Pension Schemes Act 2026
Pension Schemes Act 2026 (2026 c. 22)
- Pension Schemes Act 2026 (2026 c. 22)
- Part 1 Defined benefit pensions
- Chapter 1 Local government pension schemes
- 1 Asset pool companies
- 2 Asset management
- 3 Additional powers for certain scheme managers
- 4 Exemption from public procurement rules
- 5 Scheme manager governance reviews
- 6 Mergers of funds
- 7 Amendments of 2013 Act relating to scheme regulations
- 8 Interpretation of Chapter 1
- Chapter 2 Powers to pay surplus to employer
- 9 Power to modify scheme to allow for payment of surplus to employer
- 10 Restrictions on exercise of power to pay surplus
- Part 2 Defined contribution pensions
- Chapter 1 Value for money
- 11 Relevant schemes: value for money
- 12 Publication etc of metric data
- 13 VFM assessments
- 14 Member satisfaction surveys
- 15 VFM ratings
- 16 Consequences of an intermediate rating
- 17 Consequences of a “not delivering” rating
- 18 Compliance and oversight
- 19 Sharing of database where FCA makes corresponding rules
- 20 Crown application
- 21 Interpretation of Chapter
- Chapter 2 Consolidation of small dormant pension pots
- Power to make small pots regulations
- 22 Small pots regulations
- Transfers
- 23 Determination of destinations for small pots
- 24 Transfer notices
- 25 Exempt pots
- 26 Transfer etc of small dormant pension pots
- 27 Effect of transfer on membership of scheme etc
- 28 Timing of transfers
- Authorisation
- 29 Authorisation of consolidator schemes etc by the Pensions Regulator
- 30 Consolidator schemes and consolidator arrangements
- Supplementary
- 31 Further provision about contents of small pots regulations
- 32 Enforcement by the Pensions Regulator
- 33 Enforcement by the FCA
- Interpretation etc
- 34 Power to alter definition of “small”
- 35 Crown application
- 36 Interpretation of Chapter
- 37 Meaning of “pension pot”
- Amendments of other Acts
- 38 Amendments of the Financial Services and Markets Act 2000
- 39 Repeal of existing powers
- Chapter 3 Scale and asset allocation
- 40 Certain schemes providing money purchase benefits: scale and asset allocation
- 41 Amendments related to section 40
- Chapter 4 Default arrangements
- 42 Regulations restricting creation of new non-scale default arrangements
- 43 Review in relation to non-scale default arrangements
- 44 Regulations about consolidation of non-scale default arrangements
- 45 Regulations about default arrangements
- 46 Amendments of the Financial Services and Markets Act 2000
- 47 Crown application
- 48 Interpretation of Chapter
- Chapter 5 FCA-regulated pension schemes: contractual override
- 49 FCA-regulated pension schemes: contractual override
- Chapter 6 Guided retirement
- 50 Default pension benefit solutions
- 51 Transferable members
- 52 Provision and gathering of information
- 53 Information etc in connection with selection of benefit solution
- 54 Pension benefits strategy
- 55 Enforcement and compliance
- 56 Crown application
- 57 Interpretation of Chapter
- 58 Corresponding provision in relation to FCA-regulated schemes
- Part 3 Superfunds
- Chapter 1 Introductory
- 59 Overview
- 60 Key concepts
- 61 Schemes divided into sections
- Chapter 2 Authorisation of superfunds
- 62 Prohibition of unauthorised superfund activity
- 63 Authorisation of superfunds
- 64 Timing of decisions about authorisation
- Chapter 3 Approval of superfund transfers
- 65 Prohibition of unapproved superfund transfers
- 66 Approval of superfund transfers
- 67 Special provision for certain schemes coming out of assessment period
- 68 Applications for approval
- Chapter 4 Ongoing requirements of operating superfunds
- Governance and organisation
- 69 Governance and structure
- 70 Management documents
- Funding and investment
- 71 Duty to monitor financial thresholds
- 72 “Financial thresholds”
- 73 Capital buffer: compulsory release to trustees
- 74 Capital buffer: permitted release to other persons
- 75 Capital buffer: investment
- 76 Capital buffer: verification of valuations
- Approval and certification of key personnel
- 77 Key functions
- 78 Approval of individuals responsible for key functions
- 79 Certification of staff supporting individuals responsible for key functions
- 80 Approval of superfund scheme trustees
- Information and reporting
- 81 Events to be notified to the Regulator
- 82 Regular reporting
- 83 Returns
- 84 Reports in relation to alleged compliance breaches
- 85 Provision of information by responsible body to trustees
- Chapter 5 Events of concern
- 86 “Event of concern” and “period of concern”
- 87 Notification of Regulator in respect of events of concern
- 88 Responding to events of concern
- 89 Content of response plan
- 90 Regulator’s direction-making powers during period of concern
- 91 Directions to pause payments or transfers of liabilities: supplementary provision
- 92 Fixed penalty notices
- 93 Escalating penalty notices
- 94 Withdrawal of authorisation
- 95 Release of capital buffer treated as reducing employer debt
- Chapter 6 General provision and interpretation
- 96 Power to extend superfunds legislation to similar structures
- 97 Construction of “occupational pension scheme” and “employer” in relation to superfund schemes
- 98 Consequential amendments
- 99 Transitional provision
- 100 Interpretation of Part
- Part 4 Miscellaneous
- Chapter 1 Validity of certain alterations to salary-related contracted-out pension schemes
- Schemes in Great Britain
- 101 Sections 101 to 104: interpretation and scope
- 102 Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes
- 103 Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases
- 104 Powers to amend provisions of Chapter 1 etc: Great Britain
- Schemes in Northern Ireland
- 105 Sections 105 to 108: interpretation and scope
- 106 Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes
- 107 Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases
- 108 Powers to amend Chapter 1 etc: Northern Ireland
- Chapter 2 Pension compensation: indexation
- 109 Indexation of periodic compensation for pre-1997 service: Great Britain
- 110 Indexation of periodic compensation for pre-1997 service: Northern Ireland
- 111 Financial Assistance Scheme: indexation of payments for pre-1997 service
- Chapter 3 AWE Pension Scheme
- New public pension schemes
- 112 Establishment of new public schemes and transfer of rights
- 113 New public schemes: further provision
- 114 Protection against adverse treatment: transfer of rights
- 115 Protection against adverse treatment: amendment of new public schemes
- 116 Transfer of assets and liabilities
- Supplementary
- 117 Taxation
- 118 Information
- 119 Regulations
- 120 Interpretation
- Chapter 4 Other miscellaneous provision
- 121 Alienation or forfeiture of occupational pension
- 122 Terminal illness
- 123 Pension protection levies
- 124 Pensions dashboards
- 125 Information to be given to pension schemes by employers
- 126 Funding of the Board of the Pension Protection Fund
- 127 Funding of the Ombudsman for the Board of the Pension Protection Fund
- 128 Public service pension schemes
- Part 5 General
- 129 Amendments of Pensions Act 2004
- 130 Regulations: general
- 131 Regulations: procedure
- 132 Extent
- 133 Commencement
- 134 Short title
- Schedule Amendments of Pensions Act 2004
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