Pension Schemes Bill 2024-26

NC47

To move the following Clause—<br> <b>“Report on Pension Scheme Eligibility and Access</b><br> (1) The Secretary of State shall, within 12 months of the passing of this Act, lay before Parliament a report into the operation of occupational pension schemes where certain categories of employees have been excluded on the basis of job classification or employment start date.<br> (2) The report must examine the case of employees and former employees of Fife Joinery Manufacturing (a subsidiary of Velux), including—<br> (a) whether affected workers were provided with opportunity to join existing pension schemes,<br> (b) the adequacy of record-keeping and employer accountability, and<br> (c) potential remedies to ensure equal access to workplace pensions.”

<p>This new clause would require the Secretary of State to report on the Velux Pensions case.</p>

277

Clause 58, page 67, line 34, leave out from “application” to end of line 36 and insert "the Trustees agree, after due consideration, that it is the best option for their fund's members;"

<p>This amendment would prevent a fund from having to carry out an insurance buyout option.</p>

276

Clause 38, page 42, line 41, at end insert—<br> “(aa) the progress towards the targets set out in the Mansion House Agreement (2025) and the state of the supply pipeline of qualifying assets;”

<p>To clarify the extent of the review to be conducted before the “mandation” power is deployed.</p>

278

Clause 41, page 49, line 26, at end insert "and only after VFM assessments are available to the Trustees as part of the decision making process."

<p>This amendment would restrict external transfers until VFM assessments are available to ensure that Trustees can carry out their fiduciary duty.</p>

279

Clause 42, page 55, line 40, at end insert—<br> “(4A) The trustees or managers of a relevant scheme, in determining whether to adopt or vary a default pension benefit solution, must—<br> (a) issue a written notice of the proposal to all members of the scheme, including—<br> (i) the expected impact on benefits and investment strategy, and<br> (ii) a written attestation that a market-wide assessment of all available options was undertaken;<br> (b) ensure a consultation period of at least 60 days has elapsed;<br> (c) confirm that fewer than 10 per cent of eligible members have objected in writing.”

<p>This amendment adds the “without member opposition” safeguard to defined contribution schemes when changes to default pension benefit solutions are considered. It also requires a whole of market assessment to ensure the best solutions are chosen for members.</p>

Gov 133

Clause 38, page 46, line 21, leave out subsection (16) and insert- "(16) If this section is repealed under section 101(5A) (repeal where asset allocation requirement uncommenced) in respect of the insertion of the provisions mentioned in that subsection, the Secretary of State may by regulations amend this section in consequence of that repeal."

Gov 137

Clause 39, page 47, line 27, leave out from “(2)” to end of line 32 and insert— "(4) The Secretary of State may by regulations— (a) make provision about the meaning of terms used in subsection (2); (b) specify further factors that the Pensions Regulator must take into account in deciding whether it is satisfied about the matters mentioned in subsection (1). (5) The first regulations that are made under this section are subject to affirmative resolution procedure.

Gov 172

Clause 43, page 57, line 21, leave out "But"

Gov 173

Clause 43, page 57, line 23, leave out "subsection (5)” and insert “this section”

NC26

To move the following Clause—<br> <b>“Power to amend provisions of Chapter 1 etc: Great Britain</b><br> (1) The Secretary of State may by regulations amend any of sections (<i>Sections (Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes) to (Powers to amend Chapter 1): interpretation and scope</i>), (<i>Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to GB salary-related contracted out pension schemes: wound up schemes and other special cases</i>) for the purpose of providing for purported alterations of any specified description to be outside the scope of remediation under either or both of sections (<i>Validity of certain alterations to salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to salary-related contracted-out pension schemes: wound up schemes and other special cases</i>).<br> (2) In subsection (1) “specified” means specified in the regulations; and a specified description of purported alterations may be framed by reference to features of the alterations or of the schemes purportedly altered by them (or a combination of both).<br> (3) Regulations under subsection (1) are subject to the negative procedure.<br> (4) The Secretary of State may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of this Chapter (other than this section and section (<i>Powers to amend Chapter 1 etc: Northern Ireland</i>)).<br> (5) Regulations under subsection (4) may amend any Act passed before or in the same Session as this Act.<br> (6) Regulations under subsection (4) are subject to the affirmative procedure if they contain provision made under subsection (5); otherwise they are subject to the negative procedure.”

<p>This new clause enables regulations made for England and Wales or Scotland (a) to specify further categories of alterations in respect of which the clauses validating otherwise void alterations do not apply and (b) to make incidental, supplementary, transitional or consequential provision relating to any provision of the new Chapter addressing the validity of alterations to pension schemes.</p>

NC27

To move the following Clause—<br> <b>“Sections (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) to (<i>Power to amend Chapter 1</i>): interpretation and scope</b><br> (1) The provisions of this section have effect for the purposes of this section and sections (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) to (<i>Powers to amend Chapter 1 etc: Northern Ireland</i>).<br> (2) “NI scheme” means an occupational pension scheme that was a salary-related contracted-out scheme in Northern Ireland; and for this purpose an occupational pension scheme was a salary-related contracted-out scheme in Northern Ireland at any time if the scheme was contracted-out at that time by virtue of satisfying section 5(2) of the Pension Schemes (Northern Ireland) Act 1993 (as it then had effect).<br> (3) “Scheme actuary”, in relation to an NI scheme, means—<br> (a) the person for the time being appointed as actuary for the scheme under Article 47 of the Pensions (Northern Ireland) Order 1995 (SI 1995/3213 (N.I. 22)) (professional advisers), or<br> (b) if there is no person so appointed, a Fellow of the Institute and Faculty of Actuaries appointed by the trustees or managers of the scheme to carry out the functions of the scheme actuary under section (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>).<br> (4) “Section 33(1)” refers to section 33(1) of the Pension Schemes (Northern Ireland) Act 1993 (prohibition of alterations to rules of contracted-out schemes in certain circumstances).<br> (5) “Regulation 42” refers to regulation 42 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 (SR 1996 No. 493).<br> (6) An alteration purporting to have been made to the rules of an NI scheme is a “potentially remediable alteration” if—<br> (a) by virtue of section 33(1) and paragraphs (1) and (2) of regulation 42 (as they had effect at the time), the alteration could not be made unless the requirements of paragraph (2)(a), (b) and (c) of regulation 42 (as they then had effect) had been met,<br> (b) it was treated by the trustees or managers of the scheme, after it was purportedly made, as a valid alteration,<br> (c) no positive action has been taken by the trustees or managers of the scheme on the basis that they consider the alteration to be void (and so of no legal effect) by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42, and<br> (d) it is not excluded from the scope of remediation under section (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) <i>Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) (see subsection (7)).<br> (7) In subsection (6)(c) “positive action”, in relation to a purported alteration, means—<br> (a) notifying any members of the scheme in writing to the effect that the trustees or managers consider the alteration to be void (by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42) and that the scheme will be administered on the basis that it has no legal effect, or<br> (b) taking any other step in relation to the administration of the scheme, in consequence of the trustees or managers considering the alteration to be void, which has (or will have) the effect of altering payments to or in respect of members of the scheme.<br> (8) An alteration purporting to have been made to the rules of an NI scheme is excluded from the scope of remediation under sections (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) if any question relating to the validity of the alteration, so far as relating to the requirements of paragraph (2)(a) and (b) of regulation 42—<br> (a) has been determined by a court before this section comes into force in legal proceedings to which the trustees or managers were a party,<br> (b) was in issue on or before 5 June 2025 in legal proceedings to which the trustees or managers were a party, but has been settled by agreement between the parties at any time before this section comes into force, or<br> (c) was in issue on or before 5 June 2025 in legal proceedings to which the trustees or managers were a party, and remains in issue when this section comes into force.”

<p>This new clause makes provision for Northern Ireland corresponding to NC23. Northern Ireland generally has its own pensions legislation which is separate from the legislation applying to England and Wales and Scotland.</p>

NC28

To move the following Clause—<br> <b>“Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</b><br> (1) This section applies to any potentially remediable alteration purportedly made to an NI scheme other than one to which section (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) applies.<br> (2) If the conditions mentioned in subsection (3) are met in relation to it, the alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made, and so as having always been a valid alteration so far as those requirements are concerned.<br> (3) The conditions are—<br> (a) that the trustees or managers of the scheme have made a request in writing to the scheme actuary for the actuary to consider whether or not, on the assumption that it was validly made, the alteration would have prevented the scheme from continuing to satisfy the statutory standard, and<br> (b) that the scheme actuary has confirmed to the trustees or managers in writing that in the actuary’s opinion it is reasonable to conclude that, on the assumption that it was validly made, the alteration would not have prevented the scheme from continuing to satisfy the statutory standard.<br> <span class="wrapped">In this subsection “the statutory standard” means the statutory standard for a contracted-out scheme under section 8A of the Pension Schemes (Northern Ireland) Act 1993 as it had effect at the time the alteration was purportedly made.</span><br> (4) A scheme actuary who has received a request under subsection (3)(a) in relation to a potentially remediable alteration to a scheme—<br> (a) may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case:<br> (b) may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject-matter of the request.<br> (5) A condition mentioned in subsection (3) may be met by action taken before (as well as action taken after) this section comes into force.<br> (6) Subsection (7) applies to a scheme if —<br> (a) there is an assessment period in relation to the scheme within the meaning of Chapter 3 of Part 3 of the Pensions (Northern Ireland) Order 2005 (SI 2005/255 (N.I. 1)) , or<br> (b) the scheme is operating as a closed scheme under Article 137 of that Order.<br> (7) The powers of the Board of the Pension Protection Fund under Article 118 and 139 of the Pensions (Northern Ireland) Order 2005 to give directions include power to give a direction to the trustees or managers of the scheme requiring them—<br> (a) to make a request under subsection (3)(a) in relation to a potentially remediable alteration to the scheme, and<br> (b) to take any necessary action to enable or facilitate the making of a decision by the actuary as to whether to give the confirmation described in subsection (3)(b) in relation to that alteration.”

<p>This new clause makes provision for Northern Ireland corresponding to NC24.</p>

NC29

To move the following Clause—<br> <b>“Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</b><br> (1) This section applies to any potentially remediable alteration purportedly made to the rules of—<br> (a) a scheme which has been wound up before this section comes into force,<br> (b) a scheme for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance with Chapter 3 of Part 3 of the Pensions (Northern Ireland) Order 2005 (see Article 145 of that Order), or<br> (c) a scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (SI 2005/1986) and in respect of which payments are required to be made under section 286 of the Pensions Act 2004.<br> (2) The alteration is be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been a valid alteration so far as those requirements are concerned.”

<p>This new clause makes provision for Northern Ireland corresponding to NC25.</p>

NC30

To move the following Clause—<br> <b>“Powers to amend Chapter 1 etc: Northern Ireland</b><br> (1) A Northern Ireland Department may by regulations amend any of sections (<i>Sections (Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes) to (Powers to amend Chapter 1 etc: Northern Ireland): interpretation and scope</i>), (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) for the purpose of providing for purported alterations of any specified description not to be within the scope of remediation under either or both of sections (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases</i>.<br> (2) In subsection (1) “specified” means specified in the regulations; and a specified description of purported alterations may be framed by reference to features of the alterations or of the schemes purportedly altered by them (or a combination of both).<br> (3) A Northern Ireland Department may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of this Chapter (other than section (<i>Powers to amend Chapter 1 etc: Great Britain) </i>and this section).<br> (4) Regulations made under this section are subject to negative resolution within the meaning given by section 41(6) of the Interpretation Act (Northern Ireland) 1954.<br> (5) The power of a Northern Ireland Department to make regulations under this section is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)).”

<p>This new clause enables regulations made for Northern Ireland (a) to specify further categories of alterations in respect of which the clauses validating otherwise void alterations do not apply and (b) to make incidental, supplemantary, transitional or consequential provision relating to any provision of the new Chapter addressing the validity of alterations to pension schemes.</p>

NC10

To move the following Clause—<br> <b>“Use of electronic mail for direct marketing purposes relating to pensions</b><br> (1) Section 22(3) of the Privacy and Electronic Communications (EC Directive) Regulations 2003 is deemed to apply to unsolicited electronic communications relating to pensions when the sender is—<br> (a) a firm authorised to provide Targeted Support under Article 55A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 issuing a Targeted Support communication, or<br> (b) a qualifying pension scheme, as defined in section 16(1) of the Pensions Act 2008.<br> (2) Subsection (1) applies when the recipient is—<br> (a) a customer of the firm under subsection (1)(a), or<br> (b) a member of the pension scheme under subsection (1)(b).”

<p>This new clause would require that the provisions relating to the use of electronic mail for direct marketing purposes under the Privacy and Electronic Communications *(EC Directive) Regulations 2003 would apply to communications from firms providing targeted support on pensions or from qualifying pension schemes.</p>

NC31

To move the following Clause—<br> <b>“Guidance on utilising surpluses</b><br> (1) The Secretary of State must publish guidance on the utilisation of surpluses within the Local Government Pension Scheme.<br> (2) Guidance must include—<br> (a) information about maintaining scheme members’ financial security;<br> (b) how the surplus can best support local fiscal needs.”

<p>This new clause requires Secretary of State to publish guidance on how surpluses can be deployed to balance member security with local fiscal needs.</p>

NC32

To move the following Clause—<br> <b>“Impact Assessment for defined benefit schemes’ asset allocation changes</b><br> (1) Before implementing any regulatory or policy change for defined benefit schemes’ asset allocation, the Secretary of State must assess the impact of such a change on schemes’ asset allocations.<br> (2) To determine the impact of a change outlined in subsection (1), the Secretary of State must consult with—<br> (i) the Debt Management Office,<br> (ii) industry stakeholders, and<br> (iii) such individuals or organisations as they deem appropriate.<br> (3) If the assessment under subsection (1) determines that a change could result in schemes shifting away from owning gilts to equities, the Secretary of State must publish an impact assessment before the implementation of the change.”

<p>This new clause requires an impact assessment for defined benefit schemes’ asset allocation changes.</p>

NC33

To move the following Clause—<br> <b>“Report of defined benefit schemes impact on productivity</b><br> (1) The Secretary of State must, within 12 months of the passing of this Act, publish a report on the impact on corporate productivity of defined benefit schemes.<br> (2) The report must include an assessment of—<br> (a) investment strategies of defined benefit funds,<br> (b) the returns on investment of defined benefit funds, and<br> (c) the impact of investment strategies and returns on productivity.<br> (3) The Secretary of State must lay a copy of the report before both Houses of Parliament.”

<p>This new clause would require the Government to commission a report on the impact on corporate productivity of defined benefit schemes.</p>

NC34

To move the following Clause—<br> <b>“Recognition rules for Defined Benefit scheme deficits</b><br> (1) The Secretary of State must by regulations revise the balance sheet recognition rules for Defined Benefit pension scheme deficits.<br> (2) Revision of the balance sheet recognition rules under subsection (1) may include allowing the deferment or partial deferment of deficits to future financial years when calculating the balance sheet.”

<p>This new clause would require the Secretary of State to revise the balance sheet recognition rules for Defined Benefit pension scheme deficits.</p>

NC35

To move the following Clause—<br> <b>“Alternative disclosure for long-term deficits</b><br> (1) When a Defined Benefit pension scheme has a long-term deficit, it shall be permitted to disclose the deficit on an alternative basis, rather than recognising the full deficit as an immediate liability, if a formal recovery plan has been agreed.<br> (2) For subsection (1) to apply, a formal recovery plan must have been—<br> (a) agreed by the scheme trustees, and<br> (b) approved by The Pensions Regulator.<br> (3) The Pensions Regulator shall issue guidance on the format and content of the alternative disclosure specified in subsection (1).”

<p>This new clause permits DB schemes to disclose a long-term deficit on an alternative basis.</p>

NC36

To move the following Clause—<br> <b>“Automatically amalgamated pension pots</b><br> (1) The Secretary of State must by regulations provide for the establishment of a scheme to ensure that an individual’s pension pot is linked to the person and upon a person’s change in employment the pension pot automatically moves into the pension scheme of the new workplace.<br> (2) All employees in the UK will be automatically enrolled into the scheme defined in subsection (1) upon its establishment but must be given the option of opting out.<br> (3) Where a person opts out, they are able to nominate their qualifying scheme of choice for pensions contributions.”

<p>This new clause allows pension pots automatically to follow members from job to job, consolidating with each new workplace scheme rather than relying on a single lifetime provider.</p>

NC37

To move the following Clause—<br> <b>“Review of impact of this Act</b><br> (1) Within five years of the passing of this Act, the Secretary of State must carry out a review of the impact of the provisions of this Act on actual and projected retirement incomes.<br> (2) The review must consider—<br> (a) the impact of the provisions of this Act on actual and projected retirement incomes, and<br> (b) whether further measures are needed to ensure that pension scheme members receive an adequate income in retirement.<br> (3) The Secretary of State must prepare a report of the review and lay a copy of that report before Parliament.”

<p>This new clause would require the Secretary of State to prepare a report on the impact of this Act within 5 years of its passing.</p>

NC38

To move the following Clause—<br> <b>“Guidance on the roles of the Financial Conduct Authority and the Pensions Regulator</b><br> (1) The Secretary of State must establish a joint protocol outlining the roles and responsibilities of the Financial Conduct Authority and the Pensions Regulator regarding their regulatory responsibility of the pension industry.<br> (2) A protocol established under subsection (1) must include—<br> (a) an overview of the coordination mechanisms between the two bodies;<br> (b) a published framework for oversight of hybrid or work-based personal pension schemes;<br> (c) a requirement for regular joint communications from both bodies to clarify regulatory boundaries for industry stakeholders.”

