|
| |
|
194 | Status etc of the PPF Ombudsman and deputies |
| |
(1) | In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 |
| |
(c. 24) (other disqualifying offices), at the appropriate place insert— |
| |
| “Ombudsman for the Board of the Pension Protection Fund and any |
| |
deputy to that Ombudsman appointed under section 193 of the |
| 5 |
| |
(2) | In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act |
| |
1975 (c. 25) (other disqualifying offices), at the appropriate place insert— |
| |
| “Ombudsman for the Board of the Pension Protection Fund and any |
| |
deputy to that Ombudsman appointed under section 193 of the |
| 10 |
| |
(3) | In Schedule 4 to the Parliamentary Commissioner Act 1967 (c. 13) (relevant |
| |
tribunals for the purposes of section 5(7) of that Act), at the appropriate place |
| |
| |
| “The Ombudsman for the Board of the Pension Protection Fund |
| 15 |
established under section 192 of the Pensions Act 2004.” |
| |
195 | Annual reports to Secretary of State |
| |
(1) | The PPF Ombudsman must prepare a report on the discharge of his functions |
| |
| |
(2) | The PPF Ombudsman must send each report to the Secretary of State as soon |
| 20 |
as practicable after the end of the financial year for which it is prepared. |
| |
(3) | The Secretary of State must arrange for the publication of each report sent to |
| |
him under subsection (2). |
| |
(4) | In this section “financial year” means— |
| |
(a) | the period beginning with the date on which the PPF Ombudsman is |
| 25 |
established and ending with the next following 31st March, and |
| |
(b) | each successive period of 12 months. |
| |
References to the PPF Ombudsman |
| |
196 | Reference of reviewable matter to the PPF Ombudsman |
| |
(1) | Regulations must make provision— |
| 30 |
(a) | for a reviewable matter to be referred to the PPF Ombudsman |
| |
following a reconsideration decision under regulations made under |
| |
subsection (1)(b) or by virtue of subsection (3)(b) of section 190 in |
| |
respect of the matter, and |
| |
(b) | for the PPF Ombudsman— |
| 35 |
(i) | to investigate and determine what (if any) is the appropriate |
| |
action for the Board to take in relation to the matter, and |
| |
(ii) | to remit the matter to the Board with directions for the purpose |
| |
of giving effect to his determination. |
| |
(2) | Regulations under subsection (1) must make provision about the making of |
| 40 |
references to the PPF Ombudsman, including provision— |
| |
(a) | about the descriptions of persons who may make them, |
| |
|
| |
|
| |
|
(b) | about the manner of making such references, including the times by |
| |
which they are to be made, and |
| |
(c) | for prescribed persons to be notified of— |
| |
(i) | references made under the regulations, and |
| |
(ii) | determinations and directions given under the regulations. |
| 5 |
(3) | Regulations under subsection (1) must— |
| |
(a) | require the PPF Ombudsman to conduct an oral hearing in relation to |
| |
any reviewable matter referred to him under the regulations or to |
| |
dispose of the matter on the basis of written representations, |
| |
(b) | enable the PPF Ombudsman to consider evidence relating to the matter |
| 10 |
which was not available to the Board or the Reconsideration |
| |
| |
(c) | make other provision about the procedure for conducting |
| |
investigations, and reaching and giving determinations, under the |
| |
regulations, including the times by which determinations are to be |
| 15 |
| |
(4) | The provision that may be made by virtue of subsection (3)(c) includes |
| |
| |
(a) | conferring rights on prescribed persons— |
| |
(i) | to make representations to the PPF Ombudsman in relation to a |
| 20 |
reviewable matter referred to him by virtue of this section, |
| |
(ii) | to be heard or represented at any oral hearing by the PPF |
| |
Ombudsman in relation to such a matter, |
| |
(b) | about the consideration of evidence by the PPF Ombudsman, |
| |
| 25 |
(i) | production of documents, |
| |
| |
| |
(iv) | attendance of witnesses, |
| |
(c) | conferring rights on prescribed persons to continue a reference made |
| 30 |
by a person who has died or is otherwise unable to act for himself, |
| |
(d) | as to the costs or expenses of prescribed persons, |
| |
(e) | conferring rights on prescribed persons to apply for a stay (or in |
| |
Scotland, for a sist) in relation to prescribed legal proceedings which |
| |
