| Guvnor

Status: In Force
Penalty ceiling: Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trustee4

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trustee — also bound by 104 other Acts

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 79 duties

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 40 duties

Charities Act 2011 27 duties

Charities Act (Northern Ireland) 2008 22 duties

Insolvency (England and Wales) Rules 2016 21 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Categories of pension scheme

0 of 7 sections shown

7 other sections in this Part — procedural and definitional

s.001 Introduction

s.002 Defined benefits scheme

s.003 Shared risk scheme (sometimes known as “defined ambition”)

s.004 Defined contributions scheme

s.005 Meaning of “pensions promise” etc

s.006 Treatment of a scheme as two or more separate schemes

s.007 Interpretation of Part 1

Part 2

Collective benefits

0 of 28 sections shown

28 other sections in this Part — procedural and definitional

s.008 Introduction and definition

s.009 Duty to set targets for collective benefits

s.010 Policy about factors used to determine each benefit

s.011 Power to impose requirements about factors used to determine each benefit

s.012 Payment schedule

s.013 Overdue contributions and other payments

s.014 Statement of investment strategy

s.015 Investment performance reports

s.016 Investment powers

s.017 Restriction on borrowing by trustees or managers

s.018 Investment powers: duty of care

s.019 Valuation reports

s.020 Valuation process

s.021 Policy for dealing with a deficit or surplus

s.022 Power to impose requirements about dealing with a deficit or surplus

s.023 Deficits attributable to an offence or the imposition of a levy

s.024 Payment of amounts out of collective benefit funds

s.025 Policy for calculating cash equivalent of benefits

s.026 Winding up

s.027 Requirement to wind up scheme in specified circumstances

s.028 Policies about winding up

s.029 Working out which assets are available for the provision of which benefits

s.030 Requirement to obtain actuarial advice

s.031 Sub-delegation

s.032 Publication of documents etc

s.033 Enforcement

s.034 Overriding requirements

s.035 Interpretation of Part 2

Part 3

General changes to legislation about pension schemes

0 of 11 sections shown

11 other sections in this Part — procedural and definitional

s.036 Pensions promise obtained from third party

s.037 Duty to act in the best interests of members

s.038 Disclosure of information about schemes

s.039 Extension of preservation of benefit under occupational pension schemes

s.040 Revaluation of accrued benefits

s.041 Collective benefits exempt from indexation

s.042 Regulatory own fund schemes exempt from indexation

s.043 Power to create other exemptions from indexation

s.044 Removal of requirement to maintain register of independent trustees

s.045 Rules about modification of schemes

s.046 Other amendments to do with Parts 1 and 2

Part 4

Pensions flexibilities

4 of 30 sections shown

s.048 Independent advice in respect of conversions and transfers: Great Britain Regulated

Check members have received independent advice before pension conversions or transfersTrustee

s.051 Independent advice in respect of conversions and transfers: Northern Ireland Regulated

Check members received independent financial advice before pension conversions or transfers (NI)Trustee

s.069 Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain Regulated

Other duties (1) — Crown / regulator

Trustees must notify Treasury if public funding risk arises in pension schemesCrown / Minister / Government department

s.072 Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland Regulated

Notify NI departments if pension scheme meets designation conditions (or no longer meets them)Trustee

26 other sections in this Part — procedural and definitional

s.047 Pensions guidance

s.049 Power to require employer to arrange advice for purposes of section 48

s.050 Independent advice: consequential amendments: Great Britain

s.052 Power to require employer to arrange advice for purposes of section 51

s.053 Independent advice: consequential amendments: Northern Ireland

s.054 Independent advice: income tax exemption

s.055 Sums or assets that may be designated as available for drawdown: Great Britain

s.056 Provision about conversion of certain benefits for drawdown: Great Britain

s.057 Provision about calculation of lump sums: Great Britain

s.058 Restrictions on conversion of benefits during winding up

s.059 Restriction on payment of lump sums during PPF assessment period: Great Britain

s.060 Sections 55 to 57: consequential amendments

s.061 Sums or assets that may be designated as available for drawdown: Northern Ireland

s.062 Provision about conversion of certain benefits for drawdown: Northern Ireland

s.063 Provision about calculation of lump sums: Northern Ireland

s.064 Restrictions on conversion of benefits during winding up etc: Northern Ireland

s.065 Restriction on payment of lump sums during PPF assessment period: Northern Ireland

s.066 Sections 61 to 63: consequential amendments

s.067 Rights to transfer benefits

s.068 Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain

s.070 Sections 68 and 69: consequential amendments

s.071 Restriction on transfers out of unfunded public service defined benefits schemes: Northern Ireland

s.073 Sections 71 and 72: consequential amendments

s.074 Meaning of “flexible benefit”

s.075 Meaning of “cash balance benefit”

s.076 Interpretation of Part 4

Part 5

Miscellaneous

0 of 6 sections shown

6 other sections in this Part — procedural and definitional

s.077 Payments into Remploy Limited Pension and Assurance Scheme

s.078 Pension scheme for fee-paid judges

s.079 Judicial pensions: pension sharing on divorce etc

s.080 Public service pension schemes

s.081 Extension to Scotland of certain provisions about marriage of same sex couples

s.082 Pension sharing and normal benefit age

Part 6

General

0 of 8 sections shown

8 other sections in this Part — procedural and definitional

s.083 Power to make consequential amendments

s.084 Regulations

s.085 Regulations: Northern Ireland

s.086 Regulations: supplementary

s.087 Crown application

s.088 Extent

s.089 Commencement

s.090 Short title

Schedules

1 of 176 shown

s.sch002 In section 291 (duty of trustees or managers to act... Regulated

Trustees and managers must act consistently with host state law including the Pension Schemes Act 2015Trustee

175 other schedules

s.sch001 The Pension Schemes Act 1993 is amended as follows.

s.sch001 In paragraph 5(1) of that Schedule, for “if his pensionable...

s.sch001 Omit the following, which are no longer needed given the...

s.sch001 Before section 83 insert— Overview and meaning of “the 2015...

s.sch001 In section 83, for subsection (1A) substitute—

s.sch001 For section 84 substitute— Old basis of revaluation: occupational pension...

s.sch001 After section 85 insert— Power to add revaluation methods for...

s.sch001 After section 86 insert— The revaluation methods The revaluation methods referred to in this Chapter are defined...

s.sch001 In section 186(3) (statutory instruments subject to affirmative procedure), after...

s.sch001 In Schedule 3 to that Act (revaluation methods), before paragraph...

s.sch001 Omit paragraphs 3A and 4 of that Schedule.

s.sch002 The Pension Schemes Act 1993 is amended as follows.

s.sch002 In section 51A (restrictions on increase where annuity tied to...

s.sch002 In section 73 (preferential liabilities on winding up), for subsection...

s.sch002 In section 75 (employer debt where deficiency in assets on...

s.sch002 (1) Section 87 (schedules of payments to money purchase schemes)...

s.sch002 For the italic cross-heading above section 87 substitute “ Schemes...

s.sch002 In the heading to section 88 (schedules of payments to...

s.sch002 (1) Section 89 (application of further provisions to money purchase...

s.sch002 In section 124 (interpretation), in subsection (1), at the appropriate...

s.sch002 (1) Section 125 (interpretation of Part 1: supplementary) is amended...

s.sch002 In section 38 of the Welfare Reform and Pensions Act...

s.sch002 In section 83 (scope of provisions about revaluation of benefits...

s.sch002 The Financial Services and Markets Act 2000 is amended as...

s.sch002 In section 137FA (FCA general rules: disclosure of information about...

s.sch002 (1) Section 142X (interpretation of provisions about ring-fencing) is amended...

s.sch002 The Pensions Act 2004 is amended as follows.

s.sch002 In section 13 (improvement notices), in subsection (7)—

s.sch002 In section 17 (power of the Regulator to recover unpaid...

s.sch002 (1) Section 23 (freezing orders) is amended as follows.

s.sch002 In section 38 (contribution notices where avoidance of employer debt),...

s.sch002 (1) Section 43 (financial support directions) is amended as follows....

s.sch002 In section 52 (restoration orders where transactions at an undervalue),...

s.sch002 In section 113 (disclosure of information about schemes to members...

s.sch002 (1) Section 90 (codes of practice) is amended as follows....

s.sch002 In section 126 (schemes eligible for pension protection), for subsection...

s.sch002 For section 221 (application of scheme funding rules) substitute— Pension...

s.sch002 In section 254 (representative of non-European scheme to be treated...

s.sch002 In section 258 (pension protection on transfer of employment: form...

s.sch002 In section 286 (financial assistance scheme for members of certain...

s.sch002 In section 307 (modification of Pensions Act 2004 in relation...

s.sch002 (1) Section 318 (interpretation) is amended as follows.

s.sch002 The Pensions Act 2008 is amended as follows.

s.sch002 In section 124 (duty of Secretary of State to pay...

s.sch002 (1) Section 20 (quality requirement: UK money purchase schemes) is...

s.sch002 In section 21 (quality requirement: UK defined benefits schemes) for...

s.sch002 In section 23A (alternative quality requirements for UK defined benefits...

s.sch002 (1) Section 24 (quality requirement: UK hybrid schemes) is amended...

s.sch002 (1) Section 26 (quality requirement: UK personal pension schemes) is...

s.sch002 (1) Section 28 (certification that quality requirement or alternative requirement...

s.sch002 For the heading to section 29 substitute “ Transitional periods...

