Pension Schemes Act 2021

(42B) (1) This section applies where a contribution notice is issued to a person under section 38. (2) Section 88A (financial penalties) applies to the person if the person, without reasonable excuse, fails to pay the debt due by virtue of the contribution notice to— (a) the trustees or managers of the scheme, or (b) the Board of the Pension Protection Fund (as the case may be), before the date specified in the contribution notice for the purposes of this subsection (see section 40(2A)). (3) The Regulator may not issue a warning notice to the person in respect of the imposition of a penalty under section 88A as it applies by virtue of subsection (2) if an application under section 41(7) has been made— (a) in relation to the contribution notice, or (b) in relation to a contribution notice which is a corresponding contribution notice for the purposes of section 40(8), and the application has not been determined, withdrawn or abandoned. (4) In this section “warning notice” means a notice given as mentioned in section 96(2)(a).

Sanctions for avoidance of employer debt etc

Sanctions for avoidance of employer debt etc

107

• (1) The Pensions Act 2004 is amended as follows.

• (2) After section 58 insert—

(58A) (1) This section applies in relation to an occupational pension scheme other than— (a) a money purchase scheme, or (b) a prescribed scheme or a scheme of a prescribed description. (2) A person commits an offence only if— (a) the person does an act or engages in a course of conduct that— (i) prevents the recovery of the whole or any part of a debt which is due from the employer in relation to the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets), (ii) prevents such a debt becoming due, (iii) compromises or otherwise settles such a debt, or (iv) reduces the amount of such a debt which would otherwise become due, (b) the person intended the act or course of conduct to have such an effect, and (c) the person did not have a reasonable excuse for doing the act or engaging in the course of conduct. (3) A reference in this section to an act or course of conduct includes a failure to act. (4) This section does not apply to a person if the act done, or course of conduct engaged in, by the person is in accordance with the person's functions as an insolvency practitioner in relation to another person. (5) For the purposes of this section a reference to a debt due under section 75 of the Pensions Act 1995 includes a contingent debt under that section. (6) Accordingly, in the case of such a contingent debt, the reference in subsection (2)(a) to preventing a debt becoming due is to be read as including a reference to preventing the occurrence of any of the events specified in section 75(4C)(a) or (b) of the Pensions Act 1995 upon which the debt is contingent. (7) A person guilty of an offence under subsection (2) is liable— (a) on summary conviction in England and Wales, to a fine; (b) on summary conviction in Scotland, to a fine not exceeding the statutory maximum; (c) on conviction on indictment, to imprisonment for a term not exceeding seven years or a fine, or both. (8) Proceedings for an offence under subsection (2) may be instituted in England and Wales only— (a) by the Regulator or the Secretary of State, or (b) by or with the consent of the Director of Public Prosecutions. (9) For the purposes of this section and sections 58B to 58D “insolvency practitioner”, in relation to a person, means— (a) a person acting as an insolvency practitioner, in relation to that person, in accordance with section 388 of the Insolvency Act 1986, or (b) an insolvency practitioner within the meaning of section 121(9)(b) (persons of a prescribed description). (58B) (1) This section applies in relation to an occupational pension scheme other than— (a) a money purchase scheme, or (b) a prescribed scheme or a scheme of a prescribed description. (2) A person commits an offence only if— (a) the person does an act or engages in a course of conduct that detrimentally affects in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise), (b) the person knew or ought to have known that the act or course of conduct would have that effect, and (c) the person did not have a reasonable excuse for doing the act or engaging in the course of conduct. (3) A reference in this section to an act or a course of conduct includes a failure to act. (4) A reference in this section to accrued scheme benefits being received is a reference to benefits the rights to which have accrued by the relevant time being received by, or in respect of, the persons who were members of the scheme before that time. (5) In this section “the relevant time” means— (a) in the case of an act, the time of the act, (b) in the case of a failure to act— (i) the time when the failure occurred, or (ii) where the failure continued for a period of time, the end of that period, or (c) in the case of a course of conduct, the time when the course of conduct ended. (6) A reference in this section to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the Pensions Act 1995 (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued). (7) For the purposes of this section the benefits that may be received under the following provisions of this Act are to be disregarded— (a) Chapter 3 of Part 2 (the Board of the Pension Protection Fund: pension protection), and (b) section 286 (the financial assistance scheme for members of certain pension schemes). (8) This section does not apply to a person if the act done, or course of conduct engaged in, by the person is in accordance with the person's functions as an insolvency practitioner in relation to another person (see section 58A(9)). (9) A person guilty of an offence under subsection (2) is liable— (a) on summary conviction in England and Wales, to a fine; (b) on summary conviction in Scotland, to a fine not exceeding the statutory maximum; (c) on conviction on indictment, to imprisonment for a term not exceeding seven years or a fine, or both. (10) Proceedings for an offence under subsection (2) may be instituted in England and Wales only— (a) by the Regulator or the Secretary of State, or (b) by or with the consent of the Director of Public Prosecutions.

• (3) After section 58B (inserted by subsection (2)) insert—

(58C) (1) This section applies in relation to an occupational pension scheme other than— (a) a money purchase scheme, or (b) a prescribed scheme or a scheme of a prescribed description. (2) Section 88A (financial penalties) applies to a person who was party to an act or deliberate failure to act the main purpose or one of the main purposes of which was— (a) to prevent the recovery of the whole or any part of a debt which is due from the employer in relation to the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets), (b) to prevent such a debt becoming due, (c) to compromise or otherwise settle such a debt, or (d) to reduce the amount of such a debt which would otherwise become due, if it was not reasonable for the person to act or fail to act in the way that the person did. (3) This section does not apply where the Regulator is of the opinion that the person, in being a party to the act or failure, was acting in accordance with the person's functions as an insolvency practitioner in relation to another person (see section 58A(9)). (4) For the purposes of this section a reference to a debt due under section 75 of the Pensions Act 1995 includes a contingent debt under that section. (5) Accordingly, in the case of such a contingent debt, the reference in subsection (2) to preventing a debt becoming due is to be read as including a reference to preventing the occurrence of any of the events specified in section 75(4C)(a) or (b) of the Pensions Act 1995 upon which the debt is contingent. (6) For the purposes of this section the parties to an act or deliberate failure to act include those persons who knowingly assist in the act or failure. (7) If the Regulator is of the opinion that— (a) a person was party to a series of acts or deliberate failures to act, and (b) the requirements of subsection (2) are met in relation to the series, the series of acts or failures to act is to be regarded as an act or failure to act in relation to which the requirements of subsection (2) are met. (58D) (1) This section applies in relation to an occupational pension scheme other than— (a) a money purchase scheme, or (b) a prescribed scheme or a scheme of a prescribed description. (2) Section 88A (financial penalties) applies to a person who was party to an act or deliberate failure to act that detrimentally affected in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise), if— (a) the person knew or ought to have known that the act or failure to act would have that effect, and (b) it was not reasonable for the person to act or fail to act in the way that the person did. (3) This section does not apply where the Regulator is of the opinion that the person, in being a party to the act or failure, was acting in accordance with the person's functions as an insolvency practitioner in relation to another person (see section 58A(9)). (4) In this section a reference to accrued scheme benefits being received is a reference to benefits the rights to which have accrued by the relevant time being received by, or in respect of, the persons who were members of the scheme before that time. (5) In this section “the relevant time” means— (a) in the case of an act, the time of the act; (b) in the case of a failure to act— (i) the time when the failure to act occurred, or (ii) where the failure continued for a period of time, the end of that period; and, in the case of acts or failures to act forming part of a series, any reference in this subsection to an act or failure to act is a reference to the last of the acts or failures in that series. (6) A reference in this section to rights which have accrued is to be read in accordance with section 67A(6) and (7) of the Pensions Act 1995 (reading any reference in those subsections to a subsisting right as a reference to a right which has accrued). (7) In determining for the purposes of this section whether an act or failure to act has detrimentally affected in a material way the likelihood of accrued scheme benefits being received, the following provisions of this Act are to be disregarded— (a) Chapter 3 of Part 2 (the Board of the Pension Protection Fund: pension protection), and (b) section 286 (the financial assistance scheme for members of certain pension schemes). (8) For the purposes of this section the parties to an act or deliberate failure to act include those persons who knowingly assist in the act or failure. (9) If the Regulator is of the opinion that— (a) a person was party to a series of acts or deliberate failures to act, and (b) the requirements of subsection (2) are met in relation to the series, the series of acts or failures to act is to be regarded as an act or failure to act in relation to which the requirements of subsection (2) are met.

Collecting information

Duty to notify the Regulator of certain events

108

• (1) The Pensions Act 2004 is amended as follows.

• (2) In section 69 (duty to notify the Regulator of certain events)—

• (a) in subsection (7), for “section 10 of the Pensions Act 1995 (c. 26) (civil penalties)” substitute “ section 88A (financial penalties) ”;

• (b) in subsection (8), for “That section” substitute “ Section 88A ”.

• (3) In section 80 (offences of providing false or misleading information to the Regulator), in subsection (1)(a), after sub-paragraph (ii) insert—

(iia) section 69 (duty to notify the Regulator of certain events),

.

Duty to give notices and statements to the Regulator in respect of certain events

109

• (1) The Pensions Act 2004 is amended as follows.

• (2) After section 69 insert—

(69A) (1) Except where the Regulator otherwise directs, the appropriate person must— (a) give notice to the Regulator of any notifiable event; (b) give notice to the Regulator of any material change in, or in the expected effects of, a notifiable event; (c) give notice to the Regulator if a notifiable event is not going to, or does not, take place. (2) In subsection (1) “notifiable event” means a prescribed event in respect of the employer in relation to an eligible scheme. (3) For the purposes of subsection (1) each of the following is “the appropriate person”— (a) the employer in relation to the scheme, (b) a person connected with the employer, (c) an associate of the employer, and (d) a person of a prescribed description. (4) Regulations may make provision about the meaning of a “material change” for the purposes of this section. (5) A notice under subsection (1) must be given to the Regulator— (a) in the case of a notice under subsection (1)(a), as soon as reasonably practicable after the person giving it becomes aware of the notifiable event, subject to subsection (6), (b) in the case of a notice under subsection (1)(b), as soon as reasonably practicable after the person giving it becomes aware of the material change, subject to subsection (6), or (c) in the case of a notice under subsection (1)(c), as soon as reasonably practicable after the person giving it becomes aware that the notifiable event is not going to take place or (as the case may be) did not take place. (6) Regulations may require a notice under subsection (1)(a) or (b) to be given before the beginning of the prescribed period ending with— (a) the notifiable event in question, or (b) the material change in question. (7) A notice under subsection (1)(a) or (b) must be accompanied by a statement (an “accompanying statement”). (8) An accompanying statement must contain prescribed information. (9) The information that may be prescribed under subsection (8) includes, in particular— (a) a description of the event, (b) a description of any adverse effects of the event on the eligible scheme, (c) a description of any steps taken to mitigate those adverse effects, and (d) a description of any communication with the trustees or managers of the eligible scheme about the event. (10) Where a person gives the Regulator a notice under subsection (1), the person must give a copy of the notice and any accompanying statement to the trustees or managers of the eligible scheme at the same time. (11) A notice or accompanying statement under this section must be in writing. (12) No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice or accompanying statement under this section. This is subject to section 311 (protected items). (13) Section 88A (financial penalties) applies to a person who, without reasonable excuse, fails to comply with an obligation imposed on the person by this section. (14) For the purposes of this section— (a) section 249 of the Insolvency Act 1986 (connected persons) applies as it applies for the purposes of any provision of the first Group of Parts of that Act, (b) section 435 of the Insolvency Act 1986 (associated persons) applies as it applies for the purposes of that Act, and (c) section 229 of the Bankruptcy (Scotland) Act 2016 (associated persons) applies as it applies for the purposes of that Act. (15) In this section— - “eligible scheme” has the meaning given by section 126; - “event” includes a failure to act.

• (3) In section 80 (offences of providing false or misleading information to the Regulator), after subsection (1)(a)(iia) (inserted by section 108) insert—

(iib) section 69A (duty to give notices and statements to the Regulator in respect of certain events),

.

Gathering information

Interviews

110

• (1) The Pensions Act 2004 is amended as follows.

• (2) After section 72 insert—

(72A) (1) The Regulator may, by notice in writing, require any person to whom section 72(2) applies to attend before the Regulator, at a time and place specified in the notice, to answer questions and provide explanations on one or more matters specified in the notice that are relevant to the exercise of any of the Regulator's functions. (2) A notice under subsection (1) must contain such other information as may be prescribed.

• (3) In section 72 (provision of information), omit subsections (1A) and (1B).

• (4) In section 77 (penalties relating to sections 72 to 75)—

• (a) after subsection (1) insert—

(1A) A person who, without reasonable excuse, neglects or refuses— (a) to attend before the Regulator as required under section 72A(1), or (b) to answer a question or provide an explanation on a matter specified in the notice under section 72A(1), when so attending before the Regulator, is guilty of an offence.

;

• (b) in subsection (3), after “subsection (1)” insert “ , (1A) ”;

• (c) in subsection (4), after “subsection (1)” insert “ , (1A) ”.

Inspection of premises

111

• (1) Section 73 of the Pensions Act 2004 (inspection of premises) is amended as follows.

• (2) In subsection (2)—

• (a) after paragraph (da) insert—

(db) the Pension Schemes Act 2017; (dc) Part 1 of the Pension Schemes Act 2021;

;

• (b) in paragraph (e), for “(da)” substitute “ (dc) ”.

• (3) After subsection (2) insert—

(2A) An inspector may, for the purposes of investigating whether the Regulator has grounds in the case of an occupational pension scheme for issuing— (a) a contribution notice under section 38 (contribution notices where avoidance of employer debt), (b) a financial support direction under section 43 (financial support directions), (c) a contribution notice under section 47 (contribution notices where non-compliance with financial support direction), (d) a restoration order under section 52 (restoration orders where transactions at an undervalue), (e) a contribution notice under section 55 (contribution notice where failure to comply with restoration order), or (f) a notice, direction or order under any corresponding provision in force in Northern Ireland, at any reasonable time enter premises liable to inspection.

• (4) After subsection (5) insert—

(5A) An inspector may, for the purposes of investigating whether the relevant provisions are being, or have been, complied with in the case of a scheme, at any reasonable time enter premises liable to inspection. (5B) In subsection (5A), “the relevant provisions” means provisions contained in or made by virtue of— (a) such provisions of the pensions legislation as may be prescribed; (b) any provisions in force in Northern Ireland corresponding to the provisions so prescribed.

• (5) In subsection (6) (premises liable to inspection)—

• (a) in paragraph (b), omit the “or” at the end;

• (b) after paragraph (c) insert—

(d) documents relevant to the administration of the business of the employer in relation to the scheme are being kept there, (e) the administration of the business of the employer in relation to the scheme, or work connected with that administration, is being carried out there, or (f) in the case of an occupational pension scheme other than a money purchase scheme, a prescribed scheme or a scheme of a prescribed description, documents relevant to a change in the ownership of the employer or of a significant asset of the employer are being kept there.

• (6) After subsection (6) insert—

(6A) In the application of this section in relation to a provision mentioned in subsection (1), (2A), (3), (4) or (5A), references in this section to “employer” are to be read as having the meaning that it has for the purposes of the provision in question. (6B) In this section a reference to an employer in relation to an occupational pension scheme includes a reference to a person who has been the employer in relation to the scheme.

• (7) In subsection (7), for “this section,” substitute

this section— “the pensions legislation” means any enactment contained in or made by virtue of— (a) the Pension Schemes Act 1993, (b) Part 1 or section 33 or 45 of the Welfare Reform and Pensions Act 1999, (c) this Act, (d) Schedule 18 to the Pensions Act 2014, or (e) section 48 or 49 of the Pension Schemes Act 2015;

.

Fixed penalty notices and escalating penalty notices

112

After section 77 of the Pensions Act 2004 (penalties relating to sections 72 to 75) insert—

(77A) (1) The Regulator may issue a fixed penalty notice to a person if it considers that the person— (a) has failed to comply with a notice under section 72 or 72A, (b) has failed to comply with a requirement under section 75, or (c) has prevented or hindered an inspector exercising any power under section 73, 74 or 75. (2) A fixed penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice. (3) The penalty— (a) is to be determined in accordance with regulations, and (b) must not exceed £50,000. (4) A fixed penalty notice must— (a) state the amount of the penalty; (b) state the date by which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued; (c) state the period to which the penalty relates; (d) specify the failure or conduct to which the penalty relates; (e) state that the Regulator may issue an escalating penalty notice under section 77B if the person fails to comply with a notice under section 72 or 72A; (f) notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)). (5) The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act— (a) section 42 (penalty notices: recovery); (b) section 43 (review of penalty notices); (c) section 44 (references to First-tier Tribunal or Upper Tribunal). (6) This section does not apply in a case where section 40 of the Pensions Act 2008 or section 17 of the Pension Schemes Act 2017 applies. (77B) (1) The Regulator may issue an escalating penalty notice to a person if it considers that the person has failed to comply with a notice under section 72 or 72A. (2) But the Regulator may not issue an escalating penalty notice to a person if— (a) the person has exercised the right of referral to a tribunal under section 44 of the Pensions Act 2008 (as applied by section 77A(5)) in respect of a fixed penalty notice issued under section 77A in relation to that notice under section 72 or 72A, and (b) the reference has not been determined. (3) An escalating penalty notice is a notice requiring a person to pay an escalating penalty if the person fails to comply with a notice under section 72 or 72A before a specified date. (4) An escalating penalty is a penalty which is calculated by reference to a daily rate. (5) The daily rate— (a) is to be determined in accordance with regulations, and (b) must not exceed £10,000. (6) An escalating penalty notice must— (a) specify the failure to which the penalty relates; (b) state that, if the person fails to comply with the notice under section 72 or 72A before a specified date, the person will be liable to pay an escalating penalty; (c) state the daily rate of the escalating penalty and the way in which the penalty is calculated; (d) state the date from which the escalating penalty will be payable, which must not be earlier than the date specified in the fixed penalty notice under section 77A(4)(b); (e) state that the escalating penalty will continue to be payable at the daily rate until the date on which the person complies with the notice under section 72 or 72A or such earlier date as the Regulator may determine; (f) notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (7)). (7) The following sections of the Pensions Act 2008 apply to an escalating penalty notice under this section as they apply to an escalating penalty notice under section 41 of that Act— (a) section 42 (penalty notices: recovery); (b) section 43 (review of penalty notices); (c) section 44 (references to First-tier Tribunal or Upper Tribunal). (8) This section does not apply in a case where section 41 of the Pensions Act 2008 or section 18 of the Pension Schemes Act 2017 applies.

Provision of false or misleading information

Provision of false or misleading information to Regulator

113

After section 80 of the Pensions Act 2004 (offences of providing false or misleading information) insert—

(80A) (1) Section 88A (financial penalties) applies to a person who has knowingly or recklessly provided the Regulator with information which is false or misleading in a material particular, if the information was provided to the Regulator in the circumstances mentioned in subsection (2)(a), (b) or (c). (2) The circumstances referred to in subsection (1) are— (a) that the information was provided in purported compliance with a requirement under— (i) section 62 (the register: duties of trustees or managers), (ii) section 64 (duty of trustees or managers to provide scheme return), (iii) section 69 (duty to notify the Regulator of certain events), (iv) section 69A (duty to give notices and statements to the Regulator in respect of certain events), (v) section 72 (provision of information), (vi) section 72A (interviews), (vii) section 75 (inspection of premises: powers of inspectors), or (viii) regulations under section 11 of the Pensions Act 2008 (information about employers' duties to be given to the Regulator); (b) that the information was provided in applying for registration of a pension scheme under section 2 of the Welfare Reform and Pensions Act 1999 (registration of stakeholder pension schemes); (c) that the information was provided otherwise than as mentioned in paragraph (a) or (b) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Regulator for the purpose of exercising its functions under— (i) the Pensions Act 1995, (ii) this Act, (iii) the Pensions Act 2008, (iv) Schedule 18 to the Pensions Act 2014, (v) the Pension Schemes Act 2017, or (vi) Part 1 of the Pension Schemes Act 2021.

Provision of false or misleading information to trustees or managers

114

After section 80A of the Pensions Act 2004 (inserted by section 113) insert—

(80B) (1) This section applies in relation to an occupational pension scheme other than— (a) a money purchase scheme, or (b) a prescribed scheme or a scheme of a prescribed description. (2) Section 88A (financial penalties) applies to a person who has knowingly or recklessly provided a trustee or manager of the scheme with information which is false or misleading in a material particular, if the information was provided to the trustee or manager of the scheme in the circumstances mentioned in subsection (3)(a) or (b). (3) The circumstances referred to in subsection (2) are— (a) that the information was provided in purported compliance with a requirement under— (i) regulations under section 7 of the Superannuation Act 1972 (superannuation of persons employed in local government service and other persons selected by the Secretary of State), (ii) regulations under section 113A of the Pension Schemes Act 1993 (power to require disclosure of information about transfers from one scheme to another), (iii) section 22(2B)(c) of the Pensions Act 1995 (insolvency practitioner or official receiver to give notice of certain events to trustees of scheme), (iv) section 26 of that Act (insolvency practitioner or official receiver to give information to trustees), (v) regulations under section 47(9) of that Act (power to impose duties on employers, auditors and actuaries to disclose information), or (vi) a direction under section 72B of that Act (directions by Regulator for facilitating winding up of scheme); (b) that the information was provided otherwise than as mentioned in paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the trustee or manager who receives it in that person's capacity as a trustee or manager of the scheme.

Financial penalties

Financial penalties

115

After section 88 of the Pensions Act 2004 insert—

(88A) (1) Where the Regulator is satisfied that by reason of an act this section applies to a person, the Regulator may issue a notice to the person requiring the person to pay a penalty in respect of that act of an amount specified in the notice within a period specified in the notice. (2) The amount of the penalty is to be an amount, not exceeding £1 million, determined by the Regulator. (3) Regulations may amend subsection (2) by substituting a higher amount for the amount for the time being specified in subsection (2). (4) The date on which the period specified in the notice ends must be at least 28 days after the date on which the notice is issued. (5) The notice must specify the provision by virtue of which the penalty is imposed. (6) Where— (a) a penalty under this section may, apart from this subsection, be imposed on a body corporate, and (b) the act in question was done with the consent or connivance of a director, manager, secretary or other similar officer of the body or a person purporting to act in any such capacity, this section applies to that person. (7) Where the affairs of a body corporate are managed by its members, subsection (6) applies in relation to the acts of a member in connection with the member's functions of management as to a director of a body corporate. (8) Where— (a) a penalty under this section may, apart from this subsection, be imposed on a Scottish partnership, and (b) the act in question was done with the consent or connivance of a partner, this section applies to that person. (9) If the Regulator requires a person to pay a penalty under this section by virtue of subsection (6) or (8), it may not also require the body corporate or the Scottish partnership to pay a penalty under this section in respect of the same act. (10) The Regulator may not issue a notice under this section to a person in relation to an act if— (a) the person has been convicted of an offence in respect of the same act, or (b) criminal proceedings for the offence have been instituted against the person in respect of the act and the proceedings have not been concluded. (11) The Regulator may not issue a notice under this section to a person in respect of an act if the Regulator has required the person to pay a penalty under section 10 of the Pensions Act 1995 (civil penalties) in respect of the same act. (12) In this section “act” includes omission. (88B) (1) Subsection (3) applies where— (a) the Regulator is satisfied that section 88A applies to a person by virtue of section 58C or 58D (financial penalty for avoidance of employer debt etc), (b) the Regulator issues a notice under section 88A requiring the person to pay a penalty in respect of the act or failure to act in question, and (c) when the notice under section 88A is issued, the person is subject to one or more contribution notices issued under section 38 (contribution notices where avoidance of employer debt). (2) Subsection (3) does not apply if, when the notice under section 88A is issued, a qualifying insolvency event has occurred in relation to the employer in relation to the scheme by reference to which the penalty under section 88A is imposed. (3) The Regulator may not take any step to recover the penalty specified in the notice under section 88A (including accepting an amount offered in payment or part payment of the penalty) until after— (a) the relevant date relating to the contribution notice or (as the case may be) the latest of the relevant dates relating to the contribution notices, or (b) if sooner, the date on which a qualifying insolvency event occurs in relation to the employer in relation to the scheme by reference to which the penalty under section 88A is imposed. (4) In this section— - “qualifying insolvency event” has the meaning given by section 127(3); - “the relevant date” means, in relation to a contribution notice issued under section 38— 1. the date specified under section 40(2A) for the purposes of sections 42A(2) and 42B(2), disregarding any date that has effect instead of that date by virtue of section 41(10A) or (11B), or 2. if sooner, the date on which the sum specified in the contribution notice is paid. (88C) (1) A penalty under section 88A is recoverable by the Regulator. (2) In England and Wales, such a 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. (3) In Scotland, a notice to pay such a penalty is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland. (4) The Regulator must pay into the Consolidated Fund a penalty recovered under this section.

Supplementary

Minor and consequential amendments

116

Schedule 7 contains minor and consequential amendments.

Northern Ireland

The Pensions Regulator: Northern Ireland

117

In Schedule 8—

• (a) Part 1 makes provision for Northern Ireland which corresponds to that made by sections 103 to 115;

• (b) Part 2 contains minor and consequential amendments.

PART 4 — Pensions dashboards

Qualifying pensions dashboard service

118

• (1) The Pensions Act 2004 is amended as follows.

• (2) After section 238 insert—

(238A) (1) A pensions dashboard service is an electronic communications service by means of which information about pensions may be requested by, and provided to, an individual or a person authorised by the individual. (2) “Qualifying pensions dashboard service” means a pensions dashboard service in relation to which prescribed requirements are satisfied. (3) Requirements prescribed under subsection (2) may, in particular, relate to— (a) what relevant and other information is to be provided, how it is to be provided and the circumstances in which it is to be provided; (b) how the pensions dashboard service is to be established, maintained and operated. (4) In subsection (3)(a) “relevant information” means— (a) information of a prescribed description about— (i) state pensions; (ii) basic or additional retirement pensions; (b) state pension information relating to the individual in question of such description as may be prescribed; (c) information of a prescribed description about occupational or personal pension schemes or a prescribed description of occupational or personal pension schemes; (d) information relating to the individual in question and particular occupational or personal pension schemes of such description as may be prescribed. (5) Requirements prescribed under subsection (2) may, in particular— (a) require the pensions dashboard service to comply with standards, specifications or technical requirements published from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations; (b) require the provider of the pensions dashboard service to satisfy prescribed conditions; (c) require the provider of the pensions dashboard service to be a person approved from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations; (d) require the provider of the pensions dashboard service to provide, or not to provide, information, facilities or services specified or of a description specified in connection with the pensions dashboard service. (6) Requirements prescribed under subsection (2) may include provision under which a determination may fall to be made by— (a) the Secretary of State, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (238B) (1) Requirements prescribed under section 238A(2) may make provision about— (a) dealing with requests for information about pensions, including provision about the use of intermediaries; (b) the involvement of the provider of a pensions dashboard service in the arrangements for dealing with requests for information about pensions. (2) The provision made by virtue of subsection (1) may, in particular, require— (a) the use of electronic communications; (b) the use of facilities or services specified or of a description specified in the regulations; (c) the provision of assistance in connection with the establishment, maintenance or management of such facilities or services; (d) participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services. (3) The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to— (a) the transmission of information, (b) verifying the identity of a person, (c) identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual, (d) authenticating information transmitted by means of electronic communications, or (e) ensuring the security of information transmitted by means of electronic communications. (4) Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about— (a) compliance with standards, specifications or technical requirements published from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations; (b) the provider of the facility or service being a person approved from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations. (5) Regulations under subsection (2)(d) may, in particular, require the provider of the pensions dashboard service— (a) to cooperate with the Money and Pensions Service or a person specified or of a description specified in the regulations; (b) to coordinate activities with the Money and Pensions Service or a person specified or of a description specified in the regulations; (c) to enable the Money and Pensions Service or a person specified or of a description specified in the regulations to monitor or audit compliance by the provider. (6) Except as provided by subsection (7), regulations under section 238A(2) may provide for the processing of personal data in accordance with the regulations not to be in breach of— (a) any obligation of confidence owed by the person processing the personal data, or (b) any other restriction on the processing of personal data (however imposed). (7) Regulations under section 238A(2) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question). (238C) (1) This section applies for the purposes of sections 238A and 238B. (2) A reference to state pension information, in relation to an individual, is a reference to the information about that individual specified in— (a) section 42(7) of the Child Support, Pensions and Social Security Act 2000, or (b) section 38(7) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000. (3) A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018. (4) In sections 238A and 238B— - “additional retirement pension” means— 1. any additional pension or shared additional pension under— 1. the Social Security Contributions and Benefits Act 1992, or 2. the Social Security Contributions and Benefits (Northern Ireland) Act 1992, or 2. any graduated retirement benefit under— 1. sections 36 and 37 of the National Insurance Act 1965, or 2. sections 35 and 36 of the National Insurance Act (Northern Ireland) 1966; - “basic retirement pension” means any basic pension under— 1. the Social Security Contributions and Benefits Act 1992, or 2. the Social Security Contributions and Benefits (Northern Ireland) Act 1992; - “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “electronic communications service” has the meaning given by section 32 of the Communications Act 2003; - “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “state pension” means any state pension under— 1. Part 1 of the Pensions Act 2014, or 2. Part 1 of the Pensions Act (Northern Ireland) 2015.

• (3) In section 316 (Parliamentary control of subordinate legislation), in subsection (2) (affirmative resolution procedure), after paragraph (k) insert—

(ka) regulations under section 238A (qualifying pensions dashboard service);

.

Information from occupational pension schemes

119

• (1) The Pensions Act 2004 is amended as follows.

• (2) After section 238C of the Pensions Act 2004 (inserted by section 118) insert—

(238D) (1) Regulations may impose requirements on the trustees or managers of a relevant occupational pension scheme with respect to— (a) providing pensions information by means of— (i) a qualifying pensions dashboard service, or (ii) the pensions dashboard service provided by the Money and Pensions Service; (b) facilitating the provision of pensions information by means of— (i) a qualifying pensions dashboard service, or (ii) the pensions dashboard service provided by the Money and Pensions Service. (2) In this section “pensions information” means, in relation to a relevant occupational pension scheme, such information as may be prescribed, which may include in particular— (a) information relating to— (i) the constitution of the scheme, (ii) the administration and finances of the scheme, (iii) the rights and obligations that arise or may arise under the scheme, (iv) the pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, and (v) other matters relevant to occupational pension schemes in general or to occupational pension schemes of a description to which the scheme belongs; (b) information as regards the position of an individual in relation to the scheme. (3) Regulations under subsection (1) may, in particular, impose requirements about— (a) the persons to whom pensions information must be provided; (b) the circumstances in which pensions information must be provided; (c) the steps to be taken before pensions information may be provided; (d) the manner and form in which pensions information must be provided; (e) the time within which pensions information must be provided; (f) the way in which pensions information must be held. (4) Regulations under subsection (1) may require the trustees or managers of a scheme to comply with standards, specifications or technical requirements published from time to time by— (a) the Secretary of State, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (5) Regulations under subsection (1) may include provision under which a determination may fall to be made by— (a) the Secretary of State, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (6) Regulations under subsection (1) may require the trustees or managers to provide prescribed information about their carrying out of requirements prescribed under this section to— (a) the Regulator, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the regulations. (7) In complying with requirements prescribed under this section, a trustee or manager of an occupational pension scheme must have regard to guidance issued from time to time by— (a) the Secretary of State, or (b) a person specified or of a description specified in the regulations. (238E) (1) Regulations under section 238D(1) may make provision about— (a) how pensions information is to be provided, including provision about the use of intermediaries; (b) the involvement of the trustees or managers of a scheme in the arrangements for dealing with requests for information about pensions. (2) The provision made by virtue of subsection (1) may, in particular, require— (a) the use of electronic communications; (b) the use of facilities or services specified or of a description specified in the regulations; (c) the provision of assistance in connection with the establishment, maintenance or management of such facilities or services; (d) participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services. (3) The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to— (a) the transmission of information, (b) verifying the identity of a person, (c) identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual, (d) authenticating information transmitted by means of electronic communications, or (e) ensuring the security of information transmitted by means of electronic communications. (4) Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about— (a) compliance with standards, specifications or technical requirements published from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations; (b) the provider of the facility or service being a person approved from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the regulations. (5) Regulations under subsection (2)(d) may, in particular, require the trustees or managers— (a) to cooperate with the Money and Pensions Service or other persons specified or of a description specified in the regulations; (b) to coordinate activities with the Money and Pensions Service or other persons specified or of a description specified in the regulations. (6) Except as provided by subsection (7), regulations under section 238D(1) may provide for the processing of personal data in accordance with the regulations not to be in breach of— (a) any obligation of confidence owed by the person processing the personal data, or (b) any other restriction on the processing of personal data (however imposed). (7) Regulations under section 238D(1) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question). (238F) (1) This section has effect for the purposes of sections 238D and 238E. (2) A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018. (3) In sections 238D and 238E— - “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “pensions dashboard service” means— 1. a pensions dashboard service within the meaning of section 238A, or 2. a pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); - “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “qualifying pensions dashboard service” means a pensions dashboard service that satisfies— 1. such requirements as may be prescribed by regulations under section 238A, or 2. such requirements as may be prescribed by regulations under Article 215A of the ; - “relevant occupational pension scheme” means an occupational pension scheme which is not a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999). (238G) (1) Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under section 238D. (2) The regulations may, among other things— (a) provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under section 238D; (b) provide for the 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 the regulations; (c) provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person— (i) has failed to comply with a compliance notice or third party compliance notice, or (ii) has contravened a provision of regulations under section 238D; (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; (e) confer other functions on the Regulator. (3) The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention. (4) But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed— (a) £5,000, in the case of an individual, and (b) £50,000, in any other case. (5) In this section “relevant occupational pension scheme” has the meaning given by section 238F.

