Part IX – Miscellaneous and Supplementary
62.This Part contains 20 Articles under 5 headings: “Dissolution of existing bodies – information”; “Electronic working”; “General”; “Regulations and orders”; and, “Miscellaneous and supplementary”.
63.Information obtained by the PPF Board as a result of the dissolution of the PCB will be subject to the information provisions of Articles 179 to 183 and 185 of the Order and any restrictions on holding information to which the PCB was subject shall also apply to the Board of the PPF. Similarly, where information held by Opra is transferred to the Regulator, it is to be treated as “restricted information” for the purpose of Articles 77 to 82 and therefore subject to limitations on its disclosure.
64.Under Electronic working, the Order makes comprehensive provision about the form in which notifications and other documents may be supplied electronically, and the timing and location of things done electronically.
65.The Articles under “General”:
set out which provisions are to override any rules of personal or occupational pension schemes with which they conflict;
allow provisions of the Order to be modified to encompass and fit any particular complexities associated with hybrid or multi-employer schemes;
allow modification of pensions legislation that refers to employers;
make provision about the admissibility of statements and information that is covered by legal professional privilege etc.;
make provision in relation to liens; and,
set out which provisions of the Order will apply to the Crown.
66.Under “Regulations and orders”, any regulations under the Order that impose an obligation on someone can provide that a breach of the obligation is a criminal offence or that it exposes the person in breach to a civil penalty. This Part also provides for consultation on any proposals for regulations under the Order.
67.Articles under “Miscellaneous and supplementary” introduce Schedule 10, which makes minor and consequential amendments to existing legislation so that it will work satisfactorily alongside provision made in the Order, and Schedule 11, which specifies which statutory provisions are repealed, and to what extent. This Part also allows the Department to modify certain provisions of the pension legislation for the purpose of consolidation and to make transitional provisions, and allows consequential amendments to be made to the Order pursuant to the Civil Partnership Act 2004.
Schedules
Schedule 1: The Pensions Regulator
68.This Schedule will enable the Regulator to delegate any of its functions to an executive member of the Regulator, any other member of the staff of the Regulator, or any of its committees (other than the appointments committee, the Determinations Panel and any of that panel’s sub-committees). It also sets out the powers that the Regulator may authorise the Determinations Panel to exercise on its behalf.
Schedule 2: The Reserved Regulatory Functions
69.This Schedule lists the reserved regulatory functions of the Regulator which may be exercised on its behalf by the Determinations Panel. Part 1 lists those from the Pension Schemes Act; Part 2 from the 1995 Order; Part 3 from the 1999 Order; and, Part 4 lists the relevant functions under this Order.
Schedule 3: Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions
70.This Schedule provides a list of bodies to which the Regulator may disclose restricted information and the functions for which it can be disclosed.
Schedule 4: The Board of the Pension Protection Fund
71.This Schedule enables the Board to authorise any executive member of the Board; any other member of staff; or any of its committees or sub-committees to exercise functions of the Board. This Schedule also gives the Board the power to make arrangements for the exercise of certain of its functions on its behalf, in order to ensure that the mechanisms by which the PPF delivers its business are flexible enough to allow it to operate effectively from day one.
Schedule 5: Transfer of property, rights and liabilities to the Board of the PPF
72.This Schedule makes additional provision for situations where the assets and liabilities of a scheme are transferred to the Board. The property, rights and liabilities to be transferred include: property (situated anywhere in the UK or elsewhere); rights and liabilities that would not otherwise be able to be transferred or assigned; rights and liabilities under UK law.
Schedule 6: Pension compensation provisions
73.This Schedule explains how PPF compensation is to be paid to members of pension schemes for which the Board assumes responsibility.
Schedule 7: Restricted information held by the Board of the PPF: certain permitted disclosures to facilitate exercise of functions
74.This Schedule sets out the list of bodies to which the Board may disclose restricted information and the functions for which it can be disclosed.
Schedule 8: Reviewable matters
75.This Schedule sets out the list of “reviewable matters” that are subject to challenge.
Schedule 9: Deferral of retirement pension and shared additional pensions
76.This Schedule relates to the provisions of Part VIII; it provides the framework of the new deferral proposals. These changes are to be put into effect by amending and extending existing provisions. In this case, the key piece of legislation amended by this Schedule is Schedule 5 to the Contributions and Benefits Act, which currently details how increments are to be calculated where a person has deferred their pension.
Schedule 10 and Schedule 11: Minor and consequential amendments; Repeals
77.These Schedules make minor consequential amendments and repeals.
