Pension Schemes Act 2015

9 Duty to set targets for collective benefits

(1) Regulations may require the trustees or managers of a pension scheme to set targets in relation to any collective benefits that may be provided by the scheme.

(2) The regulations may, in particular—

(a) impose requirements about the way that targets are expressed;

(b) impose requirements about the recording or publication of targets;

(c) require the trustees or managers to set initial targets at a level which ensures that the probability of meeting the targets falls within a range specified in the regulations;

(d) require the trustees or managers to obtain a certificate from an actuary certifying that, in the opinion of the actuary, the initial targets have been set at a level that complies with regulations under paragraph (c).

(3) Regulations made in reliance on subsection (2)(d) may, in particular—

(a) require the trustees or managers to obtain the certificate from an actuary who has specified qualifications or meets other specified requirements;

(b) make provision about the content of the certificate;

(c) set out matters to which the actuary must have regard;

(d) require the trustees or managers to provide a copy of the actuary’s certificate to a specified person.

(4) In this section “target” means a target, relating to the rate or amount of a benefit, that is unenforceable.