Section 101 — Pensions Act 2004: Powers to vary or revoke orders, notices or directions etc

Powers to vary or revoke orders, notices or directions etc 101 1 The Regulator may vary or revoke—

a any determination by the Regulator whether to exercise a regulatory function, or b any order, notice or direction made, issued or given by the Regulator in the exercise of a regulatory function.

2 Subsection (1)(b) does not apply to—

a an order under section 3(3) of the Pensions Act 1995 (c. 26) revoking a prohibition order under that section, b an order under section 4(5) of that Act revoking a suspension order under that section, c a direction under section 2(3) of the Welfare Reform and Pensions Act 1999 (c. 30) refusing to register a scheme under section 2 of that Act or removing a scheme from the register of stakeholder pension schemes, or d such other orders, notices or directions made, issued or given by the Regulator, in the exercise of a regulatory function, as may be prescribed.

3 A variation or revocation of an order, a notice or a direction must be made by an order, a notice or a direction (as the case may be).

4 A variation or revocation made under this section must take effect from a specified time which must not be a time earlier than the time when the variation or revocation is made.

5 The power to vary or revoke under this section—

a is not to be treated for the purposes of subsection (1) as a regulatory function, and b is in addition to any such power which is conferred on the Regulator by, or by virtue of, this or any other enactment.