Regulation 9 Modifications

(1)

This regulation applies where a direction containing an instruction under regulation 3(2) is given by the Secretary of State.

(2)

In the Pensions Act 1995—

(a)

in considering whether to make an order under section 3^f1 in relation to the AWE Pension Scheme, the Authority^f2 may take into account whether acts or omissions of a person were in connection with a direction under these Regulation;

(b)

no act or omission done in good faith in connection with a direction under these Regulations shall be grounds to issue a penalty under section 10^f3;

(c)

for the purposes of section 11(1), the Authority may not take into account an act or omission in connection with a direction under these Regulations;

(d)

where the trustee company acts in connection with a direction, this does not constitute a delegation of its discretion to make a decision about investments for the purposes of section 34(2)^f4.

(3)

In the Finance Act 2004^f5 a payment^f6 by the trustee company in compliance with such a direction is not an unauthorised employer payment or treated as an unauthorised employer payment for the purposes of section 160(4).

(4)

In Part 1 of the Pensions Act 2004, an act or omission done in good faith in connection with a direction under these Regulations—

(a)

is not a contravention of one or more provisions of the pensions legislation for the purposes of sections 13^f7 and 14;

(b)

is not an act which constitutes a misuse or misappropriation of any of the assets of the AWE Pension Scheme for the purposes of sections 15 or 16;

(c)

does not give rise to an immediate risk to the interests of members under the scheme or the assets of the scheme for the purposes of section 23^f8;

(d)

is not a course of conduct giving rise to the offence for the purposes of sections 58A^f9 and 58B^f10;

(e)

does not give rise to a penalty under section 88A^f11.

Annotations

Footnotes

f1: Section 3 was inserted by section 33 of the 2004 Act and amended by S.I. 2010/22.
f2: The “Authority” is defined in section 124(1) of the Pensions Act 1995 as the Pensions Regulator.
f3: Section 10 was amended by Schedule 2 to the Welfare Reform and Pensions Act 1999, Schedule 13 to the 2004 Act, Schedule 13 to the Tribunals, Courts and Enforcement Act 2007 (c. 15), Schedule 9 to the Crime and Courts Act 2013 (c. 22) and Schedule 7 to the 2021 Act.
f4: Section 34(2) was amended by section 5 of the Trustee Delegation Act 1999 (c. 15).
f5: 2004 c. 12; section 160(4) was amended by section 161 of, and Schedule 23 to, the Finance Act 2006 (c. 25).
f6: “Payment” is defined in section 161 of the Finance Act 2004.
f7: Section 13 was amended by Schedule 4 to the Public Service Pensions Act 2013 (c. 25), Schedule 2 to the 2015 Act, S.I. 2015/879 and Schedule 3 to the 2021 Act.
f8: Section 23 was amended by the Schedule 4 to the 2015 Act.
f9: Section 58A was inserted by section 107 of the 2021 Act.
f10: Section 58B was inserted by section 107 of the 2021 Act.
f11: Section 88A was inserted by section 115 of the 2021 Act.