Pension Schemes Act 2015 (c. 8)

PART 3 General changes to legislation about pension schemes

Administration and governance

36 Pensions promise obtained from third party

(1) The Secretary of State may by regulations provide that the trustees or managers of a defined benefits scheme or a shared risk scheme must not obtain a pensions promise from a third party unless conditions specified in the regulations are met.

(2) Regulations under this section—

(a) may provide for a specified provision of the regulations to override a provision of a scheme to the extent that there is a conflict;

(b) may provide for section 10 of the Pensions Act 1995 (civil penalties) to apply to a person who fails to comply with the regulations.

(3) In this section—

• “defined benefits scheme” has the meaning given by section 2;

• “pensions promise” has the meaning given by section 5;

• “shared risk scheme” has the meaning given by section 3;

• “trustees or managers” means—

  (a)

  in relation to a scheme established under a trust, the trustees, and

  (b)

  in relation to any other scheme, the managers.

(4) In section 34(7) of the Pensions Act 1995 (power of investment and delegation overrides other legislation etc), for the words from “other than” to the end of the subsection substitute “other than an enactment contained in, or made under—

(a) this Part,

(b) the Pension Schemes Act 1993, or

(c) section 36 of the Pension Schemes Act 2015.”