Pension Schemes Act 2017

Part 3 General

42 Regulations: general provisions

(1) A power to make regulations under this Act is exercisable by statutory instrument.

(2) Regulations under Part 1 may—

(a) make different provision for different purposes;

(b) include incidental, supplementary, consequential, transitional, transitory or saving provision;

(c) confer a discretion on a person.

(3) Where regulations under Part 1 are subject to “negative resolution procedure” the statutory instrument containing the regulations is subject to annulment in pursuance of a resolution of either House of Parliament.

(4) Where regulations under Part 1 are subject to “affirmative resolution procedure” the regulations may not be made unless a draft of the instrument containing them has been laid before and approved by a resolution of each House of Parliament.

(5) Any provision that may be made by regulations under Part 1 subject to negative resolution procedure may be made by regulations under Part 1 subject to affirmative resolution procedure.

43 Extent

This Act extends to England and Wales and Scotland.

44 Commencement

(1) The following provisions come into force on the day this Act is passed—

(a) the following provisions as they apply to existing Master Trust schemes within the meaning of Schedule 2—

(i) sections 1 and 2 (definition of a Master Trust scheme);

(ii) sections 17 and 18 (penalty notices);

(iii) sections 20 to 22, 25 and 33, as modified by Schedule 2 (triggering events: notification requirements and prohibition on increasing charges);

(iv) paragraphs 5 and 8 of Schedule 3 (power of Regulator to request information), and section 38 as it applies to those paragraphs;

(v) section 39 (interpretation);

(b) paragraphs 1 to 7 of Schedule 2, and section 37 as it applies to those paragraphs (Master Trusts operating before commencement: transitional provisions);

(c) paragraphs 1 to 4, 5 and 12 of Schedule 3, and section 38 as it applies to those paragraphs (amendments to definitions of “scheme rules”);

(d) section 41 (power to override contract terms);

(e) this Part.

(2) To the extent not already commenced by subsection (1), Part 1 comes into force on such day or days as the Secretary of State may by regulations appoint.

(3) The Secretary of State may by regulations make transitional, transitory and saving provision in connection with the coming into force of any provision of this Act.

(4) Regulations under this section may make—

(a) incidental and supplementary provision, and

(b) different provision for different purposes.

45 Short title

(1) This Act may be cited as the Pension Schemes Act 2017.