PART 1Collective money purchase benefits
Valuation and benefit adjustment
I1I223Powers of the Pensions Regulator
1
The powers conferred by this section are exercisable where it appears to the Pensions Regulator (as a result of a report made to it or otherwise) that the trustees of a collective money purchase scheme have without good reason—
a
failed to comply with a requirement imposed by or under this Part to obtain an actuarial valuation, or
b
failed to secure that any adjustment to the rate or amount of benefits provided under the scheme which is required in accordance with the scheme rules—
i
is made in accordance with the most recent actuarial valuation, and
ii
takes effect in accordance with the scheme rules.
2
The Pensions Regulator may direct the trustees—
a
to obtain an actuarial valuation;
b
to take such other steps as the Pensions Regulator considers appropriate to remedy or mitigate the failure.
3
A direction under subsection (2)(a) must—
a
specify the period within which the valuation is to be obtained;
b
specify the date by reference to which the matters to be set out in the actuarial valuation are to be determined;
c
contain such other information as the Secretary of State may specify in regulations.
4
In exercising a power conferred by this section, the Pensions Regulator must comply with any requirements specified in regulations made by the Secretary of State.
5
Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a direction under this section.
6
Regulations under this section are subject to negative resolution procedure.
7
The powers conferred by this section are in addition to any powers exercisable by the Pensions Regulator under any other enactment.