- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 No. 462
2. In these Regulations—
“the Act” means the Pensions Act 2004;
“the actuarial valuation to which the funding and investment strategy relates” has the meaning given by regulation 8(8)(b);
“Code” means a code of practice issued by the Regulator;
“group undertaking” has the meaning given by section 1161 of the Companies Act 2006 (meaning of “undertaking” and related expressions)(1);
“journey plan” in relation to a scheme means the scheme’s planned progress in accordance with its funding and investment strategy as it moves towards the relevant date, starting with the effective date of the actuarial valuation to which the funding and investment strategy relates and ending with the relevant date;
“low dependency funding basis” in relation to a calculation of the liabilities of a scheme has the meaning given by regulation 6;
“low dependency investment allocation” has the meaning given by regulation 5;
“maturity” in relation to a scheme is measured in accordance with regulation 4;
“professional trustee body” means a body which—
was not established by an employer in relation to the scheme,
is remunerated for its services as a trustee by one or more schemes,
has arranged a policy of indemnity insurance in relation to the exercise of its functions as a trustee of the scheme, and
is carrying out its functions as a trustee of the scheme in the ordinary course of a profession or business which consists of, or includes, providing and holding itself out as providing services in connection with the management or administration of trusts or any particular aspect of such management or administration, whether or not such services relate to a particular kind of trust;
“relevant date” in relation to a scheme means the date determined in accordance with regulation 8 (as revised from time to time in accordance with that regulation);
“significant maturity” in relation to a scheme has the meaning given by regulation 4(1)(b);
“strength of the employer covenant” has the meaning given by regulation 7.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: