C1C2C3Part I Occupational pensions

Annotations:
Modifications etc. (not altering text)
C3

Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1

Modification of schemes

67GF1Powers of the Authority: voidable modifications

1

Subsection (2) applies in relation to a regulated modification made in exercise of a power to which the subsisting rights provisions apply which is voidable by virtue of—

a

section 67(2), or

b

section 67H(3).

2

The Authority may make an order declaring that subsection (6) applies in relation to the regulated modification.

3

An order under subsection (2) relating to a regulated modification may also declare that subsection (6) applies in relation to—

a

any other modification of the scheme made by the exercise of the power mentioned in subsection (1), or

b

the grant of any rights under the scheme (whether by virtue of the attribution of notional periods as pensionable service or otherwise) in connection with the regulated modification.

4

An order under subsection (2) relating to a regulated modification must specify the affected member or affected members or description of affected members in respect of whom subsection (6) applies (“the specified persons”).

5

An order under subsection (2) relating to a regulated modification may also—

a

require the trustees to take, within the time specified in the order, such steps as are so specified for the purpose of giving effect to the order;

b

declare that subsection (7) applies in relation to anything done by the trustees after the time at which the modification would, disregarding the order, have taken effect which—

i

would not have contravened any provision of the scheme rules if the modification had taken effect at that time, but

ii

as a result of the modification being void to any extent by virtue of the order, would (but for that subsection) contravene such a provision.

This is without prejudice to section 174(3).

6

Where the Authority make an order declaring that this subsection applies in relation to a modification of a scheme, or the grant of any rights under the scheme, the modification or grant is void to the extent specified in the order, and in respect of the specified persons, as from the time when it would, disregarding the order, have taken effect.

7

Where, by virtue of subsection (5)(b), the Authority make an order under subsection (2) declaring that this subsection applies in relation to anything done by the trustees, that thing is to be taken, for such purposes as are specified in the order, not to have contravened any provision of the trust deed or scheme rules.

8

An order under subsection (2) relating to a regulated modification, or other modification, of a scheme or the grant of any rights under the scheme may be made before or after the time at which the modification or grant would, disregarding the order, have taken effect.