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Pensions Bill


Pensions Bill
Schedule 1 — The Pensions Regulator
Part 5 — Funding and accounts

171

 

      (2)  

Regulations under sub-paragraph (1) may prescribe, or authorise the

Regulator to determine, the time at which any fee is due.

      (3)  

Any fee which is owed to the Regulator by virtue of regulations under this

paragraph may be recovered as a debt due to the Regulator.

26    (1)  

Section 175 of the Pension Schemes Act 1993 (c. 48) (levies towards certain

5

expenditure) is amended as follows.

      (2)  

In subsection (1) omit “or” at the end of paragraph (b) and for paragraph (c)

substitute

“(c)   

of the Regulatory Authority (including the establishment of the

Authority under the Pensions Act 2004), or

10

(d)   

of the Lord Chancellor in meeting the costs of the legal assistance

scheme established by virtue of section 80 of the Pensions Act

2004 (legal assistance in connection with proceedings before the

Pensions Regulator Tribunal),”.

      (3)  

In subsection (3), in paragraph (a), for the words from “any amounts paid” to the

15

end of the paragraph substitute “

(i)   

any amounts paid to the Secretary of State under

section 168(4) of this Act or section 10 of the

Pensions Act 1995 (civil penalties), and

(ii)   

any fees paid to the Authority under paragraph 25

20

of Schedule 1 to the Pensions Act 2004 (fees for

applications to modify under section 69 of the 1995

Act), and

Accounts

27    (1)  

The Regulator must—

25

(a)   

keep proper accounts and proper records in relation to the accounts,

and

(b)   

prepare in respect of each financial year a statement of accounts.

      (2)  

Each statement of accounts must comply with any directions given by the

Secretary of State with the approval of the Treasury as to—

30

(a)   

the information to be contained in it and the manner in which it is to

be presented;

(b)   

the methods and principles according to which the statement is to be

prepared;

(c)   

the additional information (if any) which is to be provided for the

35

information of Parliament.

      (3)  

The Regulator must send a copy of each statement of accounts—

(a)   

to the Secretary of State, and

(b)   

to the Comptroller and Auditor General,

           

before the end of the month of August next following the financial year to

40

which the statement relates.

      (4)  

The Comptroller and Auditor General must—

(a)   

examine, certify and report on each statement of accounts which he

receives under sub-paragraph (3), and

(b)   

lay a copy of each statement and of his report before each House of

45

Parliament.

      (5)  

In this paragraph “financial year” means—

 

 

Pensions Bill
Schedule 1 — The Pensions Regulator
Part 6 — Status and liability etc

172

 

(a)   

the period beginning with the date on which the Regulator is

established and ending with the next following 31st March, and

(b)   

each successive period of 12 months.

Other expenses

28    (1)  

The Regulator may—

5

(a)   

pay, or make provision for paying, persons attending proceedings

before the Regulator at its request such travelling and other

allowances (including compensation for loss of remunerative time)

as the Secretary of State may determine, and

(b)   

pay, or make provision for paying, persons from whom the

10

Regulator may decide to seek advice, as being persons considered by

the Regulator to be specially qualified to advise it on particular

matters, such fees as the Regulator may determine.

      (2)  

In this paragraph references to proceedings before the Regulator include

references to proceedings before any committee of the Regulator.

15

Part 6

Status and liability etc

Status

29    (1)  

The Regulator is not to be regarded—

(a)   

as the servant or agent of the Crown, or

20

(b)   

as enjoying any status, privilege or immunity of the Crown.

      (2)  

Accordingly, the Regulator’s property is not to be regarded as property of,

or held on behalf of, the Crown.

Validity

30         

The validity of any proceedings of the Regulator (including any proceedings

25

of any of its committees) is not to be affected by—

(a)   

any vacancy among the members of the Regulator or of any of its

committees,

(b)   

any defect in the appointment of any member of the Regulator or of

any of its committees, or

30

(c)   

any defect in the appointment of the Chief Executive.

Disqualification

31         

Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) is

amended as follows—

(a)   

in Part 2 (bodies whose members are disqualified) at the appropriate

35

place insert—

   

“The Pensions Regulator.”, and

(b)   

in Part 3 (other disqualifying offices) at the appropriate place

insert—

   

“Member of the Determinations Panel established by

40

the Pensions Regulator under section 10 of the

Pensions Act 2004.”

 

 

Pensions Bill
Schedule 1 — The Pensions Regulator
Part 6 — Status and liability etc

173

 

32         

Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975

(c. 25) is amended as follows—

(a)   

in Part 2 (bodies whose members are disqualified) at the appropriate

place insert—

   

“The Pensions Regulator.”, and

5

(b)   

in Part 3 (other disqualifying offices) at the appropriate place

insert—

   

“Member of the Determinations Panel established by

the Pensions Regulator under section 10 of the

Pensions Act 2004.”

10

The Parliamentary Commissioner for Administration

33         

In Schedule 2 to the Parliamentary Commissioner Act 1967

(c. 13)(departments and authorities subject to investigation), at the

appropriate place insert—

   

“The Pensions Regulator.”

15

The Superannuation Act 1972

34    (1)  

The persons to whom section 1 of the Superannuation Act 1972 (c. 11)

(persons to or in respect of whom benefits may be provided by schemes

under that section) applies are to include—

the chairman of the Regulator

20

the employees of the Regulator.

      (2)  

The Regulator must pay to the Minister for the Civil Service, at such times as

he may direct, such sums as he may determine in respect of the increase

attributable to sub-paragraph (1) in the sums payable out of money

provided by Parliament under that Act.

25

Exemption from liability in damages

35    (1)  

Neither the Regulator nor any person who is a member of the Regulator, a

member of any of its committees, or a member of its staff is to be liable in

damages for anything done or omitted in the exercise or purported exercise

of the functions of the Regulator conferred by, or by virtue of, this or any

30

other enactment.

      (2)  

Any person who is—

(a)   

the chairman of the Regulator,

(b)   

the Chief Executive of the Regulator, or

(c)   

the chairman of the Determinations Panel,

35

           

is not to be liable in damages for anything done or omitted in the exercise or

purported exercise of any function conferred on the office in question by, or

by virtue of, this Act or any provisions in force in Northern Ireland

corresponding to this Act.

      (3)  

Any person who is a member of the Non-Executive Committee or of any of

40

its sub-committees is not to be liable in damages for anything done or

omitted in the discharge or purported discharge of the duty to prepare a

report under section 9(4) on the discharge of the non-executive functions.

      (4)  

Any person who is a member of the Determinations Panel is not to be liable

in damages for anything done or omitted in the exercise or purported

45

exercise of the functions of the Panel under—

 

 

Pensions Bill
Schedule 2 — The reserved regulatory functions
Part 2 — Functions under the Pensions Act 1995 (c. 26)

174

 

(a)   

section 67(3) (procedure in relation to regulatory functions) or any

corresponding provision in force in Northern Ireland,

(b)   

section 73(9) (procedure in relation to exercise of functions on a

compulsory review) or any corresponding provision in force in

Northern Ireland, or

5

(c)   

paragraph 18(2) of this Schedule (general procedure).

      (5)  

But sub-paragraphs (1) to (4) do not apply—

(a)   

if it is shown that the act or omission was in bad faith, or

(b)   

so as to prevent an award of damages made in respect of an act or

omission on the ground that the act or omission was unlawful as a

10

result of section 6(1) of the Human Rights Act 1998 (c. 42).

Schedule 2

Section 11(4)

 

The reserved regulatory functions

Part 1

Functions under the Pension Schemes Act 1993 (c. 48)

15

1          

The power under section 99(4) to grant an extension of the period within

which the trustees or managers of a scheme are to carry out certain duties.

2          

The power under section 101J(2) to extend the period for compliance with a

transfer notice.

3          

The power under regulations made by virtue of section 168(4) to require a

20

person to pay a penalty.

Part 2

Functions under the Pensions Act 1995 (c. 26)

4          

The power to make an order under section 3 prohibiting a person from being

a trustee.

25

5          

The power to make an order under section 3(3) revoking such an order.

6          

The power to make an order under section 4 suspending a trustee.

7          

The power to make an order under section 4(5) revoking such an order.

8          

The power to make an order appointing a trustee under any of the following

provisions of section 7—

30

(a)   

subsection (1) where a trustee is removed by an order under section

3 (prohibition orders);

(b)   

subsection (3)(a) or (c).

9          

The power to require a person to pay a penalty under section 10 (including

under regulations made by virtue of subsection (3) of that section).

35

10         

The power to make an order under section 11 directing or authorising an

occupational pension scheme to be wound up.

11         

The power to give directions to trustees under section 15.

 

 

Pensions Bill
Schedule 2 — The reserved regulatory functions
Part 4 — Functions under this Act

175

 

12         

The power under section 29(5) to give a notice waiving a disqualification

under section 29 of that Act.

13         

The power to make an order under section 69 authorising the modification

of an occupational pension scheme or modifying the scheme.

14         

The power to make an order under section 71A modifying an occupational

5

pension scheme with a view to ensuring that it is properly wound up.

Part 3

Functions under the Welfare Reform and Pensions Act 1999 (c. 30)

15         

The power under section 2(3)(b) to remove a scheme from the register of

stakeholder pension schemes.

10

Part 4

Functions under this Act

16         

The power to make a freezing order under section 20.

17         

The power to make an order under section 22(3) extending the period for

which a freezing order has effect.

15

18         

The power to make an order under section 23 validating action taken in

contravention of a freezing order.

19         

The power to make an order under section 24 directing that specified steps

are taken.

20         

The power to make an order under section 26 giving a direction where a

20

freezing order ceases to have effect.

21         

The power to make an order under section 27(3) directing the notification of

members.

22         

The power to make a direction under section 50(8) extending the retention

period for documents taken into possession under section 49.

25

23         

The power to make a direction under section 52(8) extending the retention

period for documents taken into possession under that section.

24         

The power to make an order under section 188 modifying a scheme, giving

directions or imposing a schedule of contributions.

25         

The power to vary or revoke under section 75

30

(a)   

a determination made by the Determinations Panel whether to

exercise one of the other functions listed in this Schedule, or

(b)   

an order, notice or direction made, issued or given in the exercise of

one of those functions—

(i)   

by the Panel, or

35

(ii)   

by the Regulator in compliance with a direction of the

Tribunal under section 77.

 

 

 
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Revised 12 February 2004