SCHEDULES

SCHEDULE 2The reserved regulatory functions

Section 10

Part 1Functions under the Pension Schemes Act 1993 (c. 48)

I11

The power by direction under section 99(4) to grant an extension of the period within which the trustees or managers of a scheme are to carry out certain duties.

I22

The power by direction under section 101J(2) to extend the period for compliance with a transfer notice.

I33

The power under regulations made by virtue of section 168(4) to require a person to pay a penalty.

F73A

A power under section 24H (compliance with conditions of conversion of guaranteed minimum pension).

Part 2Functions under the Pensions Act 1995 (c. 26)

I44

The power to make an order under section 3(1) prohibiting a person from being a trustee.

I55

The power to make an order under section 3(3) revoking such an order.

F95A

The power under section 3A(3) to give a notice waiving a prohibition.

I66

The power to make an order under section 4(1) suspending a trustee.

I77

The power to make an order under section 4(2) extending the period for which an order under section 4(1) of that Act has effect.

I88

The power to make an order under section 4(5) revoking an order under section 4(1) of that Act suspending a trustee.

I99

The power to make an order appointing a trustee under any of the following provisions of section 7—

a

subsection (1) where a trustee is removed by an order under section 3 (prohibition orders) F10or by section 3A;

b

subsection (3)(a) F6, (c) or (d).

I1010

The power under section 9 to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee.

I1111

The power to require a person to pay a penalty under section 10 (including under regulations made by virtue of subsection (3) of that section).

I1212

The power to make an order under section 11 directing or authorising an occupational pension scheme to be wound up.

I1313

The power to give directions to trustees under section 15.

F113A

The duty under section 23(4), and regulations made thereunder, to compile and maintain a register of persons who satisfy prescribed conditions to act as independent trustees, but only in so far as that duty entails the removal of a person from that register if he does not satisfy, or no longer satisfies, any such prescribed condition.

I1414

The power under section 29(5) to give a notice waiving a disqualification under section 29 of that Act.

I1515

The power under section 30(2) to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, the trustees where a trustee becomes disqualified under section 29 of that Act.

F215A

The power under section 58(7) to extend or further extend the period referred to in section 58(6) of that Act in relation to a schedule of contributions for an occupational pension scheme.

15B

The power under section 60(7) to extend or further extend the period applicable under section 60(3) of that Act in relation to securing an increase in the value of the assets of an occupational pension scheme.

I1616

The power to make an order under section 67G(2) by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent.

I1717

The power to make an order under section 67H(2) prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme.

I1818

The power to make an order under section 69 authorising the modification of an occupational pension scheme or modifying the scheme.

I1919

The power to make an order under section 71A modifying an occupational pension scheme with a view to ensuring that it is properly wound up.

Part 3Functions under the Welfare Reform and Pensions Act 1999 (c. 30)

I2020

The power by direction under section 2(3)(b) to remove a scheme from the register of stakeholder pension schemes.

Part 4Functions under this Act

I2121

The power to make or extend a restraining order under section 20.

I2222

The power to make an order under section 20(10) permitting payments out of an account that is subject to a restraining order.

I2323

The power to make a repatriation order under section 21.

I2424

The power to make a freezing order under section 23.

I2525

The power to make an order under section 25(3) extending the period for which a freezing order has effect.

I2626

The power to make an order under section 26 validating action taken in contravention of a freezing order.

I2727

The power to make an order under section 28 directing that specified steps are taken.

I2828

The power to make an order under section 30 giving a direction where a freezing order ceases to have effect.

I2929

The power to make an order under section 31(3) directing the notification of members.

I3030

The power to issue a contribution notice under section 38.

F430A

The power to issue a direction under section 39A(6) to any person.

I3131

The power to issue a direction under section 41(4) to the trustees or managers of an occupational pension scheme.

I3232

The power to issue a revised contribution notice under section 41(9).

I3333

The power to issue a financial support direction under section 43.

F533A

The power to issue a direction under section 43A(3) to any person.

I3434

The power to issue a contribution notice under section 47.

I3535

The power to issue a direction under section 50(4) to the trustees or managers of an occupational pension scheme.

I3636

The power to issue a revised contribution notice under section 50(9).

I3737

The power to make a restoration order under section 52.

I3838

The power to issue a contribution notice under section 55.

I3939

The power to issue a notice under section 71 requiring a report to be provided to the Regulator.

I4040

The power to make a direction under section 76(8) extending the retention period for documents taken into possession under section 75.

I4141

The power to make a direction under section 78(10) extending the retention period for documents taken into possession under that section.

F1341A

The power to require a person to pay a penalty under section 88A.

I4242

The power to make an order under section 231 modifying a scheme, giving directions or imposing a schedule of contributions.

I4343

The power to issue a ring-fencing notice under section 292.

I4444

The power to vary or revoke under section 101—

a

a determination made by the Determinations Panel whether to exercise one of the other functions listed in this Schedule, or

b

an order, notice or direction made, issued or given in the exercise of one of those functions—

i

by the Panel, or

ii

by the Regulator in compliance with a direction of F8a tribunal under section 103.

F11Part 4AFunctions under the Pension Schemes Act 2017

Annotations:
Amendments (Textual)
F11

Sch. 2 Pt. 4A inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 13; S.I. 2018/965, reg. 2

44A

The power to withdraw authorisation of a Master Trust scheme under section 19.

44B

The power to give a direction under section 28(4) (direction to pursue continuity option).

44C

The power to make a pause order under section 31.

44D

The power to make an order under paragraph 2(2) of Schedule 1 extending the period for which a pause order has effect.

44E

The power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order.

44F

The power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers.

44G

Terms used in this Part have the same meaning as in Part 1 of the Pension Schemes Act 2017.

F12PART 4BFunctions under Part 1 of the Pension Schemes Act 2021

Annotations:
Amendments (Textual)
F12

Sch. 2 Pt. 4B inserted (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 21

44H

The power to give a direction under section 23(2) (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme).

44I

The power to give a direction under section 29(6) (direction to implement proposals in a resolution plan).

44J

The power under section 30 to withdraw authorisation of a collective money purchase scheme.

44K

The power to give a direction under section 41(4) (direction to pursue a continuity option).

44L

The power to make a pause order under section 44.

44M

The power to make an order under paragraph 2(2) of Schedule 2 extending the period for which a pause order has effect.

44N

The power to make an order under paragraph 3 of Schedule 2 validating action taken in contravention of a pause order.

44O

The power to make an order under paragraph 4(3) of Schedule 2 directing the notification of members or employers.

F3PART 5OTHER FUNCTIONS

Annotations:

45

The power to make an order under regulation 19 of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 (S.I. 2006/349) to waive or relax any of the requirements of regulations 6 to 16 of those Regulations.