Energy Act 2023

Participation in qualifying pension schemes and transfer of assets and rights

2 (1) The GEMA may by regulations make such pensions provision as it considers appropriate in preparation for the granting of a code manager licence to a person in respect of a designated document.

(2) “Pensions provision” means provision in connection with a qualifying pension scheme, including provision for—

(a) enabling a person to participate in the scheme;

(b) the division of the scheme into different sections;

(c) the participation in the different sections of different persons;

(d) the allocation of assets, rights, liabilities or obligations between the different sections;

(e) the transfer of assets and qualifying accrued rights from the scheme to another pension scheme (whether or not a qualifying pension scheme), without the need for any approval or consent to the transfer;

(f) the valuation of assets and qualifying accrued rights in accordance with provision made by the regulations, for the purposes of their allocation to a particular section or for the purposes of their transfer as mentioned in paragraph (e);

(g) the discharge of liabilities in respect of qualifying accrued rights that are transferred.

(3) Regulations under sub-paragraph (1) may have retrospective effect.

(4) Before making regulations under sub-paragraph (1), the GEMA must consult—

(a) the trustee of the qualifying pension scheme or schemes in question, and

(b) the person who is the principal employer in relation to that scheme or those schemes.

(5) The approval of the Secretary of State is required for the making of regulations under sub-paragraph (1).