NC39

To move the following Clause—<br> <b>“Section 38: commencement</b><br> (1) The provisions in section 38 shall not come into force except in accordance with regulations made by the Secretary of State.<br> (2) A statutory instrument containing regulations under subsection (1) may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause would require that the provisions in clause 38 could only be enacted once agreed through secondary legislation.</p>

NC40

To move the following Clause—<br> <b>“Targeted Advice Access for Under-Saving Cohorts</b><br> (1) The Secretary of State must make regulations to provide enhanced access to pension advice or guidance for cohorts identified as under-saving for retirement.<br> (2) Regulations may make provision for—<br> (a) identifying under-saving groups, including but not limited to—<br> (i) women,<br> (ii) ethnic minority groups, and<br> (iii) others affected by long-term pay or pension gaps;<br> (b) mechanisms to fund and deliver targeted support;<br> (c) reporting and evaluation requirements to assess take-up and effectiveness.<br> (3) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause allows for the creation of targeted pension advice or guidance interventions for groups at risk of under-saving for retirement.</p>

NC46

To move the following Clause—<br> <b>“Trustees: independence</b><br> (1) The Pensions Act 1995 is amended as follows.<br> (2) In section 29 (Persons disqualified for being trustees), after subsection (d) insert—<br> “(da) he has a personal or financial interest in the pension scheme, except for member nominated trustees.””

<p>This new clause makes pension scheme trustees truly independent of the sponsoring companies so that they can protect scheme members’ interests without any conflict of interest.</p>

268

Clause 58, page 67, line 34, leave out subsection (a) and insert—<br> “(a) that, as at the date of the application, the financial position of the ceding scheme is—<br> (i) not strong enough to enable the trustees to arrange an insurer buyout, or<br> (ii) not affordable for the next 36 months following an assessment, certified by the scheme actuary, of all funding options to become strong enough;”

<p>This amendment expands the onboarding condition to give an alternative to a single day snapshot of a scheme’s funding position.</p>

NC11

To move the following Clause—<br> <b>“Sharing of database where FCA makes corresponding rules</b><br> (1) This section applies if the Financial Conduct Authority makes rules, in relation to persons regulated by it, that correspond to value for money regulations.<br> (2) The Secretary of State may by regulations make provision for the purpose of enabling or facilitating the use of the database mentioned in section 11(2)(d) for the publication or sharing of information—<br> (a) that relates to persons to whom the rules made by the Financial Conduct Authority apply, and<br> (b) that corresponds to metric data,<br> <span class="wrapped">including provision conferring functions on a person appointed as mentioned in section 11(2)(d).</span><br> (3) Regulations under subsection (2) are subject to the negative procedure.”

<p>This new clause, intended to be inserted after clause 17, allows for the same value-for-money database to be used for FCA-regulated schemes as for schemes regulated by the Pensions Regulator.</p>

NC12

To move the following Clause—<br> <b>“Interpretation of Chapter</b><br> (1) In this Chapter—<br> “the appropriate authority” , in relation to the making of regulations, means—<br> (a) where the only pension schemes to which the regulations apply are FCA-regulated pension schemes, the Treasury;<br> (b) where the only pension schemes to which the regulations apply are not FCA-regulated pension schemes, the Secretary of State;<br> (c) in any other case, the Treasury and the Secretary of State acting jointly;<br> “the appropriate regulator” , in relation to a pension scheme, means—<br> (a) in relation to an FCA-regulated pension scheme, the FCA;<br> (b) in relation to any other pension scheme, the Pensions Regulator;<br> “approved main scale default arrangement” , in relation to a pension scheme, means a main scale default arrangement in respect of which the pension scheme is approved under section 28A or 28B of the Pensions Act 2008;<br> “consolidating” a non-scale default arrangement into an approved main scale default arrangement means ensuring that any assets held subject to the non-scale default arrangement are instead held subject to the approved main scale default arrangement;<br> “the FCA” means the Financial Conduct Authority;<br> “FCA-regulated” , in relation to a pension scheme, has the meaning given in subsection (2);<br> “main scale default arrangement” , in relation to a pension scheme, has the same meaning as in section 28A and 28B of the Pensions Act 2008;<br> “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);<br> “non-scale default arrangement” , in relation to a pension scheme, means an arrangement—<br> (a) which is not an approved main scale default arrangement, and<br> (b) subject to which assets of the scheme must under the rules of the scheme be held, or may under those rules be held, if the member of the scheme to whom the assets relate does not make a choice as to the arrangement subject to which the assets are to be held;<br> “operate” , in relation to a default arrangement, has the meaning given in subsection (3);<br> “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993;<br> “the provider” of a pension scheme means—<br> (a) in relation to an FCA-regulated pension scheme, the person mentioned in subsection (2)(b);<br> (b) in any other case, the trustees or managers;<br> “the trustees or managers” , in relation to a pension scheme, means—<br> (a) in the case of a scheme established under a trust, the trustees of the scheme, and<br> (b) in any other case, the persons responsible for the management of the scheme.<br> (2) A pension scheme is “FCA-regulated” if the operation of the scheme—<br> (a) is carried on in such a way as to be a regulated activity for the purposes of the Financial Services and Markets Act 2000, and<br> (b) is carried on in the United Kingdom by a person who is in relation to that activity an authorised person under section 19 of that Act.<br> (3) The provider of a pension scheme “operates” a non-scale default arrangement or main scale default arrangement if any assets held for the purposes of the scheme are held subject to the non-scale default arrangement or main scale default arrangement.”

<p>This new clause makes provision about the interpretation of the new Chapter referred to in the explanatory statement to NC15.</p>

NC13

To move the following Clause—<br> <b>“Crown application</b><br> (1) This Chapter applies to a pension scheme managed by or on behalf of the Crown as it applies to other pension schemes.<br> (2) Accordingly, references in this Chapter to a person in their capacity as a trustee or manager of a pension scheme include the Crown, or a person acting on behalf of the Crown, in that capacity.<br> (3) This Chapter applies to persons employed by or under the Crown as it applies to persons employed by a private person.”

<p>This new clause ensures that the new Chapter referred to in the explanatory statement to NC15, and therefore regulations made under it, can bind the Crown.</p>

NC14

To move the following Clause—<br> <b>“Amendments of the Financial Services and Markets Act 2000</b><br> (1) The Financial Services and Markets Act 2000 is amended as follows.<br> (2) In section 1A (the Financial Conduct Authority), in subsection (6), before paragraph (ca) insert—<br> “(cze) Chapter 3A of Part 2 of the Pension Schemes Act 2025 (default arrangements);”<br> (3) In section 204A (meaning of “relevant requirement” and “appropriate regulator”)—<br> (a) in subsection (2), before paragraph (b) insert—<br> “(ad) by or under Chapter 3A of Part 2 of the Pension Schemes Act 2025 (default arrangements),”<br> (b) in subsection (6), before paragraph (b) insert—<br> “(ad) by or under Chapter 3A of Part 2 of the Pension Schemes Act 2025 (default arrangements);”

<p>This new clause amends FSMA 2000 to take account of the FCA’s functions under the new Chapter referred to in the explanatory statement to NC15. The references in the inserted paragraphs to “Chapter 3A” are to that Chapter.</p>

NC15

To move the following Clause—<br> <b>“Regulations restricting creation of new non-scale default arrangements</b><br> (1) The appropriate authority may make regulations for the purpose of restricting the ability of the provider of a pension scheme to begin operating a non-scale default arrangement.<br> (2) The regulations may, in particular, make provision—<br> (a) prohibiting the provider of a pension scheme from beginning to operate a non-scale default arrangement unless the arrangement is approved by the appropriate regulator;<br> (b) about the criteria which the appropriate regulator must apply in deciding whether to approve a non-scale default arrangement;<br> (c) about the conditions which the appropriate regulator may or must attach to approval;<br> (d) about the ongoing requirements to which the provider of a pension scheme is to be subject in relation to a non-scale default arrangement approved under the regulations;<br> (e) where assets of a pension scheme are held subject to a non-scale default arrangement that is being operated in breach of the regulations, requiring the provider of the pension scheme in question to ensure that the assets are held subject to a different arrangement of a description specified in the regulations;<br> (f) conferring functions on the appropriate regulator, including functions involving the exercise of a discretion;<br> (g) for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000;<br> (h) for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of anything done under the regulations.<br> (3) Regulations under this section are subject to the affirmative procedure.”

<p>This new clause allows for regulations to restrict the creation of new default arrangements. It is intended to be the first clause in a new Chapter about default arrangements in Part 2 of the Bill, which will contain this new clause as well as NC17, NC16, NC14, NC13 and NC12 (in that order).</p>

NC16

To move the following Clause—<br> <b>“Regulations about consolidation of non-scale default arrangements</b><br> (1) The appropriate authority may make regulations about the consolidation of non-scale default arrangements into approved main scale default arrangements.<br> (2) The regulations may, in particular, make provision—<br> (a) requiring the provider of a pension scheme, subject to any exemptions specified in the regulations, to consolidate a non-scale default arrangement operated by it into an approved main scale default arrangement operated by it;<br> (b) requiring the provider of a pension scheme to prepare, and provide the appropriate regulator with, an action plan about how and when a non-scale default arrangement operated by it is to be so consolidated;<br> (c) conferring functions on the appropriate regulator, including functions involving the exercise of a discretion;<br> (d) for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000;<br> (e) for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of a decision made under the regulations.<br> (3) Regulations under this section—<br> (a) may not be made until the review under section (<i>Review in relation to non-scale default arrangements</i>) has been completed and the report on it published, and<br> (b) must take account of the review’s conclusions.<br> (4) Regulations under this section are subject to the affirmative procedure.”

<p>This new clause allows for regulations to be made about consolidation of default arrangements, including requiring consolidation to take place.</p>

NC17

To move the following Clause—<br> <b>“Review in relation to non-scale default arrangements</b><br> (1) The Secretary of State and the Treasury (“the reviewers”), acting jointly, must carry out a review of the non-scale default arrangements operated by providers of pension schemes.<br> (2) The review must consider the following (as well as any other matters that the reviewers consider relevant)—<br> (a) the number of non-scale default arrangements being operated by providers;<br> (b) the extent to which non-scale default arrangements operated by providers have been consolidated, or are likely to be consolidated, into approved main scale default arrangements;<br> (c) where non-scale default arrangements have not been so consolidated, the reasons why;<br> (d) the circumstances in which it may be appropriate for non-scale default arrangements not to be so consolidated.<br> (3) The reviewers must publish a report on the review as soon as reasonably practicable after the review is completed.<br> (4) The Pensions Regulator and the FCA must provide such information and assistance as the reviewers may require for the purposes of the review.<br> (5) Neither section 348 of the Financial Services and Markets Act 2000 nor section 82 of the Pensions Act 2004 prohibits the disclosure by the reviewers, the Pensions Regulator or the FCA of any information where the disclosure is made for the purpose of enabling or facilitating any person’s compliance with this section.”

<p>This new clause requires the carrying out of a review into default arrangements.</p>

NC20

To move the following Clause—<br> <b>“Information to be given to pension schemes by employers</b><br> (1) Part 1 of the Pensions Act 2008 (pension scheme membership for jobholders) is amended as follows.<br> (2) After section 11 (information to be given to the Pensions Regulator) insert—<br> <b>“11A</b> <b>Information to be given to pension schemes</b><br> (1) The Secretary of State may make regulations requiring employers to provide information relating to—<br> (a) jobholders who are active members of a qualifying scheme, or<br> (b) workers who are active members of a pension scheme that satisfies the requirements of section 9,<br> <span class="wrapped">to the trustees or managers of the scheme (where the scheme is an occupational pension scheme) or the provider of the scheme (where the scheme is a personal pension scheme).</span><br> (2) Regulations under this section may make provision—<br> (a) specifying the information to be provided;<br> (b) about when, or the frequency with which, the information (or a particular item of information) is to be provided;<br> (c) about how and in what form the information is to be provided.<br> (3) The information that regulations under this section may require employers to provide includes information about persons ceasing to be jobholders or workers within subsection (1)(a) or (b).”<br> (3) In section 34 (effect of failure to comply), in subsection (3), for “11” substitute “11A”.”

<p>This new clause confers a power on the Secretary of State to make regulations requiring employers to provide information about jobholders and workers who are active members of pensions schemes to those schemes and provides for the enforcement of such a requirement.</p>

NC21

To move the following Clause—<br> <b>“Exemption from public procurement rules</b><br> (1) After paragraph 2 of Schedule 2 to the Procurement Act 2023 (general vertical arrangements exemption from public procurement rules) insert—<br> “2A <span class="sub-para subsection"><span class="sub-para-num">(1)</span><span class="sub-para-text">A contract between a local government pension scheme manager and an asset pool company providing for the company—</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(a)</span><span class="sub-para-text">to manage the funds and other assets for which the scheme manager is responsible,</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(b)</span><span class="sub-para-text">to make and manage investments on behalf of the scheme manager, and</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(c)</span><span class="sub-para-text">if the contract so provides, to carry out other investment management activities for or on behalf of the scheme manager,</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num"></span><span class="sub-para-text">if each of the conditions set out in sub-paragraph (2) is met.</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(2)</span><span class="sub-para-text">The conditions are—</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(a)</span><span class="sub-para-text">that more than 80% of the activities of the company are investment management activities carried out for or on behalf of local government pension scheme managers;</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(b)</span><span class="sub-para-text">that no person exercises a decisive influence on the activities of the company (either directly or indirectly) other than the local government pension scheme managers who are shareholders in the company acting in their capacity as scheme managers;</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(c)</span><span class="sub-para-text">that the company does not carry out any activities that are contrary to the interests of the participating scheme managers who are participating scheme managers in the company.</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(3)</span><span class="sub-para-text">The contracts covered by this paragraph include a contract where the local government pension scheme manager concerned is already a participating scheme manager in the company (as well as one where the scheme manager concerned will become a participating scheme manager in the company as a result of entering into it).</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(4)</span><span class="sub-para-text">An appropriate authority may by regulations make provision about how a calculation as to the percentage of activities carried out by an asset pool company is to be made for the purposes of sub-paragraph (2)(a).</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(5)</span><span class="sub-para-text">For the purposes of sub-paragraph (2)(b), a person does not exercise a decisive influence on the activities of the asset pool company only by reason of being a director, officer or manager of the company acting in that capacity.</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num">(6)</span><span class="sub-para-text">In this paragraph—</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num"></span><span class="sub-para-text">“asset pool company” has the meaning given by section 1(7)(a) of the Pension Schemes Act 2025;</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num"></span><span class="sub-para-text">“investment management activities” means activities involved in or connected with the management of funds or other assets for which a scheme manager is responsible (including making and managing investments on behalf of the scheme manager);</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num"></span><span class="sub-para-text">“local government pension scheme manager” means a person who is, by virtue of section 4(5) of the Public Service Pensions Act 2013, a scheme manager for a pension scheme for local government workers in England and Wales;</span></span><br> <span class="sub-para subsection sub-para-indented"><span class="sub-para-num"></span><span class="sub-para-text">“participating scheme manager” means a local government pension scheme manager who participates in an asset pool company within the meaning of section 1(7)(b) of the Pension Schemes Act 2025.””</span></span>

<p>This new clause amends the Procurement Act 2023 to create a new category of exempted contract covering certain investment management contracts between a local government scheme manager and the asset pool company.</p>

266

Clause 9, page 8, line 36, at end insert “, including confirmation that the proposed payment (surplus access) will not adversely impact members' benefits and that the prescribed notification has been completed in accordance with regulations made under subsection (2A);”

<p>This amendment would strengthen an actuary's oversight of schemes accessing surplus, by requiring confirmation that member notification has occurred before certifying surplus payments.</p>

NC22

To move the following Clause—<br> <b>“Additional powers for certain scheme managers</b><br> (1) Scheme regulations may make provision for the purpose of conferring any power or powers falling within subsection (2) or (4) on a specified scheme manager for a scheme for local government workers in England and Wales.<br> (2) Scheme regulations under this section may make provision conferring on the scheme manager (in relation to carrying out its functions as a scheme manager)—<br> (a) any specified power or powers of a local authority under Part 6 of the Local Government Act 1972, or<br> (b) any power or powers corresponding to one or more of the powers of a local authority under that Part.<br> (3) The power to make provision by virtue of subsection (2) is not exercisable if, or to the extent that, the scheme manager already has the powers of a local authority under Part 6 of the Local Government Act 1972 (otherwise than by virtue of scheme regulations under this section).<br> (4) Scheme regulations under this section may make provision conferring on the scheme manager (as part of its functions as a scheme manager) power to provide any administrative, professional or technical service for any other person who is a scheme manager for a public service pension scheme.<br> (5) In subsection (4)—<br> (a) “public service pension scheme” means a scheme for the payment of pensions and other benefits to or in respect of persons of a description set out in section 1(2) of PSPA 2013, and<br> (b) “scheme manager” (in the third place it appears) means any person who is, for the purposes of PSPA 2013, a scheme manager for any such scheme.<br> (6) The power to make provision by virtue of subsection (4) is not exercisable if, or to the extent that, the scheme manager already has the power to provide services referred to in that subsection (otherwise than by virtue of scheme regulations under this section).<br> (7) Scheme regulations under this section may amend or modify any Act passed before or in the same Session as this Act.<br> (8) In this section “specified” means specified in scheme regulations under this section.”

<p>This new clause enables regulations to confer additional powers specified in subsection (2) or (4) on a specific scheme manager. Most but not all of the scheme managers already have those powers, so the intention is to enable the others to be given any of the powers that they do not already have.</p>

NC23

To move the following Clause—<br> <b>“Sections (<i>Validity of certain alterations to salary-related contracted-out pension schemes: subsisting schemes</i>) to (<i>Powers to amend Chapter 1 etc: Great Britain</i>): interpretation and scope</b><br> (1) The following provisions of this section have effect for the purposes of this section and sections (<i>Validity of certain alterations to salary-related contracted-out pension schemes: subsisting schemes</i>) to (<i>Powers to amend Chapter 1 etc: Great Britain</i>).<br> (2) “GB scheme” means an occupational pension scheme that was a salary-related contracted-out scheme in England and Wales or Scotland; and for this purpose an occupational pension scheme was a salary-related contracted-out scheme in England and Wales or Scotland at any time if the scheme was contracted-out at that time by virtue of satisfying section 9(2) of the Pension Schemes Act 1993 (as it then had effect).<br> (3) “Scheme actuary”, in relation to a scheme, means—<br> (a) the person for the time being appointed as actuary for the scheme under section 47 of the Pensions Act 1995 (professional advisers), or<br> (b) if there is no person so appointed, a fellow of the Institute and Faculty of Actuaries appointed by the trustees or managers of the scheme to carry out the functions of the scheme actuary under section (<i>Validity of certain alterations to salary-related contracted-out pension schemes: subsisting schemes</i>).<br> (4) “Section 37(1)” refers to section 37(1) of the Pension Schemes Act 1993 (prohibition of alterations to rules of contracted-out schemes in certain circumstances).<br> (5) “Regulation 42” refers to regulation 42 of the Occupational Pension Schemes (Contracting-out) Regulations 1996 (SI 1996/1172) (requirements for alterations to rules of contracted-out schemes).<br> (6) An alteration purporting to have been made to the rules of a GB scheme is a “potentially remediable alteration” if—<br> (a) by virtue of section 37(1) and paragraphs (1) and (2) of regulation 42 (as they had effect at the time), the alteration could not be made unless the requirements of paragraph (2)(a), (b) and (c) of regulation 42 (as they then had effect) had been met,<br> (b) it was treated by the trustees or managers of the scheme, after it was purportedly made, as a valid alteration,<br> (c) no positive action has been taken by the trustees or managers of the scheme on the basis that they consider the alteration to be void (and so of no legal effect) by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42, and<br> (d) it is not excluded from the scope of remediation under sections (<i>Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) (see subsection (8)).<br> (7) In subsection (6)(c) “positive action”, in relation to a purported alteration, means—<br> (a) notifying any members of the scheme in writing to the effect that the trustees or managers consider the alteration to be void (by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42) and that the scheme will be administered on the basis that it has no legal effect, or<br> (b) taking any other step in relation to the administration of the scheme, in consequence of the trustees or managers considering the alteration to be void, which has (or will have) the effect of altering payments to or in respect of members of the scheme.<br> (8) An alteration purporting to have been made to the rules of a GB scheme is excluded from the scope of remediation under sections (<i>Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes</i>) and (<i>Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) if any question relating to the validity of the alteration, so far as relating to the requirements of paragraph (2)(a) and (b) of regulation 42—<br> (a) has been determined by a court before this section comes into force in legal proceedings to which the trustees or managers were a party;<br> (b) was in issue on or before 5 June 2025 in legal proceedings to which the trustees or managers were a party, but has been settled by agreement between the parties at any time before this section comes into force, or<br> (c) was in issue on or before 5 June 2025 in legal proceedings to which the trustees or managers were a party, and remains in issue when this section comes into force.”

<p>This new clause is intended to form part of a new Chapter 1 in Part 4 to address issues arising from the decision of the Court of Appeal in Virgin Media Ltd v NTL Pension Trustees. This decision called into question the validity of past alterations to salary-related contracted out occupational pension schemes. It appears that a number of schemes were purportedly altered without the prior actuarial confirmation required (under regulation 42(2)(b) of the Occupational Pension Schemes (Contracting-Out) Regulations 1996) being given. In other cases inadequate records mean that the current trustees or managers of some schemes cannot tell whether the necessary confirmation was given. The new Chapter will provide for the retrospective validation of such alterations where certain conditions are met, dealing with Northern Ireland pension schemes separately. The new clause also provides that alterations whose validity was in issue in legal proceedings commenced on or before 5 June 2025 are outside the scope of remediation under the new Chapter. That was the date on which a published ministerial statement indicated that the Government proposed to take retrospective legislative action to address issues arising from the Virgin Media case.</p>

NC24

To move the following Clause—<br> <b>“Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes</b><br> (1) This section applies to any potentially remediable alteration purportedly made to a scheme other than one to which section (<i>Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases</i>) applies.<br> (2) If the conditions mentioned in subsection (3) are met in relation to it, the alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made, and so as having always been a valid alteration so far as those requirements are concerned.<br> (3) The conditions are—<br> (a) that the trustees or managers of the scheme have made a request in writing to the scheme actuary for the actuary to consider whether or not, on the assumption that it was validly made, the alteration would have prevented the scheme from continuing to satisfy the statutory standard, and<br> (b) that the scheme actuary has confirmed to the trustees or managers in writing that in the actuary’s opinion it is reasonable to conclude that, on the assumption that it was validly made, the alteration would not have prevented the scheme from continuing to satisfy the statutory standard.<br> <span class="wrapped">In this subsection “the statutory standard” means the statutory standard for a contracted-out scheme under section 12A of the Pension Schemes Act 1993 as it had effect at the time the alteration was purportedly made.</span><br> (4) A scheme actuary who has received a request under subsection (3)(a) in relation to a potentially remediable alteration to a scheme—<br> (a) may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case;<br> (b) may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject -matter of the request.<br> (5) A condition mentioned in subsection (3) may be met by action taken before (as well as action taken after) this section comes into force.<br> (6) Subsection (7) applies to a scheme if —<br> (a) there is an assessment period in relation to the scheme within the meaning of Part 2 of the Pensions Act 2004, or<br> (b) the scheme is operating as a closed scheme under section 153 of that Act.<br> (7) The powers of the Board of the Pension Protection Fund under section 134 and section 155 of the Pensions Act 2004 to give directions includes power to give a direction to the trustees or managers of the scheme requiring them—<br> (a) to make a request under subsection (3)(a) above in relation to a potentially remediable alteration to the scheme, and<br> (b) to take any necessary action to enable or facilitate the making of a decision by the scheme actuary as to whether to give the confirmation described in subsection (3)(b) above in relation to that alteration.”

<p>This new clause enables the trustees or managers of a scheme to ask the scheme actuary to consider the position of an alteration when it was (purportedly) made. If the actuary confirms that it is reasonable to conclude that at that time the alteration would not have prevented the scheme from continuing to meet the statutory standard for contracted-out schemes, then the alteration is retrospectively deemed by subsection (2) to have been validly made, so far as the requirements of regulation 42(2)(a) and (b) are concerned.</p>

NC25

To move the following Clause—<br> <b>“Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases</b><br> (1) This section applies to any potentially remediable alteration purportedly made to the rules of—<br> (a) a scheme which has been wound up before this section comes into force,<br> (b) a scheme for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance with Chapter 3 of Part 2 of the Pensions Act 2004 (see section 161 of that Act), or<br> (c) a scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (SI 2005/1986) and in respect of which payments are required to be made under section 286 of the Pensions Act 2004.<br> (2) The alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been a valid alteration so far as those requirements are concerned.”

<p>This new clause deals with cases where it would not now be practicable for the confirmation described in NC24(3)(b) to be obtained in relation to a potentially remediable alteration. In such cases the clause retrospectively deems the alteration to have been validly made so far as the requirements of regulation 42(2)(a) and (b) are concerned.</p>

NC41

To move the following Clause—<br> <b>“Cap on cost of advice for pension holders</b><br> (1) The Secretary of State may by regulations introduce a cap on the cost recoverable for providing pension advice per pension holder under any scheme operating free or subsidised advice.<br> (2) The cap may vary depending on—<br> (a) the value of the pension pot;<br> (b) the type of pension scheme;<br> (c) the complexity of advice required.<br> (3) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause enables the introduction of a cost ceiling for advice provision to members of pension schemes.</p>

NC42

To move the following Clause—<br> <b>“Holistic Value for Money Assessment</b><br> (1) The Secretary of State must make regulations to require that any value for money assessment framework for defined contribution pension schemes includes holistic indicators beyond cost and return.<br> (2) The framework must include consideration of—<br> (a) whether the scheme offers access to free or subsidised pension advice or guidance;<br> (b) the frequency and impact of pension transfer delays for members;<br> (c) other qualitative indicators as may be prescribed, including those related to member engagement and support services.<br> (3) Regulations under this section may require that—<br> (a) schemes are rated according to both quantitative and qualitative indicators of value;<br> (b) schemes publicly disclose their performance against these holistic criteria;<br> (c) the frequency of assessment is sufficient to ensure up-to-date information for regulators and members.<br> (4) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause ensures that the value for money framework for defined contribution schemes includes whether schemes offer free or subsidised advice, and the extent to which pension transfer delays occur and affect member outcomes.</p>

NC43

To move the following Clause—<br> <b>“Auto-Enrolment into Pension Wise Guidance Sessions</b><br> (1) The Secretary of State must make regulations requiring that individuals reaching prescribed ages are auto-enrolled into Pension Wise guidance appointments.<br> (2) The regulations may provide for—<br> (a) opt-out procedures;<br> (b) the prescribed ages or pension milestones at which auto-enrolment occurs;<br> (c) the means by which schemes notify members and facilitate appointments.<br> (3) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause aims to increase engagement with Pension Wise by auto-enrolling members into guidance sessions at key decision points, with the ability to opt out.</p>

NC44

To move the following Clause—<br> <b>“Administration levy</b><br> (1) The Pensions Act 2004 is amended as follows.<br> (2) In section 116 (grants), leave out from “expenses” to end of section.<br> (3) Omit section 117 (administration levy).<br> (4) In section 173(3) (Pension Protection Fund), before subsection (3)(a) insert—<br> “(aa) any sums required to meet expenses incurred by the Board in connection with the operation or discontinuance of the Pension Protection Fund,”<br> (5) In section 188(3) (Fraud Compensation Fund), before subsection (3)(a) insert—<br> “(aa) sums required to meet expenses incurred by the Board in connection with the operation or discontinuance of the Fraud Compensation Fund,””

<p>This new clause abolishes the administration levy and provides for the expenses of the PPF and the FCF to be met out of their general funds. It would enable FCF expenses to be covered by the FCF levy.</p>

NC45

To move the following Clause—<br> <b>“Transfer of British Coal Staff Superannuation Scheme investment reserve to members</b><br> (1) Within 3 months of the passing of this Act, the Secretary of State must by regulations make provision for the transfer of the British Coal Staff Superannuation Scheme investment reserve to members of the scheme.<br> (2) Those regulations must include—<br> (a) a timetable for transferring the total of the investment reserve to members of the scheme, and<br> (b) plans for commissioning an independent review into how future surplus will be shared.<br> (3) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause would require the Secretary of State to set out in regulations a timetable for transferring the whole of the BCSSS investment reserve to members and committing to review how future surplus will be shared.</p>

255

Clause 101, page 98, line 22, leave out “Chapters 1 and 2” and insert “Chapter 1”

256

Clause 101, page 98, line 23, at end insert—<br> “(aa) Chapter 2 comes into force six months after Chapter 4 comes into force.”

263

Clause 101, page 99, line 5, at end insert—<br> “(d) section <i>[Administration levy]</i> comes into force on 1 April 2026.”

<p>This amendment is consequential on NC44 and would ensure the amendment to abolish the PPF administration levy should come into force on 1 April 2026 (at the start of the 2026/27 levy year).</p>

246

Clause 2, page 3, line 33, at end insert—<br> “(4A) Scheme managers must publish a report annually on the local investments within their asset pool company.<br> (4B) A report published under section (4A) must include—<br> (a) the extent, and<br> (b) financial performance,<br> <span class="wrapped">of these investments.”</span>

<p>This amendment provides for scheme managers to report back on the financial performance of any local investments that they might make.</p>

245

Clause 2, page 3, line 39, leave out from first “in” to end of line 39

<p>This amendment changes the definition of local investment to remove the reference to the benefit of persons living or working.</p>

244

Clause 5, page 6, line 6, at end insert—<br> “(2) In the case of merger of schemes for local government workers, the Secretary of State must consider the geography of scheme areas and ensure these areas align with strategic authority boundaries before implementing the merger.”

<p>This amendment requires the Government to explicitly consider the geography of new LGPS areas in any reorganisation.</p>

247

Clause 9, page 8, line 23, at end insert—<br> “(aa) prohibiting the making of a payment unless the scheme’s assets have exceeded a buyout valuation,”

<p>This amendment requires that surplus extraction is only permitted once buyout funding levels are achieved.</p>

260

Clause 9, page 8, line 30, at end insert—<br> “(e) requiring the trustees to provide a prescribed notification, as set out in (f) below, with the members of the scheme (or their representatives) not less than 60 days before making any payment under this section;<br> (f) the prescribed notification should include—<br> (i) the proposed amount of surplus to be paid to the employer,<br> (ii) the reasons for the proposed payment,<br> (iii) the impact on member benefits,<br> (iv) the scheme's funding position after the proposed payment, and<br> (v) how members may make representations regarding the proposal;<br> (g) requiring the trustees to have regard to any representations made by members or their representatives having received the prescribed notification.”

<p>This amendment would require trustees to notify members at least 60 days before making surplus payments to employers. It ensures members receive full information about proposed surplus payments, enabling informed participation.</p>

265

Clause 9, page 8, line 30, at end insert——<br> “(e) requiring the trustees to provide a prescribed notification to members of the scheme, or members’ representatives, not less than 60 days before making any payment under this section,<br> (f) requiring the prescribed notification under subsection (e) include—<br> (i) the proposed amount of surplus to be paid to the employer,<br> (ii) the reasons for the proposed payment,<br> (iii) the impact on member benefits,<br> (iv) the scheme's funding position after the proposed payment,<br> (v) how members may make representations regarding the proposal, and<br> (g) requiring the trustees to have regard to any representations made by members or their representatives having received the prescribed notification under subsection (e).”

<p>This amendment would require trustees to notify members at least 60 days before making surplus payments to employers.</p>

267

Clause 9, page 8, line 30, at end insert—<br> “(e) requiring that, where the scheme actuary certifies under subsection (a) that the scheme’s assets exceed the cost of securing each member’s accrued rights with an authorised insurer for a continuous period of at least six months, the trustees must first secure a full buy-out of those rights before any payment of surplus may be made to the employer or any other person, and<br> (f) requiring that subsection (e) does not apply if the scheme actuary certifies that any surplus extraction would, after the extraction, still leave the scheme’s assets exceeding the cost of securing each member’s accrued rights with an authorised insurer.”

<p>This amendment inserts a requirement to ensure that surplus extraction prior to a buyout does not adversely impact the scheme’s ability to reach buy-out.</p>

261

Clause 9, page 8, line 36, at end insert “and including confirmation that the proposed payment (surplus access) will not adversely impact members' benefits and that the prescribed notification has been completed in accordance with regulations made under subsection (2A).”

<p>This amendment would aim to strengthen an actuary's role and oversight of schemes accessing surplus, by requiring confirmation that member notification has occurred before certifying surplus payments.</p>

264

Clause 9, page 9, line 4, at end insert—<br> “(e) Where regulations under subsection (2A) lower the funding threshold for a surplus payment to below the full buy-out funding level, the Secretary of State must—<br> (i) conduct an assessment setting out—<br> (A) prescribed stress scenarios and their impact on funding,<br> (B) a maximum permissible extraction percentage for each scenario, and<br> (C) contingencies to restore funding;<br> (ii) consult the Pensions Regulator, the FCA, and such actuarial bodies as may be prescribed; and<br> (iii) lay a report of the assessment before Parliament.”

<p>This amendment requires the Secretary of State to conduct an assessment when the DWP calibrates any extraction threshold below buy-out.</p>

258

Clause 9, page 9, line 21, leave out “in subsection (2A), after “section” insert “37(2A),”” and insert “in subsection (2), after “virtue of” insert “(za) section 37(2A)””

<p>This amendment would make all regulations on DB surplus extraction subject to the affirmative procedure all times they were made rather than just after first use.</p>

269

Clause 10, page 10, line 10, at end insert—<br> “(aa) make, publish and keep under review the consistency of—<br> (i) regulated VFM schemes, or<br> (ii) regulated VFM arrangements,<br> <span class="wrapped">with the goals of the Paris Agreement on climate change and clean energy;”</span>

<p>This amendment, with Amendment 270, would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.</p>

272

Clause 10, page 10, line 10, at end insert—<br> “(aa) make, publish and keep under review the compliance of—<br> (i) regulated VFM schemes, or<br> (ii) regulated VFM arrangements,<br> <span class="wrapped">with statutory and regulatory targets for reducing sewage discharges by water and sewerage undertakers,”</span>

<p>This amendment, with Amendment 273, would require pension funds and managers to monitor and report on the compliance of water and sewerage companies they invest in with targets for reducing sewage discharges.</p>

270

Clause 10, page 10, line 20, at end insert—<br> “(d) publish or share with prescribed persons, for the purpose of enabling VFM assessments to be made, prescribed categories of information (referred to as “climate alignment metric data”) regarding the scheme’s exposure to climate-related financial risks and the alignment of its investments with the goals of the Paris Agreement on climate change and clean energy.”

<p>This amendment, with Amendment 269, would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.</p>

273

Clause 10, page 10, line 20, at end insert—<br> “(d) publish or share with prescribed persons, for the purpose of enabling VFM assessments to be made, prescribed categories of information (referred to as “sewage discharge compliance data”) regarding the scheme’s exposure to, and investment in, companies holding permits to discharge sewage, including those companies’ performance against statutory and regulatory targets for reducing sewage discharges.”

<p>This amendment, with Amendment 272, would require pension funds and managers to monitor and report on the compliance of water and sewerage companies they invest in with targets for reducing sewage discharges.</p>

254

Clause 10, page 10, line 20, at end insert—<br> “(2A) Value for money regulations must require responsible trustees and managers to make an assessment of, benchmark and regularly report the—<br> (a) net benefit outcomes,<br> (b) investment performance,<br> (c) quality of service, and<br> (d) long term members outcomes<br> <span class="wrapped">of regulated VFM schemes.”</span>

<p>This amendment broadens the definition of value for money to require assessment of net benefit outcome, investment performance, quality of service, and long-term member outcomes, and require schemes to report on these.</p>

271

Clause 12, page 12, line 21, at end insert—<br> “(iv) the consistency of the investment portfolio with the goals of the Paris Agreement on climate change and clean energy, including metrics for assessing climate-related financial risks and opportunities;”

<p>This amendment would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.</p>

274

Clause 12, page 12, line 21, at end insert—<br> “(iv) the compliance of the investment portfolio with statutory and regulatory targets for reducing sewage discharges by water and sewerage undertakers, including metrics for assessing related environmental and financial risks and opportunities;”

<p>This amendment would require pension funds and managers to monitor and report on the performance of water and sewerage companies they invest in against targets for reducing sewage discharges.</p>

262

Clause 20, page 21, line 12, leave out “£1,000” and insert “£2,000”

<p>This amendment changes the value of small pot consolidation from £1,000 to £2,000.</p>

259

Clause 20, page 21, line 23, leave out from “procedure” to end of line 29

<p>This amendment would make all regulations on consolidation of small dormant pots in DC schemes to the affirmative procedure all times they were made rather than just after first use.</p>

250

Clause 38, page 37, line 12, at end insert “or <br> (c) the relevant Master Trust meets the innovation exemption requirement.”

251

Clause 38, page 37, line 16, at end insert—<br> “(3A) A relevant Master Trust meets the innovation exemption requirement if the Trust can demonstrate that it provides specialist or innovative services.<br> (3B) The Secretary of State may by regulations provide for a definition of “specialist or innovative services” for the purposes of this section.”

252

Clause 38, page 39, line 11, at end insert “or<br> (c) the relevant GPP meets the innovation exemption requirement.”

253

Clause 38, page 39, line 15, at end insert—<br> “(3A) A relevant GPP meets the innovation exemption requirement if the Trust can demonstrate that it provides specialist or innovative services.<br> (3B) The Secretary of State may by regulations provide for a definition of “specialist or innovative services” for the purposes of this section.”

<p>Amendments 250, 251, 252 and 253 create an innovation exemption for pension funds that provide specialist or innovative services, as part of the new entrants clause.</p>

248

Clause 38, page 41, line 4, leave out from beginning to end of line 9 on page 43

<p>This amendment would remove the ability of the Government to set mandatory asset allocation targets for certain pension schemes, specifically requiring investments in UK productive assets such as private equity, private debt, and real estate.</p>

275

Clause 38, page 41, line 31, at end insert—<br> “(5A) A description of asset prescribed under subsection (4) may not be securities in any UK water company.”

<p>This amendment would ensure that the prescribed percentage of asset allocation would not include assets in the water sector and fund trustees will not be compelled to allocate scheme assets to the water sector.</p>

249

Clause 38, page 45, line 3, leave out from beginning to end of line 27 on page 46

<p>This amendment is consequential on Amendment 248.</p>

257

Clause 41, page 53, line 7, at end insert—<br> <b>“117GA FCA guidance</b><br> (1) The FCA must issue guidance on contractual overrides.<br> (2) Guidance on contractual overrides must include—<br> (a) when and how overrides can be used;<br> (b) how to demonstrate transfers are always in members’ best interests; and<br> (c) how contractual overrides are independently certified.”

<p>Amendments 255, 256 and 257 ensure that contractual override powers are operational in advance of the first value for money assessments.</p>

215

Clause 58, page 68, line 1, at beginning insert “that it is reasonable to expect”

<p>This amendment adjusts the onboarding condition in relation to the capital adequacy threshold. The Regulator now needs to be satisfied, as at the time it decides the application, that it is reasonable to expect that the threshold will be met immediately following the superfund transfer (rather than that the threshold definitely will be met at that time).</p>

216

Clause 58, page 68, line 3, leave out “there is a very high likelihood” and insert “it is reasonable to expect”

<p>This amendment adjusts the onboarding condition in relation to the technical provisions threshold for consistency with the change made by Amendment 215.</p>

217

Clause 58, page 68, line 5, leave out from “period” to end of line and insert “specified in regulations made by the Secretary of State;”

<p>This amendment allows for regulations to set the period by reference to which the onboarding condition relating to the technical provisions threshold is assessed.</p>

218

Clause 58, page 68, line 22, leave out paragraph (b)

<p>This amendment is consequential on Amendment 217.</p>

219

Clause 58, page 68, line 32, at end insert—<br> “(5A) The Secretary of State may by regulations modify subsection (2) in its application to a superfund transfer of a kind described in section 53(3) (merger of sections etc).”

<p>This amendment allows for regulations to make special provision about how the onboarding conditions apply (or do not apply) in relation to a superfund transfer within clause 53(3) (under which a restructuring of sections within a superfund can itself be treated as a superfund transfer).</p>

220

Clause 58, page 68, line 42, at end insert—<br> “(7A) Regulations under subsection (2)(d) are subject to the negative procedure.”

<p>This amendment provides for negative parliamentary procedure to apply to regulations made by virtue of subsection (2)(d) as amended by Amendment 217.</p>

221

Clause 58, page 68, line 43, at end insert—<br> “(8A) Regulations under subsection (5A) are subject to the negative procedure.”

<p>This amendment provides for negative parliamentary procedure to apply to regulations made by virtue of the provision inserted by Amendment 219.</p>

222

Clause 65, page 73, line 2, leave out “for market value consideration” and insert “—<br> “(a) in the ordinary course of the investment of the capital buffer, or<br> (b) in payment of fees, expenses, taxes or other charges incurred (in each case) in connection with the management or administration of the capital buffer”

<p>This amendment clarifies the circumstances in which the capital buffer is regarded as “released” for the purposes of Part 3.</p>

223

Clause 82, page 84, line 9, leave out “if no response plan has been approved” and insert “if a person has failed to comply with section 80(1) or (3)(b) (requirement to propose response plan or revised response plan)”

<p>This amendment limits the direction-making power in clause 82(1)(c) so that it can only be exercised where a person has failed to produce a response plan or a revised response plan as required by clause 80.</p>

224

Clause 82, page 84, line 16, at end insert—<br> “(1A) A direction under subsection (1)(c) may not require the provision of financial support to the superfund scheme.”

<p>This amendment provides that the direction-making power in clause 82(1)(c) cannot be used to require a person to provide financial support to the superfund scheme.</p>

NC1

To move the following Clause—<br> <b>“Universal Pension Advice Entitlement</b><br> (1) The Secretary of State must by regulations establish a system to ensure that every individual has a right to receive free, impartial pension advice at prescribed times.<br> (2) Regulations under subsection (1) must provide for individuals to be offered advice—<br> (a) at or around the age of 40; and<br> (b) at a prescribed age, not more than six years before the individual's expected retirement age.<br> (3) The regulations must make provision about—<br> (a) the content and scope of the free, impartial pension advice, which may include, but is not limited to, guidance on—<br> (i) pension types (including both defined contribution and defined benefit schemes),<br> (ii) investment strategies,<br> (iii) charges,<br> (iv) consolidation of pension pots, and<br> (v) retirement income options;<br> (b) the qualifications, independence, and impartiality requirements for any person or body providing advice;<br> (c) the means by which individuals are notified of their entitlement to receive the advice and how they may access it;<br> (d) the roles and responsibilities of pension scheme trustees, managers, and providers in facilitating access to advice;<br> (e) the sharing member information with prescribed persons or bodies subject to appropriate data protection safeguards.<br> (4) Regulations under this section may—<br> (a) make different provision for different descriptions of pension schemes or different descriptions of individuals;<br> (b) confer functions in connection with the provision or oversight of the advice on—<br> (i) the Pensions Regulator,<br> (ii) the Financial Conduct Authority,<br> (iii) the Money and Pensions Service, or<br> (iv) other prescribed bodies;<br> (c) require the provision of funding for the advice service from prescribed sources.<br> (5) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”

<p>This new clause makes provision by regulations for everyone to receive free, impartial pension advice at age 40 and again around five years before their expected retirement.</p>

NC2

To move the following Clause—<br> <b>“Report on the impact of pension market consolidation</b><br> (1) The Secretary of State must, within 12 months of the passing of this Act, publish a report on the impact of consolidation in the occupational pensions market.<br> (2) The report must include an assessment of—<br> (a) the level of market concentration among pension scheme providers, including trends in the number and size of schemes;<br> (b) the effects of consolidation on competition, innovation, and consumer choice in the pensions market;<br> (c) the potential barriers to entry and growth for small and medium-sized pension providers;<br> (d) the adequacy of existing regulatory and competition safeguards in preventing anti-competitive behaviour regarding—<br> (i) exclusivity arrangements,<br> (ii) exit charges, and<br> (iii) pricing structures;<br> (e) the role of The Pensions Regulator and the Competition and Markets Authority in monitoring and responding to market concentration;<br> (f) the merits of policy or regulatory measures to support new market entrants.<br> (3) The Secretary of State must lay a copy of the report before both Houses of Parliament.”

<p>This new clause would require the Government to report on the impact of market consolidation on competition and new market entrants.</p>

NC3

To move the following Clause—<br> <b>“New market entrants: scale and asset allocation</b><br> (1) In making regulations under Chapter 3, the Secretary of State must have regard to the need to identify and mitigate barriers faced by new market entrants in the defined contribution pensions market.<br> (2) The Secretary of State must consider how regulations will—<br> (a) foster a competitive environment that supports innovation among new and existing providers;<br> (b) ensure fair access to the market for schemes with strong potential for growth and an ability to innovate, including those not yet meeting prescribed scale thresholds.”

<p>This new clause would require the Secretary of State to consider the effect of regulations under Chapter 3 on scale and asset consolidation on new market entrants.</p>

NC4

To move the following Clause—<br> <b>“Establishment of targeted investment vehicles for pension funds</b><br> (1) The Secretary of State may by regulations make provision for the establishment or facilitation of one or more investment vehicles through which pension schemes may invest for targeted social or economic benefit.<br> (2) Regulations under subsection (1) must specify the descriptions of targeted social or economic benefit to which the investment vehicles are to contribute, which may include, but are not limited to, investment in—<br> (a) projects that revitalise high street areas;<br> (b) initiatives demonstrating social benefit;<br> (c) affordable or social housing development.<br> (3) The regulations must make provision for—<br> (a) the types of pension schemes eligible to participate in such investment vehicles;<br> (b) the governance, oversight, and reporting requirements for the investment vehicles and participating pension schemes;<br> (c) the means by which the contribution of such investments to targeted social or economic benefit is measured and reported;<br> (d) the roles and responsibilities of statutory bodies, including the Pensions Regulator and the Financial Conduct Authority, in authorising, regulating, or supervising such investment vehicles and the participation of pension schemes within them.<br> (4) The regulations may—<br> (a) make different provision for different descriptions of pension schemes, investment vehicles, or targeted social or economic benefits;<br> (b) provide for the pooling of assets from multiple pension schemes within such vehicles;<br> (c) require pension scheme trustees or managers to have regard to the availability and suitability of investment vehicles when formulating investment strategies, where consistent with—<br> (i) their fiduciary duties, and<br> (ii) the long-term value for money for members.<br> (5) In this Chapter, "pension scheme" has the same meaning as in section 1(5) of the Pension Schemes Act 1993.”

<p>This new clause would allow the Secretary of State to establish investment funds to encourage investment in areas such as high streets, social housing and investments with clear social benefits.</p>

NC5

To move the following Clause—<br> <b>“Report on fiduciary duty and discretionary indexation of pre-1997 benefits</b><br> (1) The Secretary of State must, within 12 months of the passing of this Act, publish a report on whether the fiduciary duties of trustees of occupational pension schemes should be amended to permit discretionary indexation of pre-1997 accrued rights, where scheme funding allows.<br> (2) The report must consider—<br> (a) the impact of current fiduciary obligations on trustees’ ability to award discretionary increases to pre-1997 pension benefits;<br> (b) the potential benefits of permitting such discretionary indexation for affected pensioners;<br> (c) the funding conditions and thresholds under which discretionary indexation could be considered sustainable;<br> (d) the appropriate level of regulatory oversight and guidance required to ensure that discretionary increases are granted in a fair, transparent, and financially responsible manner;<br> (e) international approaches to indexation of legacy pension benefits;<br> (f) the legal and actuarial implications of amending fiduciary duties in this context.<br> (3) In preparing the report, the Secretary of State must consult—<br> (a) the Pensions Regulator,<br> (b) the Financial Conduct Authority,<br> (c) representatives of pension scheme trustees, members, and sponsoring employers, and<br> (d) such other experts or bodies as the Secretary of State considers appropriate.<br> (4) The Secretary of State must lay a copy of the report before both Houses of Parliament.”

<p>This new clause requires the Secretary of State to report on whether the fiduciary duties of trustees of occupational pension schemes should be amended to permit discretionary indexation of pre-1997 accrued rights, where scheme funding allows.</p>

NC7

To move the following Clause—<br> <b>“Independent review of forfeiture of survivor pensions in police pension schemes</b><br> (1) The Secretary of State must commission an independent review into the impact and fairness of provisions within police pension schemes that result in the forfeiture, reduction, or suspension of survivor pensions on the grounds of—<br> (a) remarriage or entry into a civil partnership by the surviving partner of a deceased scheme member; or<br> (b) cohabitation with another person as if married or in a civil partnership.<br> (2) The review must examine—<br> (a) the legal and policy basis for such provisions;<br> (b) the financial, social, and emotional impact on affected individuals and families;<br> (c) consistency with other public sector pension schemes, including schemes for—<br> (i) the Armed Forces,<br> (ii) the NHS, and<br> (iii) the civil service;<br> (d) potential options for reform, including retrospective reinstatement of pensions;<br> (e) any other matters the Secretary of State considers relevant.<br> (3) The Secretary of State must—<br> (a) appoint an independent person or panel with relevant legal, pensions, and public policy expertise to conduct the review; and<br> (b) publish the terms of reference no later than three months after this Act is passed.<br> (4) The person or panel appointed under subsection (3) must—<br> (a) consult with relevant stakeholders, including—<br> (i) the National Association of Retired Police Officers (NARPO),<br> (ii) survivor pension recipients,<br> (iii) police staff associations, and<br> (iv) pensions experts;<br> (b) consider written and oral evidence submitted by affected individuals; and<br> (c) publish a report of its findings and recommendations within 12 months of appointment.<br> (5) The Secretary of State must lay the report under subsection (4)(c) before both Houses of Parliament as soon as practicable after receiving it.”

<p>This new clause would require the Secretary of State to commission an independent review into the impact and fairness of provisions within police pension schemes that result in the forfeiture, reduction, or suspension of survivor pensions.</p>

NC8

To move the following Clause—<br> <b>“Independent review into pension losses incurred by former employees of AEA Technology</b><br> (1) The Secretary of State must, within three months of the passing of this Act, commission an independent review into the pension losses incurred by former employees of AEA Technology who—<br> (a) transferred their accrued pension benefits out of the UK Atomic Energy Authority (UKAEA) public service scheme to AEA Technology (AEAT) on privatisation in 1996, and<br> (b) suffered financial losses when AEA Technology went into administration in 2012 and the pension scheme entered the Pension Protection Fund (PPF).<br> (2) The review must examine—<br> (a) the extent and causes of pension losses incurred by affected individuals,<br> (b) the role of Government policy and representations in the transfer of pensions during the privatisation of AEA Technology,<br> (c) the findings of the Public Accounts Committee and the Work and Pensions Select Committee,<br> (d) the adequacy of safeguards provided at the time of privatisation,<br> (e) potential mechanisms for redress or compensation, and<br> (f) the estimated financial cost of any such mechanisms.<br> (3) The review must be—<br> (a) conducted by an independent panel appointed by the Secretary of State, with relevant expertise in pensions, public policy, and administrative justice, and<br> (b) transparent and consultative, including engagement with affected pensioners and their representatives.<br> (4) The panel must report its findings and recommendations to the Secretary of State and lay a copy of its final report before Parliament within 12 months of its establishment.<br> (5) The Secretary of State must, within 6 months of the publication of the report under subsection (4), lay before both Houses of Parliament a statement setting out the Secretary of State’s response to that outcome.”

<p>This new clause would require the Secretary of State to commission an independent review into the pension losses incurred by former employees of AEA Technology.</p>

NC9

To move the following Clause—<br> <b>“Independent review into state deduction in defined benefit pension schemes</b><br> (1) The Secretary of State must, within three months of the passing of this Act, commission an independent review into the application and impact of state deduction mechanisms in occupational defined benefit pension schemes.<br> (2) The review must consider—<br> (a) the origin, rationale and implementation of state deduction in the Midland Bank Staff Pension Scheme,<br> (b) the clarity and adequacy of member communications regarding state deduction from inception to present,<br> (c) the differential impact of state deduction on pensioners with varying salary histories, including an assessment of any disproportionate effects on—<br> (i) lower-paid staff, and<br> (ii) women,<br> (d) comparisons with other occupational pension schemes in the banking and public sectors, and<br> (e) the legal, administrative, and financial feasibility of modifying or removing state deduction provisions, including potential mechanisms for redress.<br> (3) The Secretary of State must ensure that the person or body appointed to conduct the review—<br> (a) is independent of HSBC Bank plc and its associated pension schemes;<br> (b) possesses relevant expertise in pensions law, occupational pension scheme administration, and equality and fairness in retirement income; and<br> (c) undertakes appropriate consultation with—<br> (i) affected scheme members,<br> (ii) employee representatives,<br> (iii) pension experts, and<br> (iv) stakeholder organisations.<br> (4) The person or body conducting the review must—<br> (a) submit a report on its findings to the Secretary of State within 12 months of the date the review is commissioned; and<br> (b) the Secretary of State must lay a copy of the report before Parliament and publish the report in full.<br> (5) Within three months of laying the report before Parliament, the Secretary of State must publish a written response setting out the Government’s proposed actions, if any, in response to the report’s findings and recommendations.<br> (6) For the purposes of this section—<br> “state deduction” means any provision within a defined benefit occupational pension scheme that reduces pension entitlements by reference to the member reaching state pension age or by reference to any state pension entitlement;<br> “defined benefit pension scheme” has the meaning given in section 181 of the Pension Schemes Act 1993;<br> “Midland Bank Staff Pension Scheme” includes all associated legacy arrangements and any successor schemes administered by HSBC Bank Pension Trust (UK) Ltd.”

<p>This new clause would require the Secretary of State to commission an independent review into clawback provisions in occupational defined benefit pension schemes, in particular, the Midland Bank staff pension scheme.</p>

NC18

To move the following Clause—<br> <b>“Indexation of pre-1997 benefits</b><br> (1) Schedule 7 (pension compensation provisions) of the Pensions Act 2004 is amended as follows.<br> (2) In paragraph 28(3) leave out “so much of” and “as is attributable to post-1997 service” in each place they occur.<br> (3) Leave out paragraphs 28(5)(b) and (d), 28(5A) and 28(7).<br> (4) In paragraph 28(6) leave out definitions of “post-1997 service” and “pre-1997 service”.”

<p>This new clause would make indexation of compensation provided through the Financial Assistance Scheme and Personal Protection Funds applicable to both pre-1997 and post-1997 service.</p>

NC19

To move the following Clause—<br> <b>“Indexation of pre-1997 benefits for Financial Assistance Scheme members</b><br> (1) Schedule 2 (determination of annual and initial payments) of the Financial Assistance Scheme Regulations 2005 is amended as follows.<br> (2) In paragraph 9(2) leave out the first occurrence of “so much of the expected pension as is attributable to post-1997 service” and insert “the expected pension”.<br> (3) In paragraph 9(2) leave out the second occurrence of “so much of the expected pension as is, proportionately, attributable to post-1997 service” and insert “the expected pension”.<br> (4) In paragraph 9(2) leave out the definition of “post-1997 service”.<br> (5) Leave out paragraph 9(3) and insert—<br> “Where the qualifying member has pensionable service prior to 6th April 1997 which has not been included in the underlying rate but which their scheme provided for, the scheme manager must determine the annual increase attributable to that service for each year since the date on which the annual payment was first payable and, if that increase has not been paid to the member, reimburse the member for that amount.””

<p>This new clause would make indexation of compensation provided through the Financial Assistance Scheme applicable to pre-1997 service and reimburse members for the annual increases in payments they should have received in light of this change.</p>

241

Clause 100, page 98, leave out line 10 and insert—<br> “( ) Subject as follows, this Act extends to England and Wales and Scotland only.<br> (1A) Sections (<i>Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes</i>) to (<i>Powers to amend Chapter 1 etc : Northern Ireland</i>) extend to Northern Ireland only.”

<p>This amendment secures that the new clauses inserted by NC28 to NC30 extend to Northern Ireland only. Northern Ireland has its own pensions legislation, but in view of the retrospective provisions in those new Clauses it is considered appropriate to include material in the Bill for Northern Ireland corresponding to the new clauses inserted by NC23 to NC26.</p>

225

Clause 101, page 98, line 24, leave out “after 31 December 2029”

<p>This amendment, together with Amendment 227, means that relevant Master Trusts and group personal pensions will not have to comply with the scale requirement until after 2030, but that Chapter 3 of Part 2 (including provision relating to the scale requirement, such as the application can otherwise be brought into force at any time in accordance with regulations.</p>

226

Clause 101, page 98, line 25, at end insert—<br> “(ba) Chapter 3A comes into force on such day as the Secretary of State and the Treasury jointly may by regulations appoint;”

<p>This amendment provides for commencement by regulations of the new Chapter referred to in the explanatory statement to NC15.</p>

227

Clause 101, page 98, line 30, leave out subsection (5) and insert—<br> “(5) Regulations under subsection (4)(b) may not provide for the following to come into force before 1 January 2030—<br> (a) section 38(4), in respect of the insertion of Condition 1 in section 20(1A) of the Pensions Act 2008 (Master Trusts to be subject to scale requirement);<br> (b) section 38(8), in respect of the insertion of section 26(7A) of that Act (group personal pension schemes to be subject to scale requirement)<br> <span class="wrapped">(but nothing in this subsection prevents section 38 from being brought into force before that date in respect of the insertion in that Act of other provision related to that mentioned in paragraph (a) or (b)).”</span>

<p>This amendment ensures that schemes will not be legally subject to the scale requirement before 1 January 2030. It allows, however, for provision relating to that requirement (e.g., provision around applications for approval) to be commenced before that date in anticipation of the requirement itself taking effect.</p>

228

Clause 101, page 98, line 34, at end insert—<br> “(5A) If section 38 has not been brought into force before the end of 2035 in respect of the insertion of—<br> (a) Condition 2 in section 20(1A) of the Pensions Act 2008 (asset allocation requirement: Master Trusts), and<br> (b) subsection (7B) in section 26 of the Pensions Act 2008 (asset allocation requirement: group personal pension schemes),<br> <span class="wrapped">section 38 is repealed at the end of that year in respect of the insertion of those provisions.”</span>

<p>This amendment transposes and clarifies the provision currently in clause 38(16). It provides for the key provisions imposing the asset allocation requirement to fall away if they are not brought into force before the end of 2035.</p>

242

Clause 101, page 98, line 37, at beginning insert—<br> “( ) Chapter 1 of Part 4 comes into force at the end of the period of two months beginning with the day on which this Act is passed.<br> ( ) Chapter 2 of”

<p>This amendment provides for the commencement of the new Chapter relating to the consequences of the Virgin Media case.</p>

243

Clause 101, page 99, line 5, after “section 96” insert “and (<i>Information to be given to pension schemes by employers</i>)”

<p>This amendment provides for the commencement of NC20.</p>

7

Clause 1, page 1, line 6, leave out “for England and Wales”

<p>The amendment would secure that Clause 1 applies to a pension scheme for local government workers for Scotland, as well as a scheme for local government workers in England and Wales. Clause 1 does not extend to Northern Ireland (see Clause 100).</p>

8

Clause 1, page 1, line 12, leave out “Secretary of State” and insert “responsible authority”

<p>This amendment and Amendments 10 and 11 are consequential on Amendment 7. References in Clause 1 to the Secretary of State are changed to “the responsible authority”. That term is defined by Amendment 24 to refer either to the Secretary of State (as regards England and Wales) or to the Scottish Ministers (as regards Scotland).</p>

9

Clause 1, page 1, line 16, at end insert—<br> “(ba) enabling the responsible authority, in prescribed circumstances, to give a direction to an asset pool company specified in the direction, or to all or any of its participating scheme managers, requiring the company or scheme managers concerned—<br> (i) to take any steps specified in the direction with a view to enabling or securing compliance by a scheme manager with a direction requiring it to participate in, or to cease to participate in, the company (see paragraph (b)), and<br> (ii) to take any other steps necessary to enable or secure compliance with such a direction;”

<p>The amendment makes clear that scheme regulations can provide for directions to be given to prevent a direction of the kind mentioned in clause 1(2)(b) (requiring a scheme manager to participate in, or to leave, a particular asset pool company) being frustrated by a failure by the company or its participating scheme managers to take steps necessary to enable or secure compliance with its terms.</p>

10

Clause 1, page 1, line 18, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 8.</p>

11

Clause 1, page 1, line 20, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 8.</p>

12

Clause 1, page 1, line 23, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 8.</p>

13

Clause 1, page 2, line 3, leave out sub-paragraph (iii)

<p>The amendment deletes clause 1(2)(e)(iii) (which relates to directions to an asset pool company to take, or not to take, a specific investment management decision). It is not considered necessary for this to be included in clause 1(2).</p>

14

Clause 1, page 2, line 8, at end insert—<br> “( ) If provision is made under subsection (2)(b) or (ba), the scheme regulations must require the responsible authority to consult the following before a direction is given in respect of the participation of a scheme manager in an asset pool company, namely—<br> (a) the scheme manager;<br> (b) the asset pool company;<br> (c) the scheme managers participating in the asset pool company;<br> (d) any other person the responsible authority considers it appropriate to consult.<br> ( ) if provision is made under subsection (2)(e) for the giving of directions to an asset pool company, the scheme regulations must require the responsible authority to consult the following persons before a direction is given, namely—<br> (a) the asset pool company;<br> (b) the scheme managers participating in the asset pool company;<br> (c) the Financial Conduct Authority;<br> (d) any other person the responsible authority considers it appropriate to consult.”

<p>The amendment requires provision made under clause 1(2)(b), (ba) or (e)( for the giving of directions) to include a requirement for the responsible authority to consult the persons mentioned in the amendment before giving a direction.</p>

15

Clause 1, page 2, line 34, leave out from “company” to end of line 40 and insert “limited by shares and registered in the United Kingdom which is established for purposes consisting of or including—<br> (i) managing funds or other assets for which its participating scheme managers are responsible, and<br> (ii) making and managing investments on behalf of those scheme managers (whether directly or through one or more collective investment vehicles),<br> <span class="wrapped">and whose shareholders consist only of scheme managers, and”</span>

<p>The amendment revises the definition of asset pool company to clarify (a) that the company should be limited by shares held by scheme managers only and registered in any part of the UK and (b) that the mandatory main purposes described in sub-paragraphs (i) and (ii) need not be the only purposes of the company.</p>

16

Clause 2, page 3, line 5, leave out “for England and Wales”

<p>The amendment would secure that Clause 2 applies to scheme regulations relating to pension scheme for local government workers for Scotland, as well as scheme regulations relating to a scheme for local government workers in England and Wales. Clause 1 does not extend to Northern Ireland (see Clause 100).</p>

17

Clause 2, page 3, line 23, at beginning insert “in the case of a scheme for local government workers for England and Wales,”

<p>The amendment would secure that, despite the general extension of the scope of application of Clause 2 to Scotland (see Amendment 16), subsection (2)(c) will remain of relevance only to scheme regulations relating to England and Wales.</p>

240

Page 4, line 13, leave out Clause 3

<p>This amendment leaves out Clause 3 so as to allow it to be replaced by NC21.</p>

18

Clause 4, page 4, line 35, leave out “for England and Wales”

<p>The amendment would secure that Clause 4 applies to scheme regulations relating to a pension scheme for local government workers for Scotland, as well as scheme regulations relating to a scheme for local government workers in England and Wales. Clause 1 does not extend to Northern Ireland (see Clause 100).</p>

19

Clause 4, page 4, line 40, leave out “Secretary of State” and insert “responsible authority”

<p>The amendment and Amendments 20, 21 , 22 and 23 are consequential on Amendment 18. References in Clause 4 to the Secretary of State are changed to “the responsible authority”. That term is defined by Amendment 24 to refer either to the Secretary of State (as regards England and Wales) or to the Scottish Ministers (as regards Scotland).</p>

20

Clause 4, page 5, line 1, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 19.</p>

21

Clause 4, page 5, line 19, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 19.</p>

22

Clause 4, page 5, line 33, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 19.</p>

23

Clause 4, page 5, line 38, leave out “Secretary of State” and insert “responsible authority”

<p>See the explanatory statement for Amendment 19.</p>

24

Clause 7, page 7, line 7, at end insert—<br> ““the responsible authority” means (in relation to a scheme for local government workers in England and Wales or Scotland)—<br> (a) the Secretary of State, in or as regards England and Wales, or<br> (b) the Scottish Ministers, in or as regards Scotland.”

<p>The amendment defines the term “responsible authority” for the purposes of clauses in Chapter 1 of Part 1.</p>

25

Clause 8, page 8, line 2, leave out paragraph (b)

<p>This amendment is consequential on Amendment 27. It removes the power to disapply the section in prescribed cases, as this is now contained in new subsection (5A).</p>

26

Clause 8, page 8, line 2, at end insert—<br> “(4A) Any power to distribute assets to the employer on a winding up is to be disregarded for the purposes of subsections (2) and (3); and a resolution under subsection (2) may not confer such a power.”

<p>This amendment ensures that the scope of section 36B is confined to powers to pay surplus otherwise than on the winding up of the scheme.</p>

27

Clause 8, page 8, line 6, at end insert—<br> “(5A) Regulations may provide that this section does not apply, or applies with prescribed modifications, in prescribed circumstances or to schemes of a prescribed description.”

<p>This amendment, which inserts provision corresponding to section 37(8), allows for the application of section 36B to be modified in particular cases (for example, in the case of sectionalised schemes).</p>

5

Clause 9, page 8, line 18, at end insert—<br> “(2AA) Without prejudice to the generality of subsection (2A), regulations made under that subsection must include provision that takes into account the particular circumstances of occupational pension schemes established before the coming into force of the Pensions Act 1995 which, prior to that Act, possessed or were understood to possess a power to pay surplus to an employer.”

<p>This amendment would allow schemes where people are affected by pre-97 to offer discretionary indexation where funding allows, with appropriate regulatory oversight.</p>

6

Clause 9, page 8, line 23, at end insert—<br> “(aa) prohibiting the making of a payment until annual increases to payments in line with Consumer Prices Index inflation have been awarded to members,”

<p>This amendment requires that payments in line with CPI inflation are awarded to members before all other considerations.</p>

3

Clause 9, page 9, line 4, at end insert—<br> “(e) about the proportion of any surplus that may be allocated, or the manner in which it may be determined, for the purpose of contributing to the provision of free, impartial pension advice and guidance services for scheme members.”

<p>This amendment enables a proportion of surplus funds to be used to fund free pension advice.</p>

28

Clause 10, page 11, leave out line 9 and insert “an occupational pension scheme that provides money purchase benefits.”

<p>This amendment ensures that the value for money framework is capable of applying to hybrid schemes (that is, schemes that provide both money purchase benefits and other benefits).</p>

1

Clause 10, page 11, line 9, leave out “a money purchase scheme that is”

<p>This amendment, together with Amendment 2, would ensure that the value for money provisions introduced by this Bill apply to all occupational pension schemes.</p>

2

Clause 10, page 11, line 14, at end insert—<br> “(14) Value for money regulations may make different provision for different descriptions of relevant pension schemes and must make provision for the application of the value for money assessment with a VFM rating to defined benefit occupational pension schemes.”

<p>This amendment, together with Amendment 1, would ensure that the value for money provisions introduced by this Bill apply to all occupational pension schemes.</p>

29

Clause 11, page 11, line 34, after “publication” insert “or sharing”

<p>This amendment ensures that information on the database mentioned in clause 11(2)(d) can be made available to (for example) the Secretary of State for Work and Pensions for the purpose of internal review, as well as made available for publication.</p>

30

Clause 16, page 16, line 20, leave out “the responsible trustees or managers to transfer”

<p>This amendment corrects an error.</p>

31

Clause 16, page 16, line 21, leave out “(all or” and insert “all (or”

<p>This amendment corrects an error.</p>

32

Clause 16, page 16, line 31, leave out sub-paragraph (i) and insert—<br> “(i) based on the assessment carried out by the responsible trustees or managers under section 14(6)(a) in the action plan of the scheme or arrangement, transferring the benefits of all (or a subset of) the members of the scheme or arrangement to another pension scheme (or arrangement under a pension scheme) could reasonably be expected to result in the generality of the members of the scheme or arrangement receiving improved long-term value for money, and”

<p>This amendment clarifies that the Pensions Regulator’s assessment of a transfer solution is to be based on the trustees or managers’ assessment carried out for the purposes of the action plan.</p>

33

Clause 16, page 16, line 34, leave out “the measures” and insert “any other measures”

<p>This amendment makes a minor clarification.</p>

34

Clause 16, page 17, line 8, leave out subsection (5)

<p>This amendment removes a power which is no longer needed.</p>

35

Clause 19, page 20, leave out lines 13 and 14

<p>This amendment is consequential on Amendment 28.</p>

4

Clause 32, page 30, line 12, at end insert—<br> “(4) The Secretary of State must, at least once every three years, review the amount for the time being specified in section 20(2) to consider whether that amount should be increased, having regard to—<br> (a) the effectiveness, and<br> (b) the benefit to members<br> <span class="wrapped">of the consolidation of small dormant pension pots.”</span>

<p>This amendment would require the Secretary of State to review and consider increasing the level of small pension pot consolidation every three years.</p>

44

Clause 38, page 34, line 27, leave out ““other than an authorised Master Trust scheme”” and insert ““that is not a relevant Master Trust and””

<p>This amendment clarifies a verbal ambiguity in the amendment of section 20(1) of the Pensions Act 2008.</p>

45

Clause 38, page 34, line 32, leave out “Conditions 1 and” and insert “Condition 1 and Condition”

<p>This amendment makes a minor verbal change to facilitate differential commencement of the scale and asset allocation conditions.</p>

46

Clause 38, page 34, line 37, leave out “of that scheme”

<p>This amendment reflects the fact that a main scale default arrangement may be used by multiple schemes.</p>

47

Clause 38, page 35, line 1, at end insert—<br> “(ba) has previously been approved under section 28D (transition pathway relief) and is to be treated in accordance with regulations as if it had approval under section 28A,”

<p>This amendment allows for relevant Master Trusts that have previously received transition pathway relief to be treated as if they had scale approval.</p>

48

Clause 38, page 35, line 16, leave out from “determine” to “Master Trust is” in line 17 and insert “that a relevant”

<p>This amendment means the Regulatory Authority can determine that a relevant Master Trust is to be treated as meeting Condition 1 of subsection (1A) without an application from the Trust.</p>

49

Clause 38, page 35, line 18, after “1” insert “or Condition 2”

<p>This amendment means that regulations can allow the Regulatory Authority to determine that a relevant Master Trust is to be treated for a period as meeting Condition 2 (the asset allocation requirement) as well as Condition 1 (the scale requirement).</p>

50

Clause 38, page 35, line 20, leave out from “Authority” to end of line 21

<p>This amendment removes some unnecessary wording for consistency with the corresponding amendments to section 26 of the 2008 Act.</p>

51

Clause 38, page 35, line 28, at end insert—<br> “(c) make provision about the Regulatory Authority requiring the trustees or managers of a relevant Master Trust to give the Regulatory Authority a plan showing how they propose to meet or continue to meet the scale requirement under section 28A or the conditions for approval under section 28C.”

<p>This paragraph allows regulations to give the Regulatory Authority a power to require the trustees or managers of a relevant Master Trust to give the Regulatory Authority a plan showing how they propose to meet or continue to meet the scale requirement.</p>

52

Clause 38, page 35, line 32, leave out “28A(1)” and insert “28A(12)”

<p>This amendment updates a cross-reference.</p>

53

Clause 38, page 35, leave out lines 35 and 36

<p>This amendment is consequential on Amendment 129.</p>

54

Clause 38, page 36, leave out line 12 and insert—<br> “(a) has previously been approved under section 28D (transition pathway relief) and is to be treated in accordance with regulations as if it had approval under section 28B,”

<p>This amendment allows for group personal pension schemes that have previously received transition pathway relief to be treated as if they had scale approval.</p>

55

Clause 38, page 36, line 15, leave out “(7C)(a)” and insert “(7A) or (7B)”

<p>This amendment ensures that new subsection (7D) applies both to exemptions from the scale requirement and to exemptions from the asset allocation requirement.</p>

56

Clause 38, page 36, line 20, leave out “authorise” and insert “permit”

<p>This amendment ensures consistency with the equivalent language used for Master Trusts.</p>

57

Clause 38, page 36, line 20, leave out “, on an application by the scheme concerned,”

<p>This amendment means the Regulatory Authority can determine that a group personal pension scheme is to be treated as meeting the scale or asset allocation requirement without an application from the scheme.</p>

58

Clause 38, page 36, line 22, leave out “and sixth conditions” and insert “or sixth condition”

<p>This amendment allows for a determination by the Regulatory Authority under subsection (7E) to be made in relation to one or other of the scale and asset allocation requirements (rather than only in relation to both).</p>

59

Clause 38, page 36, line 31, at end insert—<br> “(c) make provision about the Regulatory Authority requiring the provider of a group personal pension scheme to give the Regulatory Authority a plan showing how they propose to meet or continue to meet the scale requirement under section 28B or the conditions for approval under section 28C.”

<p>This paragraph allows regulations to give the Regulatory Authority a power to require the provider of a group personal pension scheme to give the Regulatory Authority a plan showing how they propose to meet or continue to meet the scale requirement.</p>

60

Clause 38, page 36, line 35, leave out “28A(1)” and insert “28B(12)”

<p>This amendment updates a cross-reference.</p>

61

Clause 38, page 36, leave out lines 36 and 37

<p>This amendment is consequential on Amendment 129.</p>

62

Clause 38, page 37, line 4, at end insert—<br> “(c) in paragraph (c), at the end insert “, except so far as those requirements relate to Condition 1 or 2 in section 20(1A)””

<p>This amendment ensures that the requirements mentioned in section 28(3)(c) of the Pensions Act 2008, so far as they relate to the new scale and asset requirements, are not a “relevant quality requirement” for the purposes of that section.</p>

63

Clause 38, page 37, line 11, after “requirement” insert “by reference to the main scale default arrangement”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28A.</p>

64

Clause 38, page 37, line 13, after “requirement” insert “by reference to a main scale default arrangement”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28A.</p>

65

Clause 38, page 37, line 18, leave out “held in funds”

<p>This amendment removes some unnecessary wording for the sake of consistency.</p>

66

Clause 38, page 37, line 21, at end insert—<br> “(ia) are held subject to the main scale default arrangement, and”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28A.</p>

67

Clause 38, page 37, line 23, leave out “held in funds”

<p>This amendment removes some unnecessary wording for the sake of consistency.</p>

68

Clause 38, page 37, line 26, at end insert—<br> “(ia) are held subject to the main scale default arrangement, and”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28A.</p>

69

Clause 38, page 37, line 30, leave out from “if” to end of line 32 and insert “the provider of the group personal pension scheme is also the scheme funder or the scheme strategist in relation to the relevant Master Trust (within the meaning of Part 1 of the Pension Schemes Act 2017).”

<p>This amendment clarifies the circumstances in which assets held by a connected group personal pension scheme can be counted for the purposes of the application of the scale test to a relevant Master Trust.</p>

70

Clause 38, page 37, leave out lines 39 and 40 and insert—<br> “(b) what it means for assets of a pension scheme to be managed under a "common investment strategy" (including in particular provision defining that expression by reference to whether or how far the assets relating to each member of the scheme are allocated in the same proportion to the same investments).”

<p>This amendment provides more detail as to how the power to define “common investment strategy” may be used.</p>

71

Clause 38, page 38, leave out lines 32 to 38 and insert—<br> “(d) permitting the Authority to impose, on a person who fails to comply with a requirement under paragraph (c), a penalty determined in accordance with the regulations that does not exceed £100,000;”

<p>This amendment ensures that the penalties language used in section 28A is consistent with that used in new section 28B.</p>

72

Clause 38, page 39, leave out lines 1 to 4 and insert—<br> “(12) In this section “main scale default arrangement” means an arrangement—<br> (a) that is used for the purposes of one or more pension schemes, and<br> (b) subject to which assets of any one of those schemes must under the rules of the scheme be held, or may under those rules be held, if the member of the scheme to whom the assets relate does not make a choice as to the arrangement subject to which the assets are to be held.”

<p>This amendment defines “main scale default arrangement” for the purposes of new section 28A.</p>

73

Clause 38, page 39, line 7, leave out “relevant”

<p>This amendment removes an unnecessary tag.</p>

74

Clause 38, page 39, line 10, after “requirement” insert “by reference to the main scale default arrangement”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28B.</p>

75

Clause 38, page 39, line 12, after “requirement” insert “by reference to a main scale default arrangement”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28B.</p>

76

Clause 38, page 39, line 16, leave out “subsection (6)” and insert “subsections (5) and (6)”

<p>This amendment adds a further cross reference to new section 28B(4).</p>

77

Clause 38, page 39, line 17, leave out “held in funds”

<p>This amendment removes some unnecessary wording for the sake of consistency.</p>

78

Clause 38, page 39, line 18, at end insert—<br> “(ia) are held subject to the main scale default arrangement, and”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28B.</p>

79

Clause 38, page 39, line 20, leave out “held in funds”

<p>This amendment removes some unnecessary wording for the sake of consistency.</p>

80

Clause 38, page 39, line 24, at end insert—<br> “(ia) are held subject to the main scale default arrangement, and”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28B.</p>

82

Clause 38, page 39, line 27, leave out “one (and only one) relevant” and insert “a qualifying relevant”

<p>This amendment corrects a reference to a relevant Master Trust in new section 28B(4)(c) to take account of new section 28B(8).</p>

81

Clause 38, page 39, line 27, leave out “held in funds”

<p>This amendment removes some unnecessary wording for the sake of consistency.</p>

83

Clause 38, page 39, line 30, at end insert—<br> “(ia) are held subject to the main scale default arrangement, and”

<p>This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28B.</p>

84

Clause 38, page 39, leave out lines 38 and 39 and insert—<br> “(b) what it means for assets of a pension scheme to be managed under a “common investment strategy” (including in particular provision defining that expression by reference to whether or how far the assets relating to each member of the scheme are allocated in the same proportion to the same investments).”

<p>This amendment provides more detail as to how the power to define “common investment strategy” may be used.</p>

85

Clause 38, page 40, line 3, leave out from “(4)” to end of line 6 and insert “—<br> (a) a group personal pension scheme is “qualifying” in relation to the GPP if the provider of the GPP is also the provider of the group personal pension scheme;<br> (b) a relevant Master Trust is “qualifying” in relation to the GPP if the provider of the GPP is also the scheme funder or the scheme strategist in relation to the relevant Master Trust (within the meaning of Part 1 of the Pension Schemes Act 2017).”

<p>This amendment clarifies the circumstances in which assets held by connected Master Trusts and group personal pension schemes can be counted for the purposes of the application of the scale test to a group personal pension scheme.</p>

86

Clause 38, page 40, line 19, leave out “relevant Master Trust or”

<p>This amendment removes an unnecessary reference to a relevant Master Trust.</p>

87

Clause 38, page 40, line 25, leave out “managers of the GPP that their” and insert “provider of the GPP that its”

<p>This amendment replaces a reference to the “managers” of a GPP with “provider” (reflecting normal usage in relation to personal pension schemes).</p>

88

Clause 38, page 40, line 27, leave out “the managers” and insert “the provider”

<p>This amendment replaces a reference to the “managers” of a GPP with “provider” (reflecting normal usage in relation to personal pension schemes).</p>

89

Clause 38, page 40, line 35, leave out “considered by the Authority to have failed” and insert “who fails”

<p>This amendment ensures consistency with the new language in section 28A.</p>

90

Clause 38, page 40, line 38, at end insert—<br> “(e) providing for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty.”

<p>This amendment ensures that regulations can make provision for appeals to the Tribunal in respect of penalties under regulations under new section 28C(9)(c).</p>

91

Clause 38, page 40, line 42, leave out from beginning to end of line 3 on page 41 and insert—<br> “(12) In this section “main scale default arrangement” means an arrangement—<br> (a) that is used for the purposes of one or more pension schemes, and<br> (b) subject to which assets of any one of those schemes must under the rules of the scheme be held, or may under those rules be held, if the member of the scheme to whom the assets relate does not make a choice as to the arrangement subject to which the assets are to be held.”

<p>This amendment defines “main scale default arrangement” for the purposes of new section 28B.</p>

92

Clause 38, page 41, line 8, leave out “of the totality”

<p>This amendment is consequential on Amendment 94.</p>

93

Clause 38, page 41, line 9, after “in” insert “default”

<p>This amendment confines the application of the asset allocation requirement to default funds of a relevant Master Trust or a group personal pension scheme.</p>

94

Clause 38, page 41, leave out lines 10 to 14 and insert—<br> “(2) Regulations under subsection (1) may prescribe a percentage by reference to—<br> (a) all of the assets of the scheme that are held in default funds, or<br> (b) a prescribed description of the assets of the scheme that are so held.”

<p>This amendment clarifies that a percentage may be prescribed under section 28C(1) in respect of either all the default funds of a scheme or a particular subset of those default funds.</p>

95

Clause 38, page 41, line 15, leave out “or (2)”

<p>This amendment is consequential on Amendment 94.</p>

96

Clause 38, page 41, line 18, leave out from “description” to end of line 19

<p>This amendment is consequential on Amendment 93.</p>

97

Clause 38, page 41, leave out line 40

<p>This amendment removes the “common investment strategy” element from the definition of “default funds” to avoid confusion with how that term is used in section 28A and 28B.</p>

98

Clause 38, page 42, line 12, leave out “relevant Master Trusts or” and insert “the trustees or managers of relevant Master Trusts or the providers of”

<p>This amendment clarifies that legal obligations fall on the trustees or managers of relevant Master Trusts or on the providers of group personal pension schemes (rather than on the schemes themselves).</p>

99

Clause 38, page 42, line 17, at end insert “for approval”

<p>This amendment clarifies that the reference to applications in new section 28C(10)(a) is to applications for approval in respect of the asset allocation requirement.</p>

100

Clause 38, page 42, line 19, at end insert—<br> “(ba) about the period for which an approval has effect;”

<p>This amendment ensures that regulations under new section 28C can make provision about the period to which an approval in respect of the asset allocation requirement has effect.</p>

101

Clause 38, page 42, line 19, at end insert—<br> “(bb) about the withdrawal of an approval, including conditions for and procedures in connection with withdrawals;”

<p>This amendment ensures that regulations under new section 28C can make provision about the withdrawal of approvals in respect of the asset allocation requirement, as well as related provision.</p>

102

Clause 38, page 42, line 30, after “maintain” insert “and publish”

<p>This amendment ensures that regulations under new section 28C can requires that lists maintained as mentioned in new section 28C(10)(f) can be required to be published.</p>

103

Clause 38, page 42, line 36, at end insert—<br> “(10A) Regulations under subsection (10)(bb) may in particular make provision—<br> (a) about steps, including communications with a relevant Master Trust or group personal pension scheme, that the Authority must take before deciding to withdraw an approval;<br> (b) setting a minimum period that must elapse between notification that approval is to be withdrawn and the withdrawal of the approval;<br> (c) where the Authority has given notice to the trustees or managers of a relevant Master Trust or the provider of a group personal pension that its approval is likely to be withdrawn and any other prescribed conditions are met, requiring the trustees or managers or provider to—<br> (i) act in relation to the scheme as if its approval has been withdrawn, and<br> (ii) take steps for ensuring that persons (such as employers) who may be affected in the event of the scheme losing that approval are promptly informed if such a loss should occur;<br> (d) permitting the Authority to impose, on a person who fails to comply with a requirement under paragraph (c), a penalty determined in accordance with the regulations that does not exceed £100,000.”

<p>This amendment provides more detail about how the power to make provision about withdrawal of approvals can be exercised.</p>

104

Clause 38, page 42, line 37, leave out “this section” and insert “subsection (1)”

<p>This amendment clarifies that the reporting obligation under subsection (11) applies to the first regulations introducing the substantive asset allocation requirement (rather than to preliminary regulations about procedure and so on).</p>

105

Clause 38, page 43, line 7, at end insert “(and for that purpose, a provision of the trust deed or rules of the scheme is "in conflict" with provision under this section so far as the former does not allow for the assets of the scheme to be managed in such a way as to meet the conditions for approval under this section)”

<p>This amendment clarifies the application of section 28C(14).</p>

106

Clause 38, page 43, line 8, leave out subsection (15)

<p>This amendment is consequential on Amendment 129.</p>

107

Clause 38, page 43, line 9, at end insert—<br> <b>“28CA</b> <b>Information</b><br> (1) Regulations may make provision about information that the trustees or managers of a relevant Master Trust or the provider of a group personal pension scheme must give to the Regulatory Authority about the allocation of assets of the relevant Master Trust or group personal pension scheme.<br> (2) The regulations may make provision about—<br> (a) the types of information that must be given;<br> (b) when it must be given;<br> (c) the form and manner in which it must be given.”

<p>This new section would allow regulations to require the provision of information about asset allocation to the Secretary of State and the Regulatory Authority.</p>

108

Clause 38, page 43, line 19, at end insert “, and<br> (b) has a credible plan in place for meeting the scale requirement within the meaning of section 28A(2)”

<p>This amendment makes it a condition of approval for transition pathway relief that a Master Trust has a credible plan in place for meeting the scale requirement.</p>

109

Clause 38, page 43, line 28, at end insert “, and<br> (b) has a credible plan in place for meeting the scale requirement within the meaning of section 28B(2).”

