf.</p>
</content>
</subsection>
<subsection eId="section-117-7" period="#period9">
<num>7</num>
<intro>
<p>Without prejudice to the generality of subsections (1), (5) and (6), regulations under this section may include provision relating to—</p>
</intro>
<paragraph eId="section-117-7-a" period="#period4">
<num>
<noteRef href="#key-639a395f9f8ebd6b8b223fd5f649e66f" marker="I13" class="commentary I"/>
a
</num>
<content>
<p>the collection and recovery of amounts payable by way of levy under this section;</p>
</content>
</paragraph>
<paragraph eId="section-117-7-b" period="#period9">
<num>
<noteRef href="#key-8368c3555e339a82870db6154bf1e851" marker="I29" class="commentary I"/>
b
</num>
<content>
<p>the circumstances in which any such amount may be waived.</p>
</content>
</paragraph>
</subsection>
</section>
<section eId="section-118" class="prospective">
<num>118</num>
<heading>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
Fees
</heading>
<subsection eId="section-118-1">
<num>1</num>
<intro>
<p>Regulations may authorise the Board—</p>
</intro>
<paragraph eId="section-118-1-a">
<num>a</num>
<content>
<p>to charge prescribed fees;</p>
</content>
</paragraph>
<paragraph eId="section-118-1-b">
<num>b</num>
<content>
<p>to charge fees sufficient to meet prescribed costs.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-118-2">
<num>2</num>
<content>
<p>Regulations under subsection (1) may prescribe, or authorise the Board to determine, the time at which any fee is due.</p>
</content>
</subsection>
<subsection eId="section-118-3">
<num>3</num>
<content>
<p>Any fee which is owed to the Board by virtue of regulations under this section may be recovered as a debt due to the Board.</p>
</content>
</subsection>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="part-2-chapter-1-crossheading-annual-reports" period="#period5">
<heading>
<em>Annual reports</em>
</heading>
<section eId="section-119" period="#period5">
<num>
<noteRef href="#key-85c125eb77491862bc39b0b935a88197" marker="I21" class="commentary I"/>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
119
</num>
<heading>
<noteRef href="#key-a7ed8489e179b987a8f0f27af89fb104" marker="C1" class="commentary C"/>
<noteRef href="#key-8ae4f61b00045ebee33fee3b22100c82" marker="C2" class="commentary C"/>
Annual reports to Secretary of State
</heading>
<subsection eId="section-119-1">
<num>1</num>
<content>
<p>The Board must prepare a report for each financial year.</p>
</content>
</subsection>
<subsection eId="section-119-2">
<num>2</num>
<intro>
<p>Each report—</p>
</intro>
<paragraph eId="section-119-2-a">
<num>a</num>
<content>
<p>must deal with the activities of the Board in the financial year for which it is prepared, including the matters mentioned in subsection (3), and</p>
</content>
</paragraph>
<paragraph eId="section-119-2-b">
<num>b</num>
<content>
<p>must include the report prepared under subsection (5) of section 112 by the committee established under that section.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-119-3">
<num>3</num>
<intro>
<p>The matters referred to in subsection (2)(a) are—</p>
</intro>
<paragraph eId="section-119-3-a">
<num>a</num>
<content>
<p>the strategic direction of the Board and the manner in which it has been kept under review;</p>
</content>
</paragraph>
<paragraph eId="section-119-3-b">
<num>b</num>
<content>
<p>the steps taken to scrutinise the performance of the Chief Executive in securing that the Board’s functions are exercised efficiently and effectively;</p>
</content>
</paragraph>
<paragraph eId="section-119-3-c">
<num>c</num>
<content>
<p>the Board’s objectives and targets and the steps taken to monitor the extent to which they are being met.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-119-4">
<num>4</num>
<content>
<p>The Board must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.</p>
</content>
</subsection>
<subsection eId="section-119-5">
<num>5</num>
<content>
<p>The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.</p>
</content>
</subsection>
<subsection eId="section-119-6">
<num>6</num>
<intro>
<p>
In this section “
<term refersTo="#term-financial-year">financial year</term>
” means—
</p>
</intro>
<paragraph eId="section-119-6-a">
<num>a</num>
<content>
<p>the period beginning with the date on which the Board is established and ending with the next following 31st March, and</p>
</content>
</paragraph>
<paragraph eId="section-119-6-b">
<num>b</num>
<content>
<p>each successive period of 12 months.</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
</portionBody>
</portion>
</akomaNtoso>