Part 1The Pensions Regulator

Exercise of regulatory functions

101Powers to vary or revoke orders, notices or directions etc

I11

The Regulator may vary or revoke—

a

any determination by the Regulator whether to exercise a regulatory function, or

b

any order, notice or direction made, issued or given by the Regulator in the exercise of a regulatory function.

2

Subsection (1)(b) does not apply to—

I1a

an order under section 3(3) of the Pensions Act 1995 (c. 26) revoking a prohibition order under that section,

I1b

an order under section 4(5) of that Act revoking a suspension order under that section,

I1c

a direction under section 2(3) of the Welfare Reform and Pensions Act 1999 (c. 30) refusing to register a scheme under section 2 of that Act or removing a scheme from the register of stakeholder pension schemes, or

d

such other orders, notices or directions made, issued or given by the Regulator, in the exercise of a regulatory function, as may be prescribed.

I13

A variation or revocation of an order, a notice or a direction must be made by an order, a notice or a direction (as the case may be).

I14

A variation or revocation made under this section must take effect from a specified time which must not be a time earlier than the time when the variation or revocation is made.

I15

The power to vary or revoke under this section—

a

is not to be treated for the purposes of subsection (1) as a regulatory function, and

b

is in addition to any such power which is conferred on the Regulator by, or by virtue of, this or any other enactment.