- Latest available (Revised)
- Point in Time (01/01/2006)
- Original (As enacted)
Point in time view as at 01/01/2006. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Pensions Act 2004, Section 97 is up to date with all changes known to be in force on or before 14 August 2024. 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)The special procedure in section 98 (and not the standard procedure) applies to—
(a)a case falling within subsection (2),
(b)a case falling within subsection (3), and
(c)a case falling within subsection (4).
(2)A case falls within this subsection if—
(a)the Regulator considers that it may be necessary to exercise a regulatory function listed in subsection (5) immediately because there is, or the Regulator considers it likely that if a warning notice were to be given there would be, an immediate risk to—
(i)the interests of members under an occupational or personal pension scheme, or
(ii)the assets of such a scheme,
(b)the Regulator accordingly dispenses with the giving of a warning notice and an opportunity to make representations as described in section 96(2)(a) and (b), and
(c)the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(i)the interests of members under an occupational or personal pension scheme, or
(ii)the assets of such a scheme.
(3)A case falls within this subsection if—
(a)the Regulator gives a warning notice as described in section 96(2)(a) in relation to a determination whether to exercise a regulatory function listed in subsection (5), and
(b)before it has considered the representations of those persons to whom the warning notice is given, the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(i)the interests of members under an occupational or personal pension scheme, or
(ii)the assets of such a scheme.
(4)A case falls within this subsection if the Regulator—
(a)gives a warning notice as described in section 96(2)(a) in relation to a determination whether to exercise a regulatory function which—
(i)is listed in subsection (5), and
(ii)is not a function listed in section 96(6) (functions which may be exercised immediately under the standard procedure),
(b)considers the representations of those persons to whom the warning notice is given, and
(c)determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(i)the interests of members under an occupational or personal pension scheme, or
(ii)the assets of such a scheme.
(5)The regulatory functions referred to in subsections (2), (3) and (4) are—
(a)the power to make or extend a restraining order under section 20;
(b)the power to make a freezing order under section 23;
(c)the power to make an order under section 25(3) extending the period for which a freezing order has effect;
(d)the power to make an order under section 26 validating action taken in contravention of a freezing order;
(e)the power to make an order under section 28 directing that specified steps are taken;
(f)the power to make an order under section 30 giving a direction where a freezing order ceases to have effect;
(g)the power to make an order under section 31(3) directing the notification of members;
(h)the power to make an order under section 231 modifying a scheme, giving directions or imposing a schedule of contributions;
(i)the power to make an order under section 3(1) of the Pensions Act 1995 (c. 26) prohibiting a person from being a trustee;
(j)the power to make an order under section 3(3) of that Act revoking such an order;
(k)the power to make an order under section 4(1) of that Act suspending a trustee;
(l)the power to make an order under section 4(5) of that Act revoking such an order;
(m)the power to make an order under section 7 of that Act appointing a trustee;
(n)the power under section 9 of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee;
(o)the power to make an order under section 11 of that Act directing or authorising an occupational pension scheme to be wound up;
(p)the power to make an order under section 23 of that Act appointing an independent trustee;
(q)the power under section 29(5) of that Act to give a notice waiving a disqualification under section 29 of that Act;
(r)the power under section 30(2) of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under section 29 of that Act;
(s)the power to make an order under section 67G(2) of that Act by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent;
(t)the power to make an order under section 67H(2) of that Act prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme;
(u)such other regulatory functions as may be prescribed;
(v)the power under section 101(1)(b) to vary or revoke in relation to the exercise of any of the regulatory functions mentioned in paragraphs (a) to (u) other than those mentioned in paragraph (j) or (l).
Commencement Information
I1S. 97(1)-(4)(5)(a)-(t)(v) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7
I2S. 97(5)(u) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
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: