Section 54 Pension benefits strategyI1

England, Wales and Scotland

(1)

The trustees or managers of a relevant scheme must determine, and from time to time review and if necessary revise, a strategy (a “pension benefits strategy”) for ensuring that the trustees or managers—

(a)

identify and carry out the steps they need to take for the purpose of understanding the requirements of eligible members of the scheme with regard to pension benefit solutions;

(b)

design, or in the case of transferable members identify, pension benefit solutions that take account of those needs;

(c)

communicate effectively with eligible members of the scheme with regard to pension benefit solutions and comply with any regulations under section 53.

(2)

The trustees or managers must publish the strategy and ensure that a copy of it is provided on request to—

(a)

the Pensions Regulator;

(b)

any member of the scheme.

(3)

Regulations may—

(a)

specify any objectives, principles or matters the trustees or managers must take into account in determining or revising a strategy;

(b)

make provision about the level of detail required in a pensions benefit strategy;

(c)

authorise the Secretary of State to—

(i)

determine the format in which a benefits strategy is to be set out, or

(ii)

delegate that function to the Pensions Regulator;

(d)

make provision as to the period within which a pension benefits strategy must be determined;

(e)

specify the intervals at which the strategy must be reviewed;

(f)

require the trustees or managers of relevant schemes to—

(i)

to take account, in determining or revising a strategy, any guidance issued by the Pensions Regulator;

(ii)

provide in the strategy evidence of how they have taken account of any matters prescribed by virtue of subsection (3)(a).

(4)

Regulations may require the trustees or managers of a relevant scheme to publish, alongside a pension benefits strategy (or revised pension benefits strategy), prescribed information or evidence as to whether and how they have complied with the requirements imposed by virtue of this Chapter.

(5)

Regulations under this section—

(a)

are subject to the affirmative procedure if they are under subsection (3)(a);

(b)

otherwise are subject to the negative procedure.

Annotations

Commencement

I1: S. 54 in force at Royal Assent for specified purposes, see s. 133(1)