<p>This amendment makes it a condition of approval for transition pathway relief that a group person pension scheme has a credible plan in place for meeting the scale requirement.</p>

110

Clause 38, page 43, line 33, leave out “authorisation” and insert “approval”

<p>This amendment is to ensure that new section 28D of the Pensions Act 2008 refers correctly to an approval under new section 28A or 28B of that Act.</p>

111

Clause 38, page 44, line 15, after “20(1A)” insert “or section 26(7C)(c)”

<p>This amendment corrects an omission so that new section 28E of the Pensions Act 2008 works effectively for group personal pension schemes.</p>

112

Clause 38, page 44, line 20, at end insert—<br> “(za) the scheme in question does not yet have any members,”

<p>This amendment ensures that relief under section 28E is only available to schemes that are not yet operational.</p>

113

Clause 38, page 44, leave out lines 21 and 22 and insert—<br> “(a) the scheme in question has strong potential to grow so as to meet the scale requirement under section 28A,<br> (aa) the scheme in question has an innovative product design, and”

<p>This amendment ensures that the eligibility conditions for new entrant pathway relief are more precisely articulated.</p>

114

Clause 38, page 44, line 34, leave out from “of” to “(including” in line 35 and insert ““strong potential to grow” and “innovative product design””

<p>This amendment is consequential on Amendment 113.</p>

115

Clause 38, page 44, line 36, leave out from “has” to end of line 37 and insert “strong potential to grow or an innovative product design”

<p>This amendment is consequential on Amendment 113.</p>

116

Clause 38, page 45, leave out lines 1 and 2

<p>This amendment is consequential on Amendment 129.</p>

117

Clause 38, page 45, line 4, leave out “may” and insert “must”

<p>This amendment, together with Amendment 118, means that regulations about suspending the requirement for approval under section 28C have to have effect at any time when section 28C has effect as a result of regulations under that section.</p>

118

Clause 38, page 45, line 9, at end insert—<br> “(1A) The Secretary of State must make regulations under subsection (1) so that they have effect whenever regulations under section 28C(1) or (2) have effect.”

<p>See the explanatory statement for Amendment 117.</p>

119

Clause 38, page 45, line 14, leave out “the scheme or”

<p>This amendment means the asset allocation requirement can only be suspended where it would cause material financial detriment to the members of a scheme.</p>

120

Clause 38, page 45, line 15, leave out from “the scheme” to end of line 17

<p>This amendment simplifies the description of what may be done by regulations under new section 28F(1).</p>

121

Clause 38, page 45, line 17, at end insert—<br> “(aa) may make provision about the basis on which the Authority may or must form such a view, including about the evidence which the Authority may or must take into account;”

<p>This amendment clarifies that the regulations can circumscribe the basis on which the FCA or TPR can reach a view on the material financial detriment test in subsection (2)(a).</p>

122

Clause 38, page 45, line 23, at end insert—<br> “(c) must provide for the Authority’s determination on an application to be referred to the Upper Tribunal.”

<p>This amendment ensures that decisions on an application for the suspension of the asset allocation requirement will be referable to the Upper Tribunal.</p>

123

Clause 38, page 45, leave out lines 24 to 26

<p>This amendment is consequential on Amendment 121.</p>

124

Clause 38, page 45, line 28, after “as” insert “material”

<p>This ensures that regulations under subsection (4) can also make provision about what kind of detriment is classed as “material”.</p>

125

Clause 38, page 45, line 30, leave out subsection (5)

<p>This amendment is consequential on Amendment 129.</p>

127

Clause 38, page 45, line 31, at end insert—<br> <b>“28G</b> <b>Risk notices</b><br> (1) The Regulatory Authority (“the Authority”) may give a risk notice to the trustees or managers of a relevant Master Trust if the Authority considers that—<br> (a) there is an issue of concern in relation to the relevant Master Trust, and<br> (b) the relevant Master Trust will, or is likely to, cease to meet the conditions for approval under section 28A or 28C if the issue is not resolved.<br> (2) A “risk notice” is a notice that requires the trustees or managers of a relevant Master Trust to submit to the Authority a plan (a “resolution plan”) setting out proposals for resolving the issue of concern.<br> (3) A risk notice must—<br> (a) identify the issue of concern;<br> (b) specify the date by which the resolution plan is to be submitted.<br> (4) If the Authority is not satisfied that the proposals in a resolution plan are likely to be adequate to resolve the issue of concern, the Authority may give a further notice to the trustees or managers requiring them to submit a revised plan by a date specified in the notice.<br> (5) The trustees or managers must implement the proposals in a resolution plan if the Authority—<br> (a) is satisfied that the proposals are likely to be adequate to resolve the issue of concern, and<br> (b) notifies the trustees or managers accordingly.<br> (6) The Authority may direct the trustees or managers to comply with the requirement imposed by subsection (5).<br> (7) Where the trustees or managers are required by subsection (5) to implement the proposals in a resolution plan, they must—<br> (a) submit to the Authority, before the end of a period specified in regulations, a report setting out what progress they are making in implementing the proposals (a "progress report");<br> (b) submit further progress reports to the Authority at intervals specified by the Authority.<br> (8) Resolution plans and progress reports must be provided in the manner and form specified by the Authority.<br> (9) A reference to a resolution plan in subsections (4) to (8) includes a reference to a resolution plan as revised under subsection (4).<br> (10) Regulations may—<br> (a) specify information that a risk notice must contain;<br> (b) provide that the date referred to in subsection (3)(b) or (4) must fall before the end of a period specified in the regulations.<br> (11) Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager of a relevant Master Trust who fails to comply with—<br> (a) a notice under subsection (1) or (4),<br> (b) a direction under subsection (6), or<br> (c) a requirement imposed by subsection (7).”

<p>This amendment allows the Regulatory Authority to issue risk notices to the trustees or managers of a relevant Master Trust or the provider of a group personal person scheme if there were an issue in relation to the scheme relating to the quality requirement.</p>

128

Clause 38, page 45, line 31, at end insert—<br> <b>“28H</b> <b>Penalties</b><br> (1) Regulations may make provision about the imposition by the Regulatory Authority of a penalty on the trustees or managers of a relevant Master Trust or the provider of a group personal pension scheme where the scheme—<br> (a) fails to meet the condition in section 20(1A) by virtue of not being approved under section 28A or 28C, and<br> (b) accepts contributions from an employer in relation to a jobholder on the basis that it is an automatic enrolment scheme in relation to that jobholder.<br> (2) Regulations may make provision about the imposition by the Regulatory Authority of a penalty on the provider of a group personal pension scheme where the scheme—<br> (a) fails to meet the condition in section 26(7A) or (7B), and<br> (b) accepts contributions from an employer in relation to a jobholder on the basis that it is an automatic enrolment scheme in relation to that jobholder.<br> (3) The regulations must provide—<br> (a) that a penalty must not exceed £100,000 in relation to each employer from which contributions are accepted as mentioned in subsection (1)(b) or (2)(b), and<br> (b) that there is a right of appeal against the imposition of the penalty.”

<p>This amendment allows regulations to make provision for the imposition of penalties where a relevant Master Trust or a group personal pension scheme accepts contributions from an employer in relation to a jobholder on the basis that it is an automatic enrolment scheme in relation to that jobholder.</p>

126

Clause 38, page 45, line 31, at end insert—<br> <b>“28I</b> <b>Enforcement by the Financial Conduct Authority</b><br> (1) The Treasury may make regulations to enable the Financial Conduct Authority to take action (in addition to any action it may otherwise take under the Financial Services and Markets Act 2000) for monitoring and enforcing compliance of any FCA-regulated person with any provision of or under this Chapter.<br> (2) The regulations may apply, or make provision corresponding to—<br> (a) provision made by or under this Part in relation to the Regulator, or<br> (b) any provision of the Financial Services and Markets Act 2000,<br> <span class="wrapped">with or without modification.</span><br> (3) In this section, “FCA-regulated person” means an authorised person (within the meaning of the Financial Services and Markets Act 2000).”

<p>This amendment allows monitoring and enforcement functions to be conferred on the FCA in relation to the compliance of FCA-regulated persons with provisions of or under Chapter 1 of the Pensions Act 2008, including the new provisions on scale and asset allocation.</p>

129

Clause 38, page 46, line 9, leave out subsection (14) and insert—<br> “(14) In section 99 (interpretation of Part)—<br> (a) the existing words become subsection (1);<br> (b) in that subsection, at the appropriate places insert—<br> “group personal pension scheme” means a personal pension scheme which is available, or intended to be available, to employees of the same employer or of employers within a group, but does not include—<br> (a) a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999), or<br> (b) any pension scheme that requires all its members to make a choice as to how their contributions are invested;”;<br> “Regulatory Authority” has the meaning given by regulations under subsection (2);”;<br> “relevant Master Trust” has the meaning given by section 20(4);”;<br> (c) after that subsection insert—<br> “(2) The Secretary of State may by regulations define “Regulatory Authority” for the purposes of this Part.””

<p>This amendment consolidates certain interpretative provisions. It also amends the definition of “group personal pension scheme” so that only schemes where all members select their investment approach are excluded.</p>

130

Clause 38, page 46, line 19, leave out “26(7A), 28E” and insert “26(7A), (7B), (7C) or (7E),”

<p>This amendment, together with Amendment 132, ensures that regulations relating to the new scale and asset requirements are subject to affirmative parliamentary procedure.</p>

132

Clause 38, page 46, line 20, leave out “28C,” and insert “28C (other than subsection (10)(d))), 28D, 28E, 28F, 28H, 28I,”

<p>See the explanatory statement for Amendment 130.</p>

131

Clause 38, page 46, line 20, at end insert—<br> “(15A) The following provisions of the Pensions Act 2008 (which relate to transition pathway relief) are repealed at the end of the period of 5 years beginning with the day on which they come into force—<br> (a) paragraph (c) of Condition 1 in section 20(1A);<br> (b) section 26(7C)(b);<br> (c) section 28D;<br> (d) the word “28D” in section 143(5)(a).”

<p>This amendment provides for transition pathway relief to cease to be available 5 years after the commencement of the scale requirement.</p>

133

Clause 38, page 46, line 21, leave out subsection (16) and insert—<br> “(16) If this section is repealed under section 101(5A) (repeal where asset allocation requirement uncommenced) in respect of the insertion of the provisions mentioned in that subsection, the Secretary of State may by regulations amend this section in consequence of that repeal.<br> (17) Regulations under subsection (16) are subject to the negative procedure.”

<p>This amendment is related to Amendment 228. It allows for regulations to be made tidying up the various references to the asset allocation requirement in clause 38 in the event that the power to commence that requirement is never exercised.</p>

134

Clause 39, page 46, line 36, after “2008” insert “in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C,”

<p>This amendment, together with Amendment 135, ensures that provisions in or under the Pensions Act 2008 are added to section 204A of the Financial Services and Markets Act 2000 (meaning of “relevant requirement” and “appropriate regulatory”) only so far as they relate to the scale requirement or the asset allocation requirement.</p>

135

Clause 39, page 46, line 38, after “2008” insert “in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C,”

<p>See the explanatory statement for Amendment 134.</p>

136

Clause 39, page 47, line 10, leave out “quality” and insert “scale”

<p>This amendment changes a parenthetical description so that it is clearer.</p>

137

Clause 39, page 47, line 27, leave out from “(2)” to end of line 32 and insert—<br> “(4) The Secretary of State may by regulations—<br> (a) make provision about the meaning of terms used in subsection (2);<br> (b) specify further factors that the Pensions Regulator must take into account in deciding whether it is satisfied about the matters mentioned in subsection (1).<br> (5) The first regulations that are made under this section are subject to affirmative resolution procedure.<br> (6) Any other regulations under this section are subject to negative resolution procedure.”

<p>This amendment expands the power currently in the new section 12A(3) of the Pensions Schemes Act 2017, created by clause 39(11) of the Bill, so as to allow the Secretary of State to make provision about the meaning of terms in new section 12A(2) of the Pension Schemes Act 2017.</p>

138

Clause 39, page 47, line 32, at end insert—<br> <b>“12B</b> <b>Scale requirement</b><br> (1) The Secretary of State may by regulations make provision about how the Pensions Regulator is to decide whether it is satisfied that a Master Trust scheme that has its main administration in the United Kingdom meets Condition 1 in section 20(1A) (scale requirement) of the Pensions Act 2008.<br> (2) The regulations may, among other things, specify matters which the Pensions Regulator must take into account in making its assessment.<br> (3) The first regulations under this section are subject to affirmative resolution procedure.<br> (4) Any subsequent regulations under this section are subject to negative resolution procedure.”

<p>This amendment inserts in the Pension Schemes Act 2017 a power to make regulations about how the Pensions Regulator is to decide whether a Master Trust meets the scale requirement.</p>

139

Page 47, line 33, leave out Clause 40

<p>This amendment removes the crown application clause from Chapter 3. This is not needed since the only substantive provision made by the Chapter is amendments of other Acts, and the position on Crown application will be as per the amended Acts.</p>

140

Clause 41, page 48, line 22, after “2008” insert “or section 3(2), 5(2) or 7(3) of the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))”

<p>This amendment extends the application of the contractual override measure to Northern Ireland pension schemes.</p>

141

Clause 41, page 48, line 24, leave out from “member”” to end of line 25 and insert “means an active member within the meaning of Part 1 of the Pensions Act 2008 (see section 99 of that Act) or Part 1 of the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) (see section 78 of that Act).”

<p>This amendment is consequential on Amendment 140.</p>

142

Clause 41, page 48, line 33, leave out from “arrangements”” to end of line 34 and insert “means direct payment arrangements within the meaning of section 111A of the Pension Schemes Act 1993 or section 107A of the Pension Schemes (Northern Ireland) Act 1993.”

<p>This amendment is consequential on Amendment 140.</p>

143

Clause 41, page 53, line 8, leave out “Powers to make” and insert “Treasury”

<p>This amendment is consequential on Amendment 144.</p>

144

Clause 41, page 53, line 25, at end insert—<br> “(1A) The Treasury must by regulations require the FCA to include provision of a description specified in the regulations in general rules made in compliance with section 117E(4)(a) (how to determine whether a person is independent), alongside any other provision included in such general rules.<br> (1B) Regulations under subsection (1A) must in particular require the FCA to include in such general rules provision designed to ensure that the independent person does not have a conflict of interest.”

<p>This amendment requires the Treasury to make regulations about the requirements that need to be met by an independent person appointed under section 117E.</p>

145

Clause 41, page 53, line 38, leave out from “benefits”” to end of line 39 and insert “means money purchase benefits within the meaning of the Pension Schemes Act 1993 (see section 181(1) of that Act) or the Pension Schemes (Northern Ireland) Act 1993 (see section 176(1) of that Act);”

<p>This amendment is consequential on Amendment 140.</p>

146

Clause 41, page 54, line 3, leave out from “scheme”” to end of line 4 and insert “means a personal pension scheme within the meaning of the Pension Schemes Act 1993 (see section 1(1) of that Act) or the Pension Schemes (Northern Ireland) Act 1993 (see section 1(1) of that Act);”

<p>This amendment is consequential on Amendment 140.</p>

147

Clause 42, page 55, line 9, leave out “eligible members” and insert “each eligible member”

<p>This amendment clarifies that trustees or managers are required to make a default pension benefit solution available to every eligible member of the scheme.</p>

148

Clause 42, page 55, line 11, at beginning insert “at least in such circumstances or”

<p>This amendment allows for regulations to provide that particular events (as well as times or intervals) trigger a requirement to review default pension benefit solutions.</p>

149

Clause 42, page 55, line 13, leave out “relevant” and insert “pension”

<p>This amendment ensures that the definition of “pension benefit solution” is capable of operating in relation to a pension scheme that is not a relevant scheme (such as a collective money purchase scheme).</p>

150

Clause 42, page 55, line 25, leave out “as a default pension benefit solution,” and insert “of the scheme as the pension benefit solution under which—<br> (i) the eligible members of the scheme generally, or<br> (ii) a subset of those eligible members,<br> <span class="wrapped">will receive pension payments unless they choose to receive pension payments under a different pension benefit solution,”</span>

<p>This amendment clarifies the definition of “default pension benefit solution”.</p>

151

Clause 42, page 55, line 40, at end insert “;<br> (d) such other factors as may be prescribed.”

<p>This amendment allows other factors to be added by regulations to the factors that trustees or managers of a relevant scheme have to take account of in determining what default pension benefit solutions the scheme should make available.</p>

152

Clause 42, page 56, line 1, leave out “are to assess the needs and interests of its” and insert “of a scheme are to assess the needs and interests of the scheme’s”

<p>This amendment corrects a minor verbal inconsistency.</p>

153

Clause 42, page 56, line 14, leave out “money purchase benefits” and insert “benefits falling within paragraph (a) of the definition of “money purchase benefits” in section 181(1) of the Pension Schemes Act 1993”

<p>This amendment restricts the definition of “eligible member” of a relevant scheme so that it does not include members who are accruing or entitled to collective money purchase benefits.</p>

154

Clause 42, page 56, line 16, leave out “established under a trust”

<p>This amendment amends the definition of “relevant scheme” so schemes that are not established under a trust may fall within the definition.</p>

155

Clause 42, page 56, line 25, at beginning insert “(1)(b) or”

<p>This amendment provides for negative parliamentary procedure for regulations that prescribe when or in what circumstances default pension benefit solutions need to be reviewed.</p>

156

Clause 43, page 56, line 29, leave out “a member of the scheme” and insert “eligible members of the scheme (whether comprising the members of the scheme generally or a subset of those members)”

<p>This amendment clarifies how the exclusion in clause 43(1) operates.</p>

157

Clause 43, page 56, line 30, leave out from “such” to end of line 31 and insert “members are referred to in this Chapter as “transferable members”.”

