An Act to make provision about prohibiting the trustees and managers of pension schemes from being indemnified in respect of penalties imposed under pensions dashboards regulations.
[2nd May 2023]
Be it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
(1)In section 256 of the Pensions Act 2004 (no indemnification for fines or civil penalties), in subsection (1)(b), for “or 88A” substitute “, 88A or 238G”.
(2)In Article 233 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (no indemnification for fines or civil penalties), in paragraph (1)(b), for “or 83A” substitute “, 83A or 215G”.
(1)Section 1(1) extends to England and Wales and Scotland.
(2)Section 1(2) extends to Northern Ireland.
(3)This section extends to England and Wales, Scotland and Northern Ireland.
(4)Section 1(1) comes into force on such day as the Secretary of State may by regulations appoint.
(5)Section 1(2) comes into force on such day as the Department for Communities in Northern Ireland may by order appoint.
(6)This section comes into force on the day on which this Act is passed.
(7)Regulations made by the Secretary of State under subsection (4) are to be made by statutory instrument.
(8)The power of the Department for Communities in Northern Ireland to make an order under subsection (5) is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)).
(9)This Act may be cited as the Pensions Dashboards (Prohibition of Indemnification) Act 2023.