s.sch002 (1) Section 30 (transitional period for defined benefits and hybrid...

s.sch002 In section 35 (compliance notices), in subsection (5), for “a...

s.sch002 In section 38 (calculation and payment of contributions), in subsection...

s.sch002 (1) In section 181 (interpretation), subsection (1) is amended as...

s.sch002 (1) Section 99 (interpretation) is amended as follows.

s.sch002 (1) Schedule 17 to the Pensions Act 2014 (automatic transfer...

s.sch002 The Pensions Act 1995 is amended as follows.

s.sch002 In section 37 (payment of surplus to employer), in subsection...

s.sch002 In section 38 (power to defer winding up), in subsection...

s.sch002 In section 51 (annual increase in rate of pension), in...

s.sch003 The Financial Services and Markets Act 2000 is amended as...

s.sch003 In section 140A (competition scrutiny: interpretation), in subsection (1), in...

s.sch003 In section 168 (appointment of persons to carry out investigations...

s.sch003 In section 429 (Parliamentary control of statutory instruments), in subsection...

s.sch003 In Schedule 1ZA (the FCA), in paragraph 8 (arrangements for...

s.sch003 In that Schedule, in paragraph 11 (annual report), in sub-paragraph...

s.sch003 In that Schedule, in paragraph 21 (FCA financial penalty scheme),...

s.sch003 In that Schedule, in paragraph 23 (fees)—

s.sch003 In section 85 of the Financial Services Act 2012 (relevant...

s.sch003 (1) For the purpose of the exercise of a function...

s.sch003 Expenses incurred by the Financial Conduct Authority before the day...

s.sch003 After section 333 insert— PART 20A PENSIONS GUIDANCE Introduction and...

s.sch003 In section 1B (the FCA's general duties), after subsection (7)...

s.sch003 In section 1M (the FCA's general duty to consult), after...

s.sch003 In section 1S (reviews by independent person into discharge of...

s.sch003 After section 137FA insert— FCA general rules: disclosure of information...

s.sch003 (1) Section 138F (notification of rules) is amended as follows....

s.sch003 In section 138I (rules: consultation by the FCA)—

s.sch003 In section 139A (power of the FCA to give guidance),...

s.sch004 In Schedule 1A to the Judicial Pensions Act 1981 (transfer...

s.sch004 (1) Section 96 (further provisions concerning exercise of option under...

s.sch004 (1) Section 97 (calculation of cash equivalents) is amended as...

s.sch004 For section 98 substitute— Loss of right to cash equivalent...

s.sch004 (1) Section 99 (trustees' duties after exercise of option) is...

s.sch004 After section 100 insert— Prohibition on excluding future accruals etc...

s.sch004 (1) Section 101F (power to give transfer notice) is amended...

s.sch004 For section 101G (restrictions on power to give transfer notice)...

s.sch004 (1) Section 101H (salary related schemes: statements of entitlement) is...

s.sch004 (1) Section 101J (time for compliance with transfer notice) is...

s.sch004 In section 101M (effect of transfer on trustees' duties), for...

s.sch004 In Schedule 2 to the Judicial Pensions and Retirement Act...

s.sch004 After section 101N insert— Prohibition on excluding transfers of some...

s.sch004 (1) Section 101P (interpretation) is amended as follows.

s.sch004 Omit section 101Q.

s.sch004 In section 129 (overriding requirements), in subsection (1), for “Chapters...

s.sch004 In section 130 (extra-statutory benefits), in paragraph (b), for “Chapter...

s.sch004 In section 153 (power to modify certain provisions), in subsection...

s.sch004 In section 179 (linked qualifying service), in subsection (1)(a)—

s.sch004 In section 181 (interpretation), in subsection (1), in paragraph (b)...

s.sch004 The Pensions Act 1995 is amended as follows.

s.sch004 In section 67A (the subsisting rights provisions: interpretation), in subsection...

s.sch004 The Pension Schemes Act 1993 is amended as follows.

s.sch004 In section 73 (preferential liabilities on winding up), in subsection...

s.sch004 In section 73B (sections 73 and 73A: supplementary), in subsection...

s.sch004 In section 124 (interpretation of Part 1), in subsection (1),...

s.sch004 In section 135 (pensions: interpretation), in subsection (4), for “section...

s.sch004 The Pensions Act 2004 is amended as follows.

s.sch004 (1) Section 18 (pension liberation: interpretation) is amended as follows....

s.sch004 In section 23 (freezing orders), in subsection (4)(g), for “salary...

s.sch004 In section 24 (consequences of freezing order), in subsection (7),...

s.sch004 In section 73 (inspection of premises), in subsection (2)(d)—

s.sch004 In section 135 (restrictions on winding up, discharge of liabilities...

s.sch004 (1) Chapters 4 and 5 of Part 4 of the...

s.sch004 In section 138 (payment of scheme benefits), in subsection (3)(b),...

s.sch004 (1) Section 318 (interpretation) is amended as follows.

s.sch004 (1) Schedule 7 (pension compensation provisions) is amended as follows....

s.sch004 (1) Schedule 1 to the Scottish Parliamentary Pensions Act 2009...

s.sch004 The Pensions Act 2014 is amended as follows.

s.sch004 In section 34 (power to prohibit offer of incentives to...

s.sch004 In Schedule 17 (automatic transfer of pension benefits etc), in...

s.sch004 In Schedule 1A to the Judicial Pensions Act 1981 (transfer...

s.sch004 In Schedule 2 to the Judicial Pensions and Retirement Act...

s.sch004 The Pension Schemes (Northern Ireland) Act 1993 is amended as...

s.sch004 In section 24F (transfers out of GMP-converted schemes), in subsection...

s.sch004 (1) Chapters 4 and 5 of Part 4 of the...

s.sch004 In section 20F (transfers out of GMP-converted schemes), in subsection...

s.sch004 In section 52 (payment of state scheme premiums on termination...

s.sch004 In section 69 (form of short service benefit and its...

s.sch004 For sections 89 to 90 substitute— Scope of Chapter 1...

s.sch004 (1) Section 91 (ways of taking right to cash equivalent)...

s.sch004 (1) Section 92 (further provisions concerning exercise of option under...

s.sch004 (1) Section 93 (calculation of cash equivalents) is amended as...

s.sch004 For section 94 substitute— Loss of right to cash equivalent...

s.sch004 (1) Section 95 (trustees' duties after exercise of option) is...

s.sch004 Until the coming into force of its repeal by Schedule...

s.sch004 After section 96 insert— Prohibition on excluding future accruals etc...

s.sch004 (1) Section 97F (power to give transfer notice) is amended...

s.sch004 For section 97G (restrictions on power to give transfer notice)...

s.sch004 (1) Section 97H (salary related schemes: statements of entitlement) is...

s.sch004 (1) Section 97J (time for compliance with transfer notice) is...

s.sch004 In section 97M (effect of transfer on trustees' duties), for...

s.sch004 After section 97N insert— Prohibition on excluding transfers of some...

s.sch004 (1) Section 97P (interpretation) is amended as follows.

s.sch004 Omit section 97Q.

s.sch004 In section 125 (overriding requirements), in subsection (1), for “Chapters...

s.sch004 In section 73 (form of short service benefit and its...

s.sch004 In section 126 (extra-statutory benefits), in paragraph (b), for “Chapter...

s.sch004 In section 149 (power to modify certain provisions), in subsection...

s.sch004 In section 174 (linked qualifying service), in subsection (1)(a)—

s.sch004 In section 176 (interpretation), in subsection (1), in paragraph (b)...

s.sch004 The Pensions (Northern Ireland) Order 1995 is amended as follows....

s.sch004 In Article 67A (the subsisting rights provisions: interpretation), in paragraph...

s.sch004 In Article 73 (preferential liabilities on winding up), in paragraph...

s.sch004 In Article 73B (Article 73 and 73A: supplementary), in paragraph...

s.sch004 In Article 121 (interpretation of Part 2), in paragraph (1),...

s.sch004 The Pensions (Northern Ireland) Order 2005 is amended as follows....

s.sch004 For sections 93 to 94 substitute— Scope of Chapter 1...

s.sch004 (1) Article 2 (interpretation) is amended as follows.

s.sch004 (1) Article 14 (pension liberation: interpretation) is amended as follows....

s.sch004 In Article 19 (freezing orders), in paragraph (4)(g), for “salary...

s.sch004 In Article 20 (consequences of freezing order), in paragraph (7),...

s.sch004 In Article 68 (inspection of premises), in paragraph (2)(d)—

s.sch004 In Article 119 (restrictions on winding up, discharge of liabilities...

s.sch004 In Article 122 (payment of scheme benefits), in paragraph (3)(b),...

s.sch004 (1) Schedule 6 (pension compensation provisions) is amended as follows....

s.sch004 (1) Section 95 (ways of taking right to cash equivalent)...

s.sch005 The Pensions (Increase) Act 1971 is amended as follows.

s.sch005 In section 19(2)(a) (extent to Northern Ireland)—

s.sch005 In Schedule 2 (official pensions), after paragraph 4A insert— A pension payable under a scheme made under section 18A...

s.sch005 The Judicial Pensions and Retirement Act 1993 is amended as...

s.sch005 In section 22 (application of the Pensions (Increase) Act 1971...

s.sch005 (1) Section 28 (funding arrangements) is amended as follows.

s.sch005 In section 28A (contributions in respect of Northern Ireland judges),...

s.sch005 (1) Section 29 (regulations and orders) is amended as follows....

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.