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Pension Schemes Act 2021

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Changes over time for: Cross Heading: Pensions Act 2004 (c. 35)

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Version Superseded: 13/12/2021

Alternative versions:

Status:

Point in time view as at 11/02/2021.

Changes to legislation:

There are currently no known outstanding effects for the Pension Schemes Act 2021, Cross Heading: Pensions Act 2004 (c. 35). Help about Changes to Legislation

Pensions Act 2004 (c. 35)E+W+S

11E+W+SThe Pensions Act 2004 is amended as follows.

Commencement Information

I1Sch. 3 para. 11 in force at Royal Assent for specified purposes, see s. 131(3)(a)

12E+W+SIn section 13 (improvement notices), in subsection (7), after paragraph (h) insert—

(i)Part 1 of the Pension Schemes Act 2021.

Commencement Information

I2Sch. 3 para. 12 in force at Royal Assent for specified purposes, see s. 131(3)(a)

13(1)Section 90 (codes of practice) is amended as follows.E+W+S

(2)In subsection (2) (matters on which the Pensions Regulator must issue codes of practice), after paragraph (jb) insert—

(jc)the process for making an application under Part 1 of the Pension Schemes Act 2021 for authorisation of a collective money purchase scheme;

(jd)the matters that the Pensions Regulator expects to take into account in deciding whether it is satisfied that a pension scheme meets the authorisation criteria under that Part (see section 9 of the Pension Schemes Act 2021);.

(3)In subsection (6), in the definition of “the pensions legislation”—

(a)omit the “or” at the end of paragraph (f);

(b)after paragraph (g) insert , or

(h)Part 1 of the Pension Schemes Act 2021.

Commencement Information

I3Sch. 3 para. 13 in force at Royal Assent for specified purposes, see s. 131(3)(a)

14(1)Section 93(2) (regulatory functions of the Pensions Regulator) is amended as follows.E+W+S

(2)In paragraph (pa)—

(a)after “strategy” insert “ for Master Trust scheme ”;

(b)omit the “and” at the end.

(3)After paragraph (pa) insert—

(pb)the power to give a direction under section 23(2) of the Pension Schemes Act 2021 (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme),

(pc)the power to give a notice under section 29(1) or (4) of that Act (risk notices),

(pd)the power to give a direction under section 29(6) of that Act (direction to implement proposals in a resolution plan),

(pe)the power to give a direction under section 39(4) of that Act (direction to submit implementation strategy), and.

Commencement Information

I4Sch. 3 para. 14 in force at Royal Assent for specified purposes, see s. 131(3)(a)

15E+W+SIn section 97(5) (special procedure: applicable cases), after paragraph (tf) insert—

(tg)the power under section 30 of the Pension Schemes Act 2021 to withdraw authorisation of a collective money purchase scheme;

(th)the power to make a pause order under section 44 of that Act;

(ti)the power to make an order under paragraph 2(2) of Schedule 2 to that Act extending the period for which a pause order has effect;

(tj)the power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order;

(tk)the power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers;.

Commencement Information

I5Sch. 3 para. 15 in force at Royal Assent for specified purposes, see s. 131(3)(a)

16E+W+SIn section 126 (schemes eligible for pension protection), after subsection (1) insert—

(1A)Where a scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this Part as a separate money purchase scheme.

Commencement Information

I6Sch. 3 para. 16 in force at Royal Assent for specified purposes, see s. 131(3)(a)

17E+W+SIn section 249A (requirement for an effective system of governance), in subsection (3) (exceptions), after paragraph (e) insert—

(f)an authorised collective money purchase scheme within the meaning of Part 1 of the Pension Schemes Act 2021.

Commencement Information

I7Sch. 3 para. 17 in force at Royal Assent for specified purposes, see s. 131(3)(a)

18E+W+SIn section 254 (representative of non-European scheme to be treated as trustee), in subsection (3)—

(a)omit the “or” at the end of paragraph (d);

(b)after paragraph (e) insert , or

(f)Part 1 of the Pension Schemes Act 2021.

Commencement Information

I8Sch. 3 para. 18 in force at Royal Assent for specified purposes, see s. 131(3)(a)

19E+W+SIn section 291 (duty of trustees or managers to act consistently with law of host member State), in subsection (4)—

(a)omit the “or” at the end of paragraph (d);

(b)after paragraph (e) insert , or

(f)Part 1 of the Pension Schemes Act 2021.

Commencement Information

I9Sch. 3 para. 19 in force at Royal Assent for specified purposes, see s. 131(3)(a)

20E+W+SIn section 318 (general interpretation), in subsection (3)—

(a)in paragraph (a), after sub-paragraph (xiii) insert—

(xiv)regulations under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;

(xv)sections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;;

(b)in paragraph (b), after sub-paragraph (xi) insert—

(xii)sections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.

Commencement Information

I10Sch. 3 para. 20 in force at Royal Assent for specified purposes, see s. 131(3)(a)

21E+W+SIn Schedule 2 (the reserved regulatory functions), after Part 4A insert—

PART 4B E+W+SFunctions under Part 1 of the Pension Schemes Act 2021

44HThe power to give a direction under section 23(2) (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme).

44IThe power to give a direction under section 29(6) (direction to implement proposals in a resolution plan).

44JThe power under section 30 to withdraw authorisation of a collective money purchase scheme.

44KThe power to give a direction under section 41(4) (direction to pursue a continuity option).

44LThe power to make a pause order under section 44.

44MThe power to make an order under paragraph 2(2) of Schedule 2 extending the period for which a pause order has effect.

44NThe power to make an order under paragraph 3 of Schedule 2 validating action taken in contravention of a pause order.

44OThe power to make an order under paragraph 4(3) of Schedule 2 directing the notification of members or employers.

Commencement Information

I11Sch. 3 para. 21 in force at Royal Assent for specified purposes, see s. 131(3)(a)

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