• (3) In section 310 (admissibility of statements), in subsection (3)(b), after sub-paragraph (ai) (inserted by paragraph 11 of Schedule 7) insert—

(bi) section 238G (penalties for contravention of regulations under section 238D),

.

• (4) In section 316 (Parliamentary control of subordinate legislation), in subsection (2) (affirmative resolution procedure), after paragraph (ka) (inserted by section 118) insert—

(kb) regulations under section 238D (information from occupational pension schemes); (kc) regulations under section 238G (compliance with regulations under section 238D);

.

• (5) In Schedule 1 (the Pensions Regulator), in Part 4 (proceedings and delegation etc), in paragraph 21(2), after paragraph (e) insert—

(ea) the power to issue a compliance notice under regulations under section 238G; (eb) the power to issue a third party compliance notice under regulations under section 238G; (ec) the power to issue a penalty notice under regulations under section 238G;

.

Pensions dashboards: Northern Ireland

120

Schedule 9 contains provision for Northern Ireland corresponding to the provision made for England and Wales and Scotland in sections 118 and 119.

Information from personal and stakeholder pension schemes

121

• (1) The Financial Services and Markets Act 2000 is amended as follows.

• (2) After section 137FA insert—

(137FAA) (1) The FCA must make general rules imposing requirements on specified authorised persons with respect to— (a) providing pensions information by means of— (i) a qualifying pensions dashboard service; (ii) the pensions dashboard service provided by the Money and Pensions Service; (b) facilitating the provision of pensions information by means of— (i) a qualifying pensions dashboard service; (ii) the pensions dashboard service provided by the Money and Pensions Service. (2) In this section “pensions information” means, in relation to a personal or stakeholder pension scheme, information of a description specified in rules made by virtue of subsection (1), which may include in particular— (a) information relating to— (i) the constitution of the scheme, (ii) the administration and finances of the scheme, (iii) the rights and obligations that arise or may arise under the scheme, (iv) the pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, and (v) other matters relevant to personal or stakeholder pension schemes in general or to personal or stakeholder pension schemes of a description to which the scheme belongs; (b) information as regards the position of an individual in relation to the scheme. (3) Rules made by virtue of subsection (1) may, in particular, impose requirements about— (a) the persons to whom pensions information must be provided; (b) the circumstances in which pensions information must be provided; (c) the steps to be taken before pensions information may be provided; (d) the manner and form in which pensions information must be provided; (e) the time within which pensions information must be provided; (f) the way in which pensions information must be held. (4) Rules made by virtue of subsection (1) may require specified authorised persons to comply with standards, specifications or technical requirements published from time to time by— (a) the Secretary of State, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the rules. (5) Rules made by virtue of subsection (1) may include provision under which a determination may fall to be made by— (a) the Secretary of State, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the rules. (6) Rules made by virtue of subsection (1) may require specified authorised persons to provide information specified in the rules about their carrying out of requirements specified in the rules to— (a) the FCA, (b) the Money and Pensions Service, or (c) a person specified or of a description specified in the rules. (7) Rules made by virtue of subsection (1) may require specified authorised persons to have regard, in complying with requirements specified in the rules, to guidance issued from time to time by a person specified or of a description specified in the rules. (8) In determining what provision to include in the rules, the FCA must have regard to any regulations that are for the time being in force under— (a) section 238D of the Pensions Act 2004, or (b) Article 215D of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)). (137FAB) (1) General rules made by virtue of section 137FAA(1) may make provision about— (a) how pensions information is to be provided, including provision about the use of intermediaries; (b) the involvement of specified authorised persons in the arrangements for dealing with requests for information about pensions. (2) The provision made by virtue of subsection (1) may, in particular, require— (a) the use of electronic communications; (b) the use of facilities or services specified or of a description specified in the rules; (c) the provision of assistance in connection with the establishment, maintenance or management of such facilities or services; (d) participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services. (3) The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to— (a) the transmission of information, (b) verifying the identity of a person, (c) identifying the occupational or personal pension scheme or schemes (as defined in section 1 of the Pension Schemes Act 1993 or the Pension Schemes (Northern Ireland) Act 1993) under which pensions are payable to or in respect of a particular individual, (d) authenticating information transmitted by means of electronic communications, or (e) ensuring the security of information transmitted by means of electronic communications. (4) Rules made by virtue of subsection (2)(b) may impose requirements as regards a facility or service, including requirements about— (a) compliance with standards, specifications or technical requirements published from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the rules; (b) the provider of the facility or service being a person approved from time to time by— (i) the Secretary of State, (ii) the Money and