# The Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, Regulation 2: Amendment of the Pensions Act 2004


(1) Section 249A of the Act (requirement for internal controls) is amended as follows.
(2) In the heading, for “internal controls” substitute “an effective system of governance”.
(3) For subsection (1) substitute—
“(1) The trustees or managers of an occupational pension scheme must establish and operate an effective system of governance including internal controls.
(1A) The system of governance must be proportionate to the size, nature, scale and complexity of the activities of the occupational pension scheme.”.
(4) In subsection (2), for “internal controls” substitute “an effective system of governance including internal controls”.
(5) In subsection (3), after paragraph (d) insert—
“(e) an authorised Master Trust scheme within the meaning of Part 1 of the Pension Schemes Act 2017.”.

---
Source: https://www.legislation.gov.uk/uksi/2018/1103/regulation/2 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-governance-amendment-regulations-2018/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.