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Pensions Bill


Pensions Bill
Part 1 — The Pensions Regulator

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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),

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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

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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.

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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;

 

 

Pensions Bill
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.

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(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)),

30

   

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).

 

 

Pensions Bill
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.

39      

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.

25

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;

30

   

“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.

 

 

Pensions Bill
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.

 

 

Pensions Bill
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.

45

(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;

 

 

 
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