Section 229 — Pensions Act 2004: Matters requiring agreement of the employer

Matters requiring agreement of the employer 229 1 The trustees or managers must obtain the agreement of the employer to—

za the scheme's funding and investment strategy, as set out in the scheme's statement of strategy; a any decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));

b any matter to be included in the statement of funding principles (see section 223);

c any provisions of a recovery plan (see section 226);

d any matter to be included in the schedule of contributions (see section 227).

2 If it appears to the trustees or managers that it is not otherwise possible to obtain the employer’s agreement within the prescribed time to any such matter, they may (if the employer agrees) by resolution modify the scheme as regards the future accrual of benefits.

3 No modification may be made under subsection (2) that on taking effect would or might adversely affect any subsisting right of—

a any member of the scheme, or b any survivor of a member of the scheme. For this purpose “ subsisting right ” and “ survivor ” have the meanings given by section 67A of the Pensions Act 1995 (c. 26).

4 Any such modification must be—

a recorded in writing by the trustees or managers, and b notified to the active members within one month of the modification taking effect.

5 If the trustees or managers are unable to reach agreement with the employer within the prescribed time on any such matter as is mentioned in subsection (1), they must report the failure in writing to the Regulator within a reasonable period.

6 Where subsection (1), (4) or (5) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.