Pensions Act 2007

21 Initial function of the Authority

(1) The Authority may do anything it thinks appropriate for preparing for the implementation of, or for advising on the modification of, any relevant proposals about personal accounts.

(2) In this Part “relevant proposals about personal accounts” means proposals by the Secretary of State (whether or not Parliament has given any approval on which their implementation depends) which are—

(a) proposals for the establishment of a national low-cost portable pensions savings scheme, or

(b) proposals that are made in connection with proposals falling within paragraph (a) and—

(i) relate to the subject-matter of those proposals, or

(ii) relate to matters that are incidental or supplemental to those proposals or proposals falling within sub-paragraph (i), or to any consequential or transitional matters.

(3) Subject to subsections (4) and (5), the Authority may do anything which is calculated to facilitate, or is incidental or conducive to, the discharge of its function under this section.

(4) Nothing in this section is to be taken, in relation to proposals that have not yet been approved by Parliament—

(a) as dispensing with the need for any Parliamentary approval otherwise required for the implementation of the proposals; or

(b) as requiring the Authority, before any such approval is given, to carry out any activities other than—

(i) the formulation of the proposals;

(ii) the taking of preparatory steps towards their implementation when approved;

(iii) activities which are carried out in connection with activities falling within sub-paragraph (i) or (ii).

(5) The Authority may not borrow money from any person for the purposes of, or in connection with, its function under this section.

(6) The Secretary of State may from time to time issue guidance to the Authority about the discharge of its function under this section.

(7) If guidance is issued under subsection (6), the Authority must have regard to it in discharging its function under this section.

(8) In this Part “modification” includes omissions, alterations and additions.