Section 43 Review in relation to non-scale default arrangementsI1

England, Wales and Scotland Not yet in force

(1)

The Secretary of State and the Treasury (“the reviewers”), acting jointly, must carry out a review of the non-scale default arrangements operated by providers of pension schemes.

(2)

The review must consider the following (as well as any other matters that the reviewers consider relevant)—

(a)

the number of non-scale default arrangements being operated by providers;

(b)

the extent to which non-scale default arrangements operated by providers have been consolidated, or are likely to be consolidated, into approved main scale default arrangements;

(c)

where non-scale default arrangements have not been so consolidated, the reasons why;

(d)

the circumstances in which it may be appropriate for non-scale default arrangements not to be so consolidated.

(3)

The reviewers must publish a report on the review as soon as reasonably practicable after the review is completed.

(4)

The Pensions Regulator and the FCA must provide such information and assistance as the reviewers may require for the purposes of the review.

(5)

Neither section 348 of the Financial Services and Markets Act 2000 nor section 82 of the Pensions Act 2004 prohibits the disclosure by the reviewers, the Pensions Regulator or the FCA of any information where the disclosure is made for the purpose of enabling or facilitating any person’s compliance with this section.

Annotations

Commencement

I1: S. 43 not in force at Royal Assent, see s. 133(4)(d)