Search Legislation

Pension Schemes Act 2021

Status:

This is the original version (as it was originally enacted).

29Risk notices

This section has no associated Explanatory Notes

(1)The Pensions Regulator may give a risk notice to the trustees of a collective money purchase scheme if the Regulator considers that—

(a)there is an issue of concern in relation to the scheme, and

(b)the scheme will breach the authorisation criteria, or is likely to breach them, if the issue is not resolved.

(2)A risk notice is a notice that requires the trustees of the scheme to submit to the Pensions Regulator a plan (a “resolution plan”) setting out proposals for resolving the issue of concern.

(3)A risk notice must—

(a)identify the issue of concern;

(b)specify the date by which the resolution plan is to be submitted.

(4)If the Pensions Regulator is not satisfied that the proposals in a resolution plan are likely to be adequate to resolve the issue of concern, the Regulator may give a further notice to the trustees requiring them to submit a revised plan by a date specified in the notice.

(5)The trustees must implement the proposals in a resolution plan if the Pensions Regulator—

(a)is satisfied that the proposals are likely to be adequate to resolve the issue of concern, and

(b)notifies the trustees accordingly.

(6)The Pensions Regulator may direct the trustees to comply with the requirement imposed by subsection (5).

(7)Where the trustees are required by subsection (5) to implement the proposals in a resolution plan, the trustees must—

(a)submit to the Pensions Regulator, before the end of a period specified in regulations made by the Secretary of State, a report setting out what progress they are making in implementing the proposals (a “progress report”);

(b)submit further progress reports to the Pensions Regulator at intervals specified by the Pensions Regulator.

(8)Resolution plans and progress reports must be provided in the manner and form specified by the Pensions Regulator.

(9)A reference to a resolution plan in subsections (4) to (8) includes a reference to a resolution plan as revised under subsection (4).

(10)The Secretary of State may by regulations—

(a)specify information that a risk notice must contain;

(b)provide that the date referred to in subsection (3)(b) or (4) must fall before the end of a period specified in the regulations.

(11)Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with—

(a)a notice under subsection (1) or (4),

(b)a direction under subsection (6), or

(c)a requirement imposed by subsection (7).

(12)Regulations under this section are subject to negative resolution procedure.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

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?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

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?

You have chosen to open Schedules only

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?

Close

Legislation is available in different versions:

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.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources