{
  "url": "https://openlegislation.uk/pensions-act-1995/section-35",
  "json_url": "https://openlegislation.uk/pensions-act-1995/section-35.json",
  "legislation": "ukpga/1995/26",
  "legislation_title": "Pensions Act 1995",
  "legislation_url": "https://openlegislation.uk/pensions-act-1995",
  "path": "section/35",
  "kind": "section",
  "number": "35",
  "heading": "Investment principles.",
  "text": "(1) The trustees of a trust scheme must secure—\n(a) that a statement of investment principles is prepared and maintained for the scheme, and\n(b) that the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.\n(2) In this section “statement of investment principles”, in relation to a trust scheme, means a written statement of the investment principles governing decisions about investments for the purposes of the scheme.\n(3) Before preparing or revising a statement of investment principles, the trustees of a trust scheme must comply with any prescribed requirements.\n(4) A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.\n(5) Neither a trust scheme nor a statement of investment principles may impose restrictions (however expressed) on any power to make investments by reference to the consent of the employer.\n(6) If in the case of a trust scheme—\n(a) a statement of investment principles has not been prepared, is not being maintained or has not been reviewed or revised, as required by this section, or\n(b) the trustees have not complied with the obligation imposed on them by subsection (3),\nsection 10 applies to any trustee who has failed to take all reasonable steps to secure compliance.\n(7) Regulations may provide that this section is not to apply to any scheme which is of a prescribed description.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 35 substituted (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 244, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 32-36 modified (11.11.1999 for specified purposes, 1.10.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 1 para. 1(1)(2)(b)(iii); S.I. 2000/1047, art. 2(2)(c), Sch. Pt. III"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 35 excluded (30.12.2005) by The Occupational Pension Schemes (Investment) Regulations 2005 (S.I. 2005/3378), regs. 1(1), 6 (as amended (6.4.2023 with effect in accordance with reg. 1(10) of the amending S.I.) by S.I. 2023/399, regs. 1(3), 3(4))"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "S. 35(1)-(4) applied (24.10.2011) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 7(4); S.I. 2011/2485, art. 2(1)(2)(b)(i)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 35 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "S. 35 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1995/26/section/35",
    "retrieved_at": "2026-10-28T17:14:42.886581+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}