Pension Schemes Bill (HL Bill 65)

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by the Department for Work and Pensions, are published separately as HL Bill 65—EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Lord Freud has made the following statement under section 19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Pension Schemes Bill [HL] are compatible with the Convention rights.

Contents

  1. Part 1

    Master Trusts

    1. Definition of a Master Trust scheme

      1. 1. Master Trust schemes: definition

      2. 2. Relevant public service pension schemes

    2. Authorisation: applications etc

      1. 3. Prohibition on operating a scheme unless authorised

      2. 4. Application for authorisation

      3. 5. Decision on application

      4. 6. Referral to Tribunal of refusal to grant authorisation

    3. Authorisation criteria

      1. 7. Fit and proper persons requirement

      2. 8. Financial sustainability requirement

      3. 9. Financial sustainability requirement: business plan

      4. 10. Scheme funder requirements

      5. 11. Systems and processes requirements

      6. 12. Continuity strategy requirement

    4. Ongoing supervision of Master Trust schemes

      1. 13. List of authorised schemes

      2. 14. Requirement to submit annual accounts

      3. 15. Requirement to submit supervisory return

      4. 16. Duty to notify Regulator of significant events

      5. 17. Fixed penalty notice for failure to comply with request for information

      6. 18. Escalating penalty notice for failure to comply with request for information

      7. 19. Withdrawal of authorisation

    5. Triggering events: continuity

      1. 20. Triggering event: duties of trustees

      2. 21. Triggering events

      3. 22. Notification requirements

      4. 23. Continuity options

      5. 24. Continuity option 1: transfer out and winding up

      6. 25. Continuity option 2: resolving triggering event

      7. 26. Approval of implementation strategy

      8. 27. Content of implementation strategy

      9. 28. Duty to pursue continuity option

      10. 29. Prohibition on winding up except in accordance with continuity option 1

      11. 30. Periodic reporting requirement

      12. 31. Pause orders

      13. 32. Prohibition on new employers during triggering event period

      14. 33. Prohibition on increasing charges etc during triggering event period

    6. Decisions on withdrawal of authorisation: timing

      1. 34. When it becomes clear that authorisation not to be withdrawn

      2. 35. When a decision to withdraw authorisation becomes final

    7. Supplementary

      1. 36. Master trusts in operation on commencement: transitional provision

      2. 37. Minor and consequential amendments

      3. 38. Interpretation of Part 1

      4. 39. Regulations modifying application of Part 1

  2. Part 2

    Administration charges

    1. 40. Power to override contract terms

  3. Part 3

    General

    1. 41. Regulations: general provisions

    2. 42. Extent

    3. 43. Commencement

    4. 44. Short title

    1. Schedule 1

      Pause orders

    2. Schedule 2

      Master Trusts operating before commencement: transitional
      provision

    3. Schedule 3

      Minor and consequential amendments