Pensions Act 2004

Pensions Act 2004

2004 CHAPTER 35

Commentary on Sections

Part 1 – the Pensions Regulator

Register of schemes

Section 62: The register: duties of trustees or managers

223. Subsections (1), (2) and (3) impose a duty on trustees and managers to notify the Regulator, during the “initial notification period”, of all the registrable information required on registrable schemes. The initial notification period is a period of three months beginning from the date the scheme is established, or, if later, beginning from the date it becomes a registrable scheme.

224. Subsection (3) enables any regulations which contain any provisions made under subsection (2)(b) to modify the provisions of section 82 (restricted information).

225. Subsection (4) provides that trustees or managers have to notify the Regulator of changes to registrable information as soon as practicable. Subsection (5) provides that trustees or managers must notify the Regulator as soon as practicable, where the scheme ceases to be registrable, or is wound up (otherwise than where the Board of the Pension Protection Fund assumes responsibility for it). Section 10 of the Pensions Act 1995 (civil penalties) will apply to a trustee or manager who fails to comply with subsections (2), (4) or (5).