Section 42 Regulations restricting creation of new non-scale default arrangementsI1

prohibiting the provider of a pension scheme from beginning to operate a non-scale default arrangement unless the arrangement is approved by the appropriate regulator;

about the criteria which the appropriate regulator must apply in deciding whether to approve a non-scale default arrangement;

about the conditions which the appropriate regulator may or must attach to approval;

about the ongoing requirements to which the provider of a pension scheme is to be subject in relation to a non-scale default arrangement approved under the regulations;

where assets of a pension scheme are held subject to a non-scale default arrangement that is being operated in breach of the regulations, requiring the provider of the pension scheme in question to ensure that the assets are held subject to a different arrangement of a description specified in the regulations;

conferring functions on the appropriate regulator, including functions involving the exercise of a discretion;

for ensuring compliance with the regulations, including provision for the imposition of civil penalties not exceeding £100,000;

for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of anything done under the regulations.