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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order makes provision in consequence of the Trusts and Succession (Scotland) Act 2024 (“the 2024 Act”).

The 2024 Act excludes pension schemes established under a trust. This is because the regulation of occupational pension schemes and personal pension schemes, including the obligation of the trustees or managers of such schemes is reserved under the Scotland Act 1998. This Order applies the scheme of the 2024 Act to pension schemes established under a trust.

Article 3 applies the 2024 Act to pension schemes, except as provided in articles 4 to 11 of this Order. The definition of “trust” in section 81 (interpretation) of the 2024 Act is to be construed accordingly. The application of the 2024 Act to pension schemes is without prejudice to the application of any provision of pensions legislation.

Articles 4 to 10 disapply, limit or modify certain provisions of the 2024 Act in relation to occupational pension schemes or personal pension schemes.

Article 11 and the Schedule make consequential amendments to—

  • section 34(2)(b) of the Pensions Act 1995 (restrictions on delegation of investment functions) to refer to section 22 of the 2024 Act;

  • section 22(1) of the 2024 Act (delegation and appointment of agents) to make clear that the application of section 22 is restricted by article 7 of this Order and;

  • section 81 of the 2024 Act to make the application to pensions schemes clear in that Act.

An impact assessment has not been prepared for this instrument as a full range of impact assessments were carried out in relation to the Trusts and Succession (Scotland) Act 2024. These can be obtained on the Scottish Government’s website as follows: