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Session 2003 - 04
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Pensions Bill


 

Pensions Bill

 

[AS AMENDED IN STANDING COMMITTEE B]

 
 

Contents

Part 1

The Pensions Regulator

Establishment

1   

The Pensions Regulator

2   

Membership of the Regulator

3   

Further provision about the Regulator

General provisions about functions

4   

Regulator’s functions

5   

Regulator’s objectives

6   

Supplementary powers

7   

Transfer of OPRA’s functions to the Regulator

The Non-Executive Committee and the Determinations Panel

8   

The Non-Executive Committee

9   

Functions exercisable by the Non-Executive Committee

10   

The Determinations Panel

11   

Functions exercisable by the Determinations Panel

Annual report

12   

Annual reports to Secretary of State

Provision of information, education and assistance

13   

Provision of information, education and assistance

New powers in respect of ocupational and personal pension schemes

14   

Improvement notices

15   

Third party notices

16   

Injunctions and interdicts

17   

Restitution

 
Bill 9653/3
 
 

Pensions Bill

ii

 

18   

Power of the Regulator to recover unpaid contributions

Powers in relation to winding up of occupational pension schemes

19   

Powers to wind up occupational pension schemes

20   

Freezing orders

21   

Consequences of freezing order

22   

Period of effect etc of freezing order

23   

Validation of action in contravention of freezing order

24   

Effect of determination to wind up scheme on freezing order

25   

Effect of winding up order on freezing order

26   

Effect of assessment period under Part 2 on freezing order

27   

Power to give a direction where freezing order ceases to have effect

28   

Notification of trustees, managers, employers and members

29   

Supplementary provision relating to orders under sections 20 to 28

Trustees of occupational pension schemes

30   

Prohibition orders

31   

Suspension orders

32   

Appointments by Regulator

33   

Independent trustees

34   

Disqualification

Contribution notices where avoidance of employer debt

35   

Contribution notices where avoidance of employer debt

36   

The sum specified in a section 35 contribution notice

37   

Content and effect of a section 35 contribution notice

38   

Section 35 contribution notice: relationship with employer debt

Financial support directions

39   

Financial support directions

40   

Meaning of “service company” and “insufficiently resourced”

41   

Meaning of “financial support”

42   

Contribution notices where non-compliance with financial support direction

43   

The sum specified in a section 42 contribution notice

44   

Content and effect of a section 42 contribution notice

45   

Section 42 contribution notice: relationship with employer debt

46   

Sections 39 to 45: interpretation

Applications under the Insolvency Act 1986

47   

Regulator’s right to apply under section 423 of Insolvency Act 1986

Register of schemes

48   

Register of occupational and personal pension schemes

49   

Registrable information

50   

The register: inspection, provision of information and reports etc

51   

The register: duties of trustees or managers

52   

Duty of the Regulator to issue scheme return notices

53   

Duty of trustees or managers to provide scheme return

 
 

Pensions Bill

iii

 

54   

Scheme returns: supplementary

Register of prohibited trustees

55   

Register of prohibited trustees

56   

Accessibility of register of prohibited trustees

Collecting information relevant to the Board of the Pension Protection Fund

57   

Information relevant to the Board

58   

Duty to notify the Regulator of certain events

Reporting breaches of the law

59   

Duty to report breaches of the law

Reports by skilled persons

60   

Reports by skilled persons

Gathering information

61   

Provision of information

62   

Inspection of premises

63   

Inspection of premises in respect of employers’ obligations

64   

Inspection of premises: powers of inspectors

65   

Inspection of premises: supplementary

66   

Penalties relating to sections 61 to 64

67   

Warrants

68   

Sections 61 to 67: interpretation

Provision of false or misleading information

69   

Offences of providing false or misleading information

Use of information

70   

Use of information

Disclosure of information

71   

Restricted information

72   

Information supplied to the Regulator by corresponding overseas authorities

73   

Disclosure for facilitating exercise of functions by the Regulator

74   

Disclosure for facilitating exercise of functions by the Board

75   

Disclosure for facilitating exercise of functions by other supervisory

authorities

76   

Other permitted disclosures

77   

Disclosure of information by the Inland Revenue

Reports

78   

Publishing reports etc

 
 

Pensions Bill

iv

 

