OpenLegislation

Section 70 Duty to report breaches of the lawI1

England, Wales and Scotland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Subsection (2) imposes a reporting requirement on the following persons—

(a)

a trustee or manager of an occupational or personal pension scheme;

F1(aa)

a member of the pension board of a public service pension scheme;

(b)

a person who is otherwise involved in the administration of F2an occupational or personal pension scheme;

(c)

the employer in relation to an occupational pension scheme;

(d)

a professional adviser in relation to such a scheme;

(e)

a person who is otherwise involved in advising the trustees or managers of an occupational or personal pension scheme in relation to the scheme;

F3(f)

a scheme strategist or scheme funder of a Master Trust scheme within the meaning of Part 1 of the Pension Schemes Act 2017 (see section 39 of that Act).

(2)

Where the person has reasonable cause to believe that—

(a)

a duty which is relevant to the administration of the scheme in question, and is imposed by or by virtue of an enactment or rule of law, has not been or is not being complied with, and

(b)

the failure to comply is likely to be of material significance to the Regulator in the exercise of any of its functions,

he must give a written report of the matter to the Regulator as soon as reasonably practicable.

(3)

No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a written report under this section.

This is subject to section 311 (protected items).

(4)

Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any person who, without reasonable excuse, fails to comply with an obligation imposed on him by this section.

Annotations

Textual amendments

F1

S. 70(1)(aa) inserted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 6(a) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)

F2

Words in s. 70(1)(b) substituted (1.4.2015) by Public Service Pensions Act 2013 (c. 25), s. 41(2), Sch. 4 para. 6(b) (with Sch. 11 para. 8); S.I. 2015/4, art. 4(1)(b)

F3

S. 70(1)(f) inserted (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 3 para. 7; S.I. 2018/965, reg. 2

Commencement

I1

S. 70 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

Notes on Part 1

Modifications

C1

Pt. 1 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 Pt. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)