|
| |
|
| |
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 |
| |
| |
(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. |
| 30 |
(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 |
| |
| |
(8) | Expressions which are defined by section 423 for the purposes of that section |
| |
have the same meaning when used in this section. |
| 35 |
| |
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”). |
| 40 |
|
| |
|
| |
|
(2) | In this section and sections 37 to 40 “registrable scheme” means an |
| |
occupational pension scheme, or a personal pension scheme, of a prescribed |
| |
| |
(3) | In respect of each registrable scheme, the Regulator must record in the |
| |
| 5 |
(a) | the registrable information most recently provided to it in respect of the |
| |
| |
(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), |
| |
| 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. |
| 20 |
(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. |
| |
| |
(a) | references to an occupational pension scheme or a personal pension |
| 25 |
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 |
| 30 |
information of any description within the corresponding Northern |
| |
| |
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 |
| |
| |
(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 |
| |
(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; |
| 45 |
(iii) | whether further contributions may be paid towards the scheme; |
| |
|
| |
|
| |
|
(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 |
| |
(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— |
| |
| 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— |
| |
| 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 |
| |
(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 |
| |
(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 |
| 45 |
|
| |
|
| |
|
(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 |
| |
| |
| 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 |
| |
| |
(2) | The trustees or managers of the scheme must, before the end of the initial |
| |
| |
(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 |
| |
| |
(3) | In subsection (2), the “initial notification period” means the period of three |
| |
| |
(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— |
| |
| 25 |
(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. |
| 35 |
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 |
| |
(b) | must issue subsequent scheme return notices in accordance with |
| |
| |
|
| |
|
| |
|
(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 |
| |
(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 |
| |
| 30 |
| “scheme return” means a document in the form (if any) specified in the |
| |
scheme return notice, containing the information required by the |
| |
| |
(3) | A scheme return notice must specify— |
| |
(a) | the descriptions of information required by it, and |
| 35 |
| |
| 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 |
| |
| |
(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. |
| |
|
| |
|
| |
|
(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 |
| |
| |
(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 |
| |
| |
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 |
| |
| |
(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 |
| |
(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 |
| |
| the Regulator must promptly comply with the request in such manner as it |
| |
| |
(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 |
| |
(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 |
| |
| |
(d) | does not disclose any other information contained in the register. |
| |
|
| |
|
| |
|
| |
(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 |
| |
| |
(a) | is the subject of any pending reference, review, appeal or legal |
| |
proceedings which could result in that person’s removal from the |
| 20 |
| |
(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 |
| |
| “name”, in relation to a person any of whose names is recorded by the |
| |
Regulator as an initial, means that initial; |
| |
|
| |
|