Energy Act 2023

Amendment of qualifying pension schemes

3 (1) The GEMA may by regulations make such amendments of a qualifying pension scheme as it considers appropriate—

(a) in preparation for the granting of a code manager licence to a person in respect of a designated document, or

(b) in connection with the making of regulations under paragraph 2.

(2) The provision that may be made under sub-paragraph (1) includes—

(a) provision authorising or requiring the amount of pensions or other benefits payable to or in respect of qualifying members of the scheme to be determined in particular circumstances by reference to pensionable service under the scheme in question before and after the relevant time;

(b) provision for the transfer out of assets, rights, liabilities or obligations from one or more new sections of a qualifying pension scheme to another pension scheme (whether or not a qualifying pension scheme);

(c) provision for the transfer in of assets, rights, liabilities or obligations to one or more new sections of one qualifying pension scheme from one or more new sections of another qualifying pension scheme.

(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 being amended, and

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

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

(6) In this paragraph—

(a) the reference to making amendments of a qualifying pension scheme includes a reference to amending the trust deed or rules of that scheme or any other instrument relating to the constitution, management or operation of the scheme;

(b) references to a “new” section of a qualifying pension scheme are to one of the sections into which the scheme is divided by regulations under paragraph 2(1);

(c) “pensionable service” has the same meaning as in section 124(1) of the Pensions Act 1995.