begin after the reference is made and conferring power on the relevant |
| 35 |
court to make an order staying (or sisting) the proceedings if it is |
| |
satisfied of prescribed matters, and |
| |
(f) | for securing that any determination or direction of the PPF |
| |
Ombudsman under the regulations is binding on prescribed persons. |
| |
(5) | Regulations under subsection (1) may include provision— |
| 40 |
(a) | conferring power on the PPF Ombudsman to direct the Board to pay |
| |
such compensation as he considers appropriate to such persons as he |
| |
| |
(b) | conferring power on the Board to make such payments, and |
| |
(c) | conferring such other powers on the Board as may be required when a |
| 45 |
matter is remitted to it. |
| |
|
| |
|
| |
|
197 | Investigation by PPF Ombudsman of complaints of maladministration |
| |
(1) | Regulations must provide for the investigation and determination by the PPF |
| |
Ombudsman of such matters as may be prescribed following decisions on |
| |
relevant complaints given by the Board or the committee of the Board referred |
| |
to in section 191(3)(b) under regulations made under that section. |
| 5 |
(2) | Regulations under this section must make provision— |
| |
(a) | prescribing the descriptions of person who may refer matters to the PPF |
| |
Ombudsman under the regulations, |
| |
(b) | about the manner in which such references may be made, including the |
| |
times by which they are to be made, |
| 10 |
(c) | about the procedure for conducting investigations, and reaching and |
| |
giving determinations, on such references, including the times by |
| |
which the determinations are to be given, |
| |
(d) | about the powers of the PPF Ombudsman on making such |
| |
determinations, including— |
| 15 |
(i) | the power to direct the Board to pay such compensation as he |
| |
considers appropriate to such persons as he considers have |
| |
sustained injustice in consequence of the matters complained |
| |
| |
(ii) | the power to direct the Board to take or refrain from taking such |
| 20 |
other steps as he may specify, |
| |
(e) | conferring such powers on the Board as are necessary to comply with |
| |
| |
(f) | for prescribed persons to be notified of— |
| |
(i) | references to the PPF Ombudsman under the regulations, and |
| 25 |
(ii) | determinations and directions by the PPF Ombudsman under |
| |
| |
(g) | conferring rights on prescribed persons— |
| |
(i) | to make representations to the PPF Ombudsman in relation to a |
| |
matter referred to him by virtue of this section, |
| 30 |
(ii) | to be heard or represented at any oral hearing by the PPF |
| |
Ombudsman in relation to such a matter, |
| |
(h) | about the consideration of evidence by the PPF Ombudsman, |
| |
| |
(i) | production of documents, |
| 35 |
| |
| |
(iv) | attendance of witnesses, |
| |
(i) | conferring rights on prescribed persons to continue a reference made |
| |
by a person who has died or is otherwise unable to act for himself, |
| 40 |
(j) | as to the costs or expenses of prescribed persons, |
| |
(k) | conferring rights on prescribed persons to apply for a stay (or in |
| |
Scotland, for a sist) in relation to prescribed legal proceedings which |
| |
begin after the reference is made and conferring power on the relevant |
| |
court to make an order staying (or sisting) the proceedings if it is |
| 45 |
satisfied of prescribed matters, and |
| |
(l) | for securing that any determination or direction of the PPF |
| |
Ombudsman under the regulations is binding on prescribed persons. |
| |
|
| |
|
| |
|
198 | Publishing reports etc |
| |
(1) | If the PPF Ombudsman considers it appropriate to do so in any particular case, |
| |
he may publish in such form and manner as he considers appropriate a report |
| |
of any investigation carried out by virtue of regulations under section 196 or |
| |
197 and of the result of that investigation. |
| 5 |
(2) | For the purposes of the law of defamation, the publication of any matter by the |
| |
PPF Ombudsman under or by virtue of any provision of this Chapter shall be |
| |
| |
199 | Determinations of the PPF Ombudsman |
| |
(1) | A person bound by a determination or direction by the PPF Ombudsman by |
| 10 |
virtue of regulations made under section 196 or section 197 may appeal on a |
| |
point of law arising from the determination or direction— |
| |
(a) | in England and Wales, to the High Court, or |
| |
(b) | in Scotland, to the Court of Session. |
| |
(2) | Any determination or direction of the PPF Ombudsman is enforceable— |
| 15 |
(a) | in England and Wales, in a county court as if it were a judgment or |
| |
| |
(b) | in Scotland, in like manner as an extract registered decree arbitral |
| |
bearing warrant for execution issued by the sheriff court of any |
| |
| 20 |
200 | Obstruction etc of the PPF Ombudsman |
| |
(1) | This section applies if any person— |
| |
(a) | without lawful excuse obstructs the PPF Ombudsman in the |
| |
performance of his functions, or |
| |
(b) | is guilty of any act or omission in relation to an investigation by the PPF |
| 25 |
Ombudsman under regulations made under section 196 or section 197, |
| |
which, if that investigation were a proceeding in the court, would |
| |
constitute contempt of court. |
| |
(2) | The PPF Ombudsman may certify the offence to the court. |
| |
(3) | Where an offence is certified under subsection (2), the court may— |
| 30 |
(a) | inquire into the matter, |
| |
(b) | hear any witnesses who may be produced against or on behalf of the |
| |
person charged with the offence and any statement that may be offered |
| |
| |
(c) | deal with him in any manner in which the court could deal with him if |
| 35 |
he had committed the like offence in relation to the court. |
| |
(4) | This section is to be construed, in its application to Scotland, as if contempt of |
| |
court were categorised as an offence in Scots law. |
| |
(5) | In this section “the court” means— |
| |
(a) | in England and Wales, a county court; |
| 40 |
(b) | in Scotland, the sheriff. |
| |
|
| |
|
| |
|
| |
| |
Backdating the winding up of eligible schemes |
| |
201 | Backdating the winding up of eligible schemes |
| |
(1) | Subsection (3) applies where— |
| 5 |
(a) | a qualifying insolvency event occurs in relation to the employer in |
| |
relation to an eligible scheme, and |
| |
(b) | the winding up of the scheme begins at or after the time of that event |
| |
but not later than the first of the following events in relation to the |
| |
| 10 |
(i) | the issuing of a notice under section 111(2) by an insolvency |
| |
practitioner in relation to the employer, |
| |
(ii) | the Board ceasing to be involved with the scheme by virtue of |
| |
an event within section 132(2)(c), or |
| |
(iii) | in a case where section 132(4) does not apply, the issuing of a |
| 15 |
notice under section 111(4) by a person who was or is such an |
| |
| |
(2) | Subsection (3) also applies where— |
| |
(a) | the trustees or managers of an eligible scheme— |
| |
(i) | make an application to the Board under subsection (1) of section |
| 20 |
| |
(ii) | receive a notice from the Board under subsection (5)(a) of that |
| |
| |
(b) | the winding up of the scheme begins— |
| |
(i) | at or after the time the application is made or notice is received, |
| 25 |
| |
(ii) | not later than the issuing of a notice in relation to the scheme |
| |
under section 117(2) or (3). |
| |
(3) | The winding up of the scheme is to be taken as beginning immediately before |
| |
the event within subsection (1)(a) or, as the case may be, (2)(a) if— |
| 30 |
(a) | the winding up is in pursuance of an order of the Regulator under |
| |
section 11 of the Pensions Act 1995 (c. 26) directing the winding up of |
| |
| |
(b) | in any other case, the trustees or managers of the scheme so determine. |
| |
(4) | For the purposes of this section “qualifying insolvency event” has the same |
| 35 |
meaning as in section 114. |
| |
(5) | Subsection (4) of section 115 applies for the purposes of subsection (2) of this |
| |
section as it applies for the purposes of subsection (1) of that section. |
| |
(6) | This section is to be read subject to section 122 (which restricts the winding up |
| |
of an eligible scheme during an assessment period). |
| 40 |
|
| |
|
| |
|
| |
| |
| |
202 | Pension schemes to which this Part applies |
| |
(1) | The provisions of this Part apply to every occupational pension scheme other |
| 5 |
| |
(a) | a money purchase scheme, or |
| |
(b) | a prescribed scheme or a scheme of a prescribed description. |
| |
(2) | Regulations under subsection (1)(b) may provide for exemptions from all or |
| |
any of the provisions of this Part. |
| 10 |
| |
203 | The statutory funding objective |
| |
(1) | Every scheme is subject to a requirement (“the statutory funding objective”) |
| |
that it must have sufficient and appropriate assets to cover its technical |