Codes of practice

79   

Codes of practice

80   

Procedure for issue and publication of codes of practice

81   

Revocation of codes of practice

Exercise of regulatory functions

82   

The Regulator’s procedure in relation to its regulatory functions

83   

Publication of procedure in relation to regulatory functions

84   

Application of standard and special procedure

85   

Standard procedure

86   

Special procedure: applicable cases

87   

Special procedure

88   

Compulsory review

89   

Duty to have regard to the interests of members etc

90   

Powers to vary or revoke orders, notices or directions etc

The Pensions Regulator Tribunal

91   

The Pensions Regulator Tribunal

92   

References to the Tribunal

93   

Appeal on a point of law

94   

Redetermination etc by the Tribunal

95   

Legal assistance scheme

Part 2

The Board of the Pension Protection Fund

Chapter 1

The Board

Establishment

96   

The Board of the Pension Protection Fund

97   

Membership of the Board

98   

Further provision about the Board

General provision about functions

99   

Board’s functions

100   

Supplementary powers

The Non-Executive Committee

101   

The Non-Executive Committee

Financial matters

102   

Investment of funds

103   

Investment principles

104   

Borrowing

105   

Grants

 
 

Pensions Bill

v

 

106   

Administration levy

107   

Fees

Annual reports

108   

Annual reports to Secretary of State

Chapter 2

Information relating to employer’s insolvency etc

Insolvency events

109   

Duty to notify insolvency events in respect of employers

110   

Insolvency event, insolvency date and insolvency practitioner

Status of scheme

111   

Insolvency practitioner’s duty to issue notices confirming status of scheme

Board’s duties

112   

Board’s duty where there is a failure to comply with section 111

Chapter 3

Pension protection

Eligible schemes

113   

Eligible schemes

Circumstances in which Board assumes responsibility for eligible schemes

114   

Duty to assume responsibility for schemes following insolvency event

115   

Duty to assume responsibility for schemes following application or

notification

116   

Applications and notifications for the purposes of section 115

117   

Board’s duty where application or notification received under section 116

118   

Protected liabilities

Restrictions on schemes during the assessment period

119   

Assessment periods

120   

Admission of new members, payment of contributions etc

121   

Directions

122   

Restrictions on winding up, discharge of liabilities etc

123   

Power to validate contraventions of section 122

124   

Board to act as creditor of the employer

125   

Payment of scheme benefits

126   

Loans to pay scheme benefits

 
 

Pensions Bill

vi

 

Valuation of assets and liabilities

127   

Board’s obligation to obtain valuation of assets and protected liabilities

128   

Approval of valuation

129   

Binding valuations

Refusal to assume responsibility

130   

Schemes which become eligible schemes

131   

New schemes created to replace existing schemes

Cessation of involvement with a scheme

132   

Circumstances in which Board ceases to be involved with an eligible scheme

133   

Consequences of the Board ceasing to be involved with a scheme

Reconsideration

134   

Application for reconsideration

135   

Duty to assume responsibility following reconsideration

Closed schemes

136   

Closed schemes

Winding up

137   

Requirement to wind up schemes with sufficient assets to meet protected

liabilities

Provisions applying to closed schemes

138   

Treatment of closed schemes

139   

Valuations of closed schemes

Reconsideration of closed schemes

140   

Applications and notifications where closed schemes have insufficient assets

141   

Duty to assume responsibility for closed schemes

142   

Closed schemes: further assessment periods

Assumption of responsibility for a scheme

143   

Transfer notice

144   

Effect of Board assuming responsibility for a scheme

145   

The pension compensation provisions

146   

Adjustments to be made where the Board assumes responsibility for a scheme

147   

Postponement of compensation entitlement for the assessment period

148   

Guaranteed minimum pensions

149   

Duty to pay scheme benefits unpaid at assessment date

150   

Modification of Chapter where liabilities discharged during assessment

period

151   

Administration of compensation

 
 

Pensions Bill

vii

 

Discharge of Board’s liabilities

152   

Discharge of liabilities in respect of compensation

153   

Discharge of liabilities in respect of money purchase benefits

Equal treatment

154   

Equal treatment

Relationship with fraud compensation regime

155   

Relationship with fraud compensation regime

The fund

156   

Pension Protection Fund

The levy

157   

Initial levy

158   

Pension protection levies

159   

Supplementary provisions about pension protection levies

160   

Amounts to be raised by the pension protection levies

161   

The levy ceiling

162   

Valuations to determine scheme underfunding

163   

Pension protection levies during the transitional period

164   

Calculation, collection and recovery of levies

Chapter 4

Fraud compensation

Entitlement to fraud compensation

165   

Cases where fraud compensation payments can be made

166   

Board’s duties in respect of certain applications under section 165

167   

Recovery of value

168   

Fraud compensation payments

169   

Interim payments

170   

Board’s powers to make fraud compensation transfer payments

The fund

171   

Fraud Compensation Fund

The levy

172   

Fraud compensation levy

Chapter 5

Gathering information

173   

Information to be provided to the Board etc

174   

Notices requiring provision of information

 
 

 
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Revised 30 April 2004