# The AWE Pension Scheme (Transfer of Assets) Regulations 2026, 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 in relation to the AWE Pension Scheme, the Authority 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;
(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).
(3) In the Finance Act 2004 a payment 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 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;
(d) is not a course of conduct giving rise to the offence for the purposes of sections 58A and 58B;
(e) does not give rise to a penalty under section 88A.

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Source: https://www.legislation.gov.uk/ukdsi/2026/9780348288186/regulation/9 (the official version)
Page: https://openlegislation.uk/draft-awe-pension-scheme-transfer-of-assets-regulations-2026/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.