# The Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations implement the requirements relating to conditions governing activities under Title III of the European Union Directive on the activities and supervision of institutions for occupational retirement provision (Directive (EU) 2016/2341) (OJ No. L 354, 23.12.2016, p.37) (“the Directive”).
Regulation 2 amends section 249A of the Pensions Act 2004 (c. 35) (“the Act”) by substituting new subsections (1) and (1A). New subsection (1) imposes a duty on the trustees or managers of an occupational pension scheme to establish and operate an effective system of governance including internal controls. New subsection (1A) requires that system to be proportionate to the size, nature, scale and complexity of the activities of the occupational pension scheme.
Regulation 3 sets out the matters to be included in the code of practice which the Pensions Regulator issues under section 90(2) of the Act in relation to the duty imposed by section 249A(1) of the Act.
Another set of Regulations, the Occupational Pension Schemes (Cross-border Activities) (Amendment) Regulations 2018 (S.I. 2018/1102) also implement the Directive.
An assessment of the impact of these Regulations on business, charities and the voluntary sector has been made and is published with the Explanatory Memorandum and Transposition Note which are available alongside these Regulations on www.legislation.gov.uk. Copies may be obtained from the Better Regulation Unit of the Department for Work and Pensions, Caxton House, Tothill Street, London SW1 9NA.

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Source: https://www.legislation.gov.uk/uksi/2018/1103/note (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-governance-amendment-regulations-2018/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.