Pensions Act 2004
Sections and provisions with full text and the judgments that cite each one.
Section 1 — The Pensions Regulator
The Pensions Regulator 1 There shall be a body corporate called the Pensions Regulator (in this Act referred to as “ the Regulator ”).
Section 2 — Membership of the Regulator
Membership of the Regulator 2 1 The Regulator is to consist of the following members— a a chairman appointed by the Secretary of State, b the Chief Executive of the Regulator, and c at least five…
Section 3 — Further provision about the Regulator
Further provision about the Regulator 3 Schedule 1 makes further provision about the Regulator, including provision as to— the terms of appointment, tenure and remuneration of members, the…
Section 4 — Regulator’s functions
Regulator’s functions 4 1 The Regulator has— a the functions transferred to it from the Occupational Pensions Regulatory Authority by virtue of this Act or any provisions in force in Northern Ireland…
Section 5 — Regulator’s objectives
Regulator’s objectives 5 1 The main objectives of the Regulator in exercising its functions are— a to protect the benefits under occupational pension schemes of, or in respect of, members of such…
Section 5A — Unfair paternity leave provisions
Unfair paternity leave provisions 5A 1 Where an employment-related benefit scheme includes any unfair paternity leave provisions (irrespective of any differences on the basis of sex in the treatment…
Section 5B — Unfair adoption leave provisions
Unfair adoption leave provisions 5B 1 Where an employment-related benefit scheme includes any unfair adoption leave provisions (irrespective of any differences on the basis of sex in the treatment…
Section 6 — Supplementary powers
Supplementary powers 6 The Regulator may do anything (except borrow money) which— a is calculated to facilitate the exercise of its functions, or b is incidental or conducive to their exercise.
Section 7 — Transfer of OPRA ’s functions to the Regulator
Transfer of OPRA ’s functions to the Regulator 7 1 Subject to the provisions of this Act, the functions of the Occupational Pensions Regulatory Authority (“OPRA”) conferred by or by virtue of— a the…
Section 8 — Non-executive functions
Non-executive functions 8 1 The functions listed in subsection (4) (in this Part referred to as “ the non-executive functions ”) are functions of the Regulator. 2 The Regulator must establish a…
Section 9 — The Determinations Panel
The Determinations Panel 9 1 The Regulator must establish and maintain a committee consisting of— a a chairman, and b at least six other persons, (in this Part referred to as “ the Determinations…
Section 10 — Functions exercisable by the Determinations Panel
Functions exercisable by the Determinations Panel 10 1 The Determinations Panel is to exercise on behalf of the Regulator— a the power to determine, in the circumstances described in subsection (2),…
Section 11 — Annual reports to Secretary of State
Annual reports to Secretary of State 11 1 The Regulator must prepare a report for each financial year. 2 Each report— a must deal with the activities of the Regulator in the financial year for which…
Section 12 — Provision of information, education and assistance
Provision of information, education and assistance 12 1 The Regulator may provide such information, education and assistance as it considers appropriate to those involved in— a the administration of…
Section 13 — Improvement notices
Improvement notices 13 1 If the Regulator is of the opinion that a person— a is contravening one or more provisions of the pensions legislation, or b has contravened one or more of those provisions…
Section 14 — Third party notices
Third party notices 14 1 Where the Regulator is of the opinion that— a a person— i is contravening one or more provisions of the pensions legislation, or ii has contravened one or more of those…
Section 14A — Appointment of skilled person to assist public service pension scheme
Appointment of skilled person to assist public service pension scheme 14A 1 The Regulator may, if it considers it desirable for the purpose of ensuring compliance with pensions legislation, appoint a…
Section 15 — Injunctions and interdicts
Injunctions and interdicts 15 1 If, on the application of the Regulator, the court is satisfied that— a there is a reasonable likelihood that a particular person will do any act which constitutes a…
Section 16 — Restitution
Restitution 16 1 If, on the application of the Regulator, the court is satisfied that there has been a misuse or misappropriation of any of the assets of an occupational or personal pension scheme,…
Section 17 — Power of the Regulator to recover unpaid contributions
Power of the Regulator to recover unpaid contributions 17 1 Where any employer contribution payable towards an occupational or personal pension scheme is not paid on or before its due date, the…
Section 18 — Pension liberation: interpretation
Pension liberation: interpretation 18 1 In this section and sections 19 to 21— a “ pension scheme ” means an occupational pension scheme or a personal pension scheme, b “ deposit-taker ” has the…
Section 19 — Pension liberation: court’s power to order restitution
Pension liberation: court’s power to order restitution 19 1 This section applies where money has been liberated from a pension scheme. 2 In this section “ recoverable property ” means (subject to…
Section 20 — Pension liberation: restraining orders
Pension liberation: restraining orders 20 1 The Regulator may make a restraining order in relation to an account with a deposit-taker if— a it is satisfied that the account contains money which has…
Section 21 — Pension liberation: repatriation orders
Pension liberation: repatriation orders 21 1 Subsections (2) and (3) apply where— a a restraining order has effect, and b the Regulator is satisfied that the restrained account contains an amount of…
Section 22 — Powers to wind up occupational pension schemes
Powers to wind up occupational pension schemes 22 In section 11 of the Pensions Act 1995 (powers to wind up occupational pension schemes)— a omit subsection (3), b before subsection (4) insert— 3A…
Section 23 — Freezing orders
Freezing orders 23 1 This section applies to an occupational pension scheme which is not a money purchase scheme. 2 The Regulator may make a freezing order in relation to such a scheme if and only…
Section 24 — Consequences of freezing order
Consequences of freezing order 24 1 If a freezing order is made in relation to a scheme any action taken in contravention of the order is void except to the extent that the action is validated by an…
Section 25 — Period of effect etc of freezing order
Period of effect etc of freezing order 25 1 A freezing order must specify the period for which it has effect. 2 The period specified must not exceed three months. 3 The Regulator may on one or more…
Section 25E — The Pension Protection Fund
The Pension Protection Fund 25E 1 The matters to which the court is to have regard under section 25(2) include— a in the case of paragraph (a), any PPF compensation to which a party to the marriage…
Section 26 — Validation of action in contravention of freezing order
Validation of action in contravention of freezing order 26 1 If a freezing order is made in relation to a scheme, the Regulator may by order validate action taken in contravention of the order. 2 Any…
Section 27 — Effect of determination to wind up scheme on freezing order
Effect of determination to wind up scheme on freezing order 27 1 This section applies where— a the Regulator determines to make an order under section 11 of the Pensions Act 1995 (c. 26) (power to…
Section 28 — Effect of winding up order on freezing order
Effect of winding up order on freezing order 28 1 This section applies where— a an order is made under section 11 of the Pensions Act 1995 (“ the 1995 Act ”) (power to wind up occupational pension…
Section 29 — Effect of assessment period under Part 2 on freezing order
Effect of assessment period under Part 2 on freezing order 29 Where an assessment period (within the meaning of section 132) begins in relation to a scheme, any freezing order in relation to the…
Section 30 — Power to give a direction where freezing order ceases to have effect
Power to give a direction where freezing order ceases to have effect 30 1 This section applies where— a the Regulator revokes a freezing order in relation to a scheme or it otherwise ceases to have…
Section 31 — Notification of trustees, managers, employers and members
Notification of trustees, managers, employers and members 31 1 This section applies where— a a freezing order is made in relation to a scheme, b an order is made under section 26 validating action…
Section 32 — Sections 23 to 31: supplementary
Sections 23 to 31: supplementary 32 1 An order may be made in relation to a scheme under any of sections 23, 25, 26, 28, 30 and 31— a in spite of any enactment or rule of law, or any rule of the…
Section 33 — Prohibition orders
Prohibition orders 33 For section 3 of the Pensions Act 1995 (c. 26) (prohibition orders) substitute— Prohibition orders 3 1 The Authority may by order prohibit a person from being a trustee of— a a…
Section 35 — Appointments of trustees by the Regulator
Appointments of trustees by the Regulator 35 1 In section 7 of the Pensions Act 1995 (appointment of trustees)— a omit subsection (4), and b after subsection (5) insert— 5A An application may be made…
Section 36 — Independent trustees
Independent trustees 36 1 Part 1 of the Pensions Act 1995 (c. 26) (occupational pension schemes) is amended as follows. 2 In section 22 (circumstances in which provisions relating to independent…
Section 36A — Restriction on borrowing by trustees
Restriction on borrowing by trustees 36A Regulations may prohibit the trustees of a trust scheme, or the fund manager to whom any discretion has been delegated under section 34, from borrowing money…
Section 37 — Disqualification
Disqualification 37 In section 30 of the Pensions Act 1995 (c. 26) (consequences of disqualification under section 29), for subsection (1) substitute— 1 Where a person who is a trustee of a trust…
Section 38 — Contribution notices where avoidance of employer debt
Contribution notices where avoidance of employer debt 38 1 This section applies in relation to an occupational pension scheme other than— a a money purchase scheme, or b a prescribed scheme or a…
Section 38A — Section 38 contribution notice: meaning of “material detriment test”
Section 38 contribution notice: meaning of “material detriment test” 38A 1 For the purposes of section 38 the material detriment test is met in relation to an act or failure if the Regulator is of…
Section 38B — Section 38 contribution notice issued by reference to material detriment test: defence
Section 38 contribution notice issued by reference to material detriment test: defence 38B 1 This section applies where— a a warning notice is given to any person (“P”) in respect of a contribution…
Section 38C — Section 38 contribution notice: meaning of “employer insolvency test”
Section 38 contribution notice: meaning of “employer insolvency test” 38C 1 For the purposes of section 38 the employer insolvency test is met in relation to an act or failure to act if the Regulator…
Section 38D — Section 38 contribution notice issued by reference to employer insolvency test: defence
Section 38 contribution notice issued by reference to employer insolvency test: defence 38D 1 This section applies where— a a warning notice is given to any person (“P”) in respect of a contribution…
Section 38E — Section 38 contribution notice: meaning of “employer resources test”
Section 38 contribution notice: meaning of “employer resources test” 38E 1 For the purposes of section 38 the employer resources test is met in relation to an act or failure to act if the Regulator…
Section 38F — Section 38 contribution notice issued by reference to employer resources test: defence
Section 38 contribution notice issued by reference to employer resources test: defence 38F 1 This section applies where— a a warning notice is given to any person (“P”) in respect of a contribution…
Section 39 — The sum specified in a section 38 contribution notice
The sum specified in a section 38 contribution notice 39 1 The sum specified by the Regulator in a contribution notice under section 38 may be either the whole or a specified part of the shortfall…
Section 39A — Section 38 contribution notice: transfer of members of the scheme
Section 38 contribution notice: transfer of members of the scheme 39A 1 This section applies where— a the Regulator is of the opinion that in relation to a scheme (“ the initial scheme ”) in relation…