Register of schemes
Section 59: Register of occupational and personal pension schemes
216.This section compels the Regulator to set up and keep a register of pension schemes. The Regulator must record in the register the most up to date “registrable information” that it has been provided with by schemes. The Regulator will record any notice received by the Regulator that a scheme has been wound up or has ceased to be registrable. The Regulator will also record on the register information relating to the involvement of the Board of the Pension Protection Fund with a scheme. If and when a transfer notice under section 160 (transfer notice) is issued by the Board of the Pension Protection Fund and copied to the Regulator, the Regulator must record that fact.
217.The Regulator may record the information collected in whatever manner it considers appropriate. The register will be used by the Regulator for its functions and it will also be used to enable members to trace their pension. Information contained in the register or held by the Regulator may be used for any purposes connected with or incidental to the exercise of its functions.
Section 60: Registrable information
218.This section defines, for the purposes of sections 59 to 65 what will constitute “registrable information”, in relation to occupational and personal pension schemes. Registrable information includes:
the name of the scheme;
the address of the scheme;
the names and addresses of each of the trustees or managers of the scheme;
the status of the scheme (i.e. whether open or closed to new members, whether any contributions for future accrual can be made and whether there are any active members);
the categories of benefits provided by the scheme;
in the case of an occupational pension scheme, the previous name of every employer in relation to the scheme since 5th April 1975;
in the case of an occupational pension scheme, information about the number of members of the scheme; and
any other information prescribed under regulations.
219.Regulations may make further provision with respect to interpretation of the above information.
Section 61: The register: inspection, provision of information and reports etc.
220.Subsection (1) of this section provides the power for regulations to be made in relation to the provision of information recorded in the register, extracts from the register, or copies of the register to specified persons in specified circumstances. Regulations can also provide for the inspection of the register, extracts from the register, or copies of the register by prescribed persons in prescribed circumstances.
221.Subsection (2) states that the regulations may confer functions on the Secretary of State, or other authorised person. In particular, this regulation-making power will enable the Secretary of State to provide a Pensions Tracing Service following the dissolution of Opra. This service will provide persons with a free service for tracing unclaimed or “lost” occupational and personal pensions. The regulations may also provide for disclosure of the information obtained by virtue of the regulations and may provide that the disclosure of restricted information under them may not be an offence.
222.Under the provisions in subsections (4), (5) and (6) the Secretary of State may direct the Regulator to produce reports, in a set format and within a set time, concerning the information held in the register, including the operation of the Regulator’s functions in relation to the register. These reports may be published.
Section 62: The register: duties of trustees or managers
223.Subsections (1), (2) and (3) impose a duty on trustees and managers to notify the Regulator, during the “initial notification period”, of all the registrable information required on registrable schemes. The initial notification period is a period of three months beginning from the date the scheme is established, or, if later, beginning from the date it becomes a registrable scheme.
224.Subsection (3) enables any regulations which contain any provisions made under subsection (2)(b) to modify the provisions of section 82 (restricted information).
225.Subsection (4) provides that trustees or managers have to notify the Regulator of changes to registrable information as soon as practicable. Subsection (5) provides that trustees or managers must notify the Regulator as soon as practicable, where the scheme ceases to be registrable, or is wound up (otherwise than where the Board of the Pension Protection Fund assumes responsibility for it). Section 10 of the Pensions Act 1995 (civil penalties) will apply to a trustee or manager who fails to comply with subsections (2), (4) or (5).
Section 63: Duty of Regulator to issue scheme return notices
226.This section requires the Regulator to issue scheme return notices (a request for information) to each registrable scheme. The first request for a scheme return must be made within three years of the Regulator becoming aware that the scheme has become a registrable scheme. Existing schemes will become registrable schemes when this section comes into force, but transitional provision will be made under section 322(5) in relation to such schemes when the provisions about the register come into force. The Regulator must issue subsequent scheme return notices to schemes every one to three years from the date of the schemes last return notice depending on the scheme.
Section 64: Duty of trustees or managers to provide scheme return
227.Subsection (1) provides that the trustees or managers of a registrable scheme must provide a completed scheme return, on or before the return date, when required to do so by the Regulator. Section 10 of the Pensions Act 1995 (civil penalties) will apply to a trustee or manager who fails to comply with subsection (1).
Section 65: Scheme returns: supplementary
228.This section has effect for the purposes of sections 63 and 64 and specifies the meaning of “return date” and “scheme return”. Subsection (3) states that a scheme return notice, which must be in writing, must specify details of the information required, which must include details of all registrable information, as well as any other information that may be required by the Regulator to enable it to fulfil its functions. For example, information may be collected to assist in:
the calculation of the Pension Protection Fund levy (section 181);
the exercise of functions by the Board of the Pension Protection Fund (section 110);
the exercise of functions delegated by the Board of the Pension Protection Fund to the Regulator
the assessment of risk for each scheme (section 179).
229.The scheme return notice must also specify the return date (which must be at least 28 days after the date the notice was issued).
