UK Act of Parliament 2021 c. 1 United Kingdom

Pension Schemes Act 2021

An Act to make provision about pension schemes.

Read the Act on legislation.gov.uk (opens in a new tab)
Enforced by
TPR
Status
Amended (in force with amendments)
Penalty ceiling
Prosecution 4 of 22 obligations carry a criminal penalty. 5 carry different penalties and 13 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Any Person9 Trustee7 Employer2 Director or Officer1

Plus 3 duties 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.

Any Person — also bound by 2684 other Acts
Trustee — also bound by 120 other Acts
Charities Act 2011 27 duties
Employer — also bound by 701 other Acts
TULRCA 1992 72 duties
Director or Officer — also bound by 482 other Acts
Companies Act 2006 126 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

Collective money purchase benefits

2 of 51 sections shown
s.020 Actuarial valuations (opens in a new tab) Regulated
  • Trustees must obtain actuarial valuations for collective money purchase schemesTrustee
s.033 Notification of triggering events (opens in a new tab) Regulated
  • Notify trustees of triggering events (item 4 or 5) for collective money purchase schemesEmployer
49 other sections in this Part — procedural and definitional
s.001 Collective money purchase benefits and schemes (opens in a new tab)
s.002 Qualifying benefits (opens in a new tab)
s.003 Qualifying schemes (opens in a new tab)
s.004 Qualifying schemes: supplementary (opens in a new tab)
s.005 Schemes divided into sections (opens in a new tab)
s.006 Amendment of definitions of “money purchase benefits” etc (opens in a new tab)
s.007 Authorisation of collective money purchase schemes (opens in a new tab)
s.008 Application for authorisation (opens in a new tab)
s.009 Decision on application (opens in a new tab)
s.010 Reference to Tribunal of refusal to grant authorisation (opens in a new tab)
s.011 Fit and proper persons requirement (opens in a new tab)
s.012 Scheme design requirement (opens in a new tab)
s.013 Viability report (opens in a new tab)
s.014 Financial sustainability requirement (opens in a new tab)
s.015 Communication requirement (opens in a new tab)
s.016 Systems and processes requirements (opens in a new tab)
s.017 Continuity strategy requirement (opens in a new tab)
s.018 Calculation of benefits (opens in a new tab)
s.019 Advice of scheme actuary (opens in a new tab)
s.021 Certificate that actuarial valuation prepared in accordance with scheme rules (opens in a new tab)
s.022 Benefits adjustments (opens in a new tab)
s.023 Powers of the Pensions Regulator (opens in a new tab)
s.024 Rules about modifying schemes (opens in a new tab)
s.025 Transfer rights (opens in a new tab)
s.026 List of authorised schemes (opens in a new tab)
s.027 Requirement to submit supervisory return (opens in a new tab)
s.028 Duty to notify the Pensions Regulator of significant events (opens in a new tab)
s.029 Risk notices (opens in a new tab)
s.030 Withdrawal of authorisation (opens in a new tab)
s.031 Triggering events (opens in a new tab)
s.032 Triggering event periods (opens in a new tab)
s.034 Continuity options (opens in a new tab)
s.035 When a decision to withdraw authorisation becomes final (opens in a new tab)
s.036 Continuity option 1: discharge of liabilities and winding up (opens in a new tab)
s.037 Continuity option 2: resolving triggering event (opens in a new tab)
s.038 Continuity option 3: conversion to closed scheme (opens in a new tab)
s.039 Implementation strategy (opens in a new tab)
s.040 Approval of implementation strategy (opens in a new tab)
s.041 Trustees' duties once implementation strategy approved (opens in a new tab)
s.042 Prohibition on winding up except in accordance with continuity option 1 (opens in a new tab)
s.043 Periodic reporting requirements (opens in a new tab)
s.044 Pause orders (opens in a new tab)
s.045 Prohibition on increasing charges etc during triggering event period (opens in a new tab)
s.046 Publication of information (opens in a new tab)
s.047 Powers to extend definition of qualifying schemes (opens in a new tab)
s.048 Minor and consequential amendments (opens in a new tab)
s.049 Interpretation of Part 1 (opens in a new tab)
s.050 Index of defined expressions (opens in a new tab)
s.051 Regulations (opens in a new tab)
Part 2

Collective money purchase benefits: Northern Ireland

2 of 51 sections shown
s.079 Duty to notify the Pensions Regulator of significant events (opens in a new tab) Regulated
  • Notify The Pensions Regulator of significant scheme eventsTrustee
s.084 Notification of triggering events (opens in a new tab) Regulated
  • Notify the Pensions Regulator and trustees of triggering events in a collective money purchase schemeTrustee
49 other sections in this Part — procedural and definitional
s.052 Collective money purchase benefits and schemes (opens in a new tab)
s.053 Qualifying benefits (opens in a new tab)
s.054 Qualifying schemes (opens in a new tab)
s.055 Qualifying schemes: supplementary (opens in a new tab)
s.056 Schemes divided into sections (opens in a new tab)
s.057 Amendment of definitions of “money purchase benefits” etc (opens in a new tab)
s.058 Authorisation of collective money purchase schemes (opens in a new tab)
s.059 Application for authorisation (opens in a new tab)
s.060 Decision on application (opens in a new tab)
s.061 Reference to Tribunal of refusal to grant authorisation (opens in a new tab)
s.062 Fit and proper persons requirement (opens in a new tab)
s.063 Scheme design requirement (opens in a new tab)
s.064 Viability report (opens in a new tab)
s.065 Financial sustainability requirement (opens in a new tab)
s.066 Communication requirement (opens in a new tab)
s.067 Systems and processes requirements (opens in a new tab)
s.068 Continuity strategy requirement (opens in a new tab)
s.069 Calculation of benefits (opens in a new tab)
s.070 Advice of scheme actuary (opens in a new tab)
s.071 Actuarial valuations (opens in a new tab)
s.072 Certificate that actuarial valuation prepared in accordance with scheme rules (opens in a new tab)
s.073 Benefits adjustments (opens in a new tab)
s.074 Powers of the Pensions Regulator (opens in a new tab)
s.075 Rules about modifying schemes (opens in a new tab)
s.076 Transfer rights (opens in a new tab)
s.077 List of authorised schemes (opens in a new tab)
s.078 Requirement to submit supervisory return (opens in a new tab)
s.080 Risk notices (opens in a new tab)
s.081 Withdrawal of authorisation (opens in a new tab)
s.082 Triggering events (opens in a new tab)
s.083 Triggering event periods (opens in a new tab)
s.085 Continuity options (opens in a new tab)
s.086 When a decision to withdraw authorisation becomes final (opens in a new tab)
s.087 Continuity option 1: discharge of liabilities and winding up (opens in a new tab)
s.088 Continuity option 2: resolving triggering event (opens in a new tab)
s.089 Continuity option 3: conversion to closed scheme (opens in a new tab)
s.090 Implementation strategy (opens in a new tab)
s.091 Approval of implementation strategy (opens in a new tab)
s.092 Trustees' duties once implementation strategy approved (opens in a new tab)
s.093 Prohibition on winding up except in accordance with continuity option 1 (opens in a new tab)
s.094 Periodic reporting requirements (opens in a new tab)
s.095 Pause orders (opens in a new tab)
s.096 Prohibition on increasing charges etc during triggering event period (opens in a new tab)
s.097 Publication of information (opens in a new tab)
s.098 Powers to extend definition of qualifying schemes (opens in a new tab)
s.099 Minor and consequential amendments (opens in a new tab)
s.100 Interpretation of Part 2 (opens in a new tab)
s.101 Index of defined expressions (opens in a new tab)
s.102 Regulations (opens in a new tab)
Part 3

The Pensions Regulator

0 of 15 sections shown
15 other sections in this Part — procedural and definitional
s.103 Grounds for issuing a section 38 contribution notice (opens in a new tab)
s.104 Reasonableness of issuing a contribution notice (opens in a new tab)
s.105 Determination of sum specified in a contribution notice (opens in a new tab)
s.106 Sanctions for failure to comply with a contribution notice (opens in a new tab)
s.107 Sanctions for avoidance of employer debt etc (opens in a new tab)
s.108 Duty to notify the Regulator of certain events (opens in a new tab)
s.109 Duty to give notices and statements to the Regulator in respect of certain events (opens in a new tab)
s.110 Interviews (opens in a new tab)
s.111 Inspection of premises (opens in a new tab)
s.112 Fixed penalty notices and escalating penalty notices (opens in a new tab)
s.113 Provision of false or misleading information to Regulator (opens in a new tab)
s.114 Provision of false or misleading information to trustees or managers (opens in a new tab)
s.115 Financial penalties (opens in a new tab)
s.116 Minor and consequential amendments (opens in a new tab)
s.117 The Pensions Regulator: Northern Ireland (opens in a new tab)
Part 4

Pensions dashboards

0 of 5 sections shown
5 other sections in this Part — procedural and definitional
s.118 Qualifying pensions dashboard service (opens in a new tab)
s.119 Information from occupational pension schemes (opens in a new tab)
s.120 Pensions dashboards: Northern Ireland (opens in a new tab)
s.121 Information from personal and stakeholder pension schemes (opens in a new tab)
s.122 The Money and Pensions Service: the pensions guidance function (opens in a new tab)
Part 5

Further provision relating to pension schemes

0 of 7 sections shown
7 other sections in this Part — procedural and definitional
s.123 Funding of defined benefit schemes (opens in a new tab)
s.124 Climate change risk (opens in a new tab)
s.125 Exercise of right to cash equivalent (opens in a new tab)
s.126 Modification of provisions relating to pensionable service (opens in a new tab)
s.127 Administration charges (opens in a new tab)
s.128 Pension Schemes Act 2015: repeals (opens in a new tab)
s.129 Further provision relating to pension schemes: Northern Ireland (opens in a new tab)
Part 6

Final

0 of 3 sections shown
3 other sections in this Part — procedural and definitional
s.130 Extent (opens in a new tab)
s.131 Commencement (opens in a new tab)
s.132 Short title (opens in a new tab)
Schedules

Schedules

18 of 158 shown
s.sch002 (1) A pause order must specify the period for which... Regulated
Other duties (1) — Crown / regulator
  • TPR must limit pause orders to three months and may extendStatutory regulator
s.sch003 In section 291 (duty of trustees or managers to act... Regulated
  • Trustees must act consistently with host member State law and Part 1 of the 2021 ActTrustee
s.sch005 (1) A pause order must specify the period for which... Regulated
Other duties (1) — Crown / regulator
  • Pension scheme pause orders must not exceed 3 monthsStatutory regulator
s.sch006 In Article 267 (duty of trustees or managers to act... Regulated
  • Trustees or managers must act consistently with Part 2 of the Pension Schemes Act 2021Trustee
s.sch007 In section 41 (escalating penalty notices), in subsection (1)— Regulated
  • Fail to comply with TPR interview noticeAny Person
s.sch008 After Article 72 (penalties relating to Articles 67 to 70)... Prosecution
  • Fail to comply with pension regulator’s notice or obstruct an inspectorAny Person

Fine up to £50,000

s.sch008 After Article 75 (offences of providing false or misleading information)... Regulated
  • Provide false or misleading information to the Pensions RegulatorAny Person
s.sch008 After Article 83 insert— Financial penalties Financial penalties (1) Where the Regulator is satisfied that by reason of... Prosecution
  • Avoid employer pension debt – financial penaltyDirector or Officer

Fine up to £1,000,000

s.sch008 (1) In Article 34 (contribution notices where avoidance of employer... Regulated
Other duties (1) — Crown / regulator
  • The Pensions Regulator must consider new insolvency and resources tests before issuing contribution noticesStatutory regulator
s.sch008 (1) In Article 36 (content and effect of an Article... Prosecution
  • Fail to pay pension contribution notice debt on timeAny Person

Unlimited fine

s.sch008 (1) After Article 54 insert— Sanctions for avoidance of employer... Prosecution
  • Avoid recovery of employer pension debtAny Person

Unlimited fine

s.sch008 (1) In Article 64 (duty to notify the Regulator of... Regulated
  • Notify The Pensions Regulator of certain pension scheme eventsAny Person
s.sch008 (1) After Article 64 insert— Duty to give notices and... Regulated
  • Notify the Pensions Regulator of notifiable events affecting your pension schemeEmployer
s.sch008 (1) After Article 67 insert— Interviews (1) The Regulator may, by notice in writing, require any... Regulated
  • Fail to attend interview or answer questions from The Pensions RegulatorAny Person
s.sch010 In section 80 (offences of providing false or misleading information),... Prosecution
  • Provide false or misleading information to the Pensions RegulatorAny Person

Unlimited fine

s.sch010 Before section 222 insert— Funding and investment strategy (1) The trustees or managers must determine, and from time... Regulated
  • Create and maintain a funding and investment strategy for your pension schemeTrustee
s.sch011 In Article 75 (offences of providing false or misleading information),... Regulated
  • Provide false or misleading information about statement of strategyAny Person
s.sch011 Before Article 201 insert— Funding and investment strategy (1) The trustees or managers must determine, and from time... Regulated
  • Determine and maintain a funding and investment strategy for your pension schemeTrustee
140 other schedules
s.sch001 (1) Schedule 10A to the Building Societies Act 1986 (disclosures...
s.sch001 The Pension Schemes Act 1993 is amended as follows.
s.sch001 (1) Section 181(1) (general interpretation) is amended as follows.
s.sch001 In section 181B(1) (money purchase benefits: supplementary), for “the definition”...
s.sch001 The Pensions Act 2008 is amended as follows.
s.sch001 (1) Section 99 (interpretation of Part 1: pension scheme membership...
s.sch001 In section 99A(1) (money purchase benefits: supplementary), for “the definition”...
s.sch002 (1) If a pause order is made in relation to...
s.sch002 (1) If a pause order is made in relation to...
s.sch002 (1) This paragraph applies where— (a) a pause order is...
s.sch002 (1) A pause order, or an order made under any...
s.sch003 The Pension Schemes Act 1993 is amended as follows.
s.sch003 In section 89 (application of further provisions to money purchase...
s.sch003 The Pensions Act 2004 is amended as follows.
s.sch003 In section 13 (improvement notices), in subsection (7), after paragraph...
s.sch003 (1) Section 90 (codes of practice) is amended as follows....
s.sch003 (1) Section 93(2) (regulatory functions of the Pensions Regulator) is...
s.sch003 In section 97(5) (special procedure: applicable cases), after paragraph (tf)...
s.sch003 In section 126 (schemes eligible for pension protection), after subsection...
s.sch003 In section 249A (requirement for an effective system of governance),...
s.sch003 In section 254 (representative of non-European scheme to be treated...
s.sch003 (1) Section 84 (basis of revaluation of accrued benefits) is...
s.sch003 In section 318 (general interpretation), in subsection (3)—
s.sch003 In Schedule 2 (the reserved regulatory functions), after Part 4A...
s.sch003 In section 31 of the Pensions Act 2008 (effect of...
s.sch003 The Pensions Act 2014 is amended as follows.
s.sch003 In section 54(2) (regulations subject to affirmative procedure), omit the...
s.sch003 (1) Schedule 18 (power to restrict charges or impose requirements...
s.sch003 In section 101AI (right to cash transfer sum and contribution...
s.sch003 In section 186 (Parliamentary control of orders and regulations), in...
s.sch003 In Schedule 3 (methods of revaluing accrued pension benefits), in...
s.sch003 The Pensions Act 1995 is amended as follows.
s.sch003 In section 51 (annual increase in rate of pension), after...
s.sch003 In section 75 (deficiencies in the assets of certain occupational...
s.sch003 In section 87 (schedules of payments to money purchase schemes),...
s.sch004 In Schedule 10A to the Building Societies Act 1986 (disclosures...
s.sch004 The Pension Schemes (Northern Ireland) Act 1993 is amended as...
s.sch004 (1) Section 176(1) (general interpretation) is amended as follows.
s.sch004 In section 176B(1) (money purchase benefits: supplementary), for “the definition”...
s.sch004 The Pensions (No. 2) Act (Northern Ireland) 2008 is amended...
s.sch004 (1) Section 78 (interpretation of Part 1: pension scheme membership...
s.sch004 In section 78A(1) (money purchase benefits: supplementary), for “the definition”...
s.sch005 (1) If a pause order is made in relation to...
s.sch005 (1) If a pause order is made in relation to...
s.sch005 (1) This paragraph applies where— (a) a pause order is...
s.sch005 (1) A pause order, or an order made under any...
s.sch006 The Pension Schemes (Northern Ireland) Act 1993 is amended as...
s.sch006 In Article 87 (application of further provisions to money purchase...
s.sch006 The Pensions (Northern Ireland) Order 2005 is amended as follows....
s.sch006 In Article 2 (general interpretation), in paragraph (4)—
s.sch006 In Article 9 (improvement notices), in paragraph (7)—
s.sch006 (1) Article 85 (codes of practice) is amended as follows....
s.sch006 In Article 88(2) (regulatory functions of the Pensions Regulator)—
s.sch006 In Article 92(5) (special procedure: applicable cases), after sub-paragraph (ta)...
s.sch006 In Article 110 (schemes eligible for pension protection), after paragraph...
s.sch006 In Article 226A (requirement for an effective system of governance),...
s.sch006 In Article 231 (representative of non-European scheme to be treated...
s.sch006 (1) Section 80 (basis of revaluation of accrued benefits) is...
s.sch006 In Schedule 2 (the reserved regulatory functions), after Part 4...
s.sch006 (1) Section 31 of the Pensions (No. 2) Act (Northern...
s.sch006 The Pensions Act (Northern Ireland) 2015 is amended as follows....
s.sch006 In section 51(4) (regulations subject to confirmatory procedure), omit the...
s.sch006 (1) Schedule 18 (power to restrict charges or impose requirements...
s.sch006 In section 97AI (right to cash transfer sum and contribution...
s.sch006 In section 181 (Assembly, etc. control of regulations and orders),...
s.sch006 In Schedule 2 (methods of revaluing accrued pension benefits), in...
s.sch006 The Pensions (Northern Ireland) Order 1995 is amended as follows....
s.sch006 In Article 51 (annual increase in rate of pension), after...
s.sch006 In Article 75 (deficiencies in the assets of certain occupational...
s.sch006 In Article 85 (schedules of payments to money purchase schemes),...
s.sch007 In section 10 of the Pensions Act 1995 (civil penalties),...
s.sch007 In section 256 (no indemnification for fines or civil penalties),...
s.sch007 (1) Section 310 (admissibility of statements) is amended as follows....
s.sch007 (1) Section 316 (Parliamentary control of subordinate legislation) is amended...
s.sch007 (1) In Schedule 1 (the Pensions Regulator), in Part 4...
s.sch007 In Schedule 2 (the reserved regulatory functions), after paragraph 41...
s.sch007 The Pensions Act 2008 is amended as follows.
s.sch007 In section 40 (fixed penalty notices), in subsection (1)—
s.sch007 The Pension Schemes Act 2017 is amended as follows.
s.sch007 (1) Section 17 (fixed penalty notice for failure to comply...
s.sch007 The Pensions Act 2004 is amended as follows.
s.sch007 (1) Section 18 (escalating penalty notice for failure to comply...
s.sch007 In section 38B (section 38 contribution notice issued by reference...
s.sch007 In section 75 (inspection of premises: powers of inspectors), in...
s.sch007 (1) Section 76 (inspection of premises: supplementary) is amended as...
s.sch007 In section 78 (warrants), in subsection (1)(c)(iii)—
s.sch007 (1) Section 80 (offences of providing false or misleading information)...
s.sch007 In section 90 (codes of practice), in subsection (2)—
s.sch007 (1) Section 96 (the Regulator's standard procedure in relation to...
s.sch008 The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))...
s.sch008 (1) Article 68 (inspection of premises) is amended as follows....
s.sch008 After Article 75A (inserted by paragraph 12) insert— Financial penalty...
s.sch008 In Article 10 of the Pensions (Northern Ireland) Order 1995...
s.sch008 The Pensions (Northern Ireland) Order 2005 is amended as follows....
s.sch008 In Article 34B (Article 34 contribution notice issued by reference...
s.sch008 In Article 70 (inspection of premises: powers of inspectors), in...
s.sch008 (1) Article 71 (inspection of premises: supplementary) is amended as...
s.sch008 In Article 73 (warrants), in paragraph (1)(c)(iii)—
s.sch008 (1) Article 75 (offences of providing false or misleading information)...
s.sch008 In Article 85 (codes of practice), in paragraph (2)—
s.sch008 (1) Article 91 (the Regulator's standard procedure in relation to...
s.sch008 In Article 233 (no indemnification for fines or civil penalties),...
s.sch008 (1) Article 282 (admissibility of statements) is amended as follows....
s.sch008 (1) Article 288 (Assembly etc. control of orders and regulations)...
s.sch008 In Schedule 1 (the Pensions Regulator), in Part 1 (delegation),...
s.sch008 In Schedule 2 (the reserved regulatory functions), after paragraph 41...
s.sch008 The Pensions (No. 2) Act (Northern Ireland) 2008 is amended...
s.sch008 (1) Article 34 (contribution notices where avoidance of employer debt)...
s.sch008 In section 40 (fixed penalty notices), in subsection (1)—
s.sch008 In section 41 (escalating penalty notices), in subsection (1)—
s.sch008 (1) Article 35 (the sum specified in an Article 34...
s.sch009 The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))...
s.sch009 After Article 215 insert— Pensions dashboards Qualifying pensions dashboard service...
s.sch009 After Article 215C (inserted by paragraph 2) insert— Information from...
s.sch009 In Article 282 (admissibility of statements), in paragraph (3)(b), after...
s.sch009 In Article 288 (Assembly etc control of orders and regulations),...
s.sch009 In Schedule 1 (the Pensions Regulator), in Part 1 (delegation),...
s.sch010 Part 3 of the Pensions Act 2004 (scheme funding) is...
s.sch010 In section 316 (Parliamentary control of subordinate legislation), in subsection...
s.sch010 (1) Section 222 (the statutory funding objective) is amended as...
s.sch010 (1) Section 224 (actuarial valuations and reports) is amended as...
s.sch010 In section 226 (recovery plan), after subsection (3) insert—
s.sch010 In section 229 (matters requiring agreement of employer), in subsection...
s.sch010 (1) Section 231 (powers of the Regulator) is amended as...
s.sch010 The Pensions Act 2004 is amended as follows.
s.sch010 In section 60 (registrable information), in subsection (2), after paragraph...
s.sch011 Part 4 of the Pensions (Northern Ireland) Order 2005 (S.I....
s.sch011 In Article 288 (Assembly etc control of orders and regulations),...
s.sch011 (1) The Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I....
s.sch011 (1) The Pension Schemes (Northern Ireland) Act 1993 is amended...
s.sch011 (1) The amendments of the Pension Protection Fund (Compensation) Regulations...
s.sch011 (1) In Article 3 of the Welfare Reform and Pensions...
s.sch011 In the Pension Schemes Act (Northern Ireland) 2016 (c. 1...
s.sch011 (1) Article 201 (the statutory funding objective) is amended as...
s.sch011 (1) Article 203 (actuarial valuations and reports) is amended as...
s.sch011 In Article 205 (recovery plan), after paragraph (3) insert—
s.sch011 In Article 208 (matters requiring agreement of employer), in paragraph...
s.sch011 (1) Article 210 (powers of the Regulator) is amended as...
s.sch011 The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))...
s.sch011 In Article 55 (registrable information), in paragraph (2), after sub-paragraph...

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Run an occupational pension scheme

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