Pensions Service, or (iii) a person specified or of a description specified in the rules. (5) Rules made by virtue of subsection (2)(d) may, in particular, require specified authorised persons— (a) to cooperate with the Money and Pensions Service or a person specified or of a description specified in the rules; (b) to coordinate activities with the Money and Pensions Service or a person specified or of a description specified in the rules. (6) Except as provided by subsection (7), general rules made by virtue of section 137FAA(1) may provide for the processing of personal data in accordance with the rules not to be in breach of— (a) any obligation of confidence owed by the person processing the personal data, or (b) any other restriction on the processing of personal data (however imposed). (7) General rules made by virtue of section 137FAA(1) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of the rules in question). (137FAC) (1) Before the FCA publishes a draft of any general rules to be made by virtue of section 137FAA, it must consult— (a) the Secretary of State, and (b) the Treasury. (2) Section 137FAA is not to be treated as requiring the FCA to make general rules by virtue of section 137FAA that come into force before regulations made under section 238D of the Pensions Act 2004 come into force. (3) Section 137FAA is not to be treated as requiring the FCA to exercise the power to make general rules by virtue of section 137FAA in relation to every case to which the power extends. (4) A reference in sections 137FAA and 137FAB to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018. (5) In sections 137FAA and 137FAB— - “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “pensions dashboard service” means— 1. a pensions dashboard service within the meaning of section 238A of the Pensions Act 2004, or 2. a pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); - “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); - “personal pension scheme” means a personal pension scheme within the meaning of an order under section 22 (except in section 137FAB(3)(c)); - “qualifying pensions dashboard service” means a pensions dashboard service that satisfies— 1. such requirements as may be prescribed by regulations under section 238A of the Pensions Act 2004, or 2. such requirements as may be prescribed by regulations under Article 215A of the ; - “specified authorised person” means an authorised person of a description specified in general rules made by virtue of section 137FAA; - “stakeholder pension scheme” has the meaning given by— 1. section 1 of the Welfare Reform and Pensions Act 1999, in relation to England and Wales and Scotland; 2. Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)), in relation to Northern Ireland.

• (3) In section 138F (notification of rules), in subsection (2) (rules not to be notified to the Bank of England), after “section” insert “ 137FAA, ”.

The Money and Pensions Service: the pensions guidance function

122

In the Financial Guidance and Claims Act 2018, after section 4 (specific requirements as to the pensions guidance function) insert—

(4A) (1) The single financial guidance body must provide a pensions dashboard service by means of which— (a) information that the trustees or managers of a relevant occupational pension scheme are required to provide by— (i) regulations under section 238D(1)(a)(ii) of the Pensions Act 2004, or (ii) regulations under Article 215D(1)(a)(ii) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), and (b) information that specified authorised persons are required to provide by general rules under section 137FAA(1)(a)(ii) of the Financial Services and Markets Act 2000, may be requested by, and provided to, an individual or a person authorised by the individual. (2) The single financial guidance body may, by means of its pensions dashboard service, provide information about— (a) state pensions, (b) basic and additional retirement pensions, and (c) state pension information relating to an individual. (3) The single financial guidance body may carry out other functions relating to pensions dashboard services, including functions for which provision is made by— (a) regulations under section 238A of the Pensions Act 2004 or Article 215A of the Pensions (Northern Ireland) Order 2005 (qualifying pensions dashboard services), (b) regulations under section 238D of the Pensions Act 2004 or Article 215D of the Pensions (Northern Ireland) Order 2005 (information from occupational pension schemes), or (c) general rules under section 137FAA of the Financial Services and Markets Act 2000 (information from personal or stakeholder pension schemes). (4) The functions of the single financial guidance body referred to in subsections (1) to (3) are part of its pensions guidance function. (5) Subsections (1) to (4) are without prejudice to sections 3(4) and (8) and 4. (6) In this section— - “pensions dashboard service” means— 1. a pensions dashboard service within the meaning of section 238A of the Pensions Act 2004, or 2. a pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); - “relevant occupational pension scheme” has the meaning given by— 1. section 238F of the Pensions Act 2004, in relation to England and Wales and Scotland, and 2. Article 215F of the Pensions (Northern Ireland) Order 2005, in relation to Northern Ireland; - “specified authorised person” has the meaning given by section 137FAC of the Financial Services and Markets Act 2000; - “state pension”, “basic retirement pension”, “additional retirement pension” and “state pension information” have the meaning given by section 238C of the Pensions Act 2004.

PART 5 — Further provision relating to pension schemes

Scheme funding

Funding of defined benefit schemes

123

Schedule 10 contains—

• (a) in Part 1, amendments of Part 3 of the Pensions Act 2004 (scheme funding), and

• (b) in Part 2, minor and consequential amendments relating to the amendments mentioned in paragraph (a).

Climate change risk

Climate change risk

124

• (1) The Pensions Act 1995 is amended as follows.

• (2) After section 41 insert—