- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 5(3)(d)).
(2)In deciding whether it is satisfied that the systems and processes used in running the scheme are sufficient for those purposes, the Pensions Regulator must take into account any matters specified in regulations made by the Secretary of State.
(3)Regulations about the systems used in running a scheme may include provision about—
(a)the features and functionality required of the IT systems used in running the scheme;
(b)standards that those IT systems must meet (for example, in relation to quality and security of data);
(c)the maintenance of those IT systems.
(4)Regulations about the processes used in running a scheme may include provision about—
(a)records management;
(b)risk management;
(c)resource planning;
(d)processes relating to transactions and investment decisions;
(e)processes relating to the appointment and removal of trustees, and their professional development;
(f)processes relating to the roles and responsibilities of a scheme strategist and a scheme funder;
(g)processes relating to the appointment, removal, roles and responsibilities of—
(i)persons (other than those mentioned in paragraphs (e) and (f)) involved in running the scheme, and
(ii)persons providing services in relation to the scheme.
(5)The first regulations that are made under this section are subject to affirmative resolution procedure.
(6)Any subsequent regulations under this section are subject to negative resolution procedure.
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.
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:
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: