Pensions Act 2004, Section 245 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Section 36 of the Pensions Act 1995 (c. 26) (choosing investments) is amended as follows.
(2)For subsection (1) substitute—
“(1)The trustees of a trust scheme must exercise their powers of investment in accordance with regulations and in accordance with subsections (3) and (4), and any fund manager to whom any discretion has been delegated under section 34 must exercise the discretion in accordance with regulations.
(1A)Regulations under subsection (1) may, in particular—
(a)specify criteria to be applied in choosing investments, and
(b)require diversification of investments.”
(3)Omit subsection (2).
(4)In subsection (3) for “the matters mentioned in subsection (2) and” substitute “ the requirements of regulations under subsection (1), so far as relating to the suitability of investments, and to ”.
(5)For subsection (8) substitute—
“(8)If the trustees of a trust scheme—
(a)fail to comply with regulations under subsection (1), or
(b)do not obtain and consider advice in accordance with this section,
section 10 applies to any trustee who has failed to take all reasonable steps to secure compliance.”
(6)After subsection (8) insert—
“(9)Regulations may exclude the application of any of the preceding provisions of this section to any scheme which is of a prescribed description.”
Commencement Information
I1S. 245 in force at 4.12.2005 for specified purposes and 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1
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