| |
| 15 |
(2) | A scheme’s “technical provisions” means the amount required, on an actuarial |
| |
calculation, to make provision for the scheme’s liabilities. |
| |
(3) | For the purposes of this Part— |
| |
(a) | the assets to be taken into account and their value shall be determined, |
| |
calculated and verified in a prescribed manner, and |
| 20 |
(b) | the liabilities to be taken into account shall be determined in a |
| |
prescribed manner and the scheme’s technical provisions shall be |
| |
calculated in accordance with any prescribed methods and |
| |
| |
| 25 |
(a) | provide for alternative prescribed methods and assumptions, |
| |
(b) | provide that it is for the trustees or managers to determine which |
| |
methods and assumptions are to be used in calculating a scheme’s |
| |
technical provisions, and |
| |
(c) | require the trustees or managers, in making their determination, to take |
| 30 |
into account prescribed matters and follow prescribed principles. |
| |
(5) | Any provision of the scheme that limits the amount of its liabilities by reference |
| |
to the value of its assets shall be disregarded. |
| |
204 | Statement of funding principles |
| |
(1) | The trustees or managers must prepare, and from time to time review and if |
| 35 |
necessary revise, a written statement of— |
| |
(a) | their policy for securing that the statutory funding objective is met, and |
| |
(b) | such other matters as may be prescribed. |
| |
| This is referred to in this Part as a “statement of funding principles”. |
| |
|
| |
|
| |
|
(2) | The statement must, in particular, record any decisions by the trustees or |
| |
| |
(a) | the methods and assumptions to be used in calculating the scheme’s |
| |
technical provisions, and |
| |
(b) | the period within which, and manner in which, any failure to meet the |
| 5 |
statutory funding objective is to be remedied. |
| |
(3) | Provision may be made by regulations— |
| |
(a) | as to the period within which a statement of funding principles must be |
| |
| |
(b) | requiring it to be reviewed, and if necessary revised, at such intervals, |
| 10 |
and on such occasions, as may be prescribed. |
| |
(4) | Where any requirement of this section is not complied with section 10 of the |
| |
Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who |
| |
has failed to take all reasonable steps to secure compliance. |
| |
205 | Actuarial valuations and reports |
| 15 |
(1) | The trustees or managers must obtain actuarial valuations— |
| |
(a) | at intervals of not more than one year or, if they obtain actuarial reports |
| |
for the intervening years, at intervals of not more than three years, and |
| |
(b) | in such circumstances and on such other occasions as may be |
| |
| 20 |
| |
(a) | an “actuarial valuation” means a written report, prepared and signed |
| |
by the actuary, valuing the scheme’s assets and calculating its technical |
| |
| |
(b) | the effective date of an actuarial valuation is the date by reference to |
| 25 |
which the assets are valued and the technical provisions calculated, |
| |
(c) | an “actuarial report” means a written report, prepared and signed by |
| |
the actuary, on developments affecting the scheme’s technical |
| |
provisions since the last actuarial valuation was prepared, and |
| |
(d) | the effective date of an actuarial report is the date by reference to which |
| 30 |
the information in the report is stated. |
| |
(3) | The intervals referred to in subsection (1)(a) are between effective dates of the |
| |
| |
(a) | the effective date of the first actuarial valuation must be not more than |
| |
one year after the establishment of the scheme, and |
| 35 |
(b) | the effective date of any actuarial report must be not more than one |
| |
year after the effective date of the last actuarial valuation, or, if more |
| |
recent, the last actuarial report. |
| |
(4) | The trustees or managers must ensure that a valuation or report obtained by |
| |
them is received by them within the prescribed period after its effective date. |
| 40 |
(5) | Nothing in this section affects any power or duty of the trustees or managers |
| |
to obtain actuarial valuations or reports at more frequent intervals or in other |
| |
circumstances or on other occasions. |
| |
(6) | An actuarial valuation or report (whether obtained under this section or in |
| |
pursuance of any other power or duty) must be prepared in such a manner, |
| 45 |
|
| |
|