<p>This amendment is consequential on Amendment 156.</p>

158

Clause 43, page 56, line 32, leave out from “that” to “to design” in line 33 and insert “the trustees or managers of the principal scheme have determined that it is not reasonably practicable for them”

<p>This amendment makes the first condition in clause 43(2) subject to the determination of the trustees or managers.</p>

159

Clause 43, page 56, line 33, leave out “that member” and insert “the members concerned”

<p>This amendment is consequential on Amendment 156.</p>

160

Clause 43, page 56, line 36, leave out from “have” to end of line 38 and insert “determined that a qualifying pension benefit solution of a qualifying scheme (other than the principal scheme) will provide a better outcome for the members concerned than any default pension benefit solution that the trustees or managers of the principal scheme could design and make available to them.”

<p>This amendment clarifies the application of the second condition in clause 43(3).</p>

161

Clause 43, page 57, line 1, leave out “and willing” and insert “to and agrees”

<p>This amendment is consequential on Amendment 174.</p>

162

Clause 43, page 57, line 7, at beginning insert “at such times or in such circumstances as may be prescribed,”

<p>This amendment allows for regulations to specify when transfer arrangements need to be entered into.</p>

163

Clause 43, page 57, line 8, leave out “facilitating relevant transfers” and insert “effecting a relevant transfer to that scheme”

<p>This amendment clarifies that schemes will be required to arrange with receiving schemes to carry out relevant transfers (not just to facilitate them).</p>

165

Clause 43, page 57, line 9, leave out “steps required by the regulations” and insert “prescribed steps”

<p>This amendment corrects a verbal inconsistency.</p>

164

Clause 43, page 57, line 9, at end insert—<br> “(5A) In carrying out the step in subsection (5)(a), the trustees or managers of the principal scheme must have regard to the matters mentioned in section 42(4) (and for that purpose references in those paragraphs to “the scheme” are to the principal scheme).<br> (5B) Section 42(5) applies for the purposes of subsection (5A) as it applies for the purposes of section 42(4).<br> (5C) The trustees or managers of the principal scheme must, at least in such circumstances or at such times or intervals as may be prescribed, review the suitability of any qualifying pension benefit solution in respect of which they have identified a qualifying scheme as mentioned in subsection (5)(a).”

<p>This amendment ensures that schemes are subject to similar duties in respect of their “transferable members” to the duties to which they are subject in respect of other eligible members.</p>

167

Clause 43, page 57, line 10, leave out “In subsection (5)(a)(ii)” and insert “In this Chapter,”

<p>This amendment reflects the fact that “qualifying pension benefit solution” is, as a result of other amendments, now used more widely in the Chapter.</p>

166

Clause 43, page 57, line 10, after “solution”” insert “, in relation to a qualifying scheme,”

<p>This amendment is consequential on Amendment 167.</p>

168

Clause 43, page 57, line 12, leave out “receiving”

<p>This amendment is consequential on Amendment 167.</p>

169

Clause 43, page 57, line 15, leave out “eligible members of the receiving” and insert “members of the”

<p>This amendment is consequential on Amendment 167, and also reflects the fact that a qualifying scheme need not necessarily be a relevant scheme, so the reference to “eligible members” (which is defined by reference to “relevant schemes”) is not right in all cases.</p>

170

Clause 43, page 57, line 16, leave out “eligible”

<p>This amendment reflects the fact that a qualifying scheme need not necessarily be a relevant scheme, so the reference to “eligible members” (which is defined by reference to “relevant schemes”) is not right in all cases.</p>

171

Clause 43, page 57, line 17, leave out “eligible”

<p>This amendment reflects the fact that a qualifying scheme need not necessarily be a relevant scheme, so the reference to “eligible members” (which is defined by reference to “relevant schemes”) is not right in all cases.</p>

172

Clause 43, page 57, line 21, leave out “But”

<p>This amendment makes a minor verbal change in light of other amendments to clause 43.</p>

173

Clause 43, page 57, line 23, leave out “subsection (5)” and insert “this section”

<p>This amendment reflects the fact that, as a result of other amendments, “qualifying scheme” is used more widely in the section.</p>

175

Clause 43, page 57, line 35, at end insert—<br> “(9A) Regulations may make provision about the conditions in subsections (2) and (3), including about the basis on which the determinations mentioned in those subsections are to be made.”

<p>This amendment allows for regulations to make provision elaborating on the conditions in subsections (2) and (3).</p>

174

Clause 43, page 57, line 35, at end insert—<br> “(9B) ​Regulations may require a pension scheme of a prescribed description to agree to receive a transfer in respect of the accrued rights of a transferable member where—<br> (a) the principal scheme has been unable, having used reasonable endeavours, to identify a qualifying scheme that is able and willing to do so, and<br> (b) any other prescribed conditions are met.<br> (9C) A requirement under subsection (9B) may only be imposed on a pension scheme that is one or both of the following—<br> (a) a Master Trust scheme within the meaning of the Pension Schemes Act 2017;<br> (b) a consolidator scheme within the meaning of Chapter 2 of Part 2 (consolidation of small dormant pension pots).”

<p>This amendment allows for regulations to require certain schemes to act as schemes of last resort in cases where the principal scheme cannot find a qualifying scheme that is willing to receive a transfer.</p>

176

Clause 43, page 57, line 40, at beginning insert “Regulations under subsection (5C), (10) or (11) are subject to the negative procedure; and other”

<p>This amendment applies negative parliamentary procedure to regulations under subsection (5C), (10) or (11).</p>

177

Clause 44, page 58, leave out line 2 and insert “Where only one pension benefit solution is available to the members of a relevant scheme,”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

178

Clause 44, page 58, line 3, leave out “the member” and insert “each eligible member of the scheme”

<p>This amendment corrects a minor verbal error.</p>

179

Clause 44, page 58, line 5, leave out “member’s default”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

180

Clause 44, page 58, line 8, leave out “default”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

181

Clause 44, page 58, line 9, leave out from beginning to “the trustees” in line 10 and insert “Where more than one pension benefit solution is available to the eligible members of a relevant scheme,”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

182

Clause 44, page 58, line 10, leave out “the member” and insert “, each eligible member of the scheme”

<p>This amendment corrects a minor verbal error.</p>

183

Clause 44, page 58, line 12, after “solution” insert “or qualifying pension benefit solution”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

184

Clause 44, page 58, line 14, leave out “option” and insert “solution”

<p>This amendment makes a clarificatory change to the tag used in clause 44(2).</p>

185

Clause 44, page 58, line 17, leave out “the default pension benefit solution” and insert “the specified solution”

<p>This amendment is consequential on Amendment 184.</p>

186

Clause 44, page 58, line 18, leave out “member’s default”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

187

Clause 44, page 58, line 27, leave out from “of” to “is” in line 29 and insert “a default pension benefit solution or qualifying pension benefit solution and an explanation that such a solution”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

188

Clause 44, page 58, line 29, leave out “an” and insert “a regular”

<p>This amendment makes the language of clause 44(4)(b) consistent with clause 42(3)(b).</p>

189

Clause 44, page 58, line 31, leave out “eligible members” and insert “each eligible member”

<p>This amendment makes a minor clarificatory change.</p>

190

Clause 44, page 58, line 32, leave out “the default pension benefit solutions offered by the scheme” and insert “the pension benefit solutions available to the eligible members”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

191

Clause 44, page 58, line 34, leave out paragraph (b)

<p>This amendment is consequential on Amendment 190.</p>

192

Clause 44, page 58, line 38, leave out from “describing” to end of line 40 and insert “a particular pension benefit solution that the trustees or managers consider to be suitable for the eligible member in question;”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

193

Clause 44, page 59, line 2, leave out “default”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

194

Clause 44, page 59, line 10, leave out “default” and insert “, or in the case of transferable members identifying,”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

195

Clause 44, page 59, line 11, leave out “default”

<p>This amendment ensures that clause 44 operates in relation to qualifying pension benefit solutions as well as default pension benefit solutions.</p>

196

Clause 45, page 59, line 27, leave out “offer” and insert “provide or make available”

<p>This amendment allows for regulations either to require information to be provided directly to members or to require it to be made available to them.</p>

197

Clause 45, page 59, line 28, after “information” insert “expressed in clear and plain language”

<p>This amendment requires that information required by regulations under clause 45 be in clear and plain language, mirroring the requirement in clause 44(6).</p>

198

Clause 45, page 59, line 30, leave out “default”

<p>This amendment, together with Amendment 199, ensures that clause 45 operates in respect of pension benefit solutions other than default pension benefit solutions.</p>

199

Clause 45, page 59, line 31, leave out “default”

<p>See the explanatory statement for Amendment 198.</p>

200

Clause 45, page 59, line 32, leave out “(for example as regards the rate of income withdrawal)”

<p>This amendment removes the suggestion that members would decide the rate of income withdrawal, since that would be determined by the scheme.</p>

201

Clause 45, page 59, line 33, leave out “given” and insert “provided or made available to a member”

<p>This amendment is consequential on Amendment 196.</p>

202

Clause 45, page 59, line 35, leave out “obtained under powers conferred by section 44”

<p>This amendment removes the reference to clause 44 from clause 45(2), so that information given by virtue of clause 45(1) may be based on information that the trustees or managers hold otherwise than by virtue of clause 44.</p>

203

Clause 46, page 60, line 8, leave out “default”

<p>This amendment ensures that clause 46 operates in respect of qualifying pension benefit solutions as well as default pension benefit solutions.</p>

204

Clause 46, page 60, line 9, leave out from beginning to “pension” in line 10 and insert “design, or in the case of transferable members identify,”

<p>This amendment ensures that clause 46 operates in respect of qualifying pension benefit solutions as well as default pension benefit solutions.</p>

205

Clause 46, page 60, line 12, leave out paragraph (c) and insert—<br> “(c) communicate effectively with eligible members of the scheme with regard to pension benefit solutions and comply with any regulations under section 45.”

<p>This amendment adds effective communication to the list of things that a pension benefits strategy must address.</p>

206

Clause 46, page 60, line 25, leave out “and” and insert “or”

<p>This amendment corrects an error.</p>

207

Clause 46, page 60, line 26, leave out “be authorised to”

<p>This amendment corrects an error.</p>

208

Clause 46, page 60, line 35, at end insert—<br> “(3A) Regulations may require the trustees or managers of a relevant scheme to publish, alongside a pension benefits strategy (or revised pension benefits strategy), prescribed information or evidence as to whether and how they have complied with the requirements imposed by virtue of this Chapter.”

<p>This amendment allows regulations to require that information about compliance be published alongside a pension benefits strategy.</p>

209

Clause 46, page 60, line 36, leave out subsection (4)

<p>This amendment leaves out a penalty provision that government amendments to Clause 47 would make redundant.</p>

210

Clause 46, page 61, line 1, leave out subsection (6)

<p>This amendment removes a redundant interpretation provision.</p>

211

Clause 47, page 61, line 4, leave out subsections (1) to (5) and insert—<br> “(1) Regulations may make provision with a view to ensuring the compliance of any person with any provision of or under this Chapter.<br> (2) The regulations may in particular—<br> (a) provide for the Pensions Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of or under this Chapter;<br> (b) provide for the Pensions Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of or under this Chapter;<br> (c) provide for the Pensions Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the person—<br> (i) has failed to comply with a compliance notice or third party compliance notice, or<br> (ii) has contravened a provision of or under this Chapter;<br> (d) provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;<br> (e) confer other functions on the Regulator.<br> (3) The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.<br> (4) But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—<br> (a) £10,000, in the case of an individual, and<br> (b) £100,000, in any other case.<br> (5) Any penalty payable under the regulations is recoverable by the Regulator.<br> (5A) In England and Wales, any such penalty is, if the county court so orders, recoverable under section 85 of the County Courts Act 1984 or otherwise as if it were payable under an order of that court.<br> (5B) In Scotland, a penalty notice is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom.<br> (5C) The Regulator must pay into the Consolidated Fund any penalty recovered under this section.”

<p>This amendment replaces the provisions in subsections (1) to (5) of clause 47 about fixed penalty notices with a power to make regulations providing for compliance notices, third party compliance notices and penalty notices.</p>

212

Clause 49, page 62, line 13, at end insert—<br> ““pension benefit solution” has the meaning given by section 42(2);”

<p>This amendment adds “pension benefit solution” to the list of defined terms in clause 49.</p>

213

Clause 49, page 62, line 19, at end insert—<br> ““qualifying pension benefit solution” has the meaning given by section 43(6);”

<p>This amendment adds “qualifying pension benefit solution” to the list of defined terms in clause 49.</p>

214

Clause 50, page 62, line 33, leave out from beginning to end of line 8 on page 63 and insert—<br> <b>“137FBD</b> <b>FCA general rules: guided retirement</b><br> (1) The FCA must make general rules for the purpose of ensuring that default or qualifying pension benefit solutions are made available to members of relevant pension schemes.<br> (2) In determining what provision to include in the rules, the FCA—<br> (a) must have regard to provision made by, and any provision made under, Chapter 5 of Part 2 of the Pension Schemes Act 2025 (guided retirement: schemes regulated by the Pensions Regulator), and<br> (b) must aim to ensure, so far as possible, that the outcomes achieved by the rules in relation to relevant pension schemes correspond to those achieved by that Chapter, and any regulations made under it, in relation to pension schemes to which that Chapter applies.<br> (3) In this section—<br> “default or qualifying pension benefit solution” means a pension benefit solution which—<br> (a) is designed for delivering money purchase benefits under a pension scheme to some or all of the members of the scheme,<br> (b) is designed to provide a regular income for the members concerned in their retirement (whether or not together with other benefits), and<br> (c) meets any other prescribed conditions;<br> “FCA-regulated pension scheme” means a pension scheme whose operation—<br> (a) is a regulated activity, and<br> (b) is carried on in the United Kingdom by an authorised person;<br> “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);<br> “pension benefit solution” , in relation to a pension scheme, means a contractual or other arrangement for making pension payments in respect of members’ accrued rights;<br> “pension scheme” has the meaning given in section 1(5) of the Pension Schemes Act 1993;<br> “relevant pension scheme” means an FCA-regulated pension scheme that is—<br> (a) an auto-enrolment scheme,<br> (b) a workplace personal pension scheme that is not an auto-enrolment scheme, or<br> (c) a pension scheme of a prescribed description,<br> <span class="wrapped">and for that purpose “auto-enrolment scheme” has the meaning given in section 117A(3) and “workplace personal pension scheme” has the meaning given in section 117A(5).”</span>

<p>This amendment adjusts the requirement for the FCA to make rules corresponding to Chapter 5 of Part 2. It ensures that the FCA has the flexibility to make provision that is different from that contained in Chapter 5 of Part 2 provided that the FCA’s rules aim to achieve corresponding outcomes to that Chapter.</p>

Gov 36

Clause 29, page 27, leave out lines 14 and 15

Gov 37

Clause 29, page 27, line 30, leave out "a relevant person, other than the FCA,” and insert "the small pots data platform operator or the trustees or managers of a relevant pension scheme"

Gov 38

Clause 29, page 27, line 39, leave out "Subject to subsection (4),”

Gov 39

Clause 29, page 28, line 3, leave out subsection (4)

Gov 40

Clause 29, page 28, leave out lines 8 and 9

Gov 41

Clause 31, page 29, line 38, leave out subsection (4) and insert- "(4) For the purposes of this Chapter a person is “FCA-regulated” if they are an authorised person (within the meaning of the Financial Services and Markets Act 2000) in relation to the operation of a pension scheme."

Gov 42

Clause 34, page 31, line 1, leave out ““FCA-regulated person”” and insert ““FCA-regulated”, in relation to a person,”

Gov 43

Clause 37, page 34, line 20, at end insert— "(3) In consequence of subsection (1)(b), in section 256 of the Pensions Act 2004 (no indemnification for fines or civil penalties), in subsection (1)(b), for "that Act" substitute "the Pensions Act 2014"."

Gov 229

Schedule, page 100, line 16, leave out "Part 2 or 3 of” and insert “Chapter 1, 2, 3A or 5 of Part 2 of, or any provision of Part 3 of,"

Gov 230

Schedule, page 100, line 27, at end insert— "(1A) Before paragraph (da) insert- "(dza) sections 28A to 28F of the Pensions Act 2008 (scale and asset allocation);""

Gov 232

Schedule, page 100, line 31, leave out "Chapter 1” and insert "Chapters 1, 2, 3A and 5"

Gov 231

Schedule, page 100, line 31, leave out "(value for money)"

Gov 233

Schedule, page 100, line 32, leave out “(superfunds)”

Gov 234

Schedule, page 101, line 16, leave out “any” and insert “or by virtue of any"

Gov 235

Schedule, page 101, leave out line 22 and insert- ""Chapter 1, 2, 3A or 5 of Part 2 of, or any provision of Part 3 of, the Pension Schemes Act 2025""

Gov 236

Schedule, page 101, line 25, leave out "any” and insert "or by virtue of any"

Gov 237

Schedule, page 101, leave out line 31 and insert- ""Chapter 1, 2, 3A or 5 of Part 2 of, or any provision of Part 3 of, the Pension Schemes Act 2025""

Gov 238

Schedule, page 102, line 10, after "legislation” insert “— (a) after paragraph (d) insert— "(ea) Part 1 of the Pensions Act 2008 in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C,";"

Gov 239

Schedule, page 102, line 12, leave out "Part 2 or 3 of” and insert “Chapter 1, 2, 3A or 5 of Part 2 of, or any provision of Part 3 of,"