Pensions Bill

House of Commons

Session 2003 - 04
Internet Publications
Other Bills before Parliament

Pensions Bill

Pensions Bill
Part 1 — The Pensions Regulator
20

32
Disqualification
In section 30 of the Pensions Act 1995 (c. 26) (consequences of disqualification
under section 29), for subsection (1) substitute—
“(1)
Where a person who is a trustee of a trust scheme becomes disqualified
under section 29 in relation to the scheme, his becoming so disqualified
5
has the effect of removing him as a trustee.”
Applications under the Insolvency Act 1986
33
Regulator’s right to apply under section 423 of Insolvency Act 1986
(1)
In this section “section 423” means section 423 of the Insolvency Act 1986 (c. 45)
(transactions defrauding creditors).
10
(2)
The Regulator may apply for an order under section 423 in relation to a debtor
if—
(a)
the debtor is for the purposes of Part 1 of the Pensions Act 1995 the
employer in relation to an occupational pension scheme, and
(b)
condition A or condition B is met in relation to the scheme.
15
(3)
Condition A is that an actuarial valuation under section 112 obtained by the
Board in respect of the scheme indicates that the value of the assets of the
scheme at the relevant time, as defined by that section, was less than the
amount of the protected liabilities, as defined by section 103, at that time.
(4)
Condition B is that an actuarial valuation, as defined by section 181(2),
20
obtained by the trustees or managers of the scheme indicates that the statutory
funding objective in section 179 is not met.
(5)
In a case where the debtor has been adjudged bankrupt or is a body corporate
which is being wound up or in relation to which an administration order is in
force, subsection (2) does not enable an application to be made under section
25
423 except with the permission of the court.
(6)
An application made under this section is to be treated as made on behalf of
every victim of the transaction who is—
(a)
a trustee or member of the scheme, or
(b)
the Board of the Pension Protection Fund.
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(7)
This section does not apply where the valuation mentioned in subsection (3) or
(4) is made by reference to a date that falls before the commencement of this
section.
(8)
Expressions which are defined by section 423 for the purposes of that section
have the same meaning when used in this section.
35
Register of schemes
34
Register of occupational and personal pension schemes
(1)
The Regulator must compile and maintain a register of occupational pension
schemes and personal pension schemes which are, or have been, registrable
schemes (referred to in this Act as “the register”).
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Pensions Bill
Part 1 — The Pensions Regulator
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(2)
In this section and sections 37 to 40 “registrable scheme” means an
occupational pension scheme, or a personal pension scheme, of a prescribed
description.
(3)
In respect of each registrable scheme, the Regulator must record in the
register—
5
(a)
the registrable information most recently provided to it in respect of the
scheme, and
(b)
if the Regulator has received—
(i)
a copy of a notice under section 122 (transfer notice),
(ii)
a notice under section 37(5) (scheme which is wound up or
10
ceases to be registrable), or
(iii)
any copy of a notice, or notice, under any provision in force in
Northern Ireland corresponding to a provision mentioned in
sub-paragraph (i) or (ii),

that fact.
15
(4)
In respect of each scheme which has been a registrable scheme, but
(a)
has been, or is treated as having been, wound up, or
(b)
has ceased to be a registrable scheme,

the Regulator must maintain in the register the registrable information last
provided to it in respect of the scheme.
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(5)
Information recorded in the register must be so recorded in such manner as the
Regulator considers appropriate.
(6)
In particular, the register may consist of more than one part.
(7)
In this section—
(a)
references to an occupational pension scheme or a personal pension
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scheme include such a scheme within the meaning of the Pension
Schemes (Northern Ireland) Act 1993 (c. 49), and
(b)
references to “registrable information”, in relation to a scheme to which
any provision in force in Northern Ireland corresponding to section
35(2) (“the corresponding Northern Ireland provision”) applies, are to
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information of any description within the corresponding Northern
Ireland provision.
35
Registrable information
(1)
For the purposes of sections 34 to 40 “registrable information”, in relation to an
occupational or personal pension scheme, means information within
35
subsection (2).
(2)
That information is—
(a)
the name of the scheme;
(b)
the address of the scheme;
(c)
the full names and addresses of each of the trustees or managers of the
40
scheme;
(d)
the status of the scheme with respect to the following matters—
(i)
whether new members may be admitted to the scheme;
(ii)
whether further benefits may accrue to, or in respect of,
members under the scheme;
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(iii)
whether further contributions may be paid towards the scheme;

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Part 1 — The Pensions Regulator
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(iv)
whether any members of the scheme are active members;
(e)
the categories of benefits provided by the scheme;
(f)
in the case of an occupational pension scheme—
(i)
the name and address of each relevant employer, and
(ii)
any other name by which any relevant employer has been
5
known at any time on or after the relevant date;
(g)
in the case of an occupational pension scheme, the number of members
of the scheme on the later of—
(i)
the last day of the scheme year which ended most recently, and
(ii)
the day on which the scheme became a registrable scheme; and
10
(h)
such other information as may be prescribed.
(3)
Regulations may make provision about the interpretation of any of the
descriptions in subsection (2).
(4)
For the purposes of subsection (2)(f)—

“relevant employer” means any person—
15
(a)
who is, or
(b)
who, at any time on or after 6th April 1975, has been,

the employer in relation to the scheme; and

“relevant date”, in relation to a relevant employer, means—
(a)
6th April 1975, or
20
(b)
if later, the date on which the relevant employer first became the
employer in relation to the scheme.
36
The register: inspection, provision of information and reports etc
(1)
Regulations may provide—
(a)
for—
25
(i)
information recorded in the register,
(ii)
extracts from the register, or
(iii)
copies of the register or of extracts from it,

to be provided to prescribed persons in prescribed circumstances, and
(b)
for the inspection of—
30
(i)
the register,
(ii)
extracts from the register, or
(iii)
copies of the register or of extracts from it,

by prescribed persons in prescribed circumstances.
(2)
Regulations under subsection (1) may, in particular—
35
(a)
confer functions on—
(i)
the Secretary of State, or
(ii)
a person authorised by him for the purposes of the regulations;
(b)
make provision with respect to the disclosure of information obtained
by virtue of the regulations.
40
(3)
Regulations which contain any provision made by virtue of subsection (2)(b)
may, in particular, modify section 56 (restricted information).
(4)
The Secretary of State may direct the Regulator to submit to him statistical and
other reports concerning—
(a)
information recorded in the register, and
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Pensions Bill
Part 1 — The Pensions Regulator
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(b)
the operation of the Regulator’s functions in relation to the register.
(5)
A direction under subsection (4) may specify—
(a)
the form in which, and
(b)
the times at which,

reports required by the direction are to be submitted.
5
(6)
The Secretary of State may publish any report submitted to him by virtue of a
direction under subsection (4) in such manner as he considers appropriate.
37
The register: duties of trustees or managers
(1)
Subsection (2) applies where—
(a)
a registrable scheme is established, or
10
(b)
an occupational or personal pension scheme otherwise becomes a
registrable scheme.
(2)
The trustees or managers of the scheme must, before the end of the initial
notification period—
(a)
notify the Regulator that the scheme is a registrable scheme, and
15
(b)
provide to the Regulator all the registrable information with respect to
the scheme.
(3)
In subsection (2), the “initial notification period” means the period of three
months beginning with—
(a)
the date on which the scheme is established, or
20
(b)
if later, the date on which it becomes a registrable scheme.
(4)
Where there is a change in any registrable information in respect of a
registrable scheme, the trustees or managers of the scheme must as soon as
reasonably practicable, notify the Regulator—
(a)
of that fact, and
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(b)
of the new registrable information.
(5)
Where a registrable scheme—
(a)
ceases to be a registrable scheme, or
(b)
is wound up (otherwise than under section 123(2) (effect of Board
assuming responsibility for scheme)),
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the trustees or managers of the scheme must as soon as reasonably practicable,
notify the Regulator of that fact.
(6)
If subsection (2), (4) or (5) is not complied with, section 10 of the Pensions Act
1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to
take all reasonable steps to secure compliance.
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38
Duty of the Regulator to issue scheme return notices
(1)
The Regulator must issue scheme return notices in accordance with this section
requiring scheme returns to be provided in respect of registrable schemes.
(2)
In respect of each registrable scheme, the Regulator—
(a)
must issue the first scheme return notice in accordance with subsection
40
(3), and
(b)
must issue subsequent scheme return notices in accordance with
subsection (4).

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Part 1 — The Pensions Regulator
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(3)
The return date specified in a scheme return notice issued in respect of a
scheme under subsection (2)(a)—
(a)
must fall within the period of three years beginning with—
(i)
the date on which the Regulator receives a notice under section
37(2)(a) in respect of the scheme, or
5
(ii)
if earlier, the date on which the Regulator first becomes aware
that the scheme is a registrable scheme, and
(b)
if the trustees or managers have complied with paragraph (b) of section
37(2), must fall after the end of the period of one year beginning with
the date on which they provided the information required by that
10
paragraph to the Regulator.
(4)
The return date specified in a scheme return notice issued in respect of a
scheme under subsection (2)(b) must fall—
(a)
within the period of three years, but
(b)
after the end of the period of one year,
15

beginning with the return date specified in the previous scheme return notice
issued in respect of the scheme.
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Duty of trustees or managers to provide scheme return
(1)
The trustees or managers of a registrable scheme in respect of which a scheme
return notice is issued must, on or before the return date, provide a scheme
20
return to the Regulator.
(2)
If a scheme return in respect of a scheme is not provided in compliance with
subsection (1), section 10 of the Pensions Act 1995 (c. 26) (civil penalties)
applies to any trustee or manager of the scheme who has failed to take all
reasonable steps to secure compliance.
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40
Scheme returns: supplementary
(1)
This section has effect for the purposes of sections 38 and 39.
(2)
In those sections and this section, in relation to a scheme return notice—

“return date” means the date specified under subsection (3)(b) in the
scheme return notice;
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“scheme return” means a document in the form (if any) specified in the
scheme return notice, containing the information required by the
notice.
(3)
A scheme return notice must specify—
(a)
the descriptions of information required by it, and
35
(b)
the return date,

and may specify the form in which that information is to be provided.
(4)
A scheme return notice in respect of a registrable scheme—
(a)
must require all registrable information in relation to the scheme, and
(b)
may require other information which the Regulator reasonably
40
requires for the purposes of the exercise of its functions in relation to
the scheme.
(5)
The return date specified in a scheme return notice must fall after the end of the
period of 28 days beginning with the date on which the notice is issued.

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Part 1 — The Pensions Regulator
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(6)
A scheme return notice must be in writing and is treated as issued in respect of
a registrable scheme when it is sent to the trustees or managers of the scheme.
Register of prohibited trustees
41
Register of prohibited trustees
(1)
The Regulator must keep in such manner as it thinks fit a register of all persons
5
who are prohibited under section 3 of the Pensions Act 1995 (c. 26) (“the
prohibition register”).
(2)
Arrangements made by the Regulator for the prohibition register must secure
that the contents of the register are not disclosed or otherwise made available
to members of the public except in accordance with section 42.
10
(3)
Nothing in subsection (2) requires the Regulator to exclude any matter from a
report published under section 63 (reports of Regulator’s consideration of
cases).
42
Accessibility of register of prohibited trustees
(1)
The Regulator must make arrangements to secure that the prohibition register
15
is open, during its normal working hours, for inspection in person and without
notice at—
(a)
the principal office used by it for the carrying out of its functions, and
(b)
such other of its offices (if any) as it considers to be places where it
would be reasonable for a copy of the register to be kept open for
20
inspection.
(2)
If a request is made to the Regulator—
(a)
to state whether a particular person identified in the request is a person
appearing in the prohibition register as prohibited in respect of a
scheme specified in the request,
25
(b)
to state whether a particular person so identified is a person appearing
in that register as prohibited in respect of a particular description of
occupational trust scheme so specified, or
(c)
to state whether a particular person so identified is a person appearing
in that register as prohibited in respect of all occupational trust
30
schemes,

the Regulator must promptly comply with the request in such manner as it
considers reasonable.
(3)
The Regulator may, in such manner as it considers appropriate, publish a
summary of the prohibition register if (subject to subsections (6) to (8)) the
35
summary—
(a)
contains all the information described in subsection (4),
(b)
arranges that information in the manner described in subsection (5),
(c)
does not (except by identifying a person as prohibited in respect of all
occupational trust schemes, in respect of a particular description of
40
such schemes or in respect of a particular such scheme) identify any of
the schemes in respect of which persons named in the summary are
prohibited, and
(d)
does not disclose any other information contained in the register.

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Part 1 — The Pensions Regulator
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(4)
That information is—
(a)
the full names and titles, so far as the Regulator has a record of them, of
all the persons appearing in the register as persons who are prohibited,
(b)
the dates of birth of such of those persons as are persons whose dates
of birth are matters of which the Regulator has a record, and
5
(c)
in the case of each person whose name is included in the published
summary, whether that person appears in the register—
(i)
as prohibited in respect of only one occupational trust scheme,
(ii)
as prohibited in respect of one or more particular descriptions
of such scheme, but not in respect of all such schemes, or
10
(iii)
as prohibited in respect of all such schemes.
(5)
For the purposes of paragraph (c) of subsection (4), the information in the
published register must be arranged in three separate lists, one for each of the
descriptions of prohibition specified in the sub-paragraphs of that paragraph.
(6)
The Regulator must ensure, in the case of any published summary, that a
15
person is not identified in the summary as a prohibited person if it appears to
the Regulator that the determination by virtue of which that person appears in
the register—
(a)
is the subject of any pending reference, review, appeal or legal
proceedings which could result in that person’s removal from the
20
register, or
(b)
is a determination which might still become the subject of any such
reference, review, appeal or proceedings.
(7)
The Regulator must ensure, in the case of any published summary, that the
particulars relating to a person do not appear in a particular list mentioned in
25
subsection (5) if it appears to the Regulator that a determination by virtue of
which that person’s particulars would appear in that list—
(a)
is the subject of any pending reference, review, appeal or legal
proceedings which could result in such a revocation or other
overturning of a prohibition of that person as would require his
30
particulars to appear in a different list, or
(b)
is a determination which might still become the subject of any such
reference, review, appeal or proceedings.
(8)
Where subsection (7) prevents a person’s particulars from being included in a
particular list in the published summary, they must be included, instead, in the
35
list (if any) in which they would have been included if the prohibition to which
the reference, review, appeal or proceedings relate or might relate had already
been revoked or otherwise overturned.
(9)
For the purposes of this section a determination is one which might still
become the subject of a reference, review, appeal or proceedings if, and only if,
40
in the case of that determination—
(a)
the time for the making of an application for a review or reference, or
for the bringing of an appeal or other proceedings, has not expired, and
(b)
there is a reasonable likelihood that such an application might yet be
made, or that such an appeal or such proceedings might yet be brought.
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(10)
In this section—

“name”, in relation to a person any of whose names is recorded by the
Regulator as an